The stock of Vuzix Corporation (VUZI) closed the recent trading session at $5.68, gaining 3.84% from the previous trading session. VUZI stock declined in the after-market, losing 1.06% to $5.62, in the after-market. The stock kept moving between $4.89 and $5.70 during the regular trading session. Vuzix published the fiscal performance for Q4 and FY21. The firm also filed for form 10-K with the SEC. The form refers to the annual report of the firm.
VUZI’s key financials
Vuzix Corporation published the fiscal performance for Q4 and FY21, on 1 March 2022. The key components of the performance are
- VUZI’s sales dropped by 21.7% in the Q4 of FY21 to $3.3 million from $4.2 million in the same year-ago period. Also, yearly sales were up by 13.6% in 2021 to $13.1 million from $11.5 million in 2020.
- The firm had a total profit of $0.20 million in Q4 of FY21 versus $0.70 million in the same period of last year. This marks a reduction of 70.2%. Further, yearly profit expanded by 27.1% in 2021 to $2.4 million from $1.9 million in 2020.
- The total loss grew by 373.7% from $3.5 million in Q4 of FY20 to $17.01 million in Q4 of FY21. Moreover, yearly loss also expanded by 124.9% from $17.9 million in 2020 to $40.3 million in 2021.
- Loss of $0.27 and $0.66 per stock in Q4 and FY21, respectively.
The CEO of Vuzix, Paul Travers, commented that it was the year of huge headway for them concerning industry validation and organizational growth. He further added that they effectively began their sales channel, which drove the growth of AR before new clients.
Moreover, Mr. Travers concluded that they have made a strong monetary record, as they grow their capacities and worldwide impression to fulfill the needs of customers.
News
On 2 March 2022, VUZI declared the buyback program of their shares approved by the BoD. The amount of buyback under the program is $25 million. The program expired on 2 March 2022. Further, under the program of shares buyback, stocks of the firm might be repurchased intermittently in the open market or private exchanges. Moreover, established by the closing price of Vuzix’s stock on 1 March 2022, the program would empower the organization to repurchase roughly 4 million stocks or around 6% of its shares.
About VUZI
Vuzix Corp. is a provider of Smart-Glasses and AR advancements and items for the buyer. The company has a market cap of $261.42 million with 63.63 million pending shares. Vuzix has its headquarter in West Henrietta, New York, United States of America (USA).
