Vuzix is a 29-year-old Rochester company with 88 employees, more than 500 patents and applications, and a cleanroom that makes every waveguide it sells. In 2025 it earned $6.3 million of revenue and lost $32.3 million. It has no debt, $17.3 million of cash at mid-year, a $50 million at-the-market program about two-thirds used, and a Taiwanese manufacturer, Quanta Computer, as a 13.6% holder that also builds its newest product.
This report rebuilds the company from its own filings: eight quarters of revenue, margin and cash; the share count from 64.7 million to 84.4 million; the terms of the preferred stock; the board; the going-concern language and what the auditor did and did not say. It then sets the company inside the market the independent analysts describe, and closes with the questions the 12 November call should answer and a preliminary First Look Score under method v2.
Nothing here is a recommendation, a price target or advice to any reader. First Look Equities, its founder and its affiliates hold no position in Vuzix or any company on our lists, and no company pays for coverage or for its score.
- Revenue has halved since 2023 ($12.1M → $6.3M) while the share count rose about 30%; the Q2 2026 gross margin was −58%.
- Cash of $17.3M at 30 June 2026 against first-half operating burn of $12.2M is about eight to nine months before new ATM sales (calc.); about $16–17M of the $50M ATM remains (calc.).
- The 10-K says losses 'initially raise substantial doubt' about going concern, then concludes the doubt is 'alleviated'; the machine-readable flag in the same filing is set to true; the auditor's opinion carries no going-concern paragraph.
- Quanta's $20M is fully funded: 7.69M common shares at $1.30 plus $10M of Series B preferred that converts 10-for-1, pays 1.5%, does not vote and carries a holder put on triggering events.
- Amazon is named as a production customer; Collins Aerospace's program is in initial production; two distributors placed 'six-figure' orders in autumn 2026 with no amounts disclosed.
- IDC expects optical see-through AR glasses to grow from 3.0M units in 2026 to 12.2M in 2030; Meta held 69.2% of all smart-glasses shipments in Q1 2026, almost all without displays.
- Preliminary First Look Score under method v2: 55 of 100, confidence B, four red flags (going-concern language, negative gross margin, a customer above 50%, under twelve months of cash).
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Sources
- Vuzix Form 10-K for FY2025 (incl. XBRL R-pages) · 2026-03-12
- Vuzix Form 10-Q, quarter ended 30 June 2026 · 2026-08-13
- Vuzix DEF 14A proxy statement · 2026-04-28
- Vuzix reports 2025 financial results (8-K ex. 99.1) · 2026-03-12
- Vuzix Q1 2026 results (8-K ex. 99.1) · 2026-05-14
- Form 8-K: Quanta securities purchase agreement and Series B terms · 2024-09-03
- Vuzix achieves waveguide production milestones; additional $5M Quanta investment · 2025-09-22
- Vuzix schedules Q3 2026 results call · 2026-10-29
- Distribution agreement with Commercial Electronics Systems; initial six-figure LX1 order · 2026-10-27
- Vuzix introduces Shrike defense display platform · 2026-09-29
- Vuzix and Shiny Box Interactive partner on military medical training · 2026-10-06
- Vuzix to showcase Causeway optical interconnect · 2026-10-12
- Vuzix broadens distribution across Australia, New Zealand and the Pacific · 2026-09-23
- Vuzix reports second quarter 2026 results (names Amazon) · 2026-08-13
- Vuzix and Collins Aerospace partner to scale AR waveguide displays for US defense · 2025-12
- Garmin collaborates with Vuzix on nano-imprinted waveguide display · 2024-05-14
- IDC: Smart glasses surge, the XR market is rewriting its own rules · 2026-06-15
- ARtillery Intelligence via AR Insider: revenue outlook for enterprise AR · 2025-12-09
- Counterpoint data via Rokid release: AR and AI glasses shipments H1 2026 · 2026-09-29
- UploadVR: Meta and EssilorLuxottica sold 7 million smart glasses in 2025 · 2026-02-11
- Road to VR: Meta waveguide provider Lumus shows 70° FoV waveguide · 2026-01-09
- SCHOTT achieves serial production of geometric reflective waveguides · 2025-09-29
- Kopin Corporation Q2 2026 results · 2026-08-10
- UploadVR: Microsoft discontinuing HoloLens 2 · 2024-10-01
- Form 8-K: 2026 annual meeting voting results · 2026-06-17
- Form 8-K: departure of President, Enterprise Solutions · 2026-04-24
- Vuzix Q3 2025 results (8-K ex. 99.1) · 2025-11-13
- Vuzix Q2 2025 results (8-K ex. 99.1) · 2025-08-14
- Vuzix Q1 2025 results (8-K ex. 99.1) · 2025-05-12
- Vuzix Q3 2024 results (8-K ex. 99.1) · 2024-11
Disclosures
Positions: none. As of 29 October 2026, neither First Look Equities, its founder, AIEDGE Holdings, Inc. nor Luxury Marine Life holds shares, options or any other interest in Vuzix or in any company on our lists.
Fees: none. Vuzix has not paid First Look Equities for coverage, for this report, for its score or for anything else, and has not seen this report before publication.
This report is research of general and regular circulation. It is not an offer, a solicitation, a recommendation to buy, sell or hold any security, a price target or advice tailored to any reader. First Look Equities is not a broker-dealer or a registered investment adviser.
Figures marked (calc.) are arithmetic on reported figures. Where sources conflict, the filing takes precedence over the release and the later document over the earlier.
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