Vuzix Corp (VUZI) 2025 Q3 法說會逐字稿

Greetings and welcome to Vuzix 3rd quarter ending September 30th, 2025. Financial results and business update conference call. (Operator instructions). Now I would like to turn the call over to Ed McGregor, director of investor relations at UI. Mr. McGregor, you may begin.

大家好，歡迎來到 Vuzix 2025 年 9 月 30 日結束的第三季報告。財務績效及業務進展電話會議。（操作說明）現在我想把電話交給愛荷華大學投資者關係總監艾德‧麥格雷戈。麥格雷戈先生，你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the Music's 3rd quarter 2025 ending September 30th. Final results and business update conference call. With us today are Vuzix CEO Paul Travers and CFO Grant Russell.

謝謝接線員，大家下午好。歡迎來到音樂界2025年第三季（截至9月30日）。最終業績及業務進展電話會議。今天來到我們節目現場的是 Vuzix 的執行長 Paul Travers 和財務長 Grant Russell。

Additionally, Chris Parkinson, President of Enterprise Solutions, will be joining for a portion of this call. 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 harbour for forward-looking statements that are contained in the Private Securities Litigation Reform Act of 1995.

此外，企業解決方案總裁克里斯·帕金森也將參加本次電話會議的部分內容。在將電話交給保羅之前，我想提醒各位，在本次電話會議中，管理層的準備發言可能包含前瞻性陳述，這些陳述存在風險和不確定性，管理層也可能在問答環節中發表其他前瞻性陳述。因此，該公司聲稱其前瞻性聲明受到 1995 年《私人證券訴訟改革法案》中「安全港」條款的保護。

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. In addition, any projections as to the company's future performance represent management's estimates as of today, November 13, 2025.

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、業務策略或發展計劃的變化、吸引和留住合格人員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聲明所設想的結果存在重大差異。此外，任何關於公司未來業績的預測均代表管理層截至 2025 年 11 月 13 日的估計。

Music assumes no obligation to update these projections in the future as market conditions change. This afternoon, the company issued a press release announcing its Q3 2025 financial results and filed its 10 with the SEC. So, participants in this call who may not have 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 when required. Reconciliation to the most direct 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 wwwmusic.com.

Music公司不承擔因市場狀況變化而更新這些預測的義務。今天下午，該公司發布新聞稿，宣布其 2025 年第三季財務業績，並向美國證券交易委員會提交了 10 號文件。因此，尚未查閱過這些文件的本次電話會議參與者可能需要查看這些文件，因為公司只會提供今天電話會議上討論的結果摘要。今天的電話會議可能會在必要時包含某些非GAAP財務指標。有關依照公認會計準則計算和列報的最直接可比較財務指標的調節表，請參閱本公司在SEC.gov網站上提交的文件。這些文件也可在wwwmusic.com網站查閱。

We'll 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 then turn the call over to Chris Parkinson, President of the Enterprise Solutions. We'll also briefly discuss developments in the enterprise smart glasses space. We'll then hear from Grant Russell. He's a CFO. We'll provide an overview of the company's third quarter results. After which we'll move on to the Q&A session. Well.

現在我們將把電話交給 Vuzix 執行長 Paul Travers，他將概述公司的營運業績和業務前景。然後，保羅會將電話轉接給企業解決方案總裁克里斯·帕金森。我們也將簡要討論企業智慧眼鏡領域的最新進展。接下來我們將聽聽格蘭特·羅素的發言。他是首席財務官。我們將概述公司第三季的業績。之後我們將進入問答環節。出色地。

Thank you, Ed, and thank you to everyone else joining us today. The race to deliver production ready waveguides and display engines for broad markets is fully underway, and Visix is in it with momentum. Inbound interest from leading ODMs and micro display suppliers has accelerated over the last 12 months, led by Quantum Computer, one of the world's largest ODMs. Just over a year ago, Quantum made an initial $10 million strategic investment to support a long-term waveguide design and supply partnership.

謝謝你，艾德，也謝謝今天到場的各位。面向廣泛市場的量產型波導和顯示引擎的競賽已經全面展開，Visix 也憑藉強勁勢頭加入了這場競賽。在過去 12 個月裡，領先的 ODM 廠商和微顯示器供應商的興趣顯著增加，其中以全球最大的 ODM 廠商之一 Quantum Computer 為首。一年多前，Quantum 公司進行了 1,000 萬美元的初始策略投資，以支持長期的波導設計和供應合作夥伴關係。

We received a second $5 million tranche in June and completed the 3rd $5 million tranche in September after meeting or exceeding the agreed upon manufacturing milestones. This brings Qantas' total investment to $20 million. We are now into discussions with Quanta on how to ramp in a more significant way capacity wise as the AI smart glasses industry begins to accelerate much further. Both of us want to be primed and ready to deliver.

我們在 6 月收到了第二筆 500 萬美元的款項，並在 9 月完成了第三筆 500 萬美元的款項，因為我們達到了或超過了約定的生產里程碑。這使得澳航的總投資額達到2,000萬美元。隨著人工智慧智慧眼鏡產業開始進一步加速發展，我們目前正在與廣達科技探討如何以更顯著的方式提高產能。我們倆都想做好充分準備，全力以赴。

We also announced two new display ecosystem partnerships in Q3, one with TCL ChinaStar optoelectronics Technology, to develop an integrated AR optical solution that combines our high transparency, production ready waveguides with their micro LED display engines, initially a monochrome green module with a roadmap to full colour in 2026, and another with Reflux.

我們在第三季度還宣布了兩項新的顯示生態系統合作夥伴關係，一項是與 TCL 中國星光電技術有限公司合作，開發一種集成的 AR 光學解決方案，該方案將我們高透明度、可量產的波導與其微型 LED 顯示引擎相結合，最初是一個單色綠色模組，計劃在 2026 年實現全彩顯示；另一項是與 Reflux 合作。

To co-develop next generation Aar display engines pairing their high brightness mono green micro LEDs with our waveguides targeting a reference design and ultimately full colour mass producible optical solutions. Beyond these public announcements, we've signed NDAs with multiple other ODMs, micro display makers, and consumer electronics brands seeking a capable, cost-effective waveguide supplier. Put simply, demand for high-quality colour waveguides continues to rise, and Vuzix is making sure it is well positioned to serve it.

共同開發下一代 Aar 顯示引擎，將他們的高亮度單色綠色微型 LED 與我們的波導相結合，目標是參考設計，並最終實現全彩大規模生產的光學解決方案。除了這些公開聲明之外，我們還與多家其他 ODM、微型顯示器製造商和消費性電子品牌簽署了保密協議，這些公司都在尋找有能力、有成本效益的波導供應商。簡而言之，對高品質彩色波導的需求持續成長，Vuzix 正在確保自身能很好地滿足這項需求。

In parallel, our OEM and defense business continues to accelerate and active programs, engagements, and revenue, and our ties with prime contractors continues to deepen. We are now transitioning into production deliveries of the waveguides and display engines for a lightweight heads up display for fielded military personnel with revenue contribution beginning in Q4 this year.

同時，我們的 OEM 和國防業務持續加速發展，活躍的專案、合作和收入不斷增長，我們與主要承包商的關係也持續加深。我們現在正逐步過渡到輕型抬頭顯示器的波導和顯示引擎的生產交付，該顯示器將用於一線軍事人員，預計今年第四季開始產生收入。

We also have secured, as previously announced, a six-figure development order for a new program that was received and expected to be delivered in Q4. And finally, a third program is advancing pending a display engine modification that Vuzix needs to make to support the high dynamic range required for that unique application. On the enterprise side, which currently accounts for the majority of revenue, AI enabled smart glasses.

正如先前宣布的那樣，我們還獲得了一筆價值六位數的新項目開發訂單，該訂單已收到，預計將在第四季度交付。最後，第三個項目正在推進中，因為 Vuzix 需要對顯示引擎進行修改，以支援該獨特應用所需的高動態範圍。在企業方面（目前佔收入的大部分），人工智慧智慧眼鏡發揮了重要作用。

Are driving a new wave of interest as customers bring us their specific operational challenges. We've seen a real shift from push to pull. Customers now are coming to Music with specific workflows and ROI targets and asking us to help deliver for them. A good example of this is Amazon. As we disclosed in May of this year, Amazon is using Vuzix’ssmart glasses to support reliability and maintenance engineering teams with see what I see capabilities to reduce cost, speed repairs, and improve safety in large scale logistics facilities. That program, which started in Europe, has now entered commercial rollout in the US and Canada, with discussions underway to expand to additional regions.

客戶向我們提出他們具體的營運挑戰，這引發了新一輪的興趣。我們已經看到市場格局從推動轉向拉動。現在，客戶帶著具體的工作流程和投資報酬率目標來到音樂領域，希望我們幫助他們實現這些目標。亞馬遜就是一個很好的例子。正如我們在今年 5 月所揭露的那樣，亞馬遜正在使用 Vuzix 智慧眼鏡來支援可靠性和維護工程團隊，使其能夠看到我所看到的景象，從而降低成本、加快維修速度並提高大型物流設施的安全性。該計劃最初在歐洲啟動，目前已在美國和加拿大進行商業推廣，並正在討論擴展到其他地區。

Business units and use cases and as a result, we expect this business to grow materially with Vuzix delivering more and more custom M400 kits for them as they scale. Overall, business and revenue momentum is increasing in Q4 as quarter to date revenue and purchase order obligations have already exceeded Q3 levels, with both our OEM wave guide and products business performing well.

業務部門和用例，因此，我們預計隨著 Vuzix 為他們提供越來越多的客製化 M400 套件，隨著業務規模的擴大，這項業務將實現實質成長。總體而言，第四季度業務和收入動能正在增強，截至目前，季度收入和採購訂單義務已超過第三季水平，我們的 OEM 波導和產品業務均表現良好。

Finally, our waveguide development efforts are not only focused on cost effective high volume manufacturing, but we are developing advanced high index materials that are designed to deliver on the future performance requirements that this industry is going to demand as the industry matures. We will have more to share on this in 2026 as these new developments unfold, but you can imagine technology that revolves around all the way to silicon carbide waveguide solutions.

最後，我們的波導開發工作不僅專注於成本效益高的批量生產，而且我們還在開發先進的高折射率材料，旨在滿足該行業成熟後未來對性能的要求。隨著這些新進展的展開，我們將在 2026 年分享更多相關信息，但您可以想像一下，這項技術將圍繞碳化矽波導解決方案展開。

In September, we welcomed Dr. Chris Parkinson, co-founder and former Chief Technology Officer and CEO of Realware, as President of Vuzix Enterprise Solutions business. Chris's mandate spans the entire enterprise stack product portfolio and roadmap, solutions architecture, sales, strategic partnerships, customer adoption, and global channels.

9 月，我們迎來了 Realware 的共同創辦人兼前技術長兼執行長 Chris Parkinson 博士，擔任 Vuzix 企業解決方案業務總裁。Chris 的職責範圍涵蓋整個企業級產品組合和路線圖、解決方案架構、銷售、策略合作夥伴關係、客戶採用和全球通路。

So we can capture the clear measurable value smart glasses deliver in the enterprise, higher productivity, faster time to resolution, better safety, and more consistent quality. Chris's leadership of our enterprise business also frees me to double down on core wave guide and optical technology, the defense business, and strategic development funding opportunities. Ensuring we solidify being the supplier of choice for brands and prime contractors with the Made in USA operations.

因此，我們可以清楚地看到智慧眼鏡為企業帶來的可衡量價值，例如更高的生產力、更快的解決問題速度、更好的安全性和更穩定的品質。Chris 對我們企業業務的領導也讓我更專注於核心波導和光學技術、國防業務以及策略發展資金機會。透過美國製造的生產方式，鞏固我們作為品牌和主要承包商首選供應商的地位。

Of course we also have our eye on Asian operations for some of our high-volume broad market programs. His arrival coincides with the formal introduction of the LX1, our purpose-built warehouse ready voice and vision smart glasses designed for full shift duty and fast time to productivity. Early customer feedback has been excellent, and Chris is already engaging with multiple key accounts that will shape this market. And with that, I'm delighted to introduce you all to Chris Parkinson. Chris.

當然，我們也關注亞洲市場，並計劃在亞洲開展一些大批量、覆蓋面廣的項目。他的到來恰逢 LX1 的正式推出，LX1 是我們專為倉庫環境打造的語音和視覺智慧眼鏡，旨在滿足全班工作需求並快速提高生產力。早期客戶回饋非常好，克里斯已經開始與多個將塑造這個市場的重要客戶進行接洽。接下來，我很高興地向大家介紹克里斯·帕金森。克里斯。

Thank you Paul and thank you investors for allowing me to share a little about myself and what I'm up to at Vuzix. I've been in the enterprise wearable space since 2007 and have been watching with increased interest the evolution of smart glasses over the last few years. We've seen an amazing improvement in displays and optics, a steady miniaturization of electronics, better batteries and power efficient operating systems, and we've seen an increased awareness and desire by the enterprise to want wearables.

謝謝保羅，也謝謝各位投資人允許我向大家介紹我自己以及我在 Vuzix 的工作。我從 2007 年就開始從事企業穿戴式裝置領域，並且在過去幾年裡一直密切關注著智慧眼鏡的發展。我們看到顯示器和光學技術取得了驚人的進步，電子元件不斷小型化，電池效能提升，作業系統更加節能高效，企業對穿戴式裝置的認識和需求也日益增強。

But one problem has continued to plague the industry, the user interface for hands-free systems, causing a barrier for wide-scale adoption. But about 2 years ago, AI burst into our space to solve this overnight. With AI comes the natural language interface, and almost immediately those clumsy devices can become eminently usable at scale. Just talk to the device and it works.

但有一個問題一直困擾著這個產業，那就是免持系統的使用者介面，這阻礙了其大規模普及。但大約兩年前，人工智慧突然闖入我們的領域，一夜之間解決了這個問題。人工智慧帶來了自然語言介面，幾乎立刻，那些笨拙的裝置就能大規模地變得非常實用。只要跟裝置對話，它就能運作。

This huge convergence of technology over the last few years has left me eager to continue to be a part of the smart glasses revolution. But not as a customer to a waveguide company, but rather part of the company that owns the building blocks of that future, and that's the music's opportunity for me plus, of course, the music's made in America story is such a strong message that just makes sense in the enterprise sales area.

過去幾年科技的巨大融合讓我更加渴望繼續參與智慧眼鏡革命。但不是作為波導公司的客戶，而是作為擁有未來基石的公司的一部分，這就是音樂帶給我的機會。當然，「美國製造的音樂」這個概念本身就傳遞著強烈的訊息，這在企業銷售領域是完全合理的。

As I've only been on board at Vuzix for about 2 months, but I already feel I'm hitting the ground running. We are rebuilding the sales motion of music, building on the work performed by the teams today and adding procedure, accountability and discipline to the way we go to market. That means working with trusted software partners to identify and assemble solutions, working with trusted resellers to educate, train, and help them scale their businesses, and to enhance the reputation and quality of B's products in the field.

雖然我加入​​ Vuzix 只有大約 2 個月的時間，但我已經感覺自己很快就進入了工作狀態。我們正在重建音樂銷售模式，在現有團隊工作的基礎上，為我們的市場推廣方式增加流程、問責制和紀律。這意味著與值得信賴的軟體合作夥伴合作，尋找和組裝解決方案；與值得信賴的經銷商合作，教育、培訓並幫助他們擴大業務規模；以及提升 B 公司產品在該領域的聲譽和品質。

This is by no means a small feat, but the end justifies the effort. Done well, we will have an army of people around the world eager, excited, and incentivized to sell Music's products and customers that are happy with the value that Vuzix brings. And byproducts, we are talking about the M400, maybe long in the tooth for some, but actually a really solid device. We are seeing sales pick up at the moment, and I believe this device, when positioned correctly, has strong legs through 2026.

這絕非易事，但結果證明一切努力都是值得的。如果做得好，我們將擁有一支遍布全球、充滿熱情、積極進取的隊伍來銷售 Music 的產品，並讓客戶對 Vuzix 帶來的價值感到滿意。副產品方面，我們指的是 M400，對某些人來說可能已經過時了，但實際上它是一款非常可靠的設備。目前我們看到銷量正在回升，我相信，如果定位正確，這款設備在 2026 年之前都將保持強勁的成長勢頭。

And of course we have the LX1 coming out very soon, not to replace the M400, but to sit side by side as a portfolio of devices. Choose your model lightweight M400 or rugged LX1 with integrated all-day battery.

當然，我們很快就會推出 LX1，它不是為了取代 M400，而是為了與 M400 一起構成一個完整的產品組合。選擇您的型號：輕巧的 M400 或堅固耐用的 LX1（內建全天候電池）。

They make a very strong pairing, giving customers a choice to own what they need. And what of the Ultralight Pro? This is one device I'm really excited about, but it was never designed to be an end product. It's a platform to see an industry which I am looking forward to helping to deliver on.

它們搭配起來非常完美，讓顧客可以選擇擁有自己需要的東西。那麼 Ultralight Pro 呢？我對這款設備感到非常興奮，但它最初的設計目的並非作為最終產品。這是一個讓我了解產業的平台，我期待能為這個產業的發展貢獻力量。

So I'd love to tell you more, but I feel I'm going to get in trouble if I do that. So, needless to say though, I'm actually very buzzed about these products, very buzzed about the story and the portfolio we're building. It's exactly why I'm here at Vuzix. With that said, I'll hand the microphone over to Grant for the financial overview.

我很想告訴你更多，但我覺得這樣我會惹上麻煩。所以，毋庸置疑，我對這些產品感到非常興奮，對我們正在建立的故事和產品組合感到非常興奮。這正是我來到 Vuzix 的原因。接下來，我將把麥克風交給格蘭特，讓他做財務概覽。

Thank you, Chris. As Ed mentioned, the 10 we filed this afternoon with the SEC offers a detailed explanation of our quarterly financials. I'm just going to provide you with a bit of colour and some of the quarterly numbers.

謝謝你，克里斯。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 號文件詳細解釋了我們的季度財務狀況。我只想給你們一些細節資訊和一些季度數據。

Our third quarter, 2025 revenue was $1.2 million, down 16% year over year due to decreased sales of our M400 smart glasses. Engineering services revenues recognized were $0.3 million for the three months ended September 30th, 2025 versus $0.4 million in the prior year's period. The decrease was primarily due to the timing of work on a major project, and we have a strong pipeline for Q4 currently expected.

由於 M400 智慧眼鏡的銷量下降，我們 2025 年第三季的營收為 120 萬美元，年減 16%。截至 2025 年 9 月 30 日止三個月，確認的工程服務收入為 30 萬美元，去年同期為 40 萬美元。下降的主要原因是某個重大專案的進度安排，我們目前預計第四季將有強勁的專案儲備。

There was an overall gross loss of $0.4 million for the three months ended September 30th, 2025 as compared to a gross loss of $0.3 million for the same period in 2024. The larger growth loss was primarily the result of lower product sales to absorb our relatively fixed manufacturing overheads.

截至 2025 年 9 月 30 日的三個月，總毛虧損為 40 萬美元，而 2024 年同期毛虧損為 30 萬美元。較大的成長損失主要是由於產品銷售額下降，無法彌補我們相對固定的製造成本。

Research and development expense was $2.9 million for the three months ended September 30th, 2025 as compared to $2.3 million for the comparable 2024 period, an increase of approximately 26%, primarily due to $0.3 million increases in both external development costs for new products and appreciation expenses. A $0.2 million dollar increase in cash compensation. Salary expenses, all partially offset by a $0.4 million dollar decrease in non-cash stock-based compensation expense.

截至 2025 年 9 月 30 日止三個月，研發費用為 290 萬美元，而 2024 年同期為 230 萬美元，成長約 26%，主要原因是新產品的外部開發成本和增值費用增加了 30 萬美元。現金補償增加 20 萬美元。薪資支出全部被非現金股票選擇權費用減少 40 萬美元部分抵銷。

Sales and marketing expense was $1.1 million for the three months ended September 30th, 2025, as compared to. $1.8 million for the comparable 2024 period, a decrease of approximately 35%. This reduction was largely due to a $0.3 million decrease in bad debt expense, a $0.2 million recovery of previously written off bad debt and a $0.2 million decrease in non-cash stock compensation expense.

截至 2025 年 9 月 30 日止三個月的銷售和行銷費用為 110 萬美元，而 2024 年同期為 180 萬美元，下降了約 35%。這項減少主要是由於壞帳支出減少了 30 萬美元，收回了先前已核銷的壞帳 20 萬美元，以及非現金股票補償支出減少了 20 萬美元。

General administrative expense for the three months ended September 30th, 2025 was $2.6 million versus $4.3 million for the comparable 2024 period, a decrease of approximately 41%. The reduction in total G&A expenses was primarily due to a $1.8 million decrease in non-cash stock-based compensation expense, which was driven by the cancellation of the company's original LTP.

截至 2025 年 9 月 30 日止三個月的管理費用為 260 萬美元，而 2024 年同期為 430 萬美元，減少了約 41%。總一般及行政費用的減少主要是由於非現金股票選擇權費用減少了 180 萬美元，而這又是由於公司取消了原有的長期激勵計劃 (LTP) 所致。

Plan approved by the stockholders in June 2025. Total operating expenses for the three-month ended September 30, 2025, declined $1.8 million or 20% to $7.1 million versus the prior year's period of $9 million the lowest quarterly level achieved since 2020. The net loss for the three months ended September 30th, 2025 was $7.4 million or $0.99 per share versus the net loss of $9.2 million or $0.14 per share for the same period in 2024.

該計劃於 2025 年 6 月獲得股東批准。截至 2025 年 9 月 30 日止三個月，總營運支出下降 180 萬美元，降幅 20%，至 710 萬美元，而上年同期為 900 萬美元，這是自 2020 年以來達到的最低季度水準。截至 2025 年 9 月 30 日的三個月淨虧損為 740 萬美元，即每股虧損 0.99 美元，而 2024 年同期淨虧損為 920 萬美元，即每股虧損 0.14 美元。

Our cash and cash equivalent position as of September 30th, 2025 was $22.6 million, up from $17.5 million as of June 30th, 2025, and we had a positive working capital position of $24.3 million. As of September 30th, 2025, the company continues to have no current or long-term debt obligations outstanding.

截至 2025 年 9 月 30 日，我們的現金及現金等價物為 2,260 萬美元，高於 2025 年 6 月 30 日的 1,750 萬美元，我們的營運資金為 2,430 萬美元。截至 2025 年 9 月 30 日，該公司仍無任何未償付的短期或長期債務。

For the third quarter of 2025, net cash flows used in operating activities was $5 million versus $5.3 million for the comparable 2024 period. For the nine months ended September 30th, 2025, net cash flows used in operating activities was $13.3 million versus $19.7 million for the same period in 2024. A decrease of $6.5 million cash used for investing activities for the third quarter of 2025 was $0.5 million versus $0.3 million in the prior year's quarterly period. During the third quarter of 2025, we received a total of $10.6 million from various financing activities. Which primarily included the final tranche of $5 million.

2025 年第三季度，經營活動使用的淨現金流量為 500 萬美元，而 2024 年同期為 530 萬美元。截至 2025 年 9 月 30 日的九個月，經營活動使用的淨現金流量為 1,330 萬美元，而 2024 年同期為 1,970 萬美元。2025 年第三季用於投資活動的現金減少了 650 萬美元，而去年同期為 30 萬美元。2025 年第三季度，我們透過各種融資活動共收到 1,060 萬美元。其中主要包括最後一筆 500 萬美元。

From the sale of Series D preferred stock to quantum Computer and $5.3 million in net proceeds from the sale of common stock under our ATM program, total financing activities for the nine months ending September 30th, 2025 was $19.8 million. 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, inventory into cash, and general business expansion, particularly on the ODM and OEM side.

截至 2025 年 9 月 30 日的九個月內，我們透過向 Quantum Computer 出售 D 系列優先股以及透過 ATM 計畫出售普通股獲得 530 萬美元淨收益，融資活動總額為 1,980 萬美元。最後，我想重申，我們相信我們的整體現金狀況，並保持穩定。嚴格的成本結構，進一步將我們的成品、庫存轉化為現金，以及整體業務擴張，尤其是在 ODM 和 OEM 方面。

And potential future use of our ATM program gives us sufficient one-way to execute on our current operating plan through 2026. With that, I would like to turn the call over to the operator for Q&A.

而我們 ATM 計劃未來的潛在用途，為我們提供了足夠的單向資金，使我們能夠執行目前的營運計劃直至 2026 年。接下來，我將把電話交給接線生進行問答環節。

(Operator instructions).

（操作說明）

Christian Schwab with Craig Hallum Capital Group.

Christian Schwab，Craig Hallum Capital Group 成員。

Great, thanks for taking my questions. I just wanted to start with [quanta] and potential your conversation about having conversations with them to ramp capacity even further. I think previously you've said you had capacity for a million waveguides a year. I mean. Should we assume that you know when CES comes and somebody you know some people introduce their products that there's high hopes for substantial volume I'm just trying to understand that statement a little bit better.

太好了，謝謝你回答我的問題。我只是想先從[quanta]開始，探討一下與他們進行對話，以進一步提高產能的可能性。我記得你之前說過你們每年有能力生產一百萬個波導管。我是說。我們是否可以假設你知道 CES 展會何時到來，以及你認識的某些人會推出他們的產品，並且對銷售抱有很高的期望？我只是想更好地理解這句話。

Yeah, Christian, thanks for asking the question. It's a good one. There are multiple programs that we're working on with our friends from Quanta right now. There'll be 3, maybe 4 new glasses presented, I think, at the Consumer Electronics Show. The forward momentum in this space Quanta has inbound all over the place of which I don't know all of it frankly. They don't share their, they're a very conservative company when it comes to who their customers even are, but there is a big pressure on being able to ramp to much significant, more significant volumes than what we can do the $1 million per year out of our plant here in Rochester and actually the very initial.

是的，克里斯蒂安，謝謝你提出這個問題。這是個好主意。我們目前正在與 Quanta 的朋友合作開發多個專案。我認為，在消費電子展上將會推出 3 款，或許 4 款新的眼鏡。坦白說，我並不完全了解 Quanta 在這個領域的發展勢頭。他們不願透露客戶訊息，對於客戶是誰，他們是一家非常保守的公司。但是，他們面臨著巨大的壓力，需要將產量提高到比我們羅徹斯特工廠每年 100 萬美元的產量（實際上只是最初的產量）要高得多的水平。

Input or communications between us and Quanta was how do we get to the point to where we can make millions a year. If you think about the size of this business, right, ultimately, these glasses could replace the form and when that happens it's 1 billion or 2 waveguides a year that'll be needed. So yes, we are in discussions about the best way, where to do it and how to get it done so that the volumes can ramp much more significantly than what we have here in Rochester.

我們與 Quanta 之間的溝通或交流的重點是，我們如何達到每年賺取數百萬美元的目標。如果你想想這個產業的規模，沒錯，最終，這些眼鏡可能會取代現有的眼鏡形式，而當這種情況發生時，每年將需要 10 億到 20 億個波導管。所以，是的，我們正在討論最佳方案、地點和完成方式，以便產量能夠比我們在羅徹斯特的產量大幅提升。

I will say that the Rochester plant is easily expanded. However, I also think there's supply chain issues that need to be addressed. There’re issues associated with tariffs these days that need to get looked at least for North American versus rest of the world markets. And so there's a whole lot of discussions about the best way to go from where we are today to where we need to be over the next year.

我想說的是，羅徹斯特工廠很容易擴建。但是，我認為也存在一些需要解決的供應鏈問題。如今，關稅問題需要加以研究，至少需要比較北美市場與世界其他地區的市場。因此，大家就如何從我們目前的狀況過渡到未來一年我們需要達到的目標展開了廣泛的討論。

And following up on that, how long, these discussions in the early stages, or do you think, you're down the path to find is that something that we're going to hear about in the next 1 to 2 quarters, how those discussions and or is it yet to be determined how long that may take?

那麼，關於這個問題，這些討論目前處於早期階段，需要多長時間？或者您認為，我們是否會在未來 1 到 2 個季度聽到相關消息？這些討論會持續多久？或者，這些討論需要多長時間還有待確定？

I think people got to hold their breath just a little bit. We're working through the process. I would suggest that it takes time to bring up new lines, so it's sooner rather than later, but I can't comment on, well, in Q1 you should see this happen and then in Q3 this should be happening. Sorry about that. I wish I could put a sharper schedule and plan in place for you. I believe that as the next few quarters unfold, this will get way obvious though. We'll be able to share a whole lot more.

我覺得大家都屏住了呼吸。我們正在按流程進行。我認為推出新產​​品線需要時間，所以應該不會太晚，但我無法評論具體時間，例如第一季應該會出現這種情況，第三季應該會出現這種情況。抱歉。我真希望我能為你制定一個更完善的日程安排和計劃。我相信，隨著接下來幾季的展開，這一點會變得非常明顯。我們將能夠分享更多資訊。

Right. And then just, another question regarding the defense industry. Can you guys, I know we've talked about, a six-figure development order, with a leading US defense contractor in the past, but. As these types of programs, ramp, what do you think you'll be able to give, greater clarity, on, volume ramping in a more measurable pace.

正確的。然後，還有一個關於國防工業的問題。各位，我知道我們之前和一家美國領先的國防承包商談過一筆六位數的開發訂單，但是…隨著這類專案的推進，你認為你能提供什麼，更清晰的指導，以及更可衡量的進度提升。

So, we're on the same page here, Christian. We have development programs here in Q4 and we are shipping production waveguides in Q4.

所以，我們在這點上意見一致，克里斯蒂安。我們在第四季有研發項目，並且在第四季度開始交付生產用波導。

So these programs are going into production, looking forward to being able to announce exactly, but you will see in our Q4 revenue numbers that our OEM business is bigger certainly than it's been in a while, and a portion of that's related to production rollout, not a proof of concept and not another development project, but there's also some of that in there too. 2026, this one particular program that is. Obviously off to the races, we should know a whole lot more here early in the year how that's going to unfold through 26 and 27 and into the future. But it's real production now. We're not. Next week they might get there. This is production.

所以這些項目正在投產，我們期待能夠確切地宣布，但您會從我們第四季度的營收數據中看到，我們的OEM業務規模肯定比以往任何時候都大，其中一部分增長與量產推廣有關，而不是概念驗證或另一個開發項目，但其中也包含一些概念驗證或另一個開發項目。 2026年，指的是這個特定的項目。顯然，比賽已經開始了，我們應該在年初就能更清楚地了解26、27年以及未來幾年比賽的走向。但現在是真正的生產了。我們不是這樣。他們下週或許就能到達那裡。這是生產過程。

Great. And then as 2026 unfolds, how do you potentially see the defense, contractor customer base expanding and will we see, other customers go into production in calendar 2026 in your expectation?

偉大的。那麼，隨著 2026 年的到來，您認為國防和承包商客戶群可能會如何擴張？我們是否會在 2026 年看到其他客戶投入生產？

This development program that we have is going to happen really fast. It's with a partner we've already had some level of success with, and the project is just waiting for the new waveguide. So that one should happen fairly quickly. So, we might have two programs rolling in production in 206.

我們所製定的這項發展計劃將會迅速推進。我們與之前的合作夥伴已經取得了一定的成功，現在這個計畫只等新的波導到位了。所以這件事應該很快就會發生。所以，我們可能會在 206 年推出兩個新項目。

There's another one that needs to have a design change to an engine that Music has to have done, and we're in the process of doing that. It's got to force a display to do something that it wasn't really designed for, but it can do it. We have zero doubt about that. It's just we got to get through the engineering on that, and that's going to be the one that's been a hang up for that particular program getting into production.

還有另一個引擎需要進行設計更改，這是音樂部門必須做的，我們正在進行這項工作。它必須強迫顯示器做一些它原本並非設計用來做的事情，但它可以做到。我們對此毫不懷疑。問題在於我們需要解決工程方面的問題，而這正是該程序進入生產階段的癥結所在。

And that's the tip of the spear. There are some programs, other programs that we have that are contracted that we'll be able to share a whole lot more about here in Q1 and after this sequestration or with the continuing resolution happens and people actually go back to work at the US government. Some of that's been holding some of these things up, including some of our ability to make announcements.

而這只是冰山一角。有一些項目，還有一些我們已經簽約的項目，我們將在第一季以及這次預算削減或持續撥款決議通過、人們真正回到美國政府工作之後，與大家分享更多相關資訊。有些事情因此耽擱了，包括我們發布一些公告的能力也受到了影響。

Okay perfect no other questions thank you.

好的，沒問題了，謝謝。

At this point I would like to turn the call back over to Paul Travers.

現在我想把電話轉回給保羅·特拉弗斯。

We did have a couple of other questions come in that I thought might be germane to the conversation for everybody, and one of them does relate to the Amazon program. The Amazon program actually has been around for some time now. They've been perfecting on how they use our glasses and I don't know if you noticed, but if you're paying attention, you can see that Amazon robots, human in the loop, the use of glasses to help solve problems around some of the things that they're doing is all over the place at Amazon.

我們也收到了一些其他問題，我認為這些問題可能與大家的討論有關，其中一個問題確實與亞馬遜專案有關。亞馬遜的這個計畫其實已經存在一段時間了。他們一直在不斷改進如何使用我們的眼鏡，我不知道你有沒有註意到，但如果你仔細觀察，你會發現亞馬遜的機器人、人機協作、使用眼鏡來幫助解決他們正在做的一些事情中的問題，在亞馬遜到處都有應用。

And our glasses are being used today In fulfilment and warehouses, not for the picking actually, but for the maintenance and keeping the equipment up and where there's human in the loop relations between robots and humans kinds of stuff. And they're expanding that now that was started in Europe. They've expanded it throughout North America and it's now being moved.

如今，我們的眼鏡被用於物流配送和倉庫中，實際上不是用於揀貨，而是用於維護和保持設備正常運轉，以及人機互動等環節。他們現在正在擴大這項起源於歐洲的業務。他們已將其擴展到整個北美，現在正在遷移。

This is a brand new component to their data centres to keep all those AI server farms and Amazon Web Services and the likes up and operational. They're even looking at janitorial surfaces for the glasses, and on top of that, Amazon Web Services has an AI component that they're doing that they're looking at potentially putting that with the glasses to enable even more all-day use case kinds of applications. So, Amazon could be significant. It's off to a really good start and it's finally rolling for V6.

這是他們資料中心的一個全新元件，用於保持所有人工智慧伺服器叢集、亞馬遜網路服務等服務的正常運作。他們甚至在研究眼鏡的清潔表面，除此之外，亞馬遜網路服務還有一個人工智慧組件，他們正在考慮將其與眼鏡結合起來，以實現更多全天候使用場景的應用。所以，亞馬遜可能意義重大。開局非常順利，V6 終於要上市了。

The other question I think Christian, I kind of answered it about what happened follow on with our expectations around our partners Quanta, and then there was one other question about gross margins. I will say that it's a balancing thing.

另一個問題，我想克里斯蒂安，我已經回答了，是關於我們對合作夥伴廣達的預期之後發生的事情，然後還有一個關於毛利率的問題。我認為這是一種平衡問題。

The new stuff that we're doing like the LX1, its margin models are better just out of the gate. The stuff that we do in defense typically is much higher margin than what we would do on, something on the enterprise product side of the house. So, in general, the product mix in 2026, you should start to see higher margins in the product side of the house.

我們正在研發的新產品，例如 LX1，它的利潤率模型從一開始就表現得更好。我們在國防領域所做的工作，其利潤率通常比我們在企業產品領域所做的工作要高得多。因此，總體而言，到 2026 年，產品組合方面，你應該會看到產品方面的利潤率更高。

So that's the questions today. I'd like to again thank everybody for coming to our call today. It's really starting to get to be exciting at Vuzix. We've said this before, but the train is leaving the station. We look forward to sharing a whole lot more here, as all this stuff unfolds. Thanks again, everybody. Have a nice evening.

今天的問題就這些。我再次感謝大家今天參加我們的電話會議。Vuzix 的發展真是越來越令人興奮了。我們之前說過，火車即將駛離車站。隨著事態發展，我們期待在這裡與大家分享更多。再次感謝大家。祝你今晚愉快。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。您可以暫時斷開線路，感謝您的參與。