Vuzix Corp VUZI
Incorporated in Delaware in 1997, Vuzix Corporation ("Vuzix" or the "Company") designs, manufactures, and markets AI-enabled smart glasses, waveguides, and augmented reality ("AR") display technologies. Our products and solutions support enterprise, medical, defense and security, and select consumer applications, with a focus on hands-free computing and near-eye visualization.
Our product offerings include near-eye displays, heads-up displays ("HUDs"), and wearable computing devices that provide a portable viewing experience. These smart display systems—worn like eyeglasses or attached to a head-mounted frame—may incorporate cameras, sensors, and onboard processing to enable users to view, capture, and interact with digital content, including internet-based applications, cloud-based AI assistants, and real-time AR overlays. We also offer proprietary waveguide optics and display engines designed for integration into both Vuzix-branded smart glasses and third-party original design manufacturer ("ODM") and original equipment manufacturer ("OEM") devices.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.3M | $5.8M | $12.1M | $11.8M | $13.2M | $11.6M | $6.7M | $8.1M | $5.5M | $2.1M |
| Cost of revenue | $7.3M | $11.4M | $14.8M | $10.4M | $11.6M | $11.0M | $11.1M | $6.3M | $6.2M | $3.3M |
| Gross profit | -$1.1M | -$5.6M | -$2.6M | $1.5M | $1.6M | $598.0K | -$4.4M | $1.8M | -$676.6K | -$1.2M |
| R&D | $12.6M | $9.6M | $12.3M | $12.7M | $11.7M | $7.6M | $8.9M | $10.4M | $6.7M | $6.9M |
| SG&A | $11.6M | $17.2M | $18.6M | $21.0M | $22.5M | $6.9M | $6.6M | $7.0M | $6.1M | $5.1M |
| Total operating expenses | $31.4M | $68.4M | $49.7M | $43.7M | $41.5M | $19.7M | $22.2M | $23.6M | $18.7M | $17.4M |
| Operating income | -$32.5M | -$74.0M | -$52.3M | -$42.2M | -$40.0M | -$19.1M | -$26.6M | -$21.9M | -$19.4M | -$18.5M |
| Interest expense | — | — | — | — | — | — | — | $19.3K | $88.2K | $131.1K |
| Pre-tax income | -$32.3M | -$73.5M | -$50.1M | -$40.8M | -$40.4M | -$18.0M | -$26.5M | -$21.9M | -$19.6M | -$19.3M |
| Income tax | $0 | $0 | $0 | — | — | $0 | $0 | $0 | $0 | $0 |
| Net income | -$32.3M | -$73.5M | -$50.1M | -$40.8M | -$40.4M | -$18.0M | -$26.5M | -$21.9M | -$19.6M | -$19.3M |
| EPS, basic | -0.42 | -1.08 | -0.79 | -0.64 | -0.66 | -0.53 | -0.94 | — | — | — |
| EPS, diluted | -0.42 | -1.08 | -0.79 | -0.64 | -0.66 | -0.53 | -0.94 | 0.87 | 1.02 | 1.23 |
| Shares, diluted (wtd. avg.) | $77.6M | $67.8M | $63.4M | $63.7M | $61.1M | $38.1M | $30.3M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.2M | $18.2M | $26.6M | $72.6M | $120.2M | $36.1M | $10.6M | $17.3M | $14.9M | $14.5M |
| Receivables | $1.6M | $1.6M | $3.8M | $3.6M | $2.2M | $1.4M | $1.4M | $772.3K | $974.2K | $103.3K |
| Inventory | $2.2M | $4.8M | $9.0M | $11.3M | $12.2M | $6.1M | $5.7M | $7.3M | $3.9M | $2.7M |
| Total current assets | $27.2M | $26.7M | $41.5M | $90.6M | $137.2M | $45.1M | $19.1M | $27.4M | $21.2M | $18.2M |
| Property, plant and equipment | $7.6M | $7.6M | $8.1M | $3.9M | $5.2M | $2.8M | $4.3M | $4.3M | $4.1M | $3.4M |
| Goodwill | — | — | — | $1.6M | — | — | — | — | — | — |
| Other intangibles | $3.4M | $3.0M | $2.6M | $2.2M | $2.0M | $1.6M | $1.3M | $1.2M | $813.8K | $535.5K |
| Total assets | $40.1M | $39.4M | $86.1M | $131.1M | $148.5M | $52.5M | $28.4M | $35.1M | $26.8M | $22.3M |
| Accounts payable | $685.0K | $538.2K | $1.6M | $1.2M | $2.1M | $1.5M | $1.1M | $2.7M | $3.7M | $1.1M |
| Short-term debt | — | — | — | — | — | — | — | — | $0 | $1.4M |
| Total current liabilities | $4.9M | $2.1M | $5.2M | $15.3M | $4.2M | $3.1M | $2.6M | $4.7M | $5.5M | $4.4M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $0 |
| Total liabilities | $5.4M | $2.1M | $5.4M | $15.6M | $4.7M | $4.2M | $4.2M | $4.7M | $5.5M | $4.6M |
| Retained earnings | -$399.9M | -$367.5M | -$294.0M | -$243.8M | -$203.1M | -$162.7M | -$144.7M | -$118.3M | -$96.5M | -$76.8M |
| Total equity | $24.7M | $37.3M | $80.8M | $115.5M | $143.7M | $48.3M | $24.2M | $30.5M | $21.4M | $17.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18.8M | -$23.7M | -$26.3M | -$24.5M | -$27.0M | -$14.0M | -$22.4M | -$22.5M | -$16.5M | -$14.4M |
| Depreciation and amortisation | $1.9M | $1.8M | $1.0M | $869.5K | $1.3M | $1.9M | $1.9M | $1.3M | — | — |
| Stock-based compensation | $5.3M | $11.6M | $12.7M | $15.8M | $17.3M | $2.8M | $1.5M | $2.3M | $1.9M | $756.9K |
| Capital expenditure | $2.0M | $1.4M | $5.3M | $1.7M | $3.8M | $496.6K | $1.9M | $1.4M | $1.7M | $2.0M |
| Investing cash flow | -$2.6M | -$2.9M | -$19.3M | -$21.2M | -$4.9M | -$1.5M | -$3.2M | -$3.1M | -$2.7M | -$2.2M |
| Financing cash flow | $24.4M | $18.3M | -$449.6K | -$1.9M | $116.0M | $40.9M | $18.9M | $28.1M | $19.5M | $19.2M |
| Buybacks | — | — | $470.8K | $2.0M | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050404.
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