In This Story
Vuzix Corporation (VUZI-1.50%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in total sales to $5,754,556 from $12,129,139 in the previous year, attributed to reduced smart glasses revenue.
Cost of sales decreased to $11,354,226 from $14,763,869, with a gross loss of $5,599,670 compared to $2,634,730 the previous year.
Research and development expenses decreased to $9,626,452 from $12,339,534, while selling and marketing expenses decreased to $8,191,427 from $12,711,800.
General and administrative expenses decreased to $17,230,293 from $18,592,185, with a total operating expense of $68,371,824 compared to $49,666,809.
The company reported a net loss of $73,538,157, compared to $50,149,077 in the previous year.
Cash and cash equivalents decreased to $18,186,506 from $26,555,592, with net cash used in operating activities totaling $23,739,372.
Vuzix entered into a Securities Purchase Agreement with Quanta Computer Inc. for up to $20,000,000 in stock sales, with $10,000,000 received in September 2024.
The company continues to focus on its waveguide technology and smart glasses, with plans to improve operational efficiencies and reduce costs.
Vuzix has no material legal proceedings and continues to explore strategic opportunities for growth and partnerships.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Vuzix Corporation annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.