Vuzix's R&D Spending Rises as Cash Burn Accelerates
Dow Jones
Aug 14
Vuzix's research and development expense rose 20% to $3.1 million in the second quarter, driven by external development costs for new products and higher salary expenses from increased headcount, the company said. Net cash used in operating activities reached $6.6 million, up from $4.8 million in the prior-year period. The spending increase came as total revenues declined 14% to $1.1 million. The company held $17.3 million in cash and no debt as of June 30. Shares fall nearly 7% after hours.
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