VUZI 8-K
Vuzix Corp (VUZI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
| (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices)(Zipcode)
(
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On March 12, 2026, Vuzix Corporation (the “Company”) issued a press release announcing the Company’s financial results for the period ended December 31, 2025. The press release is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 13, 2026 | VUZIX CORPORATION | |
| By: | /s/ Grant Russell | |
| Grant Russell | ||
| Chief Financial Officer | ||
Exhibit 99.1
 | Press Release |
Vuzix Reports 2025 Financial Results and Positions Waveguide and OEM Businesses for Next Phase of Smart Glasses Growth
ROCHESTER, N.Y., March 12, 2026 - Vuzix® Corporation (NASDAQ: VUZI) (“Vuzix” or the “Company”), a leading supplier of AI-driven smart glasses, waveguides and Augmented Reality (AR) technologies, today reported its fourth quarter and full year financial results for the year ended December 31, 2025.
“In 2025, we made meaningful progress in strengthening the foundation of Vuzix. We delivered modest revenue growth in products and engineering services, reduced operating cash usage by approximately $5.0 million, and achieved important milestones across our OEM and waveguide initiatives. We believe those actions position the Company for stronger growth and improved operating leverage in 2026.” said Paul Travers, President and CEO of Vuzix. “Most notably, we also achieved an important milestone in our partnership with Quanta Computer. By meeting specific yield and production run-rate targets, we secured the full funding of Quanta’s contemplated $20 million equity investment and advanced our joint supply and sales relationship.”
“Strategically, 2025 also marked an important evolution in how Vuzix is positioning its business. While our branded enterprise smart glasses business continues to provide revenue, customer insight and market credibility, Vuzix is advancing its role as a technology and solutions provider built around OEM smart glasses solutions, waveguides, and display system relationships and our expanding engagement with strategic partners and customers during this past year supports this foundational shift.”
The following table compares condensed elements of the Company’s summarized Consolidated Statements of Operations data for the fourth quarters and years ended December 31, 2025 and 2024, respectively. Readers should refer to Vuzix’ Form 10-K for the year ended December 31, 2025 for additional information as well as disclosure of important risk factors:
| Three Months
Ended December 31 (unaudited – in 000s) | Twelve
Months Ended December 31 (audited – in 000s) | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Sales: | ||||||||||||||||
| Sales of Products | $ | 1,411 | $ | 1,069 | $ | 4,677 | $ | 4,487 | ||||||||
| Sales of Engineering Services | 832 | 204 | 1,604 | 1,267 | ||||||||||||
| Total Sales | 2,243 | 1,272 | 6,281 | 5,755 | ||||||||||||
Cost of Products and Eng. Services | 1,629 | 2,058 | 6,840 | 7,186 | ||||||||||||
| Inventory Obsolescence | 238 | 4,168 | 503 | 4,168 | ||||||||||||
| Gross Profit (Loss) | 375 | (4,953 | ) | (1,062 | ) | (5,600 | ) | |||||||||
| Operating Expenses: | ||||||||||||||||
| Research and Development | 4,513 | 2,220 | 12,626 | 9,626 | ||||||||||||
| Selling and Marketing | 1,441 | 1,946 | 5,479 | 8,191 | ||||||||||||
| General and Administrative | 2,339 | 4,289 | 11,632 | 17,230 | ||||||||||||
| Depreciation and Amortization | 360 | 425 | 1,603 | 2,995 | ||||||||||||
| Loss on Fixed Asset Disposal | 107 | 16 | 107 | 28 | ||||||||||||
| Impairment on Intangible Asset and Equity Investment | - | - | - | 30,301 | ||||||||||||
Loss from Operations | (8,384 | ) | (13,850 | ) | (32,508 | ) | (73,971 | ) | ||||||||
| Total Other Income (Expense) | (231 | ) | 193 | 235 | 433 | |||||||||||
| Net Loss | (8,615 | ) | (13,656 | ) | (32,273 | ) | (73,538 | ) | ||||||||
| Preferred Stock Dividends | (38 | ) | - | (62 | ) | - | ||||||||||
| Loss Attributable to Common Shareholders | $ | (8,653 | ) | $ | (13,656 | ) | $ | (32,335 | ) | $ | (73,538 | ) | ||||
| Loss per Share | $ | (0.12 | ) | $ | (0.16 | ) | $ | (0.42 | ) | $ | (1.08 | ) | ||||
Fourth Quarter 2025 Financial Results
For the three months ended December 31, 2025, total revenues were $2.2 million as compared to $1.3 million in the prior year’s comparable fourth quarter. The revenue increase was due to higher product sales, specifically M400 smart glasses, and substantially greater engineering services sales from defense and security agency customers.
For the fourth quarter ended December 31, 2025, the net loss attributable to common shareholders was $8.7 million or $0.12 per share as compared to a loss of $13.7 million or $0.16 per share for the fourth quarter of 2024.
Full Year 2025 Financial Results
For the full year ended December 31, 2025, total revenues were $6.3 million, as compared to $5.8 million in 2024. Product revenues for the year increased 4% to $4.7 million due primarily to increased unit sales of M400 smart glasses versus the 2024 year. Sales of engineering services revenues recognized for the year ended December 31, 2025, increased to $1.6 million as compared to $1.3 million in the same period of 2024.
There was an overall gross loss of $1.1 million for the full year ended December 31, 2025 as compared to a gross loss of $5.6 million for the same period in 2024. Included in Total Cost of Sales for 2025 were inventory obsolescence provisions of $0.5 million, as compared to provisions of $4.2 million for the 2024 year.
Research and Development expense was $12.6 million for the year ended December 31, 2025 as compared to $9.6 million in 2024, an increase of 31% due primarily to a $2.6 million increase in external LX1 smart glasses and waveguide products development costs.
Selling and Marketing expense was $5.5 million for the year ended December 31, 2025 as compared to $8.2 million in 2024, a decrease of 33%. The reduction was largely due to a $1.2 million net decrease in bad debt expense and a $0.8 million decrease in cash salary and benefits related expenses driven by headcount decreases.
General and Administrative expense was $11.6 million for the full year ended December 31, 2025 as compared to $17.2 million in 2024, a decrease of 32%. The decrease was largely due to a $4.9 million decrease in non-cash stock-based compensation expense.
The net loss attributable to common shareholders for the full year ending December 31, 2025 was $32.3 million or $0.42 per share versus a net loss of $73.5 million or $1.08 per share for the same period in 2024.
Net cash flows used in operating activities for 2025 was $18.8 million as compared to the prior year’s total of $23.7 million.
As of December 31, 2025, the Company maintained cash and cash equivalents of $21.2 million and an overall working capital position of $22.3 million.
Management Outlook
"As we move through 2026, we expect a broader and more diversified business to take shape, driven by opportunities across OEM custom smart glasses programs, defense and government agency initiatives, and waveguide-related activities. We believe defense and security-related opportunities are becoming an increasingly important part of the strategic landscape for Vuzix, where our made in the USA waveguide design and manufacturing can provide meaningful advantages. Our branded products will continue to play a focused strategic role in supporting and enabling those broader growth efforts,” said Mr. Travers. “At the same time, the broader smart glasses market should continue to evolve, driven by advances in platform ecosystem development, hardware and AI. Against this backdrop, Vuzix will continue to invest in waveguide innovation and the expansion of strategic relationships geared toward capitalizing on this market.”
Conference Call Information
Date: Thursday, March 12, 2026
Time: 4:30 p.m. Eastern Time (ET)
Dial-in Number for U.S. & Canadian Callers: 877-709-8150
Dial-in Number for International Callers (Outside of the U.S. & Canada): 201-689-8354
A live and archived webcast of the conference call will be available on the investor relations page of the Company's website at: https://ir.vuzix.com/ or directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=MMS7zN8c
Participating on the call will be Vuzix’ Chief Executive Officer and President Paul Travers and Chief Financial Officer Grant Russell, who together will discuss business, operational and financial highlights for the fourth quarter and full year ended December 31, 2025.
To join the live conference call, please dial into the above referenced telephone numbers five to ten minutes prior to the scheduled conference call time.
A telephonic replay will be available for 30 days, starting on March 12, 2026, at approximately 5:30 p.m. (ET). To access this replay, please dial 877-660-6853 within the U.S. or Canada, or 201-612-7415 for international callers. The conference replay ID# is 13759109.
About Vuzix Corporation
Vuzix is a leading designer, manufacturer and marketer of AI-powered Smart Glasses, Waveguides and Augmented Reality (AR) technologies, components and products for the enterprise, medical, defense and security agency and consumer markets. The Company’s products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 500 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and the augmented reality wearables field. The Company has won over 20 Consumer Electronics Show (or CES) awards for innovation since 2005 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; and Kyoto and Okayama, Japan. For more information, visit the Vuzix website, X and Facebook pages.
Forward-Looking Statements Disclaimer
Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements contained in this release relate to, among other things, the timing of new product releases, R&D project successes, smart glass pilot to roll-out conversion rates, future operating results, and the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the Company's Annual Reports and other filings with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.
Investor Relations Contact
Ed McGregor, Director of Investor Relations
Vuzix Corporation
Tel: (585) 359-5985
Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – [email protected] www.vuzix.com