Revenue remains highly volatile with erratic quarterly performance, culminating in a negative gross margin of -56.6% during 2026Q1.
Vuzix Corp. (VUZI) annual income statement — 20-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 5.91M | 6.28M | 5.75M | 12.13M | 11.84M | 13.16M | 11.58M | 6.67M | 8.09M | 5.54M | 2.13M | 2.75M | 3.03M | 2.39M | 3.23M | 13.05M | 12.26M | 11.89M | 12.49M | 10.15M | 9.54M |
| Revenue Growth % | 6.76% | 9.14% | -52.56% | 2.48% | -10.1% | 13.67% | 73.62% | -17.59% | 46.17% | 160.31% | -22.64% | -9.3% | 26.92% | -25.99% | -75.27% | 6.52% | 3.11% | -4.83% | 23.05% | 6.39% | - |
| Cost of Goods Sold | 7.38M | 7.34M | 10.62M | 13.88M | 9.55M | 10.27M | 9.47M | 11.08M | 6.33M | 6.21M | 3.29M | 2.18M | 2.1M | 1.58M | 2.34M | 8.31M | 8.45M | 7.61M | 8.79M | 6.78M | 5.77M |
| COGS % of Revenue | - | 116.92% | 184.55% | 114.42% | 80.72% | 78.05% | 81.77% | 166.08% | 78.15% | 112.22% | 154.7% | 79.41% | 69.32% | 66.22% | 72.52% | 63.69% | 68.97% | 64.02% | 70.37% | 66.8% | 60.48% |
| Gross Profit | -1.47M | -1.06M | -4.87M | -1.75M | 2.28M | 2.89M | 2.11M | -4.41M | 1.77M | -676.6K | -1.16M | 566.19K | 930.16K | 806.96K | 887.2K | 4.74M | 3.8M | 4.28M | 3.7M | 3.37M | 3.77M |
| Gross Margin % | -24.86% | -16.92% | -84.55% | -14.42% | 19.28% | 21.95% | 18.23% | -66.08% | 21.85% | -12.22% | -54.7% | 20.59% | 30.68% | 33.78% | 27.48% | 36.31% | 31.03% | 35.98% | 29.63% | 33.2% | 39.52% |
| Gross Profit Growth % | - | 78.16% | -178.23% | -176.61% | -21.02% | 36.9% | 147.89% | -349.29% | 361.35% | 41.85% | -305.51% | -39.13% | 15.27% | -9.04% | -81.28% | 24.65% | -11.09% | 15.56% | 9.82% | -10.61% | - |
| Operating Expenses | 29.26M | 31.32M | 69.11M | 50.55M | 44.51M | 42.87M | 21.24M | 22.16M | 23.64M | 17.55M | 16.23M | 11.95M | 5.94M | 5.47M | 5.03M | 7.27M | 7.63M | 7.24M | 8.3M | 6.28M | 4.31M |
| OpEx % of Revenue | - | 498.61% | 1200.9% | 416.79% | 376.1% | 325.64% | 183.38% | 332.18% | 292.11% | 317% | 762.78% | 434.51% | 195.94% | 229.14% | 155.77% | 55.72% | 62.26% | 60.9% | 66.49% | 61.87% | 45.18% |
| Selling, General & Admin | 15.08M | 17.11M | 25.42M | 31.3M | 29.12M | 28.62M | 10.95M | 10.82M | 11.8M | 9.82M | 8.51M | 7.92M | 3.83M | 3.26M | 3.41M | 4.68M | 5.15M | 4.5M | 4.43M | 3.64M | 2.75M |
| SG&A % of Revenue | - | 272.43% | 441.77% | 258.09% | 246.01% | 217.41% | 94.59% | 162.14% | 145.73% | 177.35% | 399.96% | 287.93% | 126.18% | 136.32% | 105.52% | 35.87% | 42% | 37.84% | 35.46% | 35.86% | 28.83% |
| Research & Development | 13.28M | 12.63M | 9.79M | 12.34M | 12.84M | 11.92M | 7.75M | 8.9M | 10.38M | 6.71M | 6.95M | 3.6M | 1.75M | 1.75M | 1.15M | 2.12M | 2.04M | 2.22M | 3.37M | 2.37M | 1.28M |
| R&D % of Revenue | - | 201.02% | 170.18% | 101.73% | 108.51% | 90.51% | 66.93% | 133.43% | 128.22% | 121.11% | 326.59% | 130.74% | 57.8% | 73.31% | 35.73% | 16.26% | 16.63% | 18.66% | 26.95% | 23.35% | 13.42% |
| Other Operating Expenses | 901.7K | 1.58M | 33.89M | 6.91M | 2.55M | 2.33M | 2.53M | 2.44M | -14.92K | 1.03M | -714.32K | 435.27K | 362.74K | 466.11K | 468.82K | 468.82K | 444.36K | 522.46K | 510.13K | 270K | 280K |
| Operating Income | -30.73M | -32.38M | -73.97M | -52.3M | -42.23M | -39.98M | -19.13M | -26.57M | -21.86M | -19.35M | -18.54M | -11.34M | -5.03M | -4.65M | -4.21M | -2.57M | -3.88M | -2.96M | -4.6M | -3.4M | -900K |
| Operating Margin % | -520.08% | -515.52% | -1285.44% | -431.21% | -356.82% | -303.69% | -165.16% | -398.26% | -270.07% | -349.5% | -871.3% | -412.42% | -165.97% | -194.74% | -130.29% | -19.68% | -31.64% | -24.91% | -36.86% | -33.5% | -9.43% |
| Operating Income Growth % | - | 56.23% | -41.43% | -23.84% | -5.63% | -109.02% | 28% | -21.52% | -12.95% | -4.42% | -63.43% | -125.37% | -8.16% | -10.61% | -63.75% | 33.75% | -30.93% | 35.68% | -35.41% | -277.78% | - |
| EBITDA | -28.31M | -29.23M | -70.21M | -47.37M | -39.81M | -37.91M | -16.67M | -23.9M | -20.29M | -18.14M | -17.48M | -10.67M | -4.68M | -4.27M | -3.74M | -2.1M | -3.43M | -2.44M | -4.09M | -3.03M | -620K |
| EBITDA Margin % | -479.04% | -465.37% | -1220.04% | -390.55% | -336.36% | -287.97% | -143.93% | -358.32% | -250.68% | -327.59% | -821.6% | -388.15% | -154.4% | -178.93% | -115.77% | -16.09% | -28.01% | -20.52% | -32.78% | -29.85% | -6.5% |
| EBITDA Growth % | 23.8% | 58.37% | -48.21% | -18.99% | -5.01% | -127.43% | 30.26% | -17.8% | -11.85% | -3.79% | -63.75% | -128.01% | -9.51% | -14.38% | -77.98% | 38.83% | -40.76% | 40.43% | -35.11% | -388.71% | - |
| D&A (Non-Cash Add-back) | 2.43M | 3.15M | 3.76M | 4.93M | 2.42M | 2.07M | 2.46M | 2.66M | 1.57M | 1.21M | 1.06M | 667.29K | 350.93K | 377.84K | 468.82K | 468.82K | 444.36K | 522.46K | 510.13K | 370K | 280K |
| EBIT | -30.76M | -32.27M | -43.58M | -50.35M | -42.31M | -40.02M | -19.16M | -26.68M | -21.86M | -19.55M | -18.59M | -12.47M | -7.28M | -9.64M | -4.24M | -4.91M | -4.11M | -2.98M | -4.63M | -2.92M | -900K |
| Net Interest Income | 694.2K | 672.28K | 591.32K | 0 | 0 | 53.51K | 41.12K | 252.41K | -19.33K | -263.49K | -664.52K | -932.85K | -585.65K | -503.78K | -509.69K | -397.45K | -432.89K | -297.14K | -260.79K | 0 | 0 |
| Interest Income | 694.2K | 672.28K | 591.32K | 0 | 0 | 53.51K | 41.12K | 252.41K | 0 | 0 | 0 | 20.79K | 0 | 0 | 232 | 1.18K | 228 | 63 | 188 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.33K | 243.99K | 664.52K | 953.64K | 585.65K | 503.78K | 509.93K | 996.04K | 433.12K | 297.2K | 260.98K | -240K | -180K |
| Other Income/Expense | 61.9K | 104.81K | 433.34K | 2.15M | 1.47M | -397.05K | 1.18M | 89.87K | -14.92K | -278.96K | -714.32K | -2.09M | -2.84M | -5.49M | -520.8K | -1.28M | -664.85K | -319.36K | -285K | -144.63K | 180K |
| Pretax Income | -30.67M | -32.27M | -73.54M | -50.15M | -40.76M | -40.38M | -17.95M | -26.48M | -21.88M | -19.63M | -19.25M | -13.43M | -7.87M | -10.15M | -4.73M | -3.85M | -4.54M | -3.28M | -4.89M | -3.16M | -720K |
| Pretax Margin % | -519.05% | -513.85% | -1277.91% | -413.46% | -344.41% | -306.7% | -155.01% | -396.91% | -270.26% | -354.54% | -904.87% | -488.27% | -259.52% | -424.7% | -146.43% | -29.51% | -37.06% | -27.6% | -39.14% | -31.13% | -7.55% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -58.19K | 0 | 0 | 0 | 0 | 0 | 20.4K | 27.69K | 14.94K | -30.22K | 5.21K | -100K | -180K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.27% | 0% | 0% | 0% | 0% | 0% | -0.43% | -0.72% | -0.33% | 0.92% | -0.11% | 3.16% | 25% |
| Net Income | -30.67M | -32.27M | -73.54M | -50.15M | -40.76M | -40.38M | -17.95M | -26.48M | -21.88M | -19.63M | -19.25M | -13.43M | -7.87M | -10.15M | 322.84K | -3.88M | -4.56M | -3.25M | -4.89M | -3.06M | -540K |
| Net Margin % | -519.05% | -513.85% | -1277.91% | -413.46% | -344.41% | -306.7% | -155.01% | -396.91% | -270.26% | -354.54% | -904.87% | -488.27% | -259.52% | -424.7% | 10% | -29.72% | -37.18% | -27.35% | -39.19% | -30.15% | -5.66% |
| Net Income Growth % | 21.73% | 56.11% | -46.64% | -23.02% | -0.96% | -124.92% | 32.2% | -21.03% | -11.42% | -1.99% | -43.36% | -70.64% | 22.45% | -3242.8% | 108.32% | 14.87% | -40.2% | 33.59% | -59.94% | -466.67% | - |
| Net Income (Continuing) | -30.67M | -32.27M | -73.54M | -50.15M | -40.76M | -40.38M | -17.95M | -26.48M | -21.88M | -19.63M | -19.25M | -13.43M | -7.87M | -10.15M | -4.75M | -3.88M | -4.56M | -3.25M | -4.89M | -3.06M | -540K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.37 | -0.42 | -1.08 | -0.79 | -0.62 | -0.66 | -0.47 | -0.87 | -0.80 | -0.93 | -1.14 | -0.87 | -0.75 | -1.69 | 0.09 | -0.93 | -1.30 | -1.10 | -1.77 | -1.24 | -0.23 |
| EPS Growth % | 24.47% | 61.11% | -36.71% | -27.42% | 6.06% | -40.43% | 45.98% | -8.75% | 13.98% | 18.42% | -31.03% | -16% | 55.62% | -1977.78% | 109.68% | 28.46% | -18.18% | 37.85% | -42.74% | -439.13% | - |
| EPS (Basic) | - | -0.42 | -1.08 | -0.79 | -0.62 | -0.66 | -0.47 | -0.87 | -0.80 | -0.93 | -1.14 | -0.87 | -0.75 | -1.69 | 0.09 | -1.10 | -1.30 | -1.10 | -1.77 | -1.24 | -0.23 |
| Diluted Shares Outstanding | 83.73M | 77.6M | 67.84M | 63.43M | 63.71M | 61.13M | 38.11M | 30.35M | 27.18M | 21.01M | 16.91M | 15.41M | 10.48M | 5.99M | 3.65M | 4.19M | 3.51M | 2.95M | 2.77M | 2.47M | 2.31M |
| Basic Shares Outstanding | 83.73M | 77.6M | 67.84M | 63.43M | 63.71M | 61.13M | 38.11M | 30.35M | 27.18M | 21.01M | 16.91M | 15.41M | 10.48M | 5.99M | 3.54M | 3.52M | 3.51M | 2.95M | 2.77M | 2.47M | 2.31M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying VUZI stock.
For fiscal year 2025, Vuzix Corp. (VUZI) reported total revenue of $6.3M. This represents a 34.2% decline compared to $9.5M in 2006.
Vuzix Corp. (VUZI) reported a net loss of $32.3M for the fiscal year ending 2025.
Vuzix Corp. (VUZI) reported an operating income of $-32.4M, resulting in an operating profit margin of -515.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Vuzix Corp. (VUZI) generated $-1.1M in gross profit for the year, representing a gross profit margin of -16.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Revenue Growth Remains Highly Volatile
According to the provided quarterly income statements, Vuzix has experienced erratic top-line performance, with revenue fluctuating between $1.1 million and $2.2 million over the last ten quarters, suggesting that the company has yet to establish a predictable or scalable commercial trajectory for its core hardware offerings.
The lack of consistent sequential growth indicates that the company's revenue remains heavily dependent on lumpy, project-based engineering contracts rather than repeatable product sales. Investors should monitor whether the current revenue volatility reflects a fundamental inability to penetrate the enterprise market or simply the early-stage nature of AR adoption.
Structural Challenges Impair Gross Profitability
As reported in recent financial filings, Vuzix consistently struggles with negative gross margins, which reached a low of -56.6% in 2026Q1, implying that the direct costs of manufacturing and inventory management currently exceed the market price the company can command for its specialized waveguide-based hardware products.
These persistent negative margins suggest that the company is failing to achieve the necessary economies of scale to cover its production overhead. This dynamic warrants further investigation into whether the current cost structure is a temporary byproduct of product ramping or a permanent limitation of the company's manufacturing process.
Operating Expenses Outpace Revenue Generation
Based on the income statement data, Vuzix maintains a high fixed-cost base, with R&D and SG&A expenses frequently exceeding total revenue, which suggests that the company's current operational model is fundamentally misaligned with its ability to generate sufficient gross profit to cover basic administrative and development overhead.
The high level of stock-based compensation, which reached $3.2 million in 2024Q3, highlights the significant non-cash burden required to retain specialized talent in a competitive R&D environment. This expense structure appears to be a primary driver of the company's ongoing cash burn and necessitates a clear path toward operational efficiency.
Sustainability Risks in Hardware Model
Analysis of the income statement suggests that the company's reliance on hardware sales may be a strategic liability, as the firm has failed to achieve positive operating margins in any of the last ten quarters, raising concerns about the long-term viability of its current business model.
Short-sellers would likely focus on the persistent gap between R&D spending and commercial revenue, which may indicate that the company's proprietary technology is not yet ready for mass-market adoption. The absence of a high-margin software or licensing component leaves the company vulnerable to continued capital dilution.