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Vuzix Corp. posted a drop in profits in the third quarter.
The company reported a net loss of $1.8 million or 26 cents a share, compared with $1.1 million last year, or 33 cents a share.
The company’s gross profit decreased 25 percent to $148,789 compared with $198,845 during the same period last year.
As of Sept. 30, the company had $2.5 million in cash.
The video eyewear company’s sales department is divided between products and engineering services, which both experienced a loss in the third quarter. Sales from products shrank to $177,361 compared with $486,650 last year and sales from engineering services totaled $12,666, a decrease from $71,000 last year.
“To the extent we have sufficient operating funds, we expect to carefully devote capital resources complete the development of our M100 Smart Glasses and to continue our waveguide and HD display engine development programs, hire and train additional staff, and undertake new product marketing activities,” the company stated in documents filed with the Securities and Exchange Commission.
Vuzix Corp. (OTC: VUZI) was trading at $2.29 a share Wednesday afternoon, down more than 3 percent from Tuesday’s close of $2.36.
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