By Sam Boughedda
Investing.com -- Technology firm Vuzix Corp (NASDAQ:VUZI) said Friday that it has received additional follow-on orders from three defense contractors.
The company, a supplier of smart glasses and Augmented Reality (AR) technology and products, said they are mainly second and third round orders for waveguide-based products "that continue the progression towards expected volume commercial rollouts."
Waveguide is Vizix's smart glass technology that takes projected virtual images and relays them to the eye.
Vuzix said it is currently engaged with five different aerospace and defense contractors in different stages of solution development utilizing Vuzix components.
The company expects orders from some of the contractors before a final product design leads to an eventual production program order.
"The need for AR based wearable devices is going to be pervasive and the defense space is no exception; as a result, our aerospace and defense-related OEM opportunities continue to expand. We are ideally positioned as the only US-based manufacturer of waveguides for these kinds of products," said Paul Travers, President and CEO of Vuzix.
Vuzix stock is down over 3% Friday.