Vuzix Financials
This page shows Vuzix (VUZI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Vuzix remains a cash-burning development-stage business, with overhead cuts and cleaner production economics driving the latest improvement.
FY2025 free cash burn of$20.8M nearly matched the year-end cash balance of$21.2M , so liquidity depended on fresh capital. A$24.4M financing inflow more than covered that burn while revenue was only$6.3M , showing the company still funds development externally rather than through sales or internally generated cash.
Loss improvement in FY2025 came from cost mix changes, not scale: SG&A fell to
Gross economics improved even though they remain negative: gross loss narrowed from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Vuzix's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Vuzix scores -7.91, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($202.9M) relative to total liabilities ($15.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vuzix passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Vuzix generates $0.58 in operating cash flow (-$18.8M OCF vs -$32.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Vuzix generated $6.3M in revenue in fiscal year 2025. This represents an increase of 9.1% from the prior year.
Vuzix's EBITDA was -$30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.5% from the prior year.
Vuzix reported -$32.3M in net income in fiscal year 2025. This represents an increase of 56.1% from the prior year.
Vuzix earned $-0.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 61.1% from the prior year.
Cash & Balance Sheet
Vuzix generated -$20.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 17.1% from the prior year.
Vuzix held $21.2M in cash against $0 in long-term debt as of fiscal year 2025.
Vuzix had 81M shares outstanding in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Margins & Returns
Vuzix's gross margin was -16.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 80.4 percentage points from the prior year.
Vuzix's operating margin was -517.6% in fiscal year 2025, reflecting core business profitability. This is up 767.8 percentage points from the prior year.
Vuzix's net profit margin was -513.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 764.1 percentage points from the prior year.
Vuzix's ROE was -130.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 66.4 percentage points from the prior year.
Capital Allocation
Vuzix invested $12.6M in research and development in fiscal year 2025. This represents an increase of 31.2% from the prior year.
Vuzix invested $2.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 48.2% from the prior year.
VUZI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4M-38.0% | $2.2M+93.2% | $1.2M-10.4% | $1.3M-18.0% | $1.6M+24.3% | $1.3M-8.2% | $1.4M+26.8% | $1.1M |
| Cost of Revenue | $1.8M | N/A | $1.6M-23.6% | $2.1M+11.4% | $1.8M | N/A | $1.6M+15.4% | $1.4M |
| Gross Profit | -$378K-200.8% | $375K+191.2% | -$411K+46.0% | -$761K-187.0% | -$265K+94.6% | -$5.0M-1805.4% | -$260K+21.9% | -$333K |
| R&D Expenses | $3.0M | N/A | $2.9M+14.2% | $2.6M-1.3% | $2.6M | N/A | $2.3M-1.1% | $2.4M |
| SG&A Expenses | $2.1M | N/A | $2.6M-6.6% | $2.8M-30.4% | $4.0M | N/A | $4.3M-3.2% | $4.5M |
| Operating Income | -$7.2M | N/A | -$7.5M+4.6% | -$7.9M+10.5% | -$8.8M | N/A | -$9.3M+77.2% | -$40.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$7.1M+17.9% | -$8.6M-17.1% | -$7.4M+4.1% | -$7.7M+11.2% | -$8.6M+36.7% | -$13.7M-48.1% | -$9.2M+77.3% | -$40.6M |
| EPS (Diluted) | $-0.09+25.0% | $-0.12-33.3% | $-0.09+10.0% | $-0.10+9.1% | $-0.11+31.3% | $-0.16-14.3% | $-0.14+77.4% | $-0.62 |
VUZI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $38.4M-4.2% | $40.1M-5.7% | $42.5M+15.1% | $36.9M+3.2% | $35.8M-9.2% | $39.4M-5.8% | $41.8M+9.4% | $38.2M |
| Current Assets | $24.8M-8.9% | $27.2M-3.7% | $28.2M+21.0% | $23.3M+4.2% | $22.4M-16.2% | $26.7M-6.9% | $28.7M+16.4% | $24.7M |
| Cash & Equivalents | $20.2M-4.6% | $21.2M-6.5% | $22.6M+29.5% | $17.5M+14.6% | $15.2M-16.3% | $18.2M+27.4% | $14.3M+44.4% | $9.9M |
| Inventory | $1.8M-17.9% | $2.2M-24.4% | $2.9M-12.4% | $3.3M-22.7% | $4.3M-11.2% | $4.8M-51.0% | $9.8M-4.0% | $10.2M |
| Accounts Receivable | $875K-46.3% | $1.6M+58.7% | $1.0M-15.6% | $1.2M-15.3% | $1.4M-10.9% | $1.6M-39.9% | $2.7M-11.5% | $3.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $14.4M-6.6% | $15.4M+5.5% | $14.6M+81.5% | $8.0M+175.7% | $2.9M+38.0% | $2.1M-7.9% | $2.3M-18.9% | $2.8M |
| Current Liabilities | $4.0M-18.1% | $4.9M+23.6% | $4.0M+30.2% | $3.0M+4.2% | $2.9M+38.0% | $2.1M-3.2% | $2.2M-15.7% | $2.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $24.0M-2.8% | $24.7M-11.5% | $27.9M-3.4% | $28.9M-12.1% | $32.8M-11.9% | $37.3M-5.7% | $39.6M+11.7% | $35.4M |
| Retained Earnings | -$407.0M-1.8% | -$399.9M-2.2% | -$391.2M-1.9% | -$383.8M-2.0% | -$376.2M-2.4% | -$367.5M-3.9% | -$353.9M-2.7% | -$344.6M |
VUZI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.6M0.0% | -$5.6M-11.2% | -$5.0M-4.3% | -$4.8M-38.6% | -$3.5M+14.1% | -$4.0M+23.8% | -$5.3M+6.4% | -$5.6M |
| Capital Expenditures | $996K+181.0% | $355K+11.5% | $318K-56.3% | $727K+18.6% | $613K+166.8% | $230K+15.2% | $199K-75.9% | $828K |
| Free Cash Flow | -$6.6M-10.9% | -$5.9M-11.3% | -$5.3M+3.7% | -$5.5M-35.6% | -$4.1M+4.4% | -$4.3M+22.4% | -$5.5M+15.3% | -$6.5M |
| Investing Cash Flow | -$1.2M-122.1% | -$528K-15.1% | -$458K+47.2% | -$868K-13.6% | -$764K-116.3% | -$353K-6.2% | -$333K+66.2% | -$985K |
| Financing Cash Flow | $5.7M+24.2% | $4.6M-56.4% | $10.6M+34.6% | $7.9M+524.2% | $1.3M-84.8% | $8.3M | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
VUZI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -27.2%-43.9pp | 16.7%+52.1pp | -35.4%+23.3pp | -58.7%-42.0pp | -16.8%+372.7pp | -389.5%-370.7pp | -18.8%+11.7pp | -30.5% |
| Operating Margin | -517.9% | N/A | -645.5%-39.3pp | -606.1%-51.1pp | -555.0% | N/A | -670.9%+3055.5pp | -3726.5% |
| Net Margin | -508.2%-124.2pp | -384.1%+249.3pp | -633.4%-41.9pp | -591.5%-45.2pp | -546.4%+527.2pp | -1073.6%-408.2pp | -665.4%+3050.3pp | -3715.7% |
| Return on Equity | -29.5%+5.4pp | -34.9%-8.5pp | -26.4%+0.2pp | -26.6%-0.3pp | -26.3%+10.3pp | -36.6%-13.3pp | -23.3%+91.4pp | -114.7% |
| Return on Assets | -18.4%+3.1pp | -21.5%-4.2pp | -17.3%+3.5pp | -20.8%+3.4pp | -24.1%+10.5pp | -34.7%-12.6pp | -22.0%+84.2pp | -106.2% |
| Current Ratio | 6.19+0.6 | 5.56-1.6 | 7.14-0.5 | 7.680.0 | 7.68-5.0 | 12.65-0.5 | 13.16+3.6 | 9.53 |
| Debt-to-Equity | 0.60-0.0 | 0.62+0.1 | 0.52+0.2 | 0.28+0.2 | 0.09+0.0 | 0.060.0 | 0.06-0.0 | 0.08 |
| FCF Margin | -470.9%-207.4pp | -263.4%+194.0pp | -457.4%-31.9pp | -425.6%-168.3pp | -257.3%+77.0pp | -334.3%+60.8pp | -395.1%+196.2pp | -591.4% |
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Frequently Asked Questions
What is Vuzix's annual revenue?
Vuzix (VUZI) reported $6.3M in total revenue for fiscal year 2025. This represents a 9.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vuzix's revenue growing?
Vuzix (VUZI) revenue grew by 9.1% year-over-year, from $5.8M to $6.3M in fiscal year 2025.
Is Vuzix profitable?
No, Vuzix (VUZI) reported a net income of -$32.3M in fiscal year 2025, with a net profit margin of -513.8%.
What is Vuzix's EBITDA?
Vuzix (VUZI) had EBITDA of -$30.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Vuzix's gross margin?
Vuzix (VUZI) had a gross margin of -16.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Vuzix's operating margin?
Vuzix (VUZI) had an operating margin of -517.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Vuzix's net profit margin?
Vuzix (VUZI) had a net profit margin of -513.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Vuzix's return on equity (ROE)?
Vuzix (VUZI) has a return on equity of -130.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vuzix's free cash flow?
Vuzix (VUZI) generated -$20.8M in free cash flow during fiscal year 2025. This represents a 17.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vuzix's operating cash flow?
Vuzix (VUZI) generated -$18.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vuzix's total assets?
Vuzix (VUZI) had $40.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vuzix's capital expenditures?
Vuzix (VUZI) invested $2.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vuzix spend on research and development?
Vuzix (VUZI) invested $12.6M in research and development during fiscal year 2025.
What is Vuzix's current ratio?
Vuzix (VUZI) had a current ratio of 5.56 as of fiscal year 2025, which is generally considered healthy.
What is Vuzix's debt-to-equity ratio?
Vuzix (VUZI) had a debt-to-equity ratio of 0.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vuzix's return on assets (ROA)?
Vuzix (VUZI) had a return on assets of -80.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vuzix's cash runway?
Based on fiscal year 2025 data, Vuzix (VUZI) had $21.2M in cash against an annual operating cash burn of $18.8M. This gives an estimated cash runway of approximately 14 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Vuzix's Altman Z-Score?
Vuzix (VUZI) has an Altman Z-Score of -7.91, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vuzix's Piotroski F-Score?
Vuzix (VUZI) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vuzix's earnings high quality?
Vuzix (VUZI) has an earnings quality ratio of 0.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Vuzix?
Vuzix (VUZI) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.