Vuzix(VUZI) - 2024 Q4 - Annual Results

Revenue Performance - For Q4 2024, total revenues were $1.3 million, up from$1.1 million in Q4 2023, primarily due to higher unit sales of M400 smart glasses[6]. - For the full year 2024, total revenues decreased to $5.8 million from$12.1 million in 2023, attributed to lower unit sales of M400 smart glasses[7]. Net Loss - The net loss for Q4 2024 was $13.7 million or$0.16 per share, compared to a loss of $19.9 million or$0.32 per share in Q4 2023[6]. - The full year net loss for 2024 was $73.6 million or$1.08 per share, versus a net loss of $50.1 million or$0.79 per share in 2023[11]. Cost Management - Cash operating expenses were reduced by approximately $8 million or 25$4.2 million in 2024, slightly down from $4.4 million in 2023[8]. - Research and Development expenses decreased by 22$9.6 million in 2024 from $12.3 million in 2023, primarily due to reduced salary and benefits expenses[9]. - Selling and Marketing expenses decreased by 36$8.2 million in 2024 from $12.7 million in 2023, driven by lower advertising and tradeshow costs[10]. Cash Position and Future Outlook - The company ended 2024 with$18.2 million in cash and aims to convert recent customer wins into long-term recurring revenue in 2025[13]. - Vuzix is strategically positioned to leverage the anticipated growth in the AI/AR smart glasses market, with end-user demand expected to exceed multiple billions of dollars[3].