Revenue during the quarter plunged 39.97 percent to $0.58 million from $0.97 million in the previous year period. Gross margin for the quarter stood at negative 40.61 percent as compared to a positive 33.61 percent for the previous year period.

Operating loss for the quarter was $4.73 million, compared with an operating loss of $2.30 million in the previous year period.

"We are extremely optimistic about the upcoming commercial launch of the M300 and the meaningful positive impact it will have on our future financial performance. Given its superior ergonomic design and features, we expect the M300 to build on and expand the productivity enhancements that we have been able to deliver to our customers with earlier technology," said Paul Travers, President and Chief Executive Officer of Vuzix. "With over $5.9 million in cash and equivalents as of September 2016, and iWear production finally ramping up, we are well positioned to support the M300 launch and simultaneously expand our waveguide volume production capabilities to move forward on the planned 2017 launches of our M3000 and B3000 binocular waveguide products. Many of the required investments have already been made in these new planned products and because many components and the technology can be leveraged across the various new models, we expect total investments in R&D and new product tooling over the next three quarters should decrease. We are focused on building a viable business and our confident we now have the products, solutions, and sales and marketing group to execute."