Vuzix Corporation (NASDAQ: VUZI) has been granted a contract to deliver augmented reality (AR) viewing solutions. This massive prospective order drove an 11.49% increase in VUZI prices to $10.19 during the trading on August 12.
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VUZI announced a six-figure contract to deliver AR equipment to a prominent defense business that produces aerospace technologies prior to the trading on August 12. Vuzix technologies are being evaluated for a helmet-mounted visual display system that employs cutting-edge fiber optics.
Vuzix Corporation (VUZI) specialists worked on numerous phases of the creation of a new AR system that may be employed in a helmet-mounted indication as part of a contract with this defense business. According to Vuzix Corporation, its advancements are now extremely near to the needed qualities for mass production deployment.
VUZI recently obtained a comparable contract from the defense firm L3Harris, which became a growth engine for quotations. Orders from significant defense sector firms elevate Vuzix to the next level as a prospective beneficiary of long-term defense contracts that generate consistent cash flow.
Vuzix has its own production facilities in the United States and has vast expertise in designing and producing complicated micro-optical systems. Vuzix Corporation (VUZI) can now rely on OEM manufacturing contracts for the serial production of AR systems for big defense companies.
A report in which the business indicated a revenue increase of 3% year on year, to $3 million, contributed to the rise in VUZI quotations in the previous session. This exceeded Wall Street’s expectations. Vuzix’s profit margins shrank as marketing and labor expenditures rose. As a result, GAAP loss per share was $0.16, up from $0.15 the previous year.
VUZI stock has a 5-day range of $8.06 to $10.49, with a total performance of +11.05% during that period. Meanwhile, during the last month, this stock has moved in a range of $6.97 to $10.49, representing a +41.93% change. This stock’s price has moved by +105.64% in the last three months, trading in the $4.69 to $10.49 range.