Vuzix Heads in to CES with a Full Balance Sheet and Broad Product Line
SANTA MONICA, CA, Dec. 6, 2016 /PRNewswire/ - Financial Press Covers Vuzix Corporation (NASDAQ: VUZI):
Vuzix Corporation, a leading supplier of Smart Glasses, Augmented Reality (AR) and Virtual Reality (VR) technologies and products for the consumer and enterprise markets, was recently reviewed by an independent research analyst. In the report, Vuzix was given a $10 price target based on its exciting range of innovative products and a recent improvement in the Company's financials. Vuzix will be showcasing its broad and expanding product line including its flagship M300 Smart Glasses at the Consumer Electronics Show (CES) to be held in Las Vegas, NV in January.
Fresh off a recent $14 million equity raise, Vuzix heads into 2017 poised for significant growth, according to a research report on the Company by Chardan Capital Markets, LLC. The report cited volume production of the M300 as well as the sale of the iWear consumer product as key revenue drivers 2017.
With enough capital for the next 12 months and a full balance sheet, Vuzix can focus on the development and rollout of new innovative products including the M3000 which it plans to introduce next year. The Company has made significant progress on its product development and volume shipments of its flagship M300 Smart Glasses in the US and Europe.
The report focused on projected sales of the Company's current product, the M300, a product that the Company believes targets a market that is "at least" 10 times larger than the market for the M100, the first generation of the Company's flagship Smart Glasses product. Sales of the M100 for the first two years was around $3 million. If the market for the M300 is 10x larger as Vuziz suggests, Vuzix should be looking at sales of around $30 million in the first 12-24 months of the M300's introduction.
The report also centered on the rollout of the M3000, the next generation in Smart Glasses and the Blade 3000, the Company's Smart Sunglasses. Vuzix stated the M3000 has been released to production engineering for tooling and volume production is expected by the summer 2017. The Blade 3000 is expected to be released by the fall of 2017. The Blade 3000 received four International CES Innovation 2017 awards and will be showcased at CES early next year.
With an aggressive rollout strategy and the capital to execute, the research report by Chardan Capital Markets summarized why it remains as bullish as ever on Vuzix:
"Our thesis on the stock is unchanged: 1) the company is the leader in the nascent smart glasses space. 2) the technology has the potential to transform and increase productivity in many different industries 3) the technology can become the basis for a new consumer and business platform for communications and 4) because of the above the potential market is extremely large and has driven private market valuations for companies in the space to multi-billion dollar levels...."
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SOURCE Financial Press Media Group Inc.