Technology

Vuzix Reports 4Q and Full Year 2024 Financial Results

Published

1 day ago

March 13, 2025

ROCHESTER, N.Y., March 13, 2025 /PRNewswire/ — 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, 2024.

“In 2024, the AI and AR smart glasses market continued to evolve, and Vuzix made major advancements in product innovation, technology, customer engagement, and strategic partnerships,” said Paul Travers, President and CEO of Vuzix. “Our partnership with Quanta Computer, involving their staged $20 million investment in our stock and a joint supply and sale arrangement, was particularly noteworthy.”

“Regarding our see-through waveguides for AI/AR smart glasses, we expanded our production capacity and transitioned to new key equipment, significantly enhancing our scalability. Additionally, we achieved several critical breakthroughs in our waveguide designs, including reduced forward eye glow and seamless prescription lens integration—both vital for enterprise and consumer adoption. With these advancements in our waveguide technologies and volume manufacturing capabilities, we are now strategically positioned to play a significant role in the AI/AR-driven smart glasses market, which is anticipated to become a high unit volume opportunity with end-user demand exceeding multiple billions of dollars,” stated Mr. Travers.

“Operationally, we lowered our annual cash operating expenses by approximately $8 million or 25% in 2024 versus 2023, through workforce realignments, operational efficiencies, and a focused approach to R&D investments. Financially, we bolstered our balance sheet via Quanta’s $10 million initial tranche investment and an $8.2 million capital raise in the fourth quarter of 2024 via our at-the-market facility.”

“While the adoption of smart glasses in our target markets has been slower than anticipated, the outlook for mainstream adoption remains promising. With new strategic partnerships, a growing ODM/OEM opportunity pipeline, and increasing customer demand driven by AI-powered smart glasses, we believe these markets are gaining momentum. As 2025 progresses, Vuzix remains well-positioned to leverage the market growth surrounding AI-powered smart glasses and AR technology to drive innovation in wearable technology,” stated Mr. Travers.

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, 2024 and 2023, respectively. Readers should refer to Vuzix’ Form 10-K for the year ended December 31, 2024 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)

2024

2023

2024

2023

Sales:

Sales of Products

1,069

722

4,487

10,760

Sales of Engineering Services

204

295

1,267

1,369

Total Sales

1,272

1,067

5,755

12,129

Cost of Products and Eng. Services

2,058

1,439

7,186

10,406

Inventory Obsolescence

4,168

3,873

4,168

4,358

Gross (Loss)

(4,953)

(4,245)

(5,600)

(2,635)

Operating Expenses:

Research and Development

2,220

3,521

9,626

12,340

Selling and Marketing

1,946

4,830

8,191

12,712

General and Administrative

4,289

4,733

17,230

18,592

Depreciation and Amortization

425

948

2,995

3,844

Loss on Goodwill and Other Intangible Asset Impairment

–

2,137

–

2,137

Loss on Fixed Asset Disposal

–

Impairment on Intangible Asset and Equity Investment

–

30,301

–

Impairment of Patents and Trademarks

–

Loss from Operations

(13,850)

(20,415)

(73,971)

(52,302)

Total Other Income (Expense)

193

534

433

2,152

Net Loss

(13,656)

(19,881)

(73,538)

(50,149)

Loss per Share

(0.16)

(0.32)

(1.08)

(0.79)

Fourth Quarter 2024 Financial Results

For the three months ended December 31, 2024, we reported $1.3 million in total revenues as compared to $1.1 million in the prior year’s comparable fourth quarter. The revenue increase was primarily due to higher unit sales of our M400 smart glasses.

For the fourth quarter ended December 31, 2024, the net loss was $13.7 million or $0.16 per share as compared to a loss of $19.9 million or $0.32 per share for the fourth quarter of 2023.

Full Year 2024 Financial Results

For the full year ended December 31, 2024, total revenues were $5.8 million, as compared to $12.1 million in 2023. The decrease in revenues for the year was due to lower unit sales of M400 smart glasses versus the 2023 year, when two major distributors placed significant stocking orders representing 54% of 2023 total product revenues or approximately $5.8 million. Sales of engineering services revenues recognized for the year ended December 31, 2024, were modestly lower at $1.3 million as compared to $1.4 million in the same period of 2023.

There was an overall gross loss of $5.6 million for the full year ended December 31, 2024 as compared to overall loss of $2.6 million for the same period in 2023. Included in Total Cost of Sales for 2024 were inventory obsolescence provisions totaling $4.2 million, as compared to provisions of $4.4 million for the 2023 year.

Research and Development expense was $9.6 million for the year ended December 31, 2024 as compared to $12.3 million for the comparable 2023 period, a decrease of 22% largely due to a $1.6 million reduction in salary and benefits related expenses due to headcount decreases and a $1.0 million reduction in external development costs.

Selling and Marketing expense was $8.2 million for the year ended December 31, 2024 as compared to $12.7 million for the comparable 2023 period, a $4.5 million or 36% decrease. The reduction was largely due to a $1.6 million decrease in advertising and tradeshow expenses and a $1.6 million decline in salary and benefits related expenses driven by headcount decreases.

General and Administrative expense was $17.2 million for the full year ended December 31, 2024 as compared to $18.6 million for the comparable 2023 period, a decrease of 7%. The decrease was due to a $1.4 million decrease in non-cash stock-based compensation expense.

The net loss for the full year ending December 31, 2024 was $73.6 million or $1.08 cents per share versus a net loss of $50.1 million or $0.79 for the same period in 2023.

Net cash flows used in operating activities for 2024 was $23.7 million as compared to the prior year’s total of $26.3 million.

As of December 31, 2023, the Company maintained cash and cash equivalents of $18.2 million and an overall working capital position of $24.6 million.

Management Outlook

“We ended 2024 with $18.2 million in cash and are confident in our capital resources to execute upon our operating plan,” said Mr. Travers. “In 2025, our focus is on converting recent customer wins into long-term recurring revenue. We expect multiple design wins for ODM/OEM products including consumer and enterprise items, where Vuzix will supply optical waveguides and display engines or create co-branded products. In defense, we aim to grow our business with new prime defense contractors, leading to custom designs and an acceleration of production orders.”

“We are experiencing growing enterprise customer successes, supported by substantial data sets demonstrating productivity improvements that significantly surpass customer benchmarks. Our wholly owned subsidiary, Moviynt®, and their Mobilium® platform, are attracting growing interest in this context. We are confident that with anticipated follow-on orders for smart glasses this year, we have the potential to deplete our existing smart glasses inventory and convert those finished goods into cash. This will facilitate a smoother introduction of our next-generation, purpose-built products,” concluded Mr. Travers.

Conference Call Information

Date: Monday, March 13, 2025
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=d9mFAUVy

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, 2024.

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 13, 2025, 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 13752093.

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of AI-driven smart glasses, waveguides and augmented reality (AR) technology, for the enterprise, medical, defense 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 425 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 Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2024 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, Twitter 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, Atomistic MicroLED development, capabilities, and further development timelines, 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
ed_mcgregor@vuzix.com
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/vuzix-reports-4q-and-full-year-2024-financial-results-302401429.html

SOURCE Vuzix Corporation

Technology

NASA’s SpaceX Crew-10 Launches to International Space Station

Published

28 seconds ago

March 15, 2025

WASHINGTON, March 14, 2025 /PRNewswire/ — Four crew members of NASA’s SpaceX Crew-10 mission launched at 7:03 p.m. EDT Friday from Launch Complex 39A at NASA’s Kennedy Space Center in Florida for a science expedition aboard the International Space Station.

A SpaceX Falcon 9 rocket propelled the Dragon spacecraft into orbit carrying NASA astronauts Anne McClain and Nichole Ayers, JAXA (Japan Aerospace Exploration Agency) astronaut Takuya Onishi, and Roscosmos cosmonaut Kirill Peskov. The spacecraft will dock autonomously to the forward-facing port of the station’s Harmony module at approximately 11:30 p.m. on Saturday, March 15. Shortly after docking, the crew will join Expedition 72/73 for a long-duration stay aboard the orbiting laboratory.

“Congratulations to our NASA and SpaceX teams on the 10th crew rotation mission under our commercial crew partnership. This milestone demonstrates NASA’s continued commitment to advancing American leadership in space and driving growth in our national space economy,” said NASA acting Administrator Janet Petro. “Through these missions, we are laying the foundation for future exploration, from low Earth orbit to the Moon and Mars. Our international crew will contribute to innovative science research and technology development, delivering benefits to all humanity.”

During Dragon’s flight, SpaceX will monitor a series of automatic spacecraft maneuvers from its mission control center in Hawthorne, California. NASA will monitor space station operations throughout the flight from the Mission Control Center at the agency’s Johnson Space Center in Houston.

NASA’s live coverage resumes at 9:45 p.m., March 15, on NASA+ with rendezvous, docking, and hatching opening. After docking, the crew will change out of their spacesuits and prepare cargo for offload before opening the hatch between Dragon and the space station’s Harmony module around 1:05 a.m., Sunday, March 16. Once the new crew is aboard the orbital outpost, NASA will broadcast welcome remarks from Crew-10 and farewell remarks from the agency’s SpaceX Crew-9 crew, beginning at about 1:40 a.m.

Learn how to watch NASA content through a variety of platforms, including social media.

The number of crew aboard the space station will increase to 11 for a short time as Crew-10 joins NASA astronauts Nick Hague, Suni Williams, Butch Wilmore, and Don Pettit, as well as Roscosmos cosmonauts Aleksandr Gorbunov, Alexey Ovchinin, and Ivan Vagner. Following a brief handover period, Hague, Williams, Wilmore, and Gorbunov will return to Earth no earlier than Wednesday, March 19.Ahead of Crew-9’s departure from station, mission teams will review weather conditions at the splashdown sites off the coast of Florida.

During their mission, Crew-10 is scheduled to conduct material flammability tests to contribute to future spacecraft and facility designs. The crew will engage with students worldwide via the ISS Ham Radio program and use the program’s existing hardware to test a backup lunar navigation solution. The astronauts also will serve as test subjects, with one crew member conducting an integrated study to better understand physiological and psychological changes to the human body to provide valuable insights for future deep space missions.

With this mission, NASA continues to maximize the use of the orbiting laboratory, where people have lived and worked continuously for more than 24 years, testing technologies, performing science, and developing the skills needed to operate future commercial destinations in low Earth orbit and explore farther from our home planet. Research conducted at the space station benefits people on Earth and paves the way for future long-duration missions to the Moon under NASA’s Artemis campaign and beyond.

More about Crew-10
McClain is the commander of Crew-10 and is making her second trip to the orbital outpost since her selection as an astronaut in 2013. She will serve as a flight engineer during Expeditions 72/73 aboard the space station. Follow McClain on X.

Ayers is the pilot of Crew-10 and is flying her first mission. Selected as an astronaut in 2021, Ayers will serve as a flight engineer during Expeditions 72/73. Follow Ayers on X and Instagram.

Onishi is a mission specialist for Crew-10 and is making his second flight to the space station. He will serve as a flight engineer during Expeditions 72/73. Follow Onishi on X.

Peskov is a mission specialist for Crew-10 and is making his first flight to the space station. Peskov will serve as a flight engineer during Expeditions 72/73.

Learn more about NASA’s SpaceX Crew-10 mission and the agency’s Commercial Crew Program at:

https://www.nasa.gov/commercialcrew

View original content to download multimedia:https://www.prnewswire.com/news-releases/nasas-spacex-crew-10-launches-to-international-space-station-302402325.html

SOURCE NASA

Technology

CASEKOO: Explore The Luminous Enigma and Let the enchanting artistry of Tarot Ignite your Intuition and Enlightenment.

Published

2 hours ago

March 14, 2025

LOS ANGELES, March 14, 2025 /PRNewswire/ — CASEKOO recently hosted an enchanting “Tarot and Tea” soirée in Sai Wan, Hong Kong, to celebrate the grand launch of its collaborative collection, The Luminous Enigma series. This exquisite line of four phone cases, crafted in partnership with COCORRINA and renowned Tarot Reader Peter, draws inspiration from the celestial symbolism of the Sun and Moon tarot cards. The event welcomed passersby with open arms, offering each guest a comforting cup of spiced apple cinnamon tea upon entering the park. While many attendees were newcomers to the world of tarot, they were captivated by the intricate designs of the phone cases and the mystical allure of tarot itself. CASEKOO also unveiled the stories behind the collection, sharing the profound insights and intentions the designers imbued into each piece, hoping to inspire those who carry these cases to connect with their deeper meanings.

The Helios and Celene cases were born from the breathtaking beauty of Kefalonia, an island that holds deep personal significance for Corina, the visionary designer behind COCORRINA. Each morning, she finds herself nourished by the Sun’s radiant energy, feeling a harmonious connection with the natural world. By night, she is guided by the Moon’s gentle glow and the vast expanse of the sky, navigating life’s ebbs and flows with grace. Through these meticulously crafted cases, Corina invites consumers to experience the celestial wonders that illuminate her daily life, offering a glimpse into her world with every creation.

Meanwhile, the Illuminating Sunlight and Midnight Moonlight designs were inspired by Tarot Reader Peter’s profound connection to the Sun’s boundless warmth and the Moon’s quiet magic. The phrase “Let the sun shine heal you” encapsulates the Sun’s restorative power, encouraging resilience and positivity in the face of life’s challenges. Conversely, the Moon-inspired designs whisper “Embrace the Unknown,” a gentle reminder to trust one’s intuition, while “You look so beautiful tonight” celebrates the profound beauty found in darkness and the depths of emotion. Each piece in the collection pays homage to the enchanting interplay between the Sun’s life-giving energy and the Moon’s captivating mystique, offering a timeless connection to the cosmos and its profound duality.

Both designers, Corina and Peter, wish for more people to experience the breathtaking and awe-inspiring sights of the sun and moon that they cherish. They hope that whoever carries these cases will be enveloped in the sun’s positive energy and drawn to the moon’s enchanting gravity, finding inspiration and balance in their celestial harmony. Together, CASEKOO hopes that the owners of these cases will embrace the beauty of tarot, feeling their mysterious power and carrying it with them wherever they go.

View original content to download multimedia:https://www.prnewswire.com/news-releases/casekoo-explore-the-luminous-enigma-and-let-the-enchanting-artistry-of-tarot-ignite-your-intuition-and-enlightenment-302398220.html

SOURCE CASEKOO

Technology

GreenPower Announces Annual Stock Option Grants

Published

2 hours ago

March 14, 2025

VANCOUVER, BC, March 14, 2025 /PRNewswire/ — GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced its annual stock option grant to the Directors, Officers, Employees and Consultants.

The Company granted 525,000 incentive stock options to the four Independent Directors and three Officers of the Company, 250,000 incentive stock options to employees of the Company and 25,000 stock options to a consultant. The stock options are subject to the approval of the TSX Venture Exchange and are exercisable for a period of five years at a price of CDN $0.78 per share. Each Director and the CFO were granted 75,000 stock options that vest in increments beginning four months after the grant date, and the stock options will be fully vested one year after the grant date. For the employees and the consultant, the stock options vest in increments beginning four months after the grant date, and the stock options will be fully vested three years after the grant date.

For further information contact:

Fraser Atkinson, CEO
(604) 220-8048

Brendan Riley, President
(510) 910-3377

Michael Sieffert, CFO
(604) 563-4144

About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. ©2025 GreenPower Motor Company Inc. All rights reserved.

View original content to download multimedia:https://www.prnewswire.com/news-releases/greenpower-announces-annual-stock-option-grants-302402298.html

SOURCE GreenPower Motor Company