Vuzix Reports 4Q and Full Year 2023 Results

ROCHESTER, N.Y., April 15, 2024

"In 2023, Vuzix made important advancements in our product development, core technologies and manufacturing, all of which uniquely position Vuzix to play an important role in the expected to become multibillion dollar AR smart glasses market," said Paul Travers, President and CEO of Vuzix. "We have also completed the expansion of our waveguide manufacturing capabilities and moved equipment into a dedicated manufacturing space. At the same time, we've expanded our know-how and capabilities to make waveguides with virtually no forward eye glow and integrating wearer eye-correction prescriptions. On the microLED display side, Atomistic is making steady progress and has delivered against multiple key milestones."

"2023 did not deliver on our expected revenue growth largely due to the timing of the AR enterprise industry adoption curve, which has taken longer to develop, much like other leading-edge technologies," said Mr. Travers. "That said, 2023 was a year of both expanding and deepening relationships within the enterprise, consumer and defense markets, as an increasing number of both existing and potential new customers embrace the unique competitiveness of our solutions."

The following table compares condensed elements of the Company's summarized Consolidated Statements of Operations data for the fourth quarters and years ended December 31, 2023 and 2022, respectively. Readers should refer to Vuzix' Form 10-K for the year ended December 31, 2023 for additional information as well as disclosure of important risk factors: