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Vuzix Corporation designs, manufactures, and markets artificial intelligence (AI)-powered smart glasses, waveguides, and augmented reality (AR) technologies in North America, Europe, the Asia Pacific, and internationally. The company offers smart glasses that include M Series, Vuzix Blade, Vuzix Shield, and Vuzix Ultralite Z100; Mobilium logistics mobility software solution; waveguide optics; and display engines. It provides engineering services and original design manufacturers (ODM)/original equipment manufacturers (OEM) component solutions. It also offers head-mounted smart display and wearable computing devices. The company sells its products through direct sales, value-added resellers, distributors, ODM and OEM partnerships, and online stores, as well as various Vuzix operated web stores in the United States, Europe, and Japan. It serves the enterprise, medical, defense, security, and consumer markets. The company was formerly known as Icuiti Corporation and changed its name to Vuzix Corporation in September 2007. Vuzix Corporation was incorporated in 1997 and is headquartered in West Henrietta, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6M | $-29M | $-32M | $-21M | -130.8% | 9.1% | -56.1% |
| 2024 | $6M | $-40M | $-74M | $-27M | -197.2% | -52.6% | 46.6% |
| 2023 | $12M | $-45M | $-50M | $-43M | -62.1% | 2.5% | 23.0% |
| 2022 | $12M | $-40M | $-41M | $-43M | -35.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 11.84 | 12.13 | 5.75 | 6.28 |
| Operating Revenue | - | 11.84 | 12.13 | 5.75 | 6.28 |
| Cost Of Revenue | - | 10.35 | 14.76 | 11.35 | 7.34 |
| Gross Profit | - | 1.48 | -2.63 | -5.60 | -1.06 |
| Operating Expense | - | 43.80 | 47.72 | 37.98 | 31.32 |
| Research And Development | - | 12.68 | 12.34 | 9.63 | 12.63 |
| Selling General And Administration | - | 29.12 | 31.30 | 25.42 | 17.11 |
| Total Expenses | - | 54.15 | 62.48 | 49.34 | 38.66 |
| Operating Income | - | -42.31 | -50.35 | -43.58 | -32.38 |
| Total Operating Income As Reported | - | -42.23 | -52.30 | -73.97 | -32.51 |
| EBITDA | - | -39.72 | -45.42 | -39.65 | -29.23 |
| Normalized EBITDA | - | -40.81 | -45.42 | -9.70 | -29.33 |
| EBIT | - | -42.31 | -50.35 | -43.58 | -32.38 |
| Other Non Operating Income Expenses | - | 0.47 | 0.21 | - | - |
| Other Income Expense | - | 1.55 | 0.20 | -29.96 | 0.10 |
| Pretax Income | - | -40.76 | -50.15 | -73.54 | -32.27 |
| Tax Provision | - | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -40.76 | -50.15 | -73.54 | -32.27 |
| Net Income From Continuing And Discontinued Operation | - | -40.76 | -50.15 | -73.54 | -32.27 |
| Net Income From Continuing Operation Net Minority Interest | - | -40.76 | -50.15 | -73.54 | -32.27 |
| Net Income | - | -40.76 | -50.15 | -73.54 | -32.27 |
| Net Income Common Stockholders | - | -40.76 | -50.15 | -73.54 | -32.34 |
| Net Income Including Noncontrolling Interests | - | -40.76 | -50.15 | -73.54 | -32.27 |
| Normalized Income | - | -41.85 | -50.15 | -43.58 | -32.38 |
| Diluted NI Availto Com Stockholders | - | -40.76 | -50.15 | -73.54 | -32.34 |
| Basic Average Shares | - | 63.69 | 63.43 | 68.09 | 76.99 |
| Diluted Average Shares | - | 63.69 | 63.43 | 68.09 | 76.99 |
| Reconciled Depreciation | - | 2.59 | 4.93 | 3.93 | 3.15 |
| Reconciled Cost Of Revenue | - | 9.55 | 13.68 | 10.42 | 5.80 |
| Total Unusual Items | - | 1.08 | 0 | -29.96 | 0.10 |
| Total Unusual Items Excluding Goodwill | - | 1.08 | 0 | -29.96 | 0.10 |
| Preferred Stock Dividends | - | - | - | - | 0.06 |
| Special Income Charges | - | -0.13 | -2.18 | -30.33 | -0.51 |
| Write Off | - | - | 0 | 0 | 0.40 |
| Impairment Of Capital Assets | - | 0.10 | 2.18 | 30.30 | 0 |
| Gain On Sale Of Security | - | 1.21 | 2.18 | 0.37 | 0.61 |
| Depreciation Amortization Depletion Income Statement | - | 1.79 | 3.84 | 2.99 | 1.60 |
| Depreciation And Amortization In Income Statement | - | 1.79 | 3.84 | 2.99 | 1.60 |
| General And Administrative Expense | - | 21.04 | 18.59 | 17.23 | 11.63 |
| Other Gand A | - | 21.04 | 18.59 | 17.23 | 11.63 |
| Gain On Sale Of Ppe | - | -0.04 | 0 | -0.03 | -0.11 |
| Selling And Marketing Expense | - | 8.08 | 12.71 | 8.19 | 5.48 |
| Other Taxes | - | 0.21 | 0.23 | -0.06 | -0.02 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Vuzix Corporationthis co. | VUZI | $352M | - | 10.14 | -93.3% | - |
| Palladyne AI Corp. | PDYN | $386M | 38.40 | 5.16 | 13.4% | -12.07 |
| Rimini Street, Inc. | RMNI | $384M | 10.35 | -14.21 | -137.3% | 5.02 |
| Xperi Inc. | XPER | $375M | -6.65 | 0.90 | -13.6% | 32.76 |
| Paysafe Limited | PSFE | $374M | -2.05 | 0.57 |
| - |
| - |
| - |
| - |
| - |
| -27.9% |
| 8.16 |
| Atomera Incorporated | ATOM | $350M | -17.37 | 19.06 | -109.8% | -17.61 |
| Telos Corporation | TLS | $334M | -9.15 | 3.49 | -38.1% | -11.48 |
| Repay Holdings Corporation | RPAY | $328M | -1.28 | 0.68 | -53.0% | -4.03 |
| Digimarc Corporation | DMRC | $321M | -9.93 | 7.99 | -80.4% | -12.81 |
| Peer Median | - | -4.35 | 2.20 | -45.5% | -7.75 | |