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Vuzix 1Q24 results -3

21:10 09-May-24

The main comment from the Vuzix call was a reminder that Atomistic licensing expires in June and is being negotiated at a lower rate.  Without accomplishing that, Vuzix would remain a minority shareholder with liquidation rights.  Management also estimated that its finalized cost reductions should bring OpEx to $3-4M per quarter.  Otherwise, not much seems changed from the recent history referenced below.

Vuzix has released official first quarter results:

• a loss of 16 cents per share misses by 2 cents
  
• from $2.0M of revenue, which misses by $0.4M
  

The revenue miss was not entirely unexpected given the already long history associated with this report.  Still revenue fell by more than half YoY, and management says staff are taking 10-50% of their salaries in restricted shares or options.  I guess it's better than bankruptcy, but the further dilutes shareholder.  VUZI shares have plumbed new lows around $1.15 and the conference call is ongoing.  I will review it, but see nothing so far to change my hands off stance.

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