Vuzix says outlook ‘remains positive’ into 2024

Our overall outlook for the remainder of 2023 and into 2024 remains positive. We have a strong book of business with identified opportunities, representing large potential deals and cornerstone customers for our enterprise products. And on the OEM products and services side of our business, we expect to enter into new projects with new and existing defense and consumer product focused customers over the course of the coming months,” said CEO Travers. “Vuzix’ business has reached a point to where we have both the ability and need to realign certain parts of the organization to take advantage of scale and realign our operations to better serve our customers. As a result, we are making changes that are expected to lower operating costs by as much as 20% annually once fully implemented. The process is underway and will continue into 2024. It impacts everything from operations to product development as well as marketing and sales. We expect these adjustments will not only better support our growing customer base in all parts of our business but also extend our operational runway and improve enterprise product margins. We have a bullish stance on the future, and we are focused on realigning our company to become more efficient, lower our cash operating burn and put ourselves on a faster and more visible path to profitability,” concluded Travers.