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Vuzix Reports 4Q and Full Year 2024 Financial Results

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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

16

–

28

–

Impairment on Intangible Asset and Equity Investment

–

–

30,301

–

Impairment of Patents and Trademarks

–

–

–

42

 

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

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Wenge AI Subsidiary D2 Intelligence Showcases Four AI Products at Hong Kong FinTech Week 2026

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HONG KONG, Nov. 3, 2026 /PRNewswire/ — D2 Intelligence, a subsidiary of Wenge AI (1956.HK), is showcasing at Hong Kong FinTech Week x StartmeupHK 2026. Under this year’s theme “Fintech Nexus: Bridging the World, Building the Future”, Asia’s flagship fintech event brought together more than 45,000 attendees from more than 120 economies. At its exhibition booth, D2 Intelligence showcased four AI products — Decitron, ScienceOra, DocuMind and Checkie — spanning decision intelligence, scientific research, enterprise document intelligence and consumer-grade risk checking.

Decitron — the world’s first general-purpose large decision model.

Released by Wenge AI in June 2026, Decitron was a centerpiece of the showcase. Built on three technical pillars — a World Model, multi-agent reasoning and game solving — the model understands events, deduces possible paths and compares outcomes for complex, open-ended problems. On the internationally recognized PolyBench benchmark, it achieved a Final Forecast Accuracy of 81.20%. Rather than simply answering questions, it generates deduction process reports and comprehensive analysis reports for decision-makers, and continuously tracks evolving situations through its X-Signal global signal capability.

Decitron is available at https://decitron.wenge.com/app.

ScienceOra — an intelligent research decision platform for AI for Science (AI4S).

ScienceOra is built on the ScienceOne Scientific Foundation Model. Recently launched on Tencent WorkBuddy with more than 30 specialist research agents and skills, ScienceOra supports literature analysis, hypothesis development, study design, modeling and simulation, validation and research communication across disciplines. At the booth, ScienceOra demonstrated how, in a drug R&D scenario, a researcher evaluating Fostamatinib can first build a developability evaluation framework, then analyze the compound’s ADMET characteristics together with known bioactivity and toxicity data, and finally receive a proposed follow-up validation plan with key metrics.

ScienceOra is available at https://www.scienceone.ai/portal/.

DocuMind — an enterprise document intelligence and decision platform.

Launched by D2 Intelligence in September 2026, DocuMind serves financial services, insurance and public services, where accuracy, compliance and traceability are critical. Built on Wenge AI’s DOMA architecture (Data, Ontology, Models and Agents), it brings document recognition, information extraction, cross-document verification and risk review into a single, fully traceable workflow. In the HKMA GenA.I. Sandbox, DocuMind processed a trade finance document of up to 10 pages in under 30 seconds — compared with 10 to 20 minutes manually — with extraction accuracy for core fields exceeding 95% and a review automation rate of approximately 85%. Every conclusion retains its rationale, evidence and audit trail, and the platform supports data masking, isolated environments and on-premises deployment.

Checkie — an AI-powered “second opinion” for everyday decisions.

Checkie turns contracts, freelance offers and dating profiles into easy-to-read reality checks. Users upload PDFs or screenshots, and Checkie applies OCR and image analysis to flag unusual details and points worth a second look — from clauses buried in a rental agreement to red flags in a job offer or an online conversation. During the event, Checkie was named a Global Fast Track 2026 Semi-Finalist by Invest Hong Kong. Checkie was also recently nominated as China’s sole representative in the Government and Citizen Engagement category of the World Summit Awards (WSA) 2026, a United Nations-backed global digital innovation award, and will represent China in the upcoming global selection.

Checkie is available at https://checkie-ai.com/.

About D2 Intelligence

D2 Intelligence is a data and decision intelligence company powered by AI LLMs. We provide products and solutions for digital transformation, cross‑modal analytics, AI‑assisted decision optimization, AIGC content creation, financial risk management and investment research. We serve global brands, financial institutions and media companies including Haier, BYD, Kantar, China Construction Bank, China Merchants Bank, Guotai Junan Securities and CMG Asia-Pacific. Our headquarters is in Hong Kong, with R&D teams across major cities in Mainland China. For more information, visit https://www.d2-ai.com/.

About Wenge AI

Wenge AI (1956.HK) is a provider of artificial intelligence technology and service platform products for enterprises. With self-developed large models as its core, the company helps enterprises build practical intelligent platforms and applications. Founded by a team of AI scientists from the Chinese Academy of Sciences, Wenge AI has deep technological expertise in large models, cognitive intelligence and complex-system modeling, and is committed to advancing AI from technological capabilities to enterprise-level applications.

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SOURCE Wenge AI

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Trane Expands Future Climate Engineers Scholarship Program in Indonesia to Broaden Student Access

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BANDUNG, Indonesia, Nov. 4, 2026 /PRNewswire/ — Trane – by Trane Technologies (NYSE: TT), a global climate innovator, has announced the expansion of the Trane Future Climate Engineers Scholarship Program in Indonesia, part of its commitment to help develop the next generation of climate leaders.

Building on a successful inaugural year, Trane is building upon its collaboration with Politeknik Negeri Bandung (POLBAN) and local non-governmental organization Yayasan Generasi Cerdas Iklim (GCI) to equip more emerging professionals with the financial support, technical training and leadership development needed to drive impact in a rapidly evolving industry.

“The HVAC industry needs talent with more than technical knowledge. As the industry evolves, there is growing demand for future-ready professionals who can apply digital tools, improve energy efficiency and help advance sustainability goals,” said Steven Lim, Country Leader of Trane Indonesia. “Through this scholarship program, we are helping bridge the gap between academic learning and industry experience, equipping young people with the skills, exposure and confidence to succeed and make a meaningful impact.”

In response to the evolving skills needs of Indonesia’s climate and energy sectors, the 2026 program is expanding its scope to include additional participants and disciplines. The program will continue its focus on Refrigeration and Air Conditioning Engineering while also welcoming high-potential students from POLBAN’s Mechanical Engineering, Energy Engineering, Electrical Engineering and Business Administration disciplines.

The program’s learning experience has also been enhanced. Co-developed by Trane and GCI, the curriculum now brings together experts in climate resilience, low-carbon development and artificial intelligence to provide students with broader exposure to the issues shaping the future of the industry. Through an intensive leadership and innovation experience, mixed-discipline student teams will develop and implement community mini-projects designed to apply their learning in practical ways.

To further extend the program’s impact, selected online training sessions that were previously available only to scholarship recipients will now be offered free of charge to the public. This open-access approach will enable more young people across Indonesia to explore climate, sustainability and green career pathways.

“The scholarship program gives students the opportunity to learn and grow beyond the classroom, while exposing them to diverse professional and industry perspectives,” said Iwan Ridwan, S.T., M.T., Ph.D., Vice Director for Academic Affairs of POLBAN. “We look forward to continuing this collaboration to strengthen the connection between vocational education and industry needs, helping students better understand how their knowledge can be applied in the workplace and in broader society.”

“Over the first year, the program demonstrated strong interest among young people in climate, energy and sustainability,” said Ikrom Mustofa, S.Si., M.Sc., Founder and Advisor of GCI. “By opening selected sessions to the public, we are expanding access for students from diverse academic backgrounds while continuing to provide scholarship recipients with structured and in-depth development support.”

The Future Climate Engineers Scholarship supports the company’s 2030 Sustainability Commitments, and its efforts to expand access to STEM education and inspire the next generation of learners with the potential to transform our way of life and our world.

About Trane

Trane – by Trane Technologies (NYSE: TT), a global climate innovator – creates comfortable, energy efficient indoor environments for commercial and residential applications. For more information, please visit www.trane.com or www.tranetechnologies.com.

About Trane Technologies

Trane Technologies is a global climate innovator. Through our strategic brands Trane® and Thermo King®, and our portfolio of environmentally responsible products and services, we bring efficient and sustainable climate solutions to buildings, homes and transportation. For more on Trane Technologies, visit tranetechnologies.com.

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Viettel Group and Vietnam’s Government Cipher Committee Unveil Security Chip Embedding Vietnamese Cryptography in Silicon

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HANOI, Vietnam, Nov. 3, 2026 /PRNewswire/ — Vietnam’s Government Cipher Committee and Viettel Group have unveiled VGC v1.0, a security chip integrating a domestically developed cryptographic algorithm directly into silicon, alongside the country’s first domestically designed secure semiconductor platform.

The project addresses concerns over potential data exposure associated with reliance on imported chips. By embedding cryptographic functions directly into hardware, Vietnam’s Government Cipher Committee and Viettel Group aim to strengthen Vietnam’s control over the design and verification of technologies used to protect sensitive information.

VGC v1.0 contains 300 million transistors in a 10 × 10 mm package and is fabricated using a 28-nanometre CMOS process. In performance tests, it performed encryption and decryption approximately 15 times faster than a software-only solution carrying out the same tasks. The first batch passed technical tests and received certification for socio-economic applications in the first quarter of 2026. Technical safeguards were also applied to protect the design before fabrication, reducing risks of information leakage and reverse engineering.

The Government Cipher Committee’s M2 unit established security requirements, developed the cryptographic algorithm and defined evaluation criteria, while Viettel Semiconductor Center designed and implemented the chip. Based on the open RISC-V instruction set architecture, the underlying platform enables Vietnamese engineers to modify processor designs and reuse established verification processes for future chip generations.

VGC v1.0 has already seen initial deployment in secure USB storage devices for Party, government and defence agencies. Planned applications include supporting Vietnam’s national digital signature certification system, which has more than two million digital certificates in circulation. Other potential uses span financial data protection, connected cameras and sensors, and critical infrastructure systems in electricity, water, oil and gas, and telecommunications. Products intended to protect state secrets would require further testing and certification under applicable standards.

“Researching, designing and developing secure semiconductor chips is a formidable challenge, requiring years of accumulated expertise, technological capabilities and highly skilled talent. Yet we believe that starting later does not mean accepting dependence on others. With the right strategy, focused resources and sustained commitment, we can steadily close the gap and move towards mastering technologies of strategic importance to our country,” said Lieutenant General Tao Duc Thang, Chairman and CEO of Viettel Group.

At the launch, the Vietnam’s Government Cipher Committee and Viettel Group signed an agreement covering plans for volume production, multicore security chips, specialist workforce development and testing on real devices. Viettel is also building a semiconductor fabrication plant in Hoa Lac as part of broader efforts to develop domestic capabilities across chip design, manufacturing and packaging.

Beyond the initial chip, the initiative establishes a foundation for future generations of security hardware, supporting Vietnam’s long-term efforts to reduce technological dependence and strengthen control over critical digital technologies.

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SOURCE Viettel Group

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