Vuzix Corp (VUZI) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Vuzix second quarter ending June 30, 2025, financial results and business update conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Vuzix 截至 2025 年 6 月 30 日的第二季財務業績和業務更新電話會議。（操作員指示）提醒一下，本次會議正在錄音。

Now I would like to turn the call over to Ed McGregor, Director of Investor Relations at Vuzix. Mr. McGregor, you may begin.

現在我想將電話轉給 Vuzix 投資者關係總監 Ed McGregor。麥格雷戈先生，你可以開始了。

Good afternoon, everyone, and welcome to the Vuzix second-quarter 2025 ending June 30 financial results and business update conference call. With us today are Vuzix CEO, Paul Travers; and our CFO, Grant Russell.

大家下午好，歡迎參加 Vuzix 截至 6 月 30 日的 2025 年第二季財務業績和業務更新電話會議。今天和我們在一起的有 Vuzix 執行長 Paul Travers 和我們的財務長 Grant Russell。

Before I turn the call over to Paul, I would like to remind you that on this call, management's prepared remarks may contain forward-looking statements, which are subject to risks and uncertainties, and management may make additional forward-looking statements during the question-and-answer session. Therefore, the company claims the protection of the Safe Harbor forward-looking statements that are contained in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those contemplated by any forward-looking statements as a result of certain factors, including, but not limited to, general economic and business conditions, competitive factors, changes in business strategy or development plans, the ability to attract and retain qualified personnel as well as changes in legal and regulatory requirements.

在我將電話轉給保羅之前，我想提醒您，在本次電話會議上，管理層準備好的評論可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，管理層可能會在問答環節做出更多前瞻性陳述。因此，該公司主張受到《1995 年私人證券訴訟改革法案》中的安全港前瞻性聲明的保護。由於某些因素，包括但不限於一般經濟和商業狀況、競爭因素、業務戰略或發展計劃的變化、吸引和留住合格人才的能力以及法律和監管要求的變化，實際結果可能與任何前瞻性陳述所預期的結果存在重大差異。

In addition, any projections as to the company's future performance represent management's estimates as of today, August 14, 2025. Vuzix assumes no obligation to update these projections in the future as market conditions change. This afternoon, the company issued a press release announcing its 2Q 2025 financial results and filed its 10-Q with the SEC. So participants on this call who may not already done so may wish to look at those documents as the company will only provide a summary of the results discussed on today's call. Today's call may include certain non-GAAP financial measures.

此外，對公司未來業績的任何預測均代表管理層截至 2025 年 8 月 14 日的估計。Vuzix 不承擔未來隨著市場條件變化更新這些預測的義務。今天下午，該公司發布了一份新聞稿，宣布了 2025 年第二季的財務業績，並向美國證券交易委員會提交了 10-Q 報表。因此，參加本次電話會議但尚未查看這些文件的參與者可能希望查看這些文件，因為公司將僅提供今天電話會議上討論的結果的摘要。今天的電話會議可能包括某些非公認會計準則財務指標。

When required, reconciliation to the most directly comparable financial measures calculated and presented in accordance with GAAP can be found in the company's filings at sec.gov, which is also available at www.vuzix.com.

必要時，可以根據 GAAP 計算和呈現的最直接可比較財務指標的對帳情況，在公司提交給 sec.gov 的文件中找到，也可以在 www.vuzix.com 上找到。

I will now turn the call over to Vuzix CEO, Paul Travers, who will give an overview of the company's operating results and business outlook. Paul will turn the call over to Grant Russell, Vuzix's CFO, who will provide an overview of the company's second quarter results, after which we will move on to the Q&A session. Paul?

現在我將把電話轉給 Vuzix 執行長 Paul Travers，他將概述公司的營運業績和業務前景。保羅將把電話轉給 Vuzix 的財務長格蘭特·拉塞爾 (Grant Russell)，後者將概述公司第二季度的業績，之後我們將進入問答環節。保羅？

Thank you, Ed, and thank you to everyone joining us today. I'd like to start with a few select Q2 highlights. As you know and representing a great milestone and statement about Vuzix's ability to manufacture waveguides in volume, Vuzix has met all the manufacturing and performance gates tied to the second Quanta tranche and received a further $5 million in equity, bringing Quanta's investment thus far to $15 million of a planned $20 million total. I will share a bit more on this shortly.

謝謝你，艾德，也謝謝今天加入我們的所有人。我想先從第二季的幾個亮點開始。如您所知，Vuzix 已經滿足了與第二筆 Quanta 融資相關的所有製造和性能門檻，並獲得了另外 500 萬美元的股權，使 Quanta 迄今為止的投資額達到 1500 萬美元，而原計劃的投資總額為 2000 萬美元。這標誌著 Vuzix 具備了大量生產波導的能力，也是一個重要的里程碑。我很快就會分享更多這方面的資訊。

We have also commenced volume shipments of waveguides to our first OEM waveguide customer. And alongside that, we have formally engaged with multiple new Tier 1 OEM waveguide customers spanning enterprise to the broad markets. And just this week, we have announced the new LX1 enterprise smart glasses focused on warehousing and logistics with integrated voice and vision workflows.

我們也已經開始向我們的第一個 OEM 波導客戶批量出貨波導。除此之外，我們也與多家新的一級 OEM 波導客戶正式合作，涵蓋企業到廣大的市場。就在本週，我們發布了新款 LX1 企業智慧眼鏡，專注於倉儲和物流，整合語音和視覺工作流程。

Initial customer sampling is underway and the production rollout is scheduled for Q4 with strong initial demand and interest across our existing customer base. Why do these events matter? Our strategy is simple, and these proof points show its execution. We plan to monetize the enterprise market and scale OEM waveguide optics for AR and AI-driven smart glasses across the even broader consumer markets in parallel. And this strategy is driving multiple and sizable market verticals for Vuzix.

初始客戶樣品正在進行中，生產推出計劃於第四季度進行，我們現有客戶群的初始需求和興趣非常強烈。這些事件為何重要？我們的策略很簡單，這些證據點顯示了它的執行力。我們計劃將企業市場貨幣化，同時將 AR 和 AI 驅動的智慧眼鏡的 OEM 波導光學系統擴展到更廣泛的消費市場。這項策略正在為 Vuzix 推動多個規模可觀的垂直市場。

We're enabling enterprise customers to rethink frontline workflows and accelerate the digital transformation that is at the forefront of the integration of AI and the future of work. We're engaged with multiple prime defense contractors to design and support the next generation of see-through wearables, and we're on the ground floor to participate in a global evolution from consumer smartphones to AI-driven smart glasses. This strategy is also leading towards a growing base of ODM and OEM customers, including strategic partners like Quanta, who will rely on our scalable waveguide capabilities to power their own smart glasses and HMD solutions for their customers.

我們正在幫助企業客戶重新思考第一線工作流程，並加速處於人工智慧和未來工作融合前沿的數位轉型。我們與多家主要國防承包商合作設計和支援下一代透明穿戴式設備，並積極參與從消費性智慧型手機到人工智慧驅動的智慧眼鏡的全球演變。這項策略也正在吸引越來越多的 ODM 和 OEM 客戶，其中包括像廣達這樣的策略合作夥伴，他們將依靠我們可擴展的波導能力為其客戶提供自己的智慧眼鏡和 HMD 解決方案。

Looking ahead, our vision is to power the future of these connected smart glasses with waveguides at their core. The collective opportunity is considered massive in both units and dollar terms and we intend to participate in a very material way as we scale with disciplined and capital-efficient growth.

展望未來，我們的願景是以波導為核心推動這些互聯智慧眼鏡的未來。無論從單位數量或美元金額來看，這個集體機會都是巨大的，我們打算以非常實質的方式參與其中，以有紀律的、資本高效的增長方式擴大規模。

For OEMs, the metrics that matter most to them when selecting key technology component suppliers are clear: high-volume and cost-effective manufacturing, strong yields and consistency at scale. Vuzix is demonstrating exactly that, proving we can meet the quality, volume, and cost targets essential for global AI-driven smart glasses adoption. These capabilities have been acknowledged not just by Quanta, but soon also by multiple ODM and OEM partners, reinforcing our leadership in scalable AR optics.

對於 OEM 而言，在選擇關鍵技術組件供應商時最重要的指標很明確：大批量、高性價比的製造、強勁的產量和規模的一致性。Vuzix 正是證明了這一點，證明我們可以滿足全球人工智慧驅動的智慧眼鏡採用所需的品質、數量和成本目標。這些能力不僅得到了廣達的認可，而且很快也得到了許多 ODM 和 OEM 合作夥伴的認可，鞏固了我們在可擴展 AR 光學領域的領導地位。

Our ability to deliver new and customized waveguide prototypes with turnaround times far shorter than others gives us a unique edge. This isn't just about designing a single product or one-off engagement. It's ultimately about a long-term platform strategy. We are engaged currently in joint product development, co-marketing, and integrated supply chain initiatives with several entities, positioning Vuzix as a core component supplier of next-generation waveguides.

我們能夠以比其他公司短得多的周轉時間提供新的客製化波導原型，這給了我們獨特的優勢。這不僅僅是設計單一產品或一次性參與。歸根結底，這是一個長期的平台策略。我們目前正與多家實體進行聯合產品開發、聯合行銷和整合供應鏈計劃，將 Vuzix 定位為下一代波導的核心組件供應商。

We are often asked whether Vuzix is or will be inside a specific pair of smart glasses. The truth is many of the brands you know spanning tech companies, fashion houses, and consumer electronics leaders are now attempting to develop and introduce smart glasses. And our goal is to supply waveguides to as many of them as possible.

我們常被問到 Vuzix 是否或將會被安裝在某副特定的智慧眼鏡中。事實上，您所熟知的許多品牌，包括科技公司、時裝公司和消費性電子產品領導者，現在都在嘗試開發和推出智慧眼鏡。我們的目標是為盡可能多的人提供波導。

Crucially, Quanta, a $35 billion market cap company, already manufactures and supplies ODM/OEM products for nearly every major player in the Western world. Partnering with them give Vuzix a powerful entry point into broad consumer markets. And while we respect Quanta greatly, we are also now engaged with some of their competitors directly as well that have been approached by their respective OEM customers for solutions. With partners like Quanta and other leading ODMs and OEMs, we feel we are entering the market at exactly the right time with scale, proven manufacturing, and reference designs ready to go.

至關重要的是，市值 350 億美元的廣達公司已經為西方世界幾乎所有主要參與者生產和供應 ODM/OEM 產品。與他們的合作為 Vuzix 進入廣闊的消費市場提供了強大的切入點。雖然我們非常尊重廣達，但我們現在也直接與他們的一些競爭對手接觸，他們各自的 OEM 客戶也紛紛聯繫我們尋求解決方案。透過與廣達和其他領先的 ODM 和 OEM 等合作夥伴合作，我們覺得我們正以規模、成熟的製造技術和隨時可用的參考設計進入市場。

The AR smart glasses ecosystem is aligning. Consumer and enterprise users' behavior is already shifting and smart glasses are next. And Vuzix waveguide optics, we feel are positioned to power the coming wave. In Q2 2025, Vuzix received $5 million tied to the second tranche of Quantum Computers investment contract. Again, bringing their total commitment to $15 million thus far out of a planned $20 million. Importantly, this tranche was tied to actual manufacturing performance, not forecasts.

AR智慧眼鏡生態系統正在整合。消費者和企業用戶的行為正在發生變化，接下來就是智慧眼鏡。我們認為 Vuzix 波導光學技術能夠為即將到來的浪潮提供動力。2025 年第二季度，Vuzix 獲得了與量子電腦投資合約第二部分相關的 500 萬美元。再次，到目前為止，他們的總承諾金額已達到 1500 萬美元，而計劃金額為 2000 萬美元。重要的是，這部分資金與實際製造業績效掛鉤，而不是預測。

We were required to demonstrate specific yield and volume capacity thresholds under real production conditions, and we have exceeded their expectation. Quanta set key production yield gates. And from the very first runs, we delivered yields far north of their expectations with high run-to-run consistency. Our waveguides also met or surpassed all required performance metrics, including contrast, haze, brightness, efficiency, and production run rates.

我們需要在實際生產條件下展示具體的產量和容量閾值，而我們已經超出了他們的預期。廣達設定了關鍵的生產良率門檻。從第一次運行開始，我們就以高度的一致性實現了遠超預期的產量。我們的波導也達到或超過了所有必需的性能指標，包括對比度、霧度、亮度、效率和生產運行率。

And last, but certainly not least, from a financial perspective, we're hitting target price points that will produce strong production margins for Vuzix at scale. We believe we have now also satisfied all the technical gates required for the final tranche investment of $5 million from Quanta and anticipate receiving funding as per the stock purchase agreement.

最後，但同樣重要的一點是，從財務角度來看，我們所達到的目標價點將為 Vuzix 的規模生產帶來強勁的利潤率。我們相信，我們現在已經滿足了 Quanta 500 萬美元最後一筆投資所需的所有技術門檻，並預計將根據股票購買協議獲得資金。

I would like to add that Quanta is more than a strategic investor. They're a world-class manufacturing partner with a proven track record in high-volume production. Together, we're advancing multiple new programs built around Vuzix waveguides, all targeting large deployment opportunities. This relationship is shaping our go-to-market and scaling strategy. It enables us to quickly commercialize at scale efficiently, reliably, and profitably. By leveraging Quanta's infrastructure, we can remain capital efficient and focused on core innovation while accelerating production to meet the growing demands of our customers.

我想補充一點，Quanta 不只是一個策略投資者。他們是世界一流的製造合作夥伴，在大批量生產方面擁有良好的業績記錄。我們正在共同推進圍繞 Vuzix 波導構建的多個新項目，所有項目都瞄準大型部署機會。這種關係正在塑造我們的市場進入和擴展策略。它使我們能夠快速、高效、可靠且有利可圖地實現大規模商業化。透過利用廣達的基礎設施，我們可以保持資本效率並專注於核心創新，同時加快生產以滿足客戶日益增長的需求。

We are seeing enterprise adoption reenergize as AI and AR capabilities and use cases are emerging fast across logistics, remote support, training, manufacturing, and quality assurance. AI is transforming smart glasses into assistance in the workplace, but it can't solve problems unless it has a feel for what the problems are in front of the worker. With our smart glasses with see-through waveguides, we are building that ideal platform.

隨著人工智慧和擴增實境 (AR) 功能和用例在物流、遠端支援、培訓、製造和品質保證等領域的快速湧現，我們看到企業採用率正在重新煥發活力。人工智慧正在將智慧眼鏡轉變為工作場所的助手，但除非它能夠感知到工人面臨的問題，否則它無法解決問題。借助帶有透明波導的智慧眼鏡，我們正在建立理想的平台。

Think about cool yet simple applications like taking a picture with smart glasses. That is nothing. When AI is integrated directly into these devices, their potential to enhance real-time decision-making and productivity in the workforce is game changing. As skilled labor shortages grow due to retirements and shrinking talent pool, AI-enabled smart glasses will become critical tools for augmenting workers in complex hands-on roles. Enterprise stands to benefit significantly as these devices streamline operations, reduce training time, and boost overall efficiency.

想想一些很酷但又簡單的應用程序，例如用智慧眼鏡拍照。那不算什麼。當人工智慧直接整合到這些設備時，它們增強即時決策和勞動生產力的潛力將改變遊戲規則。由於退休和人才庫縮減導致熟練勞動力短缺日益嚴重，支援人工智慧的智慧眼鏡將成為增強複雜動手崗位工人能力的重要工具。這些設備簡化了操作、減少了培訓時間並提高了整體效率，企業將從中受益匪淺。

Take the automotive industry, for example, a vertical where we see great potential for smart glasses usage. If you took a deep dive today, you would be surprised by what a large percentage of a car is built by human hands. I know they show robots on the outside of cars, painting them and welding them, sure. Those bigger, bulkier functions are jobs for a robot. But if you visit some of the largest car companies on the planet and ask them what percentage of their final manufacturing is done by a human, they will tell you it's far north of 80%.

以汽車產業為例，我們看到智慧眼鏡在這個垂直產業中具有巨大的應用潛力。如果您今天深入研究一下，您會驚訝地發現汽車的很大一部分部件都是由人手製造的。我知道他們展示了汽車外部的機器人，對汽車進行噴漆和焊接，這是肯定的。那些更大、更繁瑣的功能是機器人的工作。但如果你訪問地球上一些最大的汽車公司並詢問他們最終製造過程中有多少比例是由人工完成的，他們會告訴你這個比例遠遠超過 80%。

The problem today is that they're expecting human beings to do more and more. And how do they do that if they don't have the proper training and support that a pair of AI-driven smart glasses can provide. There simply are limits to human capacity. And by using AI, those limits get significantly lifted by having AI agents to help. Within warehousing and logistics, automated robotic systems can excel at handling routine tasks with predictable outcomes, but struggle when faced with exceptions. Human-in-the-loop automation is a hybrid approach where automated systems and human judgment are integrated into a single workflow.

當今的問題是他們期望人類做越來越多的事情。如果他們沒有接受過人工智慧智慧眼鏡提供的適當培訓和支持，他們該如何做到這一點？人類的能力確實是有限的。透過使用人工智慧，這些限制可以透過人工智慧代理的幫助得到顯著消除。在倉儲和物流領域，自動化機器人系統可以出色地處理具有可預測結果的常規任務，但在遇到異常情況時就會遇到困難。人機互動自動化是一種混合方法，其中自動化系統和人工判斷被整合到單一工作流程中。

In this workplace instance, a worker is equipped with vision picking smart glasses like Vuzix's new LX1 that can outperform traditional voice-only systems, especially in complex loud or high SKU count and high velocity picking environments. The warehouse labor market has also reached a crossroad in recent years. Turnover in the warehouse roles often exceeds 30% annually. Skilled pickers are in short supply and aging workforces alongside overall rising labor costs will accelerate the adoption of assisted tech, including AI-driven smart glasses.

在這個工作場所實例中，工人配備了視覺揀選智慧眼鏡，例如 Vuzix 的新款 LX1，其性能優於傳統的純語音系統，尤其是在複雜、嘈雜或高 SKU 數量和高速揀選環境中。近年來，倉庫勞動市場也走到了十字路口。倉庫崗位的人員流動率每年通常超過 30%。熟練的採摘工供不應求，勞動力老化以及整體勞動力成本上升將加速輔助技術的採用，包括人工智慧智慧眼鏡。

The LX1 announced earlier this week was specifically designed to meet the evolving demand of the warehousing and logistics voice-picking industry, which according to research analyst firm markets and markets is estimated at approximately $6 billion in 2024 and could be $25 billion by 2034. This expected phenomenal growth falls squarely on top of the human-in-the-loop automation, which is one of the largest and fastest-growing market opportunity segments in supply chain today.

本週稍早發布的 LX1 專為滿足倉儲和物流語音揀選行業不斷變化的需求而設計，根據研究分析公司市場和市場的數據，該行業在 2024 年的市場規模約為 60 億美元，到 2034 年可能達到 250 億美元。這一預期的驚人成長完全歸功於人機循環自動化，這是當今供應鏈中規模最大、成長最快的市場機會領域之一。

Let me add, we have customers coming to Vuzix that are searching for alternatives to their antiquated pick-by-voice solutions. The LX1 features integrated voice control and visual access to real-time information that allows warehousing operators to get the best of both worlds, voice and vision-based systems. The LX1 is rugged and purpose-built to stand up to the physical demands of modern logistics environments, all while supporting a single shift on a single charge.

讓我補充一下，我們有一些來到 Vuzix 的客戶，他們正在尋找過時的語音揀選解決方案的替代方案。LX1 具有整合語音控制和視覺存取即時資訊的功能，使倉庫操作員能夠同時獲得語音和視覺系統的最佳效果。LX1 堅固耐用，專為滿足現代物流環境的物理需求而設計，同時支援一次充電完成一個班次。

Quanta is our manufacturing partner for the LX1 and it extends our growing relationship with Qualcomm. Select end customers and ISVs are already getting their first samples of the LX1, which will be in production and available more generally to enterprise customers before the end of the year. The Vuzix Software Solutions Group, formerly Moviynt, has a growing pipeline of recognizable brands and logos operating in traditional logistics markets and with comprehensive workflows. Initial implementations are already showing strong and in some cases, remarkable operational gains and productivity improvements in certain warehouse applications, highlighting our going-in leadership position in AI-enhanced enterprise solutions.

廣達是我們 LX1 的製造合作夥伴，它擴展了我們與高通日益增長的合作關係。部分終端客戶和 ISV 已經獲得了 LX1 的首批樣品，該產品將於年底前投入生產並向企業客戶提供。Vuzix 軟體解決方案集團（前身為 Moviynt）擁有越來越多在傳統物流市場運營的知名品牌和標識，並擁有全面的工作流程。初步實施已經顯示出強勁的勢頭，在某些情況下，某些倉庫應用的營運收益和生產力提高非常顯著，凸顯了我們在人工智慧增強型企業解決方案領域的領導地位。

As we look at the future of smart glasses, I like to think of it a bit like the early automotive industry in the late 1800s. Back when cars were just emerging, there were countless small makers in a wild frontier of innovation before the industry took shape. And before that, there were many years of horse and buggy. Today, the smart glasses world feels somewhat like that. Many players, big and small, all trying different approaches. Even giants like Microsoft with the HoloLens or Magic Leap with billions in funding have stepped in and stepped out of the smart glasses industry.

當我們展望智慧眼鏡的未來時，我喜歡把它想像成 19 世紀末的早期汽車工業。在汽車剛興起的年代，無數的小廠商在汽車產業尚未成型之前，就一直在瘋狂地進行創新。而在此之前，我們已經使用馬車很多年了。如今，智慧眼鏡的世界給人的感覺有點像這樣。許多參與者，無論大小，都在嘗試不同的方法。甚至像微軟這樣的擁有 HoloLens 和 Magic Leap 等數十億美元資金的巨頭也紛紛進入和退出智慧眼鏡產業。

Yet here we are, Vuzix, a smaller company, still standing out and going strong. Our enterprise side is sitting in a great spot and we are carving our own path in this new frontier, just like those early automotive pioneers who eventually reshaped the world. And if we think about how the smart glasses industry has evolved, there's another important parallel.

然而，Vuzix，一家規模較小的公司，仍然脫穎而出，發展強勁。我們的企業方面處於一個很好的位置，我們正在這個新的領域開闢自己的道路，就像那些最終重塑世界的早期汽車先驅一樣。如果我們思考智慧眼鏡產業是如何發展的，就會發現另一個重要的相似之處。

For a long time, smart glasses were almost like an experiment. People weren't sure what to expect. They were feeling out what might work. But now after years of learning and listening to real-world feedback and with the amazing capabilities of AI, the landscape is changing. We've got customers who know exactly what they need and who have helped shape products like the LX1 to be a true solution, especially in the warehouse space. It's like the moment when people realized they could afford a car and it wasn't just a novelty. It was something that could change how they worked and lived in the same way the LX1 isn't just another pair of smart glasses.

長期以來，智慧眼鏡幾乎就像一項實驗。人們不確定會發生什麼事。他們正在試探什麼可能有效。但現在，經過多年的學習和傾聽現實世界的回饋，以及人工智慧驚人的能力，情況正在改變。我們的客戶非常清楚他們的需求，他們幫助將 LX1 等產品打造為真正的解決方案，尤其是在倉庫領域。這就像人們意識到他們買得起汽車，而這不僅僅是一個新奇事物的那一刻。它可以改變人們的工作和生活方式，就像 LX1 不僅僅是一副智慧眼鏡。

It's a tool built from the ground up with real customer insight and it's a sign that we've reached a turning point where these devices are truly ready for prime time. And with our capabilities in design and manufacturing of the critical waveguides needed, customer market opportunities and partner engagements across enterprise, defense, and consumer continue to mature and expand. Our target markets are large and innovation and investment in these markets by many entities continues to accelerate.

這是一個基於真實客戶洞察而全新構建的工具，它標誌著我們已經到達一個轉折點，這些設備已經真正準備好迎接黃金時段。憑藉我們在設計和製造所需關鍵波導方面的能力，企業、國防和消費者領域的客戶市場機會和合作夥伴合作不斷成熟和擴大。我們的目標市場很大，許多實體對這些市場的創新和投資持續加速。

In defense, we have numerous programs in flight with prime defense contractors and other brands to deliver waveguide and display technologies that are going into next-generational products and head-worn devices to support drones, radar surveillance, commercial and industrial aircraft, commercial products, and even ultimately in consumer products. For the broader markets, our relationship with Quanta remains central, but we have recently added Himax as a development partner and are advancing collaboration discussions with numerous other ODMs and projection makers.

在國防領域，我們與主要國防承包商和其他品牌合作進行了多個飛行項目，提供波導和顯示技術，這些技術將用於下一代產品和頭戴式設備，以支援無人機、雷達監視、商用和工業飛機、商業產品，甚至最終用於消費產品。對於更廣泛的市場而言，我們與廣達的關係仍然至關重要，但我們最近已將奇景光電作為開發合作夥伴，並正在推進與眾多其他 ODM 和投影製造商的合作討論。

Let me conclude by stating that we believe that a structural inflection point is finally at hand for Vuzix and the industry in general. The investments, time, and energy we made to date across these verticals have positioned us for an era of growth that we believe will ultimately be game-changing for the world, our financial results, and market valuation.

最後，我想說，我們相信 Vuzix 和整個產業終於迎來了結構性轉折點。到目前為止，我們在這些垂直領域投入的資金、時間和精力，使我們進入了一個成長時代，我們相信，這最終將改變世界、我們的財務表現和市場估值。

With that, I'll turn the call over to Grant for the financial overview. Grant?

說完這些，我將把電話轉給格蘭特，讓他報告一下財務概況。授予？

Thank you, Paul. As Ed mentioned, the 10-Q we filed this afternoon with the SEC offers a detailed explanation of our quarterly financials. So I'm just going to provide you with a bit of color on some of the quarterly numbers.

謝謝你，保羅。正如 Ed 所提到的，我們今天下午向美國證券交易委員會提交的 10-Q 表對我們的季度財務狀況進行了詳細的解釋。因此，我只是想向你們提供一些季度數據的詳細資訊。

Our second-quarter 2025 revenue was $1.3 million, up 19% year over year due to increased sales of smart glasses, particularly our M400. Engineering services sales were $0.3 million for the three months ended June 30, 2025, versus $0.5 million in the prior year's period.

我們的 2025 年第二季營收為 130 萬美元，年增 19%，這得益於智慧眼鏡（尤其是 M400）銷量的成長。截至 2025 年 6 月 30 日的三個月，工程服務銷售額為 30 萬美元，去年同期為 50 萬美元。

There was an overall gross loss of $0.8 million for the three months ended June 30, 2025, as compared to a gross loss of $0.3 million for the same period in 2024. The larger gross loss was a result of further reserves for inventory obsolescence, increased unapplied manufacturing overhead costs caused by lower production of smart glasses, and a gross loss on engineering services due to additional costs being recognized that were not originally part of the overall engineering project budget.

截至 2025 年 6 月 30 日的三個月，總毛虧損為 80 萬美元，而 2024 年同期的總毛虧損為 30 萬美元。更大的毛虧損是由於庫存過時的進一步儲備、智能眼鏡產量下降導致的未應用製造費用增加，以及由於確認了額外成本而導致的工程服務毛虧損，而這些成本最初不屬於整體工程項目預算的一部分。

Research and development expense was $2.6 million for the three months ended June 30, 2025, as compared to $2.4 million for the comparable 2024 period, an increase of approximately 9%, largely due to increases in external development costs on new products. Sales and marketing expense was $1.4 million for the three months ended June 30, 2025, as compared to $2.2 million for the comparable 2024 period, a decrease of approximately 40%. The reduction in sales and marketing expense was largely due to a $0.5 million reduction in salary and benefits-related expenses driven by headcount decreases and the completion on April 30, 2025, of our 2024 cash salary reduction program in exchange for equity and a $0.3 million decrease in bad debt expense.

截至 2025 年 6 月 30 日的三個月，研發費用為 260 萬美元，而 2024 年同期為 240 萬美元，成長約 9%，這主要是由於新產品的外部開發成本增加。截至 2025 年 6 月 30 日的三個月，銷售和行銷費用為 140 萬美元，而 2024 年同期為 220 萬美元，下降了約 40%。銷售和行銷費用的減少主要是由於員工人數減少導致薪資和福利相關費用減少 50 萬美元，以及 2025 年 4 月 30 日完成 2024 年現金減薪計畫以換取股權，以及壞帳費用減少 30 萬美元。

General and administrative expense for the three months ended June 30, 2025, was $2.8 million versus $4.5 million for the comparable 2024 period, a decrease of approximately 39%. The reduction in total G&A expense is largely due to a decline in noncash stock-based compensation expense and the completion on April 30, 2025, of our 2024 cash salary reduction program in exchange for equity.

截至 2025 年 6 月 30 日的三個月的一般及行政費用為 280 萬美元，而 2024 年同期為 450 萬美元，下降了約 39%。總 G&A 費用的減少主要是由於非現金股票薪酬費用的下降以及我們 2024 年現金減薪計劃於 2025 年 4 月 30 日完成以換取股權。

Included in operating expenses for the three months ended June 30, 2024, was an noncash charge of $30.1 million related to the impairment of intangible assets and our equity investment in Atomistic. Excluding that $30.1 million impairment charge recorded in the three-month period, ending June 30, 2024, our total operating expenses for the three months ended June 30, 2025, declined $3.2 million or 31% to $7.1 million versus the prior year period, the lowest quarterly level achieved since 2020. The net loss for the three months ended June 30, 2025, was $7.7 million or $0.10 a share versus a net loss of $40.6 million or $0.62 per share for the same period in 2024.

截至 2024 年 6 月 30 日的三個月的營業費用中包括與無形資產減損和我們對 Atomistic 的股權投資相關的 3,010 萬美元的非現金費用。不包括截至 2024 年 6 月 30 日的三個月期間記錄的 3010 萬美元的減值費用，我們截至 2025 年 6 月 30 日的三個月的總運營費用與去年同期相比下降了 320 萬美元（31%），至 710 萬美元，這是自 2020 年以來達到的最低季度水平。截至 2025 年 6 月 30 日的三個月的淨虧損為 770 萬美元，即每股 0.10 美元，而 2024 年同期的淨虧損為 4,060 萬美元，即每股 0.62 美元。

Now for some balance sheet and cash flow highlights. Our cash and cash equivalents position as of June 30, 2025, was $17.5 million, up from $15.2 million as of March 31, 2025. We had a positive working capital position of $20.3 million. As of June 30, 2025, the company continues to have no current or long-term debt obligations outstanding. For the second quarter of 2025, net cash flows used in operating activities was $4.7 million. For the six months ended June 30, 2025, net cash flows used in operating activities was $8.2 million versus $14.4 million for the same period -- for the same six-month period in 2024.

現在來看看一些資產負債表和現金流量的亮點。截至 2025 年 6 月 30 日，我們的現金及現金等價物狀況為 1,750 萬美元，高於 2025 年 3 月 31 日的 1,520 萬美元。我們的營運資金狀況為 2,030 萬美元。截至 2025 年 6 月 30 日，該公司仍無未償還的當前或長期債務。2025 年第二季度，經營活動所用淨現金流為 470 萬美元。截至 2025 年 6 月 30 日的六個月，經營活動所用淨現金流為 820 萬美元，而 2024 年同期為 1,440 萬美元。

Cash used for investing activities for the second quarter of 2025 was just $0.9 million versus $1.2 million in the prior year's period. During the quarter ended June 30, 2025, we received a total of $7.9 million from various financing activities, which primarily included $5 million in net proceeds from the sale of Series B preferred stock to Quanta Computer under the terms of our SPA and $2.8 million in net proceeds from sales of common stock under our ATM program.

2025 年第二季用於投資活動的現金僅 90 萬美元，去年同期為 120 萬美元。在截至 2025 年 6 月 30 日的季度中，我們從各種融資活動中獲得總計 790 萬美元，其中主要包括根據我們的 SPA 條款向廣達電腦出售 B 系列優先股獲得的 500 萬美元淨收益，以及根據我們的 ATM 計劃出售普通股獲得的 280 萬美元淨收益。

Let me close by reiterating that we believe our overall cash position, along with maintaining a disciplined cost structure, further conversions of our finished goods inventories into cash and general business expansion, particularly on the ODM and OEM side and the expected receipt of Quanta tranche 3 funding gives us sufficient runway to execute on our current operating plan well into 2026.

最後，我要重申，我們相信我們的整體現金狀況，以及保持嚴格的成本結構，將我們的成品庫存進一步轉化為現金和一般業務擴張，特別是在 ODM 和 OEM 方面，以及預期收到 Quanta 第三期資金，為我們提供了足夠的跑道來執行我們目前的運營計劃，直至 2026 年。

Thanks, Grant. And with that, I would like to turn the call over to the operator for Q&A.

謝謝，格蘭特。說完這些，我想將電話轉給接線生進行問答。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Tyler Burmeister, Craig-Hallum.

泰勒·伯邁斯特，克雷格·哈勒姆。

Hey, guys, thanks for letting us ask a couple questions. Maybe first off, a point of clarification, I guess. The Tier 1 OEM that you began shipping to, is that with the Quanta partnership? Or is that outside of that? And then just maybe a little bit of an update on Quanta.

嘿，夥計們，感謝你們讓我們問幾個問題。我想，也許首先需要澄清一點。您開始向其發貨的一級 OEM 廠商是與廣達合作的嗎？或者這超出了那個範圍？然後也許只是關於 Quanta 的一些更新。

I think you previously said you expect to have two programs shipping this year, I guess, still on track to get a second one later this year? And then what kind of timeline should we be thinking about for a ramp of these programs? Thanks.

我記得您之前說過，預計今年會推出兩個程序，那麼，今年稍後是否還能推出第二個程序？那麼，我們應該考慮以什麼樣的時間表來推進這些專案呢？謝謝。

The -- good questions, Tyler. First, the program that we actually announced, maybe three months ago or so. I can't remember when it was. It is actually not with Quanta. It's another very large supplier/manufacturer like ODM partner and it's for a company that is making industrial thermal vision systems. And we've already delivered first units to this customer. We expect that business to continue to ramp as we go through the rest of this year and into 2026.

這個問題問得好，泰勒。首先，我們實際上宣布了這個計劃，大概是在三個月前左右。我不記得那是什麼時候了。但實際上，Quanta 的情況並非如此。這是另一家非常大的供應商/製造商，類似於 ODM 合作夥伴，它是一家製造工業熱視覺系統的公司。我們已經向該客戶交付了第一批產品。我們預計，今年剩餘時間和 2026 年，業務將繼續成長。

There's a lot of potential in that particular project. We got irons in the fire with Quanta still. We should see some stuff before the end of this year, but 2026, I think, is where you'll see the bulk of the ramp start to happen with Quanta.

那個特定項目有很大的潛力。我們與 Quanta 的合作仍在繼續。我們應該會在今年年底之前看到一些進展，但我認為，到 2026 年，你會看到 Quanta 的大部分成長開始發生。

Did I get all of those questions?

我是否已經了解了所有這些問題？

Perfect. No, that was perfect. And then maybe outside of Quanta, then on the defense side, we've talked in the past before about the opportunities for OEM work with defense contractors. Maybe just an update there, how those are tracking. What we might expect from those opportunities going forward, too?

完美的。不，那太完美了。然後也許在廣達之外，在國防方面，我們過去曾談過與國防承包商進行 OEM 合作的機會。也許只是更新一下，看看它們是如何追蹤的。我們對於這些未來的機會又有何期待呢？

Yeah, you're going to start to see first-production orders here in the back half of this year. And we have multiple programs that are going on there. And more than one of them actually are at that point where they're starting to sample for production kinds of programs. It's not going to be really significant, but it also will be a heck of a stake in the ground when we start rolling here before the end of this year. And I think there'll be visibility into 2026 as those programs unfold.

是的，您將在今年下半年開始看到首批生產訂單。我們正在那裡開展多個項目。實際上，他們中的許多人已經到了開始為生產類型的程序進行採樣的階段。這雖然不會有什麼重大影響，但當我們在今年年底前開始在這裡開展工作時，這也將是一個重要的里程碑。我認為，隨著這些計畫的展開，2026 年的情況將會明朗。

That's great. And then maybe last one on the cash side of things. You guys have done a pretty good job here of working down your inventory, a little over $3 million in this quarter, down from north of $10 million a year ago. Just wondering how much more is there to go there? What kind of level of inventory would you consider normal operating inventory versus kind of excess inventory that you're still trying to work to monetize? Thanks.

那太棒了。然後也許最後一個是關於現金方面的事情。你們在減少庫存方面做得相當不錯，本季庫存略高於 300 萬美元，而一年前則是 1000 萬美元。我只是想知道還有多少東西可以去那裡？您認為什麼水準的庫存是正常營運庫存，什麼水準的庫存是您仍在努力貨幣化的過剩庫存？謝謝。

I can start to answer that. Grant might want to add a little bit to it. The LX1 is generating some really incredible interest. We have customers that are -- have used the LX1, got an opportunity to expand on it, and do some testing with it. And a bunch of those want to upgrade their M400 fleet of products to the LX1.

我可以開始回答這個問題。格蘭特可能想對此做一點補充。LX1 確實引起了人們極大的興趣。我們有一些客戶已經使用過 LX1，有機會對其進行擴展，並對它進行一些測試。其中許多人希望將其 M400 產品系列升級到 LX1。

But we do have other customers that are finally through qualifications that will start rolling out programs on the M400. And so as the LX1 comes out, you'll see the M400 continue. At some point in time, the M400 will end up being obsolete. But for now, we plan to sell both programs in a parallel path. Inventory levels and the likes, I'll let Grant pick up that one.

但我們確實有其他客戶最終通過了資格審查，並將開始在 M400 上推出程序。因此，隨著 LX1 的推出，您會看到 M400 繼續推出。將來某個時候，M400 將會被淘汰。但目前，我們計劃以並行的方式銷售這兩個項目。庫存水準和類似的東西，我會讓格蘭特來處理。

Yeah, I mean, ideally, we'd like to get it down to $2 million, but that's based on sort of the current-revenue product-sales basis. I mean, as that rises, it's going to increase a little. Plus we're making some changes in our supply chain. We're going to be getting the LX1 from Quanta. So we're not having to buy all the raw materials and handle the WIP. So we'll be buying finished goods. So we hope to better manage it and try to minimize the amount of inventory we've got to carry, but have as much product as possible to respond quickly to customer needs.

是的，我的意思是，理想情況下，我們希望將其降至 200 萬美元，但這是基於當前收入產品銷售基礎的。我的意思是，隨著它的上升，它還會增加一點。此外，我們正在對供應鏈進行一些更改。我們將從 Quanta 購買 LX1。因此我們不必購買所有原料並處理在製品。所以我們將購買成品。因此，我們希望更好地管理它，並嘗試減少我們必須持有的庫存量，但盡可能提供產品以快速回應客戶的需求。

Yeah, I mean we're trying to get our customers into a made-to-order basis. And I think that gets easier once they start to rollout and they see their own needs start to grow and they can project what that need is over time and get those orders into us in advance. So we're not building inventory for a warehouse. We're building for our warehouse. We're building them for their warehouses to go into productive programs.

是的，我的意思是我們正在嘗試讓客戶享受客製化服務。我認為，一旦他們開始推廣，看到自己的需求開始成長，事情就會變得更容易，他們可以預測隨著時間的推移這種需求會是什麼，並提前向我們下訂單。所以我們不會為倉庫建立庫存。我們正在建造倉庫。我們正在為他們的倉庫建造這些設備，以便投入生產計劃。

That's great. That's all for us, guys. Thanks.

那太棒了。夥計們，我們就講到這裡了。謝謝。

Yeah. Thank you, Tyler. I believe that we have a couple of other questions that have come in over the last day or so. And Ed, do you want to --

是的。謝謝你，泰勒。我相信我們在過去一天左右還收到了一些其他問題。艾德，你想--

We do, Paul. One is related to Quanta since we've achieved the hurdles, would you care to comment on when you think that $5 million might be coming in?

是的，保羅。一個與 Quanta 有關，因為我們已經克服了障礙，您是否願意評論一下您認為何時可能獲得 500 萬美元的收入？

I mean, at this point in time, it's only a matter of time, paperwork and the likes. I would suggest before the end of this year, we certainly should see that $5 million in our balance sheet.

我的意思是，目前為止，這只是一個時間、文書工作之類的問題。我認為在今年年底之前，我們肯定會在資產負債表中看到這 500 萬美元。

Okay. And then a little bit of follow-on on the LX1 since it's purpose-built for warehousing and logistics, does that mean we're kind of walking away or giving up on the other market verticals that we've always targeted?

好的。然後對 LX1 進行一些後續關注，因為它是專為倉儲和物流而設計的，這是否意味著我們要放棄我們一直瞄準的其他垂直市場？

Again, I thought that was a great question when it came in. Look, the LX1 was built for warehousing, all-day use. It has charger banks now that are designed to just plug them in, set it in the warehouse, and rotate them through. So there's not cables everywhere. It's not a mess. It's designed to deploy much like the pick by voice systems are today. We basically mirrored what those things look like. So it's not difficult for those organizations to just put them in the warehouse and make them run.

再次，當這個問題出現時，我認為這是一個很好的問題。看，LX1 是為倉儲、全天使用而設計的。現在它有充電器，設計為只需將它們插入，放在倉庫中，然後旋轉即可。因此並不是到處都有電纜。這並不是什麼混亂的事情。它的設計部署方式與現今的語音揀選系統非常相似。我們基本上反映了那些事物的樣子。因此，對於這些組織來說，將它們放入倉庫並使其運作並不困難。

Often, people like to pair the smart glasses with a wrist-mounted barcode scanner. And there's NFC built into the glasses now. So literally, you just bump the handheld scanner -- excuse me, the wrist-mounted scanner against the Zebra-based scanners, by the way, are typically the ones that people use. You just bump it to the side of the glasses and boom, it's paired. You have to bring up screens. You don't have to type in numbers, et cetera, et cetera. I mean this thing was designed to put on and run a race in the warehouse.

人們通常喜歡將智慧眼鏡與腕戴式條碼掃描器配對。現在眼鏡中已經內建了 NFC 功能。所以從字面上看，你只需碰到手持式掃描器 - 對不起，順便說一下，腕戴式掃描器與基於 Zebra 的掃描器通常是人們使用的。你只需將它碰在眼鏡的側面，然後砰的一聲，它就配對了。你必須打開螢幕。您不必輸入數字等等。我的意思是，這個東西被設計用來在倉庫裡進行比賽。

The all-day use case, it's 10 hours' worth of run time with this thing, nonstop, through an entire workday. It's designed to take off and throw it on the counter if you want to, just like the pick by voice systems. They need to be rugged and tough and make it through the day. We've learned a lot from the feedback that we've had from our customers on that side of the house. And we've built in what they want. And the feedback that we've gotten has been nothing, but positive.

全天使用情況，該設備可連續運作 10 小時，持續整個工作日。如果您願意，它可以被取下來並扔到櫃檯上，就像語音揀貨系統一樣。他們需要堅強、堅韌，才能撐過每一天。我們從那邊客戶的回饋中學到了很多。我們已經將他們想要的東西融入其中。我們收到的回饋都是正面的。

So there's been some trepidation on rolling out. It takes a lot more training with an M400 because it really comes more as a kit. This is just put on and go. That said, it's got a beautiful processor on it. It's a longevity processor from Qualcomm. What that means is into the future, there's going to be upgrades and upgrades and upgrades to the operating system. It's a fast processor. It's got a great camera on it. So applications like remote support, applications where you're in an operating theater, all of those applications should still run.

因此，對於推出這項服務，人們有些擔心。使用 M400 需要進行更多的訓練，因為它實際上更像是套件。只需戴上它就可以了。也就是說，它有一個漂亮的處理器。這是高通公司的長壽命處理器。這意味著在未來，作業系統將會不斷升級。它是一個快速的處理器。它上面有一個很棒的相機。因此，遠端支援等應用程式、手術室中的應用程式等都應該繼續運行。

And we have customers there that just can't wait to get their hands on them. But the main use case is this multibillion-dollar warehousing opportunity and it wraps right around our Moviynt software, which is designed to fit hand the glove with it. So it's no longer -- look, we've got great ISVs on that side of the house, too, software partners that their software is already being tested to make sure it runs. And we've had further developments on that front. We've, I think, made an announcement of further rollouts on the M400 that same program is looking to upgrade also to the LX1 and it's all warehousing-based stuff.

我們那裡的顧客已經迫不及待地想要得到它們了。但主要的用例是這個價值數十億美元的倉儲機會，它圍繞著我們的 Moviynt 軟體，該軟體旨在與之完美契合。所以它不再是 - 你看，我們在那邊也有很棒的 ISV，軟體合作夥伴，他們的軟體已經過測試以確保它可以運行。我們在這方面取得了進一步的進展。我認為，我們已經宣布了 M400 的進一步推出，同一計劃也希望升級到 LX1，而且都是基於倉儲的東西。

But the Vuzix Moviynt software, Mobilium, now branded under Vuzix, just plugs in hand of gloves. So you can ship a pair of glasses with the software is on it and it just goes. So it's really centered around warehousing, but there is no reason why it won't stream beautiful streaming two-way communications for remote support applications. It can be used in -- from warehouses right on through to plant floors, but you'll see us doing a lot of push and a lot of focus in the warehousing space, which if it evolves as market and markets expects, could be a $25 billion industry by 2034.

但 Vuzix Moviynt 軟體 Mobilium（現在以 Vuzix 品牌命名）只是戴上手套的手。因此，您可以運送一副裝有軟體的眼鏡，然後您就可以了。因此，它確實以倉儲為中心，但沒有理由不為遠端支援應用程式提供漂亮的串流雙向通訊。它可以用於從倉庫一直到工廠車間，但你會看到我們在倉儲領域做了很多推動和關注，如果它按照市場和市場預期的方式發展，到 2034 年可能成為一個價值 250 億美元的產業。

Maybe as a last question, Paul. In terms of the rollout for the broad market of AI smart glasses, what do you think the biggest technological hurdles are right now to overcome in terms of this market taking off?

也許這是最後一個問題，保羅。就人工智慧智慧眼鏡廣大市場的推廣而言，您認為目前該市場起飛面臨的最大技術障礙是什麼？

I mean the reality of it is weight is one of the biggest issues when it comes to the mass-market-adopting glasses. If you're sitting at home and you're watching movies or something, sitting in your couch is one thing. But when you're out and about walking around, if these things weigh much more than 35, 40 grams, people won't wear it. And if they look a little bit odd even, just a little bit odd even, they won't wear it. They're fashion statements.

我的意思是，事實上，對於大眾市場採用的眼鏡來說，重量是最大的問題之一。如果你坐在家裡看電影或做其他事情，那麼坐在沙發上就是一回事。但是當你外出走動時，如果這些東西的重量超過 35 克、40 克，人們就不會戴它。如果他們看起來有一點點奇怪，哪怕只是有一點點奇怪，他們就不會穿它。它們是時尚宣言。

And so the technology that goes into making that happen is probably the biggest hurdle to deployment of smart glasses with displays in them today. Case in point is Meta with their Ray-Ban offerings. Ray-Ban does not have a display in it for a reason yet, and it's because they don't have waveguides that are priced right and they don't have display engines that can fit in the same space to make them look fast forward enough -- fashion forward enough. Vuzix has the bulk of the answers to solve those problems. And that's, again, part of the reason why Quanta and others are starting to come to us because they see we're on a path to be able to supply and solve those problems.

因此，實現這一目標的技術可能是當今部署帶有顯示器的智慧眼鏡的最大障礙。Meta 及其 Ray-Ban 產品就是一個很好的例子。雷朋眼鏡還沒有配備顯示屏，這是因為他們沒有價格合適的波導，也沒有可以安裝在相同空間內的顯示引擎，讓它們看起來足夠前衛——足夠時尚。Vuzix 擁有解決這些問題的大部分答案。這也是為什麼廣達和其他公司開始與我們合作的部分原因，因為他們看到我們有能力提供並解決這些問題。

I think that's the end of the questions now. I'd like to thank everybody for showing up here for the conference call. It's going to be an exciting rest of this year. Look forward to having everybody along for our next conference call. And thanks, and have a great evening and end of summer, everybody.

我想現在問題就到此為止了。我要感謝大家參加這次電話會議。今年剩下的時間將會是令人興奮的。期待大家參加我們的下一次電話會議。謝謝大家，祝大家有個愉快的夜晚並結束美好的夏天。