Vuzix Corp., a wearable technology company based in West Henrietta, reported net losses for both its fourth quarter and the full year. However, company leadership expressed optimism about its prospects for 2025.
For the quarter, revenues were $1.3 million, up from $1.1 million in the same period last year. The company’s net loss for the quarter was reported at $13.7 million, or 16 cents per share, an improvement over the $19.9 million loss, or 32 cents per share, recorded in the prior year’s fourth quarter.
For the full year, Vuzix reported revenues of $5.8 million, down from $12.1 million the year before. The net loss for the year totaled $73.6 million, or $1.08 per share, compared to a loss of $50.1 million, or 79 cents per share, in the previous year.
“We ended 2024 with $18.2 million in cash and are confident in our capital resources to execute upon our operating plan,” stated Paul Travers, Vuzix president and CEO. He indicated the company’s focus for 2025 would be on converting recent customer wins into long-term recurring revenue and driving growth in its OEM (Original Equipment Manufacturer) and enterprise businesses, as well as in the defense and security sectors, with new prime defense contractors.
“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,” Travers added. “This will facilitate a smoother introduction of our next-generation, purpose-built products.”
Vuzix is a supplier of wearable virtual reality and augmented reality display technology.
