Vuzix Corporation announced its financial results for the first quarter ended March 31, 2018. Revenues for Q1 2018 were $1.5 million, an increase of 28%, compared to $1.2 million in Q1 2017. The increase in revenues was primarily attributed to M300 Smart Glasses sales, which increased 101% year-over-year. Net loss for Q1 2018 increased by 28.2% and reached to $5.36 million compared to net loss of $4.18 million in Q1 2017.
Company expects the revenues to grow further in second quarter due to introduction of several new smart glasses product offerings into the market. Volume shipments of M300 type-C smart glasses to Toshiba are expected to increase significantly in the second quarter as company received an initial $1.1 million purchase order from Toshiba.
