Vuzix Corp

Listed Company

VUZICIK 0001463972NasdaqNon-AcceleratedSmaller ReportingRadio & Tv Broadcasting & Communications EquipmentDelawareFY ends Dec 31

Period

FY 2025

Revenue

$6.28M

Net Income

—

Total Assets

$40.07M

Equity

$24.68M

Shares Out

83.16M

Op. Cash Flow

$-18.79M

Business

Vuzix Corp designs, manufactures, and markets AI-powered Smart Glasses, waveguides, and augmented reality technologies for enterprise, medical, defense, security, and select consumer markets. Its main products and services include near-eye displays, heads-up displays, wearable computing devices, proprietary waveguide optics, display engines, white-labeled reference designs, engineering services, and logistics mobility software (Mobilium®) for Smart Glasses integration. Key business activities comprise Vuzix-branded Smart Glasses, waveguide and display engine OEM/ODM supply and engineering services, and a software/app ecosystem supporting hardware deployments. The company sells globally via direct sales, VARs, distributors, OEM/ODM partnerships, and online stores, with sales presence in the U.S., Japan, Europe and other international markets.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Sales	6	6	12	12	13
Cost of Sales - Depreciation and Amortization	677,931	734,456	886,117	799,317	1
Total Cost of Sales	7	11	15	10	12
Gross Loss	−1	−6	−3	1	2
Research and Development	13	10	12	13	12
Selling and Marketing	5	8	13	8	6
General and Administrative	12	17	19	21	23
Depreciation and Amortization	2	3	4	2	988,104
Loss on Goodwill and Other Intangible Asset Impairment	—	—	2	—	—
Loss on Fixed Asset Disposal	106,898	27,654	0	35,350	183,614
Impairment on Intangible Asset and Equity Investment	—	30	—	—	—
Impairment of Patents and Trademarks	0	0	41,869	97,675	80,163
Total Operating Expenses	31	68	50	44	42
Loss From Operations	−33	−74	−52	−42	−40
Investment Income	672,276	591,319	2	1	53,511
Other Taxes	23,054	59,335	−230,973	−212,997	—
Foreign Exchange Loss	−60,564	−217,317	−44,062	−180,589	−143,196
Impairment Loss on Equity Investment	−400,000	0	0	—	—
Utility Improvement Refund	—	—	208,271	—	—
Total Other Income, Net	234,766	433,337	2	1	−397,053
Loss Before Provision for Income Taxes	−32	−74	−50	−41	−40
Provision for Income Taxes	0	0	0	—	—
Preferred Stock Dividends	−62,333	—	—	—	—
Loss Attributable to Common Shareholders - Basic	−32	−74	−50	−41	−40
Loss Attributable to Common Shareholders - Diluted	−32	−74	−50	—	—
Basic Net Loss per Common Share	−0.42	−1.08	−0.79	−0.64	−0.66
Diluted Net Loss per Common Share	−0.42	−1.08	−0.79	−0.64	−0.66
Weighted-average Shares Outstanding - Basic	78	68	63	64	61
Weighted-average Shares Outstanding - Diluted	78	68	63	64	61

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and Cash Equivalents	21	—	18	27	73
Accounts Receivable, net of allowance for credit losses of $46,000 at December 31, 2025 and $89,000 at December 31, 2024	2	—	2	4	4
Accrued Revenues in Excess of Billings	533,665	—	673,498	165,771	269,129
Other Receivables	379,615	—	—	—	—
Inventories, Net	2	—	5	9	11
Manufacturing Vendor Prepayments	256,090	—	372,081	403,801	998,671
Prepaid Expenses and Other Assets	1	—	1	1	2
Total Current Assets	27	—	27	42	91
Fixed Assets, Net	8	—	8	8	4
Operating Lease Right-of-Use Assets, Net	1	1	494,236	301,185	956,165
Patents and Trademarks, Net	3	—	3	3	2
Technology Licenses, Net	559,973	—	761,043	27	30
Other Assets, Net	327,778	—	844,445	1	950,000
Total Assets	40	—	39	86	131
Accounts Payable	685,010	—	538,221	2	1
Unearned Revenue	62,361	—	125,901	18,839	29,064
Accrued Expenses	4	—	945,752	2	2
Other Taxes Payable	49,513	—	8,163	46,727	214,997
Operating Lease Right-of-Use Liabilities	500,911	—	494,236	163,513	651,011
Total Current Liabilities	5	—	2	5	15
Operating Lease Right-of-Use Liability	502,114	—	—	137,672	305,154
Total Liabilities	5	—	2	5	16
Preferred Stock - $0.001 Par Value, 5,000,000 Shares Authorized; 419,959 and zero Shares of Series B Preferred Stock Issued and Outstanding as of December 31, 2025 and December 31, 2024	10	—	—	—	—
Common Stock - $0.001 Par Value, 200,000,000 shares authorized; 81,679,367 shares issued and 81,099,695 shares outstanding as of December 31, 2025 and 100,000,000 shares authorized; 76,553,694 shares issued and 75,974,022 shares outstanding as of December 31, 2024	81,680	—	76,553	65,304	63,783
Additional Paid-in Capital	427	—	407	377	361
Accumulated Deficit	−400	—	−368	−294	−244
Treasury Stock, at cost, 579,672 shares as of December 31, 2025 and December 31, 2024	−2	—	−2	−2	−2
Total Stockholders' Equity	25	—	37	81	115
Total Liabilities, Mezzanine Equity, and Stockholders' Equity	40	—	39	86	131

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net Loss	−32	−74	−50	−41	−40
Depreciation and Amortization	3	4	5	3	2
Stock-Based Compensation	5	12	13	16	17
Allowance for Credit Losses	—	977,363	2	—	—
Inventory Reserves for Obsolescence	503,400	4	4	290,405	519,950
Impairment on Goodwill, Intangible Assets, and Equity Investments	400,000	30	2	—	—
Accounts Receivable	−17,917	1	−2	−1	−853,547
Accrued Revenues in Excess of Billings	139,833	−507,727	103,358	−269,129	—
Other Receivables	−379,615	208,271	258,434	—	—
Inventories	2	19,287	−2	593,608	−7
Manufacturing Vendor Prepayments	115,991	31,720	594,870	−494,620	−19,019
Prepaid Expenses and Other Assets	7,702	271,399	167,837	−95,244	−526,825
Accounts Payable	146,789	−1	358,883	−843,015	537,607
Accrued Expenses	2	−1	745,904	251,231	436,276
Unearned Revenue	−63,540	107,062	−10,225	1,268	−13,355
Income and Other Taxes Payable	41,350	−38,564	−168,270	94,755	10,589
Net Cash Flows Used in Operating Activities	−19	−24	−26	−25	−27
Purchases of Fixed Assets	−2	−1	−5	−2	−4
Investments in Patents and Trademarks	−554,816	−560,958	−632,483	−499,031	−593,184
Investments in Licenses	—	−1	−11	−17	—
Investments in Software Development	—	—	−125,000	−125,000	−250,000
Investment in Atomistic	—	—	−3	—	—
Investments in Other Equity Assets	−50,000	—	−200,000	−17	−200,000
Net Cash Flows Used in Investing Activities	−3	−3	−19	−21	−5
Proceeds from Sale of Preferred and Common Stock to Quanta	10	10	—	—	—
Proceeds from Exercise of Stock Options	106,843	110,760	21,196	57,712	782,277
Proceeds from ATM Program, Net	14	8	—	—	92
Purchase of Treasury Stock	—	—	−470,757	−2	—
Net Cash Flows Provided by (Used in) Financing Activities	24	18	−449,561	−2	116
Net Increase (Decrease) in Cash and Cash Equivalents	3	−8	−46	−48	84
Non-Cash Investment in Licenses	—	—	1	12	1
Investment in Atomistic - Equity issued	—	181,675	3	—	—
Accrued Preferred Dividends included in Accrued Expenses	39,923	—	—	—	—
Depreciation and Amortization included in Research and Development Expense	869,361	201,070	201,147	—	—
Stock-Based Compensation Expense - Expensed less Previously Issued	—	—	92,454	61,824	−1
Purchases of Fixed Assets included in Accrued Expenses	723,023	—	—	—	—

Filings

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