Vuzix Corp (NASDAQ: VUZI) is a wearable technology company that develops, manufactures, and sells AI- and AR-enabled smart glasses, waveguide optics, and display engines. Revenue comes from two streams: product sales and engineering services. In FY2024, product sales totaled $4.49M (78% of total sales) and engineering services totaled $1.27M (22%), for combined revenue of $5.75M, down 53% from $12.13M in FY2023. Vuzix targets enterprise, industrial, defense, healthcare, logistics, and security end markets, competing against Microsoft, Google, RealWear, Magic Leap, Meta, Xreal, Epson, Lenovo, Snap, TCL, Rokid, Apple, Lumus, Kopin, BAE Systems, and Rockwell Collins. The company is headquartered in the United States, trades on the NASDAQ Capital Market, and has not paid cash dividends. CEO Paul Travers and CFO Grant Russell lead the company. Vuzix also pursues ODM and OEM partnerships, offering reference platforms that third-party brands can adapt and sell under their own names.

Revenue model

Transactional product sales of smart glasses and waveguide optics (78% of FY2024 revenue), supplemented by engineering services contracts (22% of FY2024 revenue). ODM and OEM licensing and reference design partnerships provide an additional revenue channel. No long-term purchase commitments from customers; orders placed on a purchase-order basis.

Products and services

Smart glasses product lines include the M400 and M4000 monocular models (M Series), the LX1 monocular OLED smart glasses for warehouse and logistics (introduced December 2025), the Ultralite Pro OEM Platform (binocular, see-through AR, dual full-color projectors with waveguide optics), and the Ultralite Audio OEM Platform (with integrated dual speakers and noise-canceling microphone), both introduced at CES 2025 in partnership with Quanta Computer. Waveguide optics and display engines are sold both in Vuzix-branded products and to external ODM and OEM customers. Engineering services are offered to development partners.

Customers and end markets

Enterprise and industrial customers in logistics, warehousing, healthcare, field services, defense, security, and first responders. Consumer opportunities pursued selectively through ODM and OEM brand partnerships. No disclosed long-term purchase commitments; customers order on a discretionary, short-notice basis. No customer concentration percentages disclosed in the excerpts.

Value-chain role

Vertically involved from hardware design and waveguide optics manufacturing through finished smart glasses products. Also acts as an ODM and OEM reference platform supplier, enabling third-party brands to adapt Vuzix designs. Quanta Computer is a disclosed hardware development partner for the Ultralite OEM platforms.

Geographic exposure

No geographic revenue breakdown disclosed in the excerpts.

Competitors

Microsoft, Google (formerly Google Glass), RealWear, Magic Leap, Meta, Xreal, Epson, Lenovo, Snap, TCL, Rokid, Apple, Sony, Lumus, Kopin, Optinvent, Brother, Garmin, BAE Systems, Rockwell Collins

Source: SEC 10-K, filed 2026-03-12

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