March 13, 2020 – Vuzix Corporation, a supplier of Smart Glasses, Augmented Reality (AR) technology and products for the consumer and enterprise markets, has today announced that the company has signed an agreement with a new major US defense contractor to build a customized waveguide-based optics engine. Under the terms of the first phase of the agreement, Vuzix and its new customer have agreed upon an upfront payment and phase-gated development milestones and payments.
Phase 1 is expected to generate initial non-recurring engineering (NRE) revenue over the next 6 months for Vuzix with potentially greater NREs in subsequent phases before an accepted final product design is expected to lead to a volume production order.
Commenting on the announcement, Paul Travers, President and Chief Executive Officer at Vuzix, said: “We are excited to enter into this partnership and believe it represents a strong vote of confidence in our capabilities and recognition of our leading position within the waveguide optics technology space”. He added, “Additionally, the agreement demonstrates how Vuzix is able to leverage our industry leading optics technology and partner with top US Defense contractors across a variety of vertical markets.”
Image credit: Vuzix Corporation