Vuzix Corp Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>Vuzix Corp has filed its annual 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Vuzix Corp (VUZI) filed a Annual Report (10-K) with the SEC on April 15, 2024. Vuzix Corp filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers financial performance and business operations for the period. Key financial data and risk factors are detailed within the report. The company is incorporated in Delaware and headquartered in West Henrietta, NY. The SIC code for Vuzix Corp is 3663 (Radio & TV Broadcasting & Communications Equipment).

Why It Matters

For investors and stakeholders tracking Vuzix Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Vuzix Corp's financial health, operational strategies, and potential risks for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the technology sector.

Risk Assessment

Risk Level: medium — Vuzix Corp shows moderate risk based on this filing. The company faces supplier concentration risk, indicating a potential vulnerability if key suppliers are unable to meet demand or if relationships deteriorate.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to assess Vuzix Corp's operational and financial stability.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-04-15 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-35955 — SEC File Number (The SEC's file number for Vuzix Corp.)
• 0001463972 — Central Index Key (Unique identifier for Vuzix Corp in the SEC system.)

Key Players & Entities

• Vuzix Corp (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end date
• 2024-04-15 (date) — Filing date
• West Henrietta, NY (location) — Company headquarters
• 0001463972 (company) — Central Index Key for Vuzix Corp
• 3663 (industry) — Standard Industrial Classification code

FAQ

Risk Factors

• Supplier Concentration Risk [medium — financial]: The company is exposed to supplier concentration risk, which could impact its ability to procure necessary components or materials.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-15: 10-K Filing Date — The date Vuzix Corp submitted its annual report to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (Provides a detailed overview of Vuzix Corp's financial health and business operations for the fiscal year.)

Supplier Concentration Risk

A risk that arises when a company relies heavily on a small number of suppliers for its raw materials or components. (Highlights a potential vulnerability in Vuzix Corp's supply chain that could affect production and profitability.)

Key Financial Figures

• $0.001 — h registered Common Stock , par value $0.001 VUZI Nasdaq Capital Market Securi
• $5.10 — he closing price of the common stock of $5.10 per share on that date, as reported on

Filing Documents

• vuzi-20231231x10k.htm (10-K) — 3178KB
• vuzi-20231231xex23d1.htm (EX-23.1) — 3KB
• vuzi-20231231xex31d1.htm (EX-31.1) — 9KB
• vuzi-20231231xex31d2.htm (EX-31.2) — 8KB
• vuzi-20231231xex32d1.htm (EX-32.1) — 5KB
• vuzi-20231231xex32d2.htm (EX-32.2) — 5KB
• vuzi-20231231xex97.htm (EX-97) — 11KB
• 0001558370-24-005117.txt (&nbsp;) — 12992KB
• vuzi-20231231.xsd (EX-101.SCH) — 96KB
• vuzi-20231231_cal.xml (EX-101.CAL) — 79KB
• vuzi-20231231_def.xml (EX-101.DEF) — 349KB
• vuzi-20231231_lab.xml (EX-101.LAB) — 616KB
• vuzi-20231231_pre.xml (EX-101.PRE) — 573KB
• vuzi-20231231x10k_htm.xml (XML) — 2567KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 16 Item 1B Unresolved Staff Comments 32 Item 1C Cybersecurity 32 Item 2

Properties

Properties 33 Item 3

Legal Proceedings

Legal Proceedings 33 Item 4 Mine Safety Disclosures 33 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34 Item 6 [Reserved] 34 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 49 Item 9A

Controls and Procedures

Controls and Procedures 49 Item 9B Other Information 51 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 Item 10 Directors, Executive Officers and Corporate Governance 51 Item 11

Executive Compensation

Executive Compensation 51 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 52 Item 13 Certain Relationships and Related Transactions, and Director Independence 52 Item 14 Principal Accountant Fees and Services 52 Item 15 Exhibits and Financial Statement Schedules 53 ii Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our management's beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally under the headings "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Business." Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements concerning: trends in our operating expenses, including personnel costs, research and development expense, sales and marketing expense, and general and administrative expense; the effect of competitors and competition in our markets; the impact of further pandemics like COVID-19 on our business and our response to it; our wearable display products and their market acceptance and future potential; our ability to develop, timely introduce, and effectively manage the introduction of new products and services or improve our existing products and services; expected technological advances by us or by third parties and our ability to leverage them; our ability to attract and retain customers; our ability to accurately forecast demand and adequately manage inventory; our ability to deliver an adequate supply of product to meet demand; our ability to maintain and promote our brand and expand brand awareness; our ability to detect, prevent, or fix defects in our products; our reliance on third-party suppliers and manufacturers, as well as logistics providers and our limited control over such parties; trends in revenue, costs of revenue, and gross margin and our possible or assumed future results of operations; our ability to attract and retain highly skilled employees; the impact of foreign currency exchange rates; the effect of future regul

Business

Item 1. Business Company Overview Incorporated in Delaware in 1997, Vuzix Corporation ("Vuzix" or "the Company") is a leading designer, manufacturer and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted (or HMDs or heads-up displays or HUDs) smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well as OEM waveguide optical components and display engines. Our wearable display devices are worn like eyeglasses or attach to a head-worn mount. These devices typically include cameras, sensors, and a computer that enable the user to view, record and interact with video and digital content, such as computer data, the internet, social media or entertainment applications as well as interact and receive information from cloud-based Artificial Intelligence agents. Our wearable display products integrate display technology with our advanced optics to produce compact high-resolution display engines, less than half an inch diagonally, which when viewed through our Smart Glasses products, create virtual images that appear comparable in size to that of a computer monitor, smartphone, tablet or a large-screen television. We also provide custom solutions and engineering services to third parties, including Original Equipment Manufacturers ("OEMs") and Original Design Manufacturers ("ODMs"), of waveguides to enable fully-integrated wearable display systems, including HMDs to commercial, industrial, consumer and defense customers. We do not offer "work-for-hire" services per se but rather offer our engineering services for projects that we expect could result in advancing our technology and potentially lead to long-term supply or OEM relationships. Today's near-eye or HMD products for AR, MR, XR and Virtual Reality a

View Full Filing

View this 10-K filing on SEC EDGAR