Vuzix Corporation (VUZI) 10-Year Financial Performance & Capital Metrics

VUZI • • Industrial / General

TechnologyConsumer ElectronicsWearable TechnologyAugmented Reality Devices

AboutVuzix Corporation, together with its subsidiaries, designs, manufactures, markets, and sells augmented reality (AR) wearable display and computing devices for consumer and enterprise markets in North America, the Asia-Pacific, Europe, and internationally. It provides M300XL, M400, and M4000 series of smart glasses for enterprise, industrial, commercial, and medical markets; Vuzix Blade smart glasses; waveguide optics and related coupling optics; and Vuzix Shield smart glasses, as well as custom and engineering solutions. The company sells its products through resellers, direct to commercial customers, and via online stores, as well as various Vuzix operated web stores in Europe and Japan. The company was formerly known as Icuiti Corporation and changed its name to Vuzix Corporation in September 2007. Vuzix Corporation was incorporated in 1997 and is headquartered in West Henrietta, New York.Show more

Revenue $6M -52.6%
EBITDA -$70M -48.2%
Net Income -$74M -46.6%
EPS (Diluted) -1.08 -36.7%
Gross Margin -84.55% -486.4%
EBITDA Margin -1220.04% -212.4%
Operating Margin -1285.44% -198.1%
Net Margin -1277.91% -209.1%
ROE -124.55% -145.3%
ROIC -149.66% -90.1%
Debt/Equity 0.01 +255.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 87 (top 13%)

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.62%

5Y-2.91%

3Y-24.11%

TTM-4.31%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM53.22%

EPS CAGR

10Y-

5Y-

3Y-

TTM62.6%

ROCE

10Y Avg-80.9%

5Y Avg-60.49%

3Y Avg-70.1%

Latest-125.14%

Peer Comparison

Augmented Reality Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WLDSWearable Devices Ltd.	10.12M	1.17	-0.05	5.37%	-17.51%	-406.82%		0.28
VUZIVuzix Corporation	265.22M	3.31	-3.06	-52.56%	-7.03%	-98.49%		0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.75M	2.13M	5.54M	8.09M	6.67M	11.58M	13.16M	11.84M	12.13M	5.75M
Revenue Growth %	-0.09%	-0.23%	1.6%	0.46%	-0.18%	0.74%	0.14%	-0.1%	0.02%	-0.53%
Cost of Goods Sold+	2.18M	3.29M	6.21M	6.33M	11.08M	9.47M	10.27M	9.55M	13.88M	10.62M
COGS % of Revenue	0.79%	1.55%	1.12%	0.78%	1.66%	0.82%	0.78%	0.81%	1.14%	1.85%
Gross Profit+	566.19K	-1.16M	-676.6K	1.77M	-4.41M	2.11M	2.89M	2.28M	-1.75M	-4.87M
Gross Margin %	0.21%	-0.55%	-0.12%	0.22%	-0.66%	0.18%	0.22%	0.19%	-0.14%	-0.85%
Gross Profit Growth %	-0.39%	-3.06%	0.42%	3.61%	-3.49%	1.48%	0.37%	-0.21%	-1.77%	-1.78%
Operating Expenses+	11.95M	16.23M	17.55M	23.64M	22.16M	21.24M	42.87M	44.51M	50.55M	69.11M
OpEx % of Revenue	4.35%	7.63%	3.17%	2.92%	3.32%	1.83%	3.26%	3.76%	4.17%	12.01%
Selling, General & Admin	7.92M	8.51M	9.82M	11.8M	10.82M	10.95M	28.62M	29.12M	31.3M	25.42M
SG&A % of Revenue	2.88%	4%	1.77%	1.46%	1.62%	0.95%	2.17%	2.46%	2.58%	4.42%
Research & Development	3.6M	6.95M	6.71M	10.38M	8.9M	7.75M	11.92M	12.84M	12.34M	9.79M
R&D % of Revenue	1.31%	3.27%	1.21%	1.28%	1.33%	0.67%	0.91%	1.09%	1.02%	1.7%
Other Operating Expenses	435.27K	-714.32K	1.03M	-14.92K	2.44M	2.53M	2.33M	2.55M	6.91M	33.89M
Operating Income+	-11.34M	-18.54M	-19.35M	-21.86M	-26.57M	-19.13M	-39.98M	-42.23M	-52.3M	-73.97M
Operating Margin %	-4.12%	-8.71%	-3.5%	-2.7%	-3.98%	-1.65%	-3.04%	-3.57%	-4.31%	-12.85%
Operating Income Growth %	-1.25%	-0.63%	-0.04%	-0.13%	-0.22%	0.28%	-1.09%	-0.06%	-0.24%	-0.41%
EBITDA+	-10.67M	-17.48M	-18.14M	-20.29M	-23.9M	-16.67M	-37.91M	-39.81M	-47.37M	-70.21M
EBITDA Margin %	-3.88%	-8.22%	-3.28%	-2.51%	-3.58%	-1.44%	-2.88%	-3.36%	-3.91%	-12.2%
EBITDA Growth %	-1.28%	-0.64%	-0.04%	-0.12%	-0.18%	0.3%	-1.27%	-0.05%	-0.19%	-0.48%
D&A (Non-Cash Add-back)	667.29K	1.06M	1.21M	1.57M	2.66M	2.46M	2.07M	2.42M	4.93M	3.76M
EBIT	-12.47M	-18.59M	-19.55M	-21.86M	-26.68M	-19.16M	-40.02M	-42.31M	-50.35M	-43.58M
Net Interest Income+	-932.85K	-664.52K	-263.49K	-19.33K	252.41K	41.12K	53.51K	0	0	591.32K
Interest Income	20.79K	0	0	0	252.41K	41.12K	53.51K	0	0	591.32K
Interest Expense	953.64K	664.52K	243.99K	19.33K	0	0	0	0	0	0
Other Income/Expense	-2.09M	-714.32K	-278.96K	-14.92K	89.87K	1.18M	-397.05K	1.47M	2.15M	433.34K
Pretax Income+	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Pretax Margin %	-4.88%	-9.05%	-3.55%	-2.7%	-3.97%	-1.55%	-3.07%	-3.44%	-4.13%	-12.78%
Income Tax+	0	0	0	-58.19K	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Net Margin %	-4.88%	-9.05%	-3.55%	-2.7%	-3.97%	-1.55%	-3.07%	-3.44%	-4.13%	-12.78%
Net Income Growth %	-0.71%	-0.43%	-0.02%	-0.11%	-0.21%	0.32%	-1.25%	-0.01%	-0.23%	-0.47%
Net Income (Continuing)	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.87	-1.14	-0.93	-0.80	-0.87	-0.47	-0.66	-0.62	-0.79	-1.08
EPS Growth %	-0.16%	-0.31%	0.18%	0.14%	-0.09%	0.46%	-0.4%	0.06%	-0.27%	-0.37%
EPS (Basic)	-0.87	-1.14	-0.93	-0.80	-0.87	-0.47	-0.66	-0.62	-0.79	-1.08
Diluted Shares Outstanding	15.41M	16.91M	21.01M	27.18M	30.35M	38.11M	61.13M	63.71M	63.43M	67.84M
Basic Shares Outstanding	15.41M	16.91M	21.01M	27.18M	30.35M	38.11M	61.13M	63.71M	63.43M	67.84M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	16.53M	18.23M	21.24M	27.38M	19.07M	45.06M	137.15M	91.24M	41.5M	26.72M
Cash & Short-Term Investments	11.88M	14.53M	14.89M	17.26M	10.61M	36.07M	120.2M	72.56M	26.56M	18.19M
Cash Only	11.88M	14.53M	14.89M	17.26M	10.61M	36.07M	120.2M	72.56M	26.56M	18.19M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	325.69K	103.31K	1.47M	772.34K	1.62M	1.39M	2.24M	4.29M	4.2M	2.28M
Days Sales Outstanding	43.23	17.73	97.02	34.83	88.75	43.77	62.17	132.44	126.44	144.82
Inventory	3.35M	2.65M	3.85M	7.28M	5.71M	6.1M	12.15M	11.27M	9M	4.81M
Days Inventory Outstanding	559.77	294.05	226.27	420.14	188.05	235.13	431.68	430.51	236.72	165.43
Other Current Assets	608.95K	797.41K	873.95K	1.31M	895.1K	1.01M	2.05M	2.12M	1.34M	1.07M
Total Non-Current Assets+	3.03M	4.12M	5.59M	7.75M	9.37M	7.42M	11.32M	41.07M	44.65M	12.68M
Property, Plant & Equipment	2.02M	3.36M	4.12M	4.29M	6.42M	4.35M	6.31M	4.83M	8.37M	8.08M
Fixed Asset Turnover	1.36x	0.63x	1.34x	1.89x	1.04x	2.66x	2.09x	2.45x	1.45x	0.71x
Goodwill	0	0	0	0	0	0	0	1.6M	0	0
Intangible Assets	1.02M	750.3K	1.47M	3.2M	2.7M	2.81M	4.07M	33.55M	29.84M	3.95M
Long-Term Investments	0	0	0	250K	250K	250K	450K	450K	6.43M	650K
Other Non-Current Assets	0	0	0	259.19K	1.96B	2.5B	491.92K	631.14K	0	0
Total Assets+	19.56M	22.35M	26.83M	35.13M	28.45M	52.47M	148.47M	132.31M	86.15M	39.41M
Asset Turnover	0.14x	0.10x	0.21x	0.23x	0.23x	0.22x	0.09x	0.09x	0.14x	0.15x
Asset Growth %	4.29%	0.14%	0.2%	0.31%	-0.19%	0.84%	1.83%	-0.11%	-0.35%	-0.54%
Total Current Liabilities+	1.8M	4.42M	5.44M	4.68M	2.63M	3.1M	4.16M	15.28M	5.22M	2.11M
Accounts Payable	907.43K	1.09M	3.73M	2.67M	1.06M	1.52M	2.05M	1.21M	1.57M	538.22K
Days Payables Outstanding	151.67	120.39	218.85	153.95	35.01	58.47	72.99	46.3	41.31	18.5
Short-Term Debt	55.79K	1.42M	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	97.33K	575.73K	181.29K	364.09K	142.46K	41.15K	27.8K	29.06K	18.84K	125.9K
Other Current Liabilities	168.4K	629.16K	1.11M	152.36K	0	0	0	12.33M	1M	0
Current Ratio	9.17x	4.12x	3.91x	5.86x	7.24x	14.56x	33.00x	5.97x	7.96x	12.65x
Quick Ratio	7.31x	3.52x	3.20x	4.30x	5.07x	12.58x	30.07x	5.23x	6.23x	10.37x
Cash Conversion Cycle	451.33	191.38	104.43	301.02	241.78	220.43	420.86	516.65	321.85	291.75
Total Non-Current Liabilities+	1.67M	201.46K	18.33K	3.03M	1.57M	1.07M	582.88K	305.15K	137.67K	0
Long-Term Debt	1.23M	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.57M	1.07M	582.88K	305.15K	137.67K	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	440.09K	201.46K	0	0	0	0	0	0	0	0
Total Liabilities	3.47M	4.62M	5.45M	4.68M	4.21M	4.17M	4.74M	15.58M	5.35M	2.11M
Total Debt+	1.28M	1.42M	0	0	2.1M	1.52M	1.12M	956.16K	301.19K	494.24K
Net Debt	-10.59M	-13.12M	-14.89M	-17.26M	-8.51M	-34.55M	-119.09M	-71.61M	-26.25M	-17.69M
Debt / Equity	0.08x	0.08x	-	-	0.09x	0.03x	0.01x	0.01x	0.00x	0.01x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-11.89x	-27.89x	-79.32x	-1130.81x	-	-	-	-	-	-
Total Equity+	16.09M	17.72M	21.38M	30.46M	24.24M	48.3M	143.73M	116.73M	80.79M	37.29M
Equity Growth %	2.12%	0.1%	0.21%	0.42%	-0.2%	0.99%	1.98%	-0.19%	-0.31%	-0.54%
Book Value per Share	1.04	1.05	1.02	1.12	0.80	1.27	2.35	1.83	1.27	0.55
Total Shareholders' Equity	16.09M	17.72M	21.38M	30.46M	24.24M	48.3M	143.73M	116.73M	80.79M	37.29M
Common Stock	16.09K	19.57K	24.28K	27.59K	33.13K	45.65K	63.67K	63.78K	65.3K	76.55K
Retained Earnings	-57.59M	-76.84M	-96.47M	-118.27M	-144.74M	-162.69M	-203.07M	-243.84M	-293.98M	-367.52M
Treasury Stock	0	0	0	0	0	0	0	-2.01M	-2.48M	-2.48M
Accumulated OCI	-1.04M	-1.69M	-2.25M	-3.06M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-11.67M	-14.4M	-16.47M	-22.54M	-22.36M	-13.96M	-26.98M	-24.52M	-26.28M	-23.74M
Operating CF Margin %	-4.24%	-6.77%	-2.97%	-2.78%	-3.35%	-1.21%	-2.05%	-2.07%	-2.17%	-4.13%
Operating CF Growth %	-1.53%	-0.23%	-0.14%	-0.37%	0.01%	0.38%	-0.93%	0.09%	-0.07%	0.1%
Net Income	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Depreciation & Amortization	667.29K	770.67K	1.21M	1.67M	2.44M	2.64M	2.31M	2.59M	4.93M	3.93M
Stock-Based Compensation	2.24M	902.98K	1.62M	2.2M	1.5M	2.81M	17.3M	15.78M	12.71M	11.57M
Deferred Taxes	1.11M	1.14M	1.13M	-142.37K	4.57M	0	0	0	0	0
Other Non-Cash Items	2.97M	2.13M	1.54M	175K	100K	41.47K	783.73K	423.43K	8.11M	35.47M
Working Capital Changes	-4.11M	1.05M	-1.2M	-4.56M	-4.49M	-1.5M	-7M	-2.54M	-1.88M	-1.17M
Change in Receivables	57.84K	222.38K	-870.86K	201.84K	-599.58K	-289.41K	-853.55K	-2.05M	-1.48M	941.15K
Change in Inventory	-2.44M	-426.52K	-2.35M	-3.43M	-3M	-1.67M	-6.57M	593.61K	-2.09M	19.29K
Change in Payables	-1.28M	178.04K	2.64M	-846.4K	-1.61M	454.37K	537.61K	-843.01K	358.88K	-1.03M
Cash from Investing+	-2.08M	-2.19M	-2.69M	-3.15M	-3.16M	-1.49M	-4.85M	-21.17M	-19.28M	-2.92M
Capital Expenditures	-2.08M	-2.19M	-2.69M	-3.15M	-2.91M	-496.63K	-3.81M	-1.72M	-5.32M	-1.36M
CapEx % of Revenue	0.76%	1.03%	0.49%	0.39%	0.44%	0.04%	0.29%	0.15%	0.44%	0.24%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-191.91K	-147K	-1.01M	-1.78M	-250K	-988.88K	-1.04M	-17.15M	-11.46M	-1.56M
Cash from Financing+	25.54M	19.24M	19.51M	28.06M	18.86M	40.91M	115.97M	-1.95M	-449.56K	18.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-10M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	25.87M	-1.8M	-1.62M	39.38K	0	14.16M	34.35M	57.71K	21.2K	10.11M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-13.75M	-16.58M	-19.16M	-25.69M	-25.26M	-15.45M	-31.83M	-43.39M	-42.86M	-26.66M
FCF Margin %	-5%	-7.8%	-3.46%	-3.17%	-3.79%	-1.33%	-2.42%	-3.67%	-3.53%	-4.63%
FCF Growth %	-1.5%	-0.21%	-0.16%	-0.34%	0.02%	0.39%	-1.06%	-0.36%	0.01%	0.38%
FCF per Share	-0.89	-0.98	-0.91	-0.95	-0.83	-0.41	-0.52	-0.68	-0.68	-0.39
FCF Conversion (FCF/Net Income)	0.87x	0.75x	0.84x	1.03x	0.84x	0.78x	0.67x	0.60x	0.52x	0.32x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-1584.49%	-113.86%	-100.42%	-84.4%	-96.81%	-49.49%	-42.05%	-31.3%	-50.78%	-124.55%
Return on Invested Capital (ROIC)	-	-275.19%	-261.68%	-166.59%	-137.77%	-97.32%	-156.2%	-90.8%	-78.72%	-149.66%
Gross Margin	20.59%	-54.7%	-12.22%	21.85%	-66.08%	18.23%	21.95%	19.28%	-14.42%	-84.55%
Net Margin	-488.27%	-904.87%	-354.54%	-270.26%	-396.91%	-155.01%	-306.7%	-344.41%	-413.46%	-1277.91%
Debt / Equity	0.08x	0.08x	-	-	0.09x	0.03x	0.01x	0.01x	0.00x	0.01x
Interest Coverage	-11.89x	-27.89x	-79.32x	-1130.81x	-	-	-	-	-	-
FCF Conversion	0.87x	0.75x	0.84x	1.03x	0.84x	0.78x	0.67x	0.60x	0.52x	0.32x
Revenue Growth	-9.3%	-22.64%	160.31%	46.17%	-17.59%	73.62%	13.67%	-10.1%	2.48%	-52.56%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Sales of Products	-	-	-	-	-	-	-	4.49M
Sales of Products Growth	-	-	-	-	-	-	-	-
Engineering Services	-	402.27K	673.15K	1.5M	380.33K	1.33M	1.37M	1.27M
Engineering Services Growth	-	-	67.34%	122.88%	-74.65%	249.72%	2.91%	-7.41%
Smart Glasses Sales	-	-	-	-	12.78M	10.51M	10.76M	-
Smart Glasses Sales Growth	-	-	-	-	-	-17.82%	2.42%	-
Smart Glasses And I Wear Video Headphones Sales	-	-	4.89M	10.08M	-	-	-	-
Smart Glasses And I Wear Video Headphones Sales Growth	-	-	-	106.02%	-	-	-	-
Oem Product Sales	-	994.5K	951.57K	-	-	-	-	-
Oem Product Sales Growth	-	-	-4.32%	-	-	-	-	-
Waveguide And Display Engine Sales	-	-	152.5K	-	-	-	-	-
Waveguide And Display Engine Sales Growth	-	-	-	-	-	-	-	-
Smart Glasses and iWear Video Headphones Sales	-	6.51M	-	-	-	-	-	-
Smart Glasses and iWear Video Headphones Sales Growth	-	-	-	-	-	-	-	-
Wave guide Sales	-	185.4K	-	-	-	-	-	-
Wave guide Sales Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Asia Pacific	1.93K	-	-	-	-	-	-	-
Asia Pacific Growth	-	-	-	-	-	-	-	-
Europe	1.89K	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-
North America	1.69K	-	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-
UNITED STATES	1.62K	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-
JAPAN	1.34K	-	-	-	-	-	-	-
JAPAN Growth	-	-	-	-	-	-	-	-
Other Continent	1.1K	-	-	-	-	-	-	-
Other Continent Growth	-	-	-	-	-	-	-	-
GERMANY	526	-	-	-	-	-	-	-
GERMANY Growth	-	-	-	-	-	-	-	-
FRANCE	429	-	-	-	-	-	-	-
FRANCE Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Vuzix Corporation (VUZI) reported $5.3M in revenue for fiscal year 2024. This represents a 59% decrease from $13.1M in 2011.

Vuzix Corporation (VUZI) saw revenue decline by 52.6% over the past year.

Vuzix Corporation (VUZI) reported a net loss of $37.3M for fiscal year 2024.

Dividend & Returns

Vuzix Corporation (VUZI) has a return on equity (ROE) of -124.5%. Negative ROE indicates the company is unprofitable.

Vuzix Corporation (VUZI) had negative free cash flow of $19.7M in fiscal year 2024, likely due to heavy capital investments.

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Vuzix Corporation (VUZI) 10-Year Financial Performance & Capital Metrics

VUZI • • Industrial / General

TechnologyConsumer ElectronicsWearable TechnologyAugmented Reality Devices

Revenue $6M -52.6%
EBITDA -$70M -48.2%
Net Income -$74M -46.6%
EPS (Diluted) -1.08 -36.7%
Gross Margin -84.55% -486.4%
EBITDA Margin -1220.04% -212.4%
Operating Margin -1285.44% -198.1%
Net Margin -1277.91% -209.1%
ROE -124.55% -145.3%
ROIC -149.66% -90.1%
Debt/Equity 0.01 +255.5%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 87 (top 13%)

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.62%

5Y-2.91%

3Y-24.11%

TTM-4.31%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM53.22%

EPS CAGR

10Y-

5Y-

3Y-

TTM62.6%

ROCE

10Y Avg-80.9%

5Y Avg-60.49%

3Y Avg-70.1%

Latest-125.14%

Peer Comparison

Augmented Reality Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WLDSWearable Devices Ltd.	10.12M	1.17	-0.05	5.37%	-17.51%	-406.82%		0.28
VUZIVuzix Corporation	265.22M	3.31	-3.06	-52.56%	-7.03%	-98.49%		0.01

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.75M	2.13M	5.54M	8.09M	6.67M	11.58M	13.16M	11.84M	12.13M	5.75M
Revenue Growth %	-0.09%	-0.23%	1.6%	0.46%	-0.18%	0.74%	0.14%	-0.1%	0.02%	-0.53%
Cost of Goods Sold+	2.18M	3.29M	6.21M	6.33M	11.08M	9.47M	10.27M	9.55M	13.88M	10.62M
COGS % of Revenue	0.79%	1.55%	1.12%	0.78%	1.66%	0.82%	0.78%	0.81%	1.14%	1.85%
Gross Profit+	566.19K	-1.16M	-676.6K	1.77M	-4.41M	2.11M	2.89M	2.28M	-1.75M	-4.87M
Gross Margin %	0.21%	-0.55%	-0.12%	0.22%	-0.66%	0.18%	0.22%	0.19%	-0.14%	-0.85%
Gross Profit Growth %	-0.39%	-3.06%	0.42%	3.61%	-3.49%	1.48%	0.37%	-0.21%	-1.77%	-1.78%
Operating Expenses+	11.95M	16.23M	17.55M	23.64M	22.16M	21.24M	42.87M	44.51M	50.55M	69.11M
OpEx % of Revenue	4.35%	7.63%	3.17%	2.92%	3.32%	1.83%	3.26%	3.76%	4.17%	12.01%
Selling, General & Admin	7.92M	8.51M	9.82M	11.8M	10.82M	10.95M	28.62M	29.12M	31.3M	25.42M
SG&A % of Revenue	2.88%	4%	1.77%	1.46%	1.62%	0.95%	2.17%	2.46%	2.58%	4.42%
Research & Development	3.6M	6.95M	6.71M	10.38M	8.9M	7.75M	11.92M	12.84M	12.34M	9.79M
R&D % of Revenue	1.31%	3.27%	1.21%	1.28%	1.33%	0.67%	0.91%	1.09%	1.02%	1.7%
Other Operating Expenses	435.27K	-714.32K	1.03M	-14.92K	2.44M	2.53M	2.33M	2.55M	6.91M	33.89M
Operating Income+	-11.34M	-18.54M	-19.35M	-21.86M	-26.57M	-19.13M	-39.98M	-42.23M	-52.3M	-73.97M
Operating Margin %	-4.12%	-8.71%	-3.5%	-2.7%	-3.98%	-1.65%	-3.04%	-3.57%	-4.31%	-12.85%
Operating Income Growth %	-1.25%	-0.63%	-0.04%	-0.13%	-0.22%	0.28%	-1.09%	-0.06%	-0.24%	-0.41%
EBITDA+	-10.67M	-17.48M	-18.14M	-20.29M	-23.9M	-16.67M	-37.91M	-39.81M	-47.37M	-70.21M
EBITDA Margin %	-3.88%	-8.22%	-3.28%	-2.51%	-3.58%	-1.44%	-2.88%	-3.36%	-3.91%	-12.2%
EBITDA Growth %	-1.28%	-0.64%	-0.04%	-0.12%	-0.18%	0.3%	-1.27%	-0.05%	-0.19%	-0.48%
D&A (Non-Cash Add-back)	667.29K	1.06M	1.21M	1.57M	2.66M	2.46M	2.07M	2.42M	4.93M	3.76M
EBIT	-12.47M	-18.59M	-19.55M	-21.86M	-26.68M	-19.16M	-40.02M	-42.31M	-50.35M	-43.58M
Net Interest Income+	-932.85K	-664.52K	-263.49K	-19.33K	252.41K	41.12K	53.51K	0	0	591.32K
Interest Income	20.79K	0	0	0	252.41K	41.12K	53.51K	0	0	591.32K
Interest Expense	953.64K	664.52K	243.99K	19.33K	0	0	0	0	0	0
Other Income/Expense	-2.09M	-714.32K	-278.96K	-14.92K	89.87K	1.18M	-397.05K	1.47M	2.15M	433.34K
Pretax Income+	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Pretax Margin %	-4.88%	-9.05%	-3.55%	-2.7%	-3.97%	-1.55%	-3.07%	-3.44%	-4.13%	-12.78%
Income Tax+	0	0	0	-58.19K	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Net Margin %	-4.88%	-9.05%	-3.55%	-2.7%	-3.97%	-1.55%	-3.07%	-3.44%	-4.13%	-12.78%
Net Income Growth %	-0.71%	-0.43%	-0.02%	-0.11%	-0.21%	0.32%	-1.25%	-0.01%	-0.23%	-0.47%
Net Income (Continuing)	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.87	-1.14	-0.93	-0.80	-0.87	-0.47	-0.66	-0.62	-0.79	-1.08
EPS Growth %	-0.16%	-0.31%	0.18%	0.14%	-0.09%	0.46%	-0.4%	0.06%	-0.27%	-0.37%
EPS (Basic)	-0.87	-1.14	-0.93	-0.80	-0.87	-0.47	-0.66	-0.62	-0.79	-1.08
Diluted Shares Outstanding	15.41M	16.91M	21.01M	27.18M	30.35M	38.11M	61.13M	63.71M	63.43M	67.84M
Basic Shares Outstanding	15.41M	16.91M	21.01M	27.18M	30.35M	38.11M	61.13M	63.71M	63.43M	67.84M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	16.53M	18.23M	21.24M	27.38M	19.07M	45.06M	137.15M	91.24M	41.5M	26.72M
Cash & Short-Term Investments	11.88M	14.53M	14.89M	17.26M	10.61M	36.07M	120.2M	72.56M	26.56M	18.19M
Cash Only	11.88M	14.53M	14.89M	17.26M	10.61M	36.07M	120.2M	72.56M	26.56M	18.19M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	325.69K	103.31K	1.47M	772.34K	1.62M	1.39M	2.24M	4.29M	4.2M	2.28M
Days Sales Outstanding	43.23	17.73	97.02	34.83	88.75	43.77	62.17	132.44	126.44	144.82
Inventory	3.35M	2.65M	3.85M	7.28M	5.71M	6.1M	12.15M	11.27M	9M	4.81M
Days Inventory Outstanding	559.77	294.05	226.27	420.14	188.05	235.13	431.68	430.51	236.72	165.43
Other Current Assets	608.95K	797.41K	873.95K	1.31M	895.1K	1.01M	2.05M	2.12M	1.34M	1.07M
Total Non-Current Assets+	3.03M	4.12M	5.59M	7.75M	9.37M	7.42M	11.32M	41.07M	44.65M	12.68M
Property, Plant & Equipment	2.02M	3.36M	4.12M	4.29M	6.42M	4.35M	6.31M	4.83M	8.37M	8.08M
Fixed Asset Turnover	1.36x	0.63x	1.34x	1.89x	1.04x	2.66x	2.09x	2.45x	1.45x	0.71x
Goodwill	0	0	0	0	0	0	0	1.6M	0	0
Intangible Assets	1.02M	750.3K	1.47M	3.2M	2.7M	2.81M	4.07M	33.55M	29.84M	3.95M
Long-Term Investments	0	0	0	250K	250K	250K	450K	450K	6.43M	650K
Other Non-Current Assets	0	0	0	259.19K	1.96B	2.5B	491.92K	631.14K	0	0
Total Assets+	19.56M	22.35M	26.83M	35.13M	28.45M	52.47M	148.47M	132.31M	86.15M	39.41M
Asset Turnover	0.14x	0.10x	0.21x	0.23x	0.23x	0.22x	0.09x	0.09x	0.14x	0.15x
Asset Growth %	4.29%	0.14%	0.2%	0.31%	-0.19%	0.84%	1.83%	-0.11%	-0.35%	-0.54%
Total Current Liabilities+	1.8M	4.42M	5.44M	4.68M	2.63M	3.1M	4.16M	15.28M	5.22M	2.11M
Accounts Payable	907.43K	1.09M	3.73M	2.67M	1.06M	1.52M	2.05M	1.21M	1.57M	538.22K
Days Payables Outstanding	151.67	120.39	218.85	153.95	35.01	58.47	72.99	46.3	41.31	18.5
Short-Term Debt	55.79K	1.42M	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	97.33K	575.73K	181.29K	364.09K	142.46K	41.15K	27.8K	29.06K	18.84K	125.9K
Other Current Liabilities	168.4K	629.16K	1.11M	152.36K	0	0	0	12.33M	1M	0
Current Ratio	9.17x	4.12x	3.91x	5.86x	7.24x	14.56x	33.00x	5.97x	7.96x	12.65x
Quick Ratio	7.31x	3.52x	3.20x	4.30x	5.07x	12.58x	30.07x	5.23x	6.23x	10.37x
Cash Conversion Cycle	451.33	191.38	104.43	301.02	241.78	220.43	420.86	516.65	321.85	291.75
Total Non-Current Liabilities+	1.67M	201.46K	18.33K	3.03M	1.57M	1.07M	582.88K	305.15K	137.67K	0
Long-Term Debt	1.23M	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.57M	1.07M	582.88K	305.15K	137.67K	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	440.09K	201.46K	0	0	0	0	0	0	0	0
Total Liabilities	3.47M	4.62M	5.45M	4.68M	4.21M	4.17M	4.74M	15.58M	5.35M	2.11M
Total Debt+	1.28M	1.42M	0	0	2.1M	1.52M	1.12M	956.16K	301.19K	494.24K
Net Debt	-10.59M	-13.12M	-14.89M	-17.26M	-8.51M	-34.55M	-119.09M	-71.61M	-26.25M	-17.69M
Debt / Equity	0.08x	0.08x	-	-	0.09x	0.03x	0.01x	0.01x	0.00x	0.01x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-11.89x	-27.89x	-79.32x	-1130.81x	-	-	-	-	-	-
Total Equity+	16.09M	17.72M	21.38M	30.46M	24.24M	48.3M	143.73M	116.73M	80.79M	37.29M
Equity Growth %	2.12%	0.1%	0.21%	0.42%	-0.2%	0.99%	1.98%	-0.19%	-0.31%	-0.54%
Book Value per Share	1.04	1.05	1.02	1.12	0.80	1.27	2.35	1.83	1.27	0.55
Total Shareholders' Equity	16.09M	17.72M	21.38M	30.46M	24.24M	48.3M	143.73M	116.73M	80.79M	37.29M
Common Stock	16.09K	19.57K	24.28K	27.59K	33.13K	45.65K	63.67K	63.78K	65.3K	76.55K
Retained Earnings	-57.59M	-76.84M	-96.47M	-118.27M	-144.74M	-162.69M	-203.07M	-243.84M	-293.98M	-367.52M
Treasury Stock	0	0	0	0	0	0	0	-2.01M	-2.48M	-2.48M
Accumulated OCI	-1.04M	-1.69M	-2.25M	-3.06M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-11.67M	-14.4M	-16.47M	-22.54M	-22.36M	-13.96M	-26.98M	-24.52M	-26.28M	-23.74M
Operating CF Margin %	-4.24%	-6.77%	-2.97%	-2.78%	-3.35%	-1.21%	-2.05%	-2.07%	-2.17%	-4.13%
Operating CF Growth %	-1.53%	-0.23%	-0.14%	-0.37%	0.01%	0.38%	-0.93%	0.09%	-0.07%	0.1%
Net Income	-13.43M	-19.25M	-19.63M	-21.88M	-26.48M	-17.95M	-40.38M	-40.76M	-50.15M	-73.54M
Depreciation & Amortization	667.29K	770.67K	1.21M	1.67M	2.44M	2.64M	2.31M	2.59M	4.93M	3.93M
Stock-Based Compensation	2.24M	902.98K	1.62M	2.2M	1.5M	2.81M	17.3M	15.78M	12.71M	11.57M
Deferred Taxes	1.11M	1.14M	1.13M	-142.37K	4.57M	0	0	0	0	0
Other Non-Cash Items	2.97M	2.13M	1.54M	175K	100K	41.47K	783.73K	423.43K	8.11M	35.47M
Working Capital Changes	-4.11M	1.05M	-1.2M	-4.56M	-4.49M	-1.5M	-7M	-2.54M	-1.88M	-1.17M
Change in Receivables	57.84K	222.38K	-870.86K	201.84K	-599.58K	-289.41K	-853.55K	-2.05M	-1.48M	941.15K
Change in Inventory	-2.44M	-426.52K	-2.35M	-3.43M	-3M	-1.67M	-6.57M	593.61K	-2.09M	19.29K
Change in Payables	-1.28M	178.04K	2.64M	-846.4K	-1.61M	454.37K	537.61K	-843.01K	358.88K	-1.03M
Cash from Investing+	-2.08M	-2.19M	-2.69M	-3.15M	-3.16M	-1.49M	-4.85M	-21.17M	-19.28M	-2.92M
Capital Expenditures	-2.08M	-2.19M	-2.69M	-3.15M	-2.91M	-496.63K	-3.81M	-1.72M	-5.32M	-1.36M
CapEx % of Revenue	0.76%	1.03%	0.49%	0.39%	0.44%	0.04%	0.29%	0.15%	0.44%	0.24%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-191.91K	-147K	-1.01M	-1.78M	-250K	-988.88K	-1.04M	-17.15M	-11.46M	-1.56M
Cash from Financing+	25.54M	19.24M	19.51M	28.06M	18.86M	40.91M	115.97M	-1.95M	-449.56K	18.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-10M	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	25.87M	-1.8M	-1.62M	39.38K	0	14.16M	34.35M	57.71K	21.2K	10.11M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-13.75M	-16.58M	-19.16M	-25.69M	-25.26M	-15.45M	-31.83M	-43.39M	-42.86M	-26.66M
FCF Margin %	-5%	-7.8%	-3.46%	-3.17%	-3.79%	-1.33%	-2.42%	-3.67%	-3.53%	-4.63%
FCF Growth %	-1.5%	-0.21%	-0.16%	-0.34%	0.02%	0.39%	-1.06%	-0.36%	0.01%	0.38%
FCF per Share	-0.89	-0.98	-0.91	-0.95	-0.83	-0.41	-0.52	-0.68	-0.68	-0.39
FCF Conversion (FCF/Net Income)	0.87x	0.75x	0.84x	1.03x	0.84x	0.78x	0.67x	0.60x	0.52x	0.32x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-1584.49%	-113.86%	-100.42%	-84.4%	-96.81%	-49.49%	-42.05%	-31.3%	-50.78%	-124.55%
Return on Invested Capital (ROIC)	-	-275.19%	-261.68%	-166.59%	-137.77%	-97.32%	-156.2%	-90.8%	-78.72%	-149.66%
Gross Margin	20.59%	-54.7%	-12.22%	21.85%	-66.08%	18.23%	21.95%	19.28%	-14.42%	-84.55%
Net Margin	-488.27%	-904.87%	-354.54%	-270.26%	-396.91%	-155.01%	-306.7%	-344.41%	-413.46%	-1277.91%
Debt / Equity	0.08x	0.08x	-	-	0.09x	0.03x	0.01x	0.01x	0.00x	0.01x
Interest Coverage	-11.89x	-27.89x	-79.32x	-1130.81x	-	-	-	-	-	-
FCF Conversion	0.87x	0.75x	0.84x	1.03x	0.84x	0.78x	0.67x	0.60x	0.52x	0.32x
Revenue Growth	-9.3%	-22.64%	160.31%	46.17%	-17.59%	73.62%	13.67%	-10.1%	2.48%	-52.56%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Sales of Products	-	-	-	-	-	-	-	4.49M
Sales of Products Growth	-	-	-	-	-	-	-	-
Engineering Services	-	402.27K	673.15K	1.5M	380.33K	1.33M	1.37M	1.27M
Engineering Services Growth	-	-	67.34%	122.88%	-74.65%	249.72%	2.91%	-7.41%
Smart Glasses Sales	-	-	-	-	12.78M	10.51M	10.76M	-
Smart Glasses Sales Growth	-	-	-	-	-	-17.82%	2.42%	-
Smart Glasses And I Wear Video Headphones Sales	-	-	4.89M	10.08M	-	-	-	-
Smart Glasses And I Wear Video Headphones Sales Growth	-	-	-	106.02%	-	-	-	-
Oem Product Sales	-	994.5K	951.57K	-	-	-	-	-
Oem Product Sales Growth	-	-	-4.32%	-	-	-	-	-
Waveguide And Display Engine Sales	-	-	152.5K	-	-	-	-	-
Waveguide And Display Engine Sales Growth	-	-	-	-	-	-	-	-
Smart Glasses and iWear Video Headphones Sales	-	6.51M	-	-	-	-	-	-
Smart Glasses and iWear Video Headphones Sales Growth	-	-	-	-	-	-	-	-
Wave guide Sales	-	185.4K	-	-	-	-	-	-
Wave guide Sales Growth	-	-	-	-	-	-	-	-

Revenue by Geography

	2017	2018	2019	2020	2021	2022	2023	2024
Asia Pacific	1.93K	-	-	-	-	-	-	-
Asia Pacific Growth	-	-	-	-	-	-	-	-
Europe	1.89K	-	-	-	-	-	-	-
Europe Growth	-	-	-	-	-	-	-	-
North America	1.69K	-	-	-	-	-	-	-
North America Growth	-	-	-	-	-	-	-	-
UNITED STATES	1.62K	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	-	-	-	-	-	-
JAPAN	1.34K	-	-	-	-	-	-	-
JAPAN Growth	-	-	-	-	-	-	-	-
Other Continent	1.1K	-	-	-	-	-	-	-
Other Continent Growth	-	-	-	-	-	-	-	-
GERMANY	526	-	-	-	-	-	-	-
GERMANY Growth	-	-	-	-	-	-	-	-
FRANCE	429	-	-	-	-	-	-	-
FRANCE Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Vuzix Corporation (VUZI) reported $5.3M in revenue for fiscal year 2024. This represents a 59% decrease from $13.1M in 2011.

Vuzix Corporation (VUZI) saw revenue decline by 52.6% over the past year.

Vuzix Corporation (VUZI) reported a net loss of $37.3M for fiscal year 2024.

Dividend & Returns

Vuzix Corporation (VUZI) has a return on equity (ROE) of -124.5%. Negative ROE indicates the company is unprofitable.

Vuzix Corporation (VUZI) had negative free cash flow of $19.7M in fiscal year 2024, likely due to heavy capital investments.