Vuzix Stock Soars After Six-Figure Order Win: Retail Turns Extremely Bullish
By Stocktwits Inc | First Published Nov 25, 2024, 10:38 PM ISTThe order was received from a US-based company that is a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry, it said.
Shares of Vuzix Corp ($VUZI), a supplier of smart glasses and Augmented Reality (AR) technology and products, soared over 29% on Monday after the firm disclosed a massive order win.
Vuzix announced it has received a six-figure revenue production order for customized waveguides to enable a lightweight heads-up display (HUD).
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The order was received from a US-based company that is a leader in technologically advanced and intelligent solutions for the global aerospace and defense industry, it said.
CEO Paul Travers said the firm’s development efforts with some of the country's largest defense contractors continue to progress at a steady pace.
"There is a significant need for advanced see-through display technologies that Vuzix remains in a unique position to deliver as a leading-edge US-based designer and manufacturer of waveguides and related technologies. We look forward to working with this customer as they move to volume production of their HUD solution for their customers,” he said.
Following the announcement, retail sentiment on Stocktwits jumped into the ‘extremely bullish’ territory (82/100) from ‘neutral’ a day ago.
Most Stocktwits followers of the ticker were positive on the stock and expect further rally in coming times.
The firm recently reported its third-quarter earnings that saw total revenues decrease by 36% to $1.4 million versus $2.2 million for the comparable period in 2023. Vuzix Corp attributed the decline to a 28% decrease in smart glasses products sales and a 51% decrease in engineering services revenues as compared to the prior year's quarter.
The company’s net losses narrowed to $9.2 million versus a net loss of $11.0 million for the comparable period in 2023.
Despite the massive rally on Wednesday, Vuzix shares have gained just 0.5% on a year-to-date basis.
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