Vuzix Corp (VUZI) 2025 Q4 法說會逐字稿

Greetings and welcome to the Vuzix fourth-quarter and full-year, ending December 31, 2025, financial results and business update conference call.

各位來賓，歡迎參加 Vuzix 2025 年第四季及全年（截至 2025 年 12 月 31 日）財務表現及業務更新電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）提醒您，本次通話正在錄音。

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

現在，我想把電話交給 Vuzix 的投資者關係總監 Ed McGregor。麥格雷戈先生，你可以開始了。

Thank you, operator. Good afternoon, everyone. Welcome to the Vuzix 2025 fourth-quarter and full-year, ending December 31, financial results and business update conference call.

謝謝接線生。大家下午好。歡迎參加 Vuzix 2025 年第四季及全年（截至 12 月 31 日）財務業績及業務更新電話會議。

With us today are Vuzix CEO, Paul Travers; and CFO, Grant Russell.

今天與我們在一起的是 Vuzix 的執行長 Paul Travers 和財務長 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. Management may make additional forward-looking statements during the question-and-answer session. Therefore, the company claims the protection of the Safe Harbor for forward-looking statements that are contained in the Private Securities Litigation Reform Act of 1995.

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。管理階層可能會在問答環節發表更多前瞻性聲明。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.

由於某些因素的影響，實際結果可能與任何前瞻性聲明中所設想的結果存在重大差異，這些因素包括但不限於：總體經濟和商業狀況；競爭因素；業務戰略或發展計劃的變化；吸引和留住合格人員的能力；以及法律和監管要求的變化。

In addition, any projections, as to the company's future performance, represent management's estimates, as of today, March 12, 2026. Vuzix assumes no obligation to update these projections in the future, as market conditions change.

此外，任何關於公司未來業績的預測均代表管理層截至 2026 年 3 月 12 日的估計。Vuzix不承擔在未來市場條件改變時更新這些預測的義務。

This afternoon, the company issued a press release announcing its final 2025 results and filed its 10-K with the SEC. Participants in this call who may not already done so may wish to look at those documents, as the company will provide a summary of the results discussed on today's call.

今天下午，該公司發布新聞稿，公佈了其 2025 年最終業績，並向美國證券交易委員會提交了 10-K 表格。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，因為公司將提供今天電話會議上討論的結果摘要。

Today's call may include certain non-GAAP financial measures. When required, reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found in the company's Form 10-K annual filing at sec.gov, which is also available at vuzix.com.

今天的電話會議可能包含某些非GAAP財務指標。如有需要，可在本公司提交給 sec.gov 的 10-K 表格年度文件中查閱根據 GAAP 計算和列報的最直接可比財務指標的調節表，該文件也可在 vuzix.com 上查閱。

I'll now turn the call over to Vuzix's 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 Grant Russell, Vuzix's CFO, who'll provide an overview of the company's fourth-quarter and full-year financial results. After which, we will move on to the Q&A session. Paul?

現在我將把電話交給 Vuzix 的執行長 Paul Travers，他將概述公司的營運表現和業務前景。隨後，Paul 將把電話轉交給 Vuzix 的財務長 Grant Russell，他將概述公司第四季和全年的財務表現。之後，我們將進入問答環節。保羅？

Thank you, Ed. Thanks to everyone for joining us today.

謝謝你，埃德。感謝今天所有到場的各位。

2025 was an important year for Vuzix, as we strengthened our financial discipline, improved the balance sheet, and sharpened the company's focus around our OEM & Waveguide businesses.

2025 年對 Vuzix 來說是重要的一年，因為我們加強了財務紀律，改善了資產負債表，並更加專注於我們的 OEM 和波導業務。

As we enter 2026, Vuzix is moving forward with a clear strategy, focused on the areas where we can create the greatest long-term value. Our strategy is built directly on the core technologies, products, and the capabilities we have developed over many years.

進入 2026 年，Vuzix 正朝著明確的策略穩步前進，專注於能夠創造最大長期價值的領域。我們的策略直接建立在我們多年來開發的核心技術、產品和能力之上。

Vuzix established its position through two closely connected strengths: advanced waveguides and enterprise smart glasses products. Together, those capabilities helped us develop deep technical know-how, real customer experience, and market credibility, while also opening doors with larger organizations seeking a partner that understands not just optics but the full product deployment and support equation.

Vuzix憑藉著兩大緊密相關的優勢確立了其市場地位：先進的波導和企業級智慧眼鏡產品。這些能力共同幫助我們累積了深厚的技術知識、真實的客戶經驗和市場信譽，同時也為尋求合作夥伴的大型組織打開了大門，這些合作夥伴不僅了解外觀，還了解完整的產品部署和支援方案。

That foundation remains highly valuable. We are now building on it in a more focused and strategic way.

該基金會仍然具有很高的價值。我們現在正以更專注和策略性的方式在此基礎上繼續發展。

Going forward, our branded Enterprise Smart Glasses products business remains important and has room for lots of growth over the next five years. It gives us credibility. It gives us real-world customer insight. It helps validate use cases and open doors. But, increasingly, we see it more as a strategic enabler for the larger opportunities ahead.

展望未來，我們的企業智慧眼鏡品牌產品業務仍然非常重要，並且在未來五年內還有很大的成長空間。這能提升我們的信譽。它為我們提供了來自真實世界的客戶洞察。它有助於驗證用例並打開機會之門。但是，我們越來越將其視為未來更大機會的策略推動因素。

Our long-term growth strategy is centered around our engineering services, which has expanded into two growth engines for the company -- OEM products and waveguides -- including the engineering services needed to support them both.

我們的長期成長策略以工程服務為中心，該策略已發展成為公司的兩大成長引擎——OEM 產品和波導——包括支援這兩者所需的工程服務。

The first leg of this strategy is growing our OEM products business across enterprise, defense, and security agencies; and, over time, the broader consumer markets, where Vuzix can deliver complete smart glasses solutions, as well as key optical components.

該戰略的第一階段是發展我們在企業、國防和安全機構的 OEM 產品業務；隨著時間的推移，拓展到更廣泛的消費市場，Vuzix 可以在這些市場提供完整的智慧眼鏡解決方案以及關鍵的光學組件。

The second leg of the strategy is capitalizing on our waveguide technology, where scalable, cost-effective production of advanced waveguides positions Vuzix to play a central role in the next generation of AI and AR-enabled smart glasses.

該策略的第二步是充分利用我們的波導技術，透過可擴展、經濟高效地生產先進波導，使 Vuzix 能夠在下一代人工智慧和擴增實境智慧眼鏡中發揮核心作用。

These two growth engines are closely linked. Our OEM business is built on our core waveguide design and manufacturing technology, as well as the credibility we have earned over many years in enterprise smart glasses.

這兩個成長引擎緊密相連。我們的 OEM 業務建立在我們核心的波導設計和製造技術，以及我們在企業智慧眼鏡領域累積多年的信譽。

Companies do not simply see Vuzix as an optics company with interesting IP. More and more, they see us as a partner that understands how these products need to work in the real operating environments; how customers use them; how they get deployed; and what it takes to support them, successfully, once they are.

各公司並不僅僅將 Vuzix 視為一家擁有有趣智慧財產權的光學公司。他們越來越把我們視為合作夥伴，了解這些產品在實際運作環境中需要如何運作；客戶如何使用它們；如何部署它們；以及部署後如何成功地支援它們。

We believe that credibility is helping create pull for our OEM opportunities that develop around customized solutions for large-scale enterprises. Once we are in those discussions, we quickly see what differentiates Vuzix is our waveguide design know-how, high-volume manufacturing capabilities and, of course, our decades of making smart glasses products that we have developed and offered.

我們相信，信譽有助於吸引人們關注我們圍繞為大型企業客製化解決方案而開發的 OEM 機會。一旦我們進入這些討論，我們很快就會發現 Vuzix 的獨特之處在於我們的波導設計技術、大規模生產能力，當然還有我們數十年來開發和提供的智慧眼鏡產品。

This strategic shift also affects how we think about our own branded products. Historically, Vuzix has designed, built, and sold branded enterprise smart glasses. Going forward, we expect to be more selective in how we invest in that business, rather than broadly funding entirely new enterprise product lines.

這種策略轉變也影響了我們對自有品牌產品的看法。從歷史上看，Vuzix 一直致力於設計、製造和銷售品牌企業智慧眼鏡。展望未來，我們希望在投資該業務方面更加謹慎，而不是廣泛資助全新的企業產品線。

Based primarily on our own market assumptions, we expect a greater portion of future product activity to be driven and funded by OEM customer demand. This demand for specialized AI smart glasses solutions, in some cases, will result in Vuzix branded-offerings, where appropriate.

主要基於我們自身的市場假設，我們預計未來產品活動的更大一部分將由 OEM 客戶需求驅動和資助。在某些情況下，對專業人工智慧智慧眼鏡解決方案的需求將導致 Vuzix 品牌產品的出現（如適用）。

We believe our OEM business will become significant and will result in a more efficient and higher probability path to growth, as smart glasses technology continues to rapidly evolve.

我們相信，隨著智慧眼鏡技術的快速發展，我們的 OEM 業務將變得舉足輕重，並將帶來更有效率、更高機率的成長途徑。

We expect our award-winning Ultralite platform, especially the Ultralite Pro, to be an important driver of that effort. The enterprise, along with the defense and security agency segments, are already taking shape, with active customer programs underway and visible demand emerging.

我們期望我們屢獲殊榮的 Ultralite 平台，特別是 Ultralite Pro，將成為推動這項努力的重要動力。該企業及其國防和安全機構部門已初具規模，積極的客戶計劃正在進行中，並且出現了明顯的市場需求。

In the enterprise OEM area, for instance, we are currently under contract with multiple large brands to develop custom smart glasses devices. One example is with a leading auto manufacturer to design a waveguide-based smart glasses solution for widespread use on their factory floors. We expect a derivative of this solution could carry the Vuzix brand to ultimately be sold into other enterprise market opportunities.

例如，在企業OEM領域，我們目前與多個大品牌簽訂了合同，開發客製化智慧眼鏡設備。例如，我們與一家領先的汽車製造商合作，為其工廠車間廣泛設計基於波導的智慧眼鏡解決方案。我們預期該解決方案的衍生產品最終可能會以 Vuzix 品牌銷往其他企業市場。

Another good example of our expanding enterprise OEM business is Amazon. What began around maintenance use cases and distribution centers using off-the-shelf smart glasses is expanding with a purpose-built pair of AI-driven smart glasses into additional areas that include server farms, warehousing, and robotics-related applications.

亞馬遜是我們不斷拓展的企業OEM業務的另一個很好的例子。最初，智慧眼鏡應用於維護用例和配送中心，現在，隨著專門設計的 AI 驅動智慧眼鏡的應用，智慧眼鏡的應用範圍正在擴展到伺服器叢集、倉庫和機器人相關應用等其他領域。

We believe this expansion in use cases is important because it shows how a single customer deployment can broaden into multiple operational areas, over time, creating a deeper and more strategic relationship.

我們認為，用例的擴展非常重要，因為它表明，隨著時間的推移，單一客戶的部署可以擴展到多個營運領域，從而建立更深入、更具策略性的關係。

On the defense and security agencies OEM side, we continue to see engagement growth, both in the number of active programs and in the maturity of those discussions.

在國防和安全機構的原始設備製造商方面，我們持續看到參與度的增長，無論是活躍項目的數量還是這些討論的成熟度。

Importantly, this is no longer just early-stage outreach. We now have a mix of activity that includes active deliveries, contracted programs, proposal-stage opportunities, and additional programs that should expand, over time.

重要的是，這不再只是早期推廣工作。我們現在開展的活動多種多樣，包括正在進行的專案交付、已簽約的專案、提案階段的機會，以及隨著時間推移應該會擴展的其他專案。

Collins Aerospace is a good example of that progress. We have started receiving production orders, giving us a solid proof point that our defense-related efforts with waveguides and projection engines are translating into real business.

柯林斯宇航公司就是這一進步的一個很好的例子。我們已經開始收到生產訂單，這有力地證明了我們在波導和投影引擎方面的國防相關努力正在轉化為真正的業務。

Beyond Collins, we are now actively engaged in opportunities with multiple government agencies, traditional defense contractors, and emerging new defense players.

除了柯林斯之外，我們現在也積極與多個政府機構、傳統國防承包商和新興國防企業合作。

Overall, we believe our position in defense and government is substantially stronger today than it was a year ago, with a broader opportunity set and clearer paths to opportunities that should ultimately result in production programs.

總體而言，我們認為我們如今在國防和政府領域的地位比一年前要強得多，擁有更廣泛的機會和更清晰的機會路徑，最終應該能夠促成生產項目。

We also believe geopolitics is beginning to change how defense and security agencies think about wearable technology. For example, the battlefield and the broader security environments are evolving quickly.

我們也認為，地緣政治正在改變國防和安全機構對穿戴式科技的看法。例如，戰場和更廣泛的安全環境正在快速變化。

Drones have rapidly become a critical operational tool. Smart glasses are becoming an increasingly useful interface for helping operators see, control, coordinate, and respond in real time.

無人機已迅速成為至關重要的作戰工具。智慧眼鏡正逐漸成為越來越有用的互動介面，可以幫助操作人員即時觀察、控制、協調和回應。

More broadly, secure information access, situational awareness, and AI delivered through wearable displays are becoming increasingly relevant across defense, homeland security, and public safety use cases.

更廣泛地說，透過穿戴式顯示器提供的安全資訊存取、態勢感知和人工智慧在國防、國土安全和公共安全應用案例中變得越來越重要。

We believe this shift in thinking will become an important driver of long-term demand for smart glasses and related head-worn systems.

我們相信，這種思維方式的轉變將成為推動智慧眼鏡及相關頭戴式系統長期需求的重要因素。

That brings me to waveguides. During 2025, we completed the second and third tranches of Quanta's investment, bringing their total strategic investment in Vuzix to $20 million. That was important, not only because of capital for our growth but because it provided meaningful third-party validation of our waveguide roadmap, manufacturing capabilities, and our ability to support future smart glasses programs at scale.

這就引出了波導的問題。2025 年，我們完成了 Quanta 的第二期和第三期投資，使其對 Vuzix 的戰略投資總額達到 2,000 萬美元。這非常重要，不僅因為它為我們的發展提供了資金，還因為它為我們的波導路線圖、製造能力以及我們大規模支持未來智慧眼鏡專案的能力提供了有意義的第三方驗證。

It is very clear that the main reason Quanta invested in Vuzix is to gain access to our high-volume waveguide manufacturing and design capabilities. That said, Quanta is also interested in Vuzix' smart glasses industry expertise. That is another key strategic prize they gained access to with their investments.

很明顯，昆騰投資 Vuzix 的主要原因是為了獲得我們的大規模波導製造和設計能力。也就是說，廣達也對Vuzix在智慧眼鏡產業的專業知識很感興趣。這是他們透過投資獲得的另一項關鍵策略優勢。

We also continued to strengthen our display ecosystem relationships. These relationships matter because the more third-party display partners we can support, the more ways we have to embed our waveguides into wearable products.

我們也持續加強與顯示器生態系統的關係。這些合作關係至關重要，因為我們支援的第三方顯示合作夥伴越多，我們就能以更多方式將我們的波導技術嵌入到穿戴式產品中。

Our recent collaborations with TCL CSOT, (inaudible), Himax, Avegant, and others matter because the industry increasingly recognizes that success in AI glasses and AR glasses will require the right combination of waveguides, display performance, manufacturability, and cost.

我們最近與 TCL CSOT、（聽不清楚）、Himax、Avegant 等公司的合作意義重大，因為業界越來越認識到，人工智慧眼鏡和擴增實境眼鏡的成功需要波導、顯示性能、可製造性和成本的正確組合。

Those pieces have to work together. We believe Vuzix is one of the few companies that can not only supply waveguides that are not only uniquely optimized for a given display but also help design, develop, and build full smart glasses products and system solutions from the ground up.

這些部分必須協同運作。我們相信 Vuzix 是少數幾家不僅能夠提供針對特定顯示器進行獨特優化的波導，而且還能從零開始幫助設計、開發和建造完整的智慧眼鏡產品和系統解決方案的公司之一。

We believe our waveguide business represents the largest long-term opportunity for Vuzix. As display-based smart glasses become a true mass market-computing platform, over time, advanced waveguides will become one of the key enabling technologies.

我們相信，波導業務代表 Vuzix 最大的長期發展機會。隨著基於顯示器的智慧眼鏡成為真正的大眾市場運算平台，隨著時間的推移，先進的波導將成為關鍵的使能技術之一。

In that scenario, the ultimate unit opportunity for waveguides could potentially be enormous. That is why scale matters. That is why manufacturability matters. That is why Quanta matters.

在這種情況下，波導的最終市場機會可能非常巨大。所以規模很重要。這就是為什麼可製造性如此重要。這就是量子力學的重要性。

The waveguide market will not be won by having a good lab prototype. It will be won by having technology that performs; can be produced reliably; and can be cost competitively priced now and more so in the future, as volumes ramp.

擁有一個好的實驗室原型並不能贏得波導市場。要贏得這場競爭，關鍵在於擁有性能優異、生產可靠、且現在就能保持成本競爭力的技術，並且隨著產量的增加，未來更要保持成本競爭力。

Vuzix has spent years building toward exactly that value proposition. We believe the broader consumer smart glasses market is now entering an important new phase.

Vuzix 多年來一直致力於實現這一價值主張。我們認為，更廣泛的消費智慧眼鏡市場現在正進入一個重要的新階段。

Much of the recent growth and attention has been driven by Meta. That has been positive for the industry because it has helped to validate demand and increase awareness.

近期的成長和關注很大程度上是由 Meta 推動的。這對產業來說是件好事，因為它有助於驗證市場需求並提高市場認知度。

But we're also starting to see the early signs of a broader market forming, with additional technology and eyewear players intending to bring products, platforms, and ecosystem support into the category.

但我們也開始看到更廣泛的市場正在形成的早期跡象，越來越多的科技和眼鏡廠商打算將產品、平台和生態系統支援帶入這個領域。

On the Vuzix branded enterprise side, the enterprise markets are becoming more mature and more ROI-driven. Customers are increasingly focused on implementing beneficial solutions that improve workflow efficiency, enable AI-driven hands-free operation, enhance safety, and produce measurable business value.

在 Vuzix 品牌企業端，企業市場正變得越來越成熟，也越來越注重投資報酬率。客戶越來越注重實施有益的解決方案，以提高工作流程效率、實現人工智慧驅動的免手動操作、增強安全性並產生可衡量的商業價值。

Our enterprise products continue to demonstrate that Vuzix understands real workflows, real customers, and their real deployment challenges in maintenance, logistics, warehousing, inspection, and other industrial settings.

我們的企業級產品不斷證明，Vuzix 了解真實的工作流程、真實的客戶以及他們在維護、物流、倉儲、檢驗和其他工業環境中面臨的實際部署挑戰。

We will continue to support and monetize the M400 platform and the recently introduced LX1 to the market.

我們將繼續支援 M400 平台和最近推出的 LX1 平台，並使其獲利。

To be clear, though, the maturity of the enterprise space is providing revenue but, more importantly, opening doors for Vuzix's OEM solutions.

不過要先明確的是，企業市場的成熟不僅帶來了收入，更重要的是，它為 Vuzix 的 OEM 解決方案打開了大門。

Going forward, to support our business, we are allocating a majority of our planned resources and R&D spend toward waveguides, Quanta-related programs, DoD efforts, and funded OEM programs.

展望未來，為了支持我們的業務，我們將把大部分計畫資源和研發支出分配給波導、量子相關計畫、國防部計畫和資助的 OEM 計畫。

This is intentional. We are putting our time, money, and talent behind the areas where we believe Vuzix has its strongest leverage and clearest strategic advantage.

這是故意的。我們將投入時間、金錢和人才，致力於我們認為 Vuzix 擁有最強影響力和最明顯戰略優勢的領域。

I would like to remind everyone that Vuzix has stayed in this market and continued building, when many others, including better-funded players, have stepped back, stumbled, or disappeared. Over that time, we have continued innovating; serving customers; advancing our waveguides and manufacturing capabilities; and building what we believe is a very meaningful intellectual property position.

我想提醒大家，當許多其他公司，包括一些資金較雄厚的公司，都已經退出市場、遭遇挫折或消失的時候，Vuzix 仍然留在市場中並繼續成長。在此期間，我們不斷創新；服務客戶；提升波導和製造能力；並建立我們認為非常有意義的智慧財產權地位。

With more than 500 patents and patents pending worldwide, that investment in innovation represents a significant asset for the company.

公司在全球擁有超過 500 項已獲授權和正在申請的專利，這項創新投資對公司而言是一項重要的資產。

The smart glasses market is now moving in a direction that we believe increasingly values exactly those kinds of capabilities.

我們認為，智慧眼鏡市場目前的發展方向正越來越重視這類功能。

AI is making smart glasses more practical.

人工智慧正在使智慧眼鏡更加實用。

Customers are becoming more specific about what they need.

顧客對自己的需求越來越具體。

Waveguide manufacturability and protected, enabling technologies are becoming more central to success, not less.

波導的可製造性以及受保護的使能技術對於成功而言變得越來越重要，而不是越來越不重要。

We believe that the perseverance Vuzix has shown over these many years has positioned the company to create meaningful long-term value for our shareholders.

我們相信，Vuzix 多年來展現出的毅力，使公司能夠為股東創造有意義的長期價值。

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

接下來，我將把電話交給格蘭特，讓他做財務概覽。授予？

Thank you, Paul.

謝謝你，保羅。

As Ed mentioned, the 10-K we filed this afternoon with the SEC offers a detailed explanation of our annual financials. We're just going to provide you with a bit of color on some of the full-year, as well as quarterly, numbers.

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-K 表格詳細解釋了我們的年度財務狀況。我們將為您簡要介紹一些全年以及季度數據。

For the fourth quarter ended December 31, 2025, we reported $2.2 million in total revenues, as compared to $1.3 million for the fourth quarter of 2024, an increase of 76%. The revenue increase was primarily due to higher unit sales of our M400 smart glasses, as well as significantly higher engineering services sales.

截至 2025 年 12 月 31 日的第四季度，我們報告的總收入為 220 萬美元，而 2024 年第四季為 130 萬美元，成長了 76%。營收成長主要歸功於 M400 智慧眼鏡的銷售增加，以及工程服務銷售額大幅成長。

For the full year ended December 31, 2025, Vuzix reported $6.3 million in total revenues, as compared to $5.8 million for the prior year, an increase of 9%.

截至 2025 年 12 月 31 日的整個財年，Vuzix 報告的總收入為 630 萬美元，而上一年為 580 萬美元，增長了 9%。

Product sales increased by 4% year over year on greater unit sales of our M400 products.

由於 M400 產品銷售量增加，產品銷售額年增 4%。

Sales of engineering services for the year ended December 31, 2025, were $1.6 million, as compared to [$1.3 million] in 2024, an increase of 27%.

截至 2025 年 12 月 31 日止年度，工程服務銷售額為 160 萬美元，而 2024 年為 130 萬美元，成長了 27%。

For the full year ended December 31, 2025, there is an overall gross loss of $1.1 million, as compared to a loss of $5.6 million in 2024. The reduced gross loss for 2025 was primarily a function of significantly lower inventory obsolescence reserves that were included in cost of sales in 2024.

截至 2025 年 12 月 31 日止的整個年度，總毛虧損為 110 萬美元，而 2024 年的虧損為 560 萬美元。2025 年毛虧損減少主要是因為 2024 年計入銷售成本的存貨報廢準備金大幅減少。

Research and development expenses for 2025 rose 31% to $12.6 million, as compared to $9.6 million in 2024. The increase was primarily due to a $2.6 million increase in external development costs on our new LX1 smart glasses, which did not begin shipping until early 2026; and our waveguide products; and a $0.7 million increase of depreciation expense related to underutilized new manufacturing equipment still being optimized before they're placed into full service, partially offset by a $0.9 million decline in non-cash stock-based compensation expense due to the completion of the 2024 Voluntary salary Reduction Program for [equity].

2025 年的研發費用成長 31%，達到 1,260 萬美元，而 2024 年為 960 萬美元。此次成長主要歸因於我們新款LX1智慧眼鏡（預計2026年初開始出貨）和波導產品的外部開發成本增加了260萬美元；以及與尚未全面投入使用的新型生產設備相關的折舊費用增加了70萬美元，這些設備目前利用率較低，仍在優化中。部分成長被2024年自願減薪計畫完成後非現金股票選擇權費用減少90萬美元所抵銷。[公平]。

For the fourth quarter ended December 31, 2025, research and development expenses were $4.5 million, as compared to $2.2 million in the fourth quarter of 2024. The increase, again, was largely driven by higher new product development costs related to the completion of the LX1.

截至 2025 年 12 月 31 日的第四季度，研發費用為 450 萬美元，而 2024 年第四季為 220 萬美元。此次成長主要還是由於 LX1 的完成導致新產品開發成本增加所致。

Sales and marketing costs for all of 2025 fell to $5.5 million from $8.2 million in 2024, a reduction of $2.7 million or 33%. The most significant factors for these expense reductions included a $1.2 million net decrease in bad debt expense; a $0.8 million decrease in cash, salary, and benefits-related expenses, driven by head count decreases; and a $0.5 million decrease in non-cash stock-based compensation expense, primarily due to the completion of the 2024 Voluntary Salary Reduction Program for equity.

2025 年全年的銷售和行銷成本從 2024 年的 820 萬美元降至 550 萬美元，減少了 270 萬美元，降幅達 33%。這些費用減少的最重要因素包括：壞帳費用淨減少 120 萬美元；現金、工資和福利相關費用減少 80 萬美元（主要由於員工人數減少）；以及非現金股票薪酬費用減少 50 萬美元（主要是由於 2024 年自願減薪計劃的完成）。

For the fourth quarter of December 31, 2025, sales and marketing expenses were $1.4 million, as compared to $2 million in the fourth quarter of 2024. The decrease were primarily driven by a $0.4 million reduction in bad debt expense and a $0.2 million decrease in stock-based compensation expense.

截至 2025 年 12 月 31 日的第四季度，銷售和行銷費用為 140 萬美元，而 2024 年第四季為 200 萬美元。下降的主要原因是壞帳支出減少了 40 萬美元，股權激勵支出減少了 20 萬美元。

General and administrative expenses for the full year of 2025 decreased 32% to $11.6 million, as compared to $17.2 million in 2024. The bulk of this decrease was due to a $4.9 million decline in non-cash stock-based compensation expense related to our 2024 Cash Salary Reduction Program in exchange for equity, which ended on April 30, 2025; and the termination of the company's original LTIP, which was canceled on June 16, after shareholder approval.

2025 年全年一般及行政費用下降 32% 至 1,160 萬美元，而 2024 年為 1,720 萬美元。此次下降的主要原因是與我們 2024 年現金薪資削減計劃（以股權換取）相關的非現金股票薪酬支出減少了 490 萬美元，該計劃於 2025 年 4 月 30 日結束；以及公司原有的長期激勵計劃 (LTIP) 的終止，該計劃在股東批准後於 6 月 16 日取消。

For the fourth quarter ended December 31, 2025, general and administrative expenses were $2.3 million, as compared to $4.3 million in the 2024 fourth quarter. The decrease was primarily driven by a decline in non-cash stock-based compensation expense.

截至 2025 年 12 月 31 日的第四季度，一般及行政費用為 230 萬美元，而 2024 年第四季為 430 萬美元。下降的主要原因是無現金股票選擇權費用的減少。

For the fourth quarter ended December 31, 2025, the net loss attributable to common shareholders was $8.7 million or $0.12 per share, as compared to a net loss of $13.7 million or $0.16 per share for the fourth quarter of 2024.

截至 2025 年 12 月 31 日的第四季度，歸屬於普通股股東的淨虧損為 870 萬美元，即每股虧損 0.12 美元，而 2024 年第四季的淨虧損為 1,370 萬美元，即每股虧損 0.16 美元。

For the full year ended December 31, 2025, the net loss attributable to common shareholders were $32.3 million or $0.42 per share, as compared to a net loss of $73.5 million or $1.08 per share for the full year of 2024. Decreased net loss was, in large part, attributable to a $30.1 million impairment loss that was recorded in 2024. Excluding this impairment write-off, the overall net loss for 2025 still improved by over $11 million versus the 2024 year.

截至 2025 年 12 月 31 日止的整個年度，歸屬於普通股股東的淨虧損為 3,230 萬美元，即每股 0.42 美元，而 2024 年全年的淨虧損為 7,350 萬美元，即每股 1.08 美元。淨虧損減少主要歸因於 2024 年確認的 3,010 萬美元減損損失。不計入這筆減損沖銷，2025 年的總淨虧損仍比 2024 年減少了 1,100 萬多美元。

We also ended the year with a stronger balance sheet. Our cash position, as of December 31, 2025, was $21.2 million versus $18.2 million, as of December 31, 2024.

此外，我們年底的資產負債表也更加穩健。截至 2025 年 12 月 31 日，我們的現金餘額為 2,120 萬美元，而截至 2024 年 12 月 31 日，現金餘額為 1,820 萬美元。

We ended 2025 with a net working capital position of $22.3 million; and no current or long-term debt outstanding.

截至 2025 年底，我們的淨營運資本為 2,230 萬美元；且沒有未償付的當前或長期債務。

Inventory levels improved, with our net inventory declining to $2.2 million, as of December 31, 2025, as compared to $4.8 million at the end of 2024.

庫存水準有所改善，截至 2025 年 12 月 31 日，我們的淨庫存下降至 220 萬美元，而 2024 年底為 480 萬美元。

Net cash flows used in operating activities declined to $18.8 million for the year ended December 31, 2025, as compared to $23.7 million for the 2024 year, a decrease of $4.9 million.

截至 2025 年 12 月 31 日止年度，經營活動所用的淨現金流量下降至 1,880 萬美元，而 2024 年為 2,370 萬美元，減少了 490 萬美元。

For all of 2025, we raised $24.4 million from financing activities that consisted of a $10 million of additional investments by Quanta Computer and $14.3 million of net proceeds received from equity sales under our ATM program during the year.

2025 年全年，我們透過融資活動籌集了 2,440 萬美元，其中包括廣達電腦追加投資 1,000 萬美元，以及我們 ATM 計劃下股權出售所得淨收益 1,430 萬美元。

Cash used for investing activities in 2025 was $2.6 million, down, modestly, from $2.9 million in 2024.

2025 年用於投資活動的現金為 260 萬美元，比 2024 年的 290 萬美元略有下降。

Overall, we continue to control and reduce our operating expenses, where possible.

總體而言，我們將繼續盡可能地控制和降低營運費用。

Following a 36% reduction in our cash expenses in '24, resulting primarily from headcount reductions, we held our cash expense growth to just 4% in 2025, despite new product development spending; and better positioning ourselves for general business growth in 2026.

2024 年，由於人員減少，我們的現金支出減少了 36%，儘管有新產品開發支出，但我們 2025 年的現金支出增長仍控制在 4%；並且更好地為 2026 年的整體業務增長做好了準備。

We look forward and remain confident that, management's plans, along with potential further equity sales under ATM program -- of note, we raised an additional $6 million, to date, thus far, in 2026 -- that the company has more than adequate resources to move forward with its operating plan well through into 2027.

我們展望未來，並且仍然相信，管理層的計劃，以及在 ATM 計劃下可能進一步的股權出售——值得注意的是，截至目前，我們在 2026 年已額外籌集了 600 萬美元——公司擁有充足的資源，可以順利推進其運營計劃，直至 2027 年。

With that, I would like to turn the call back over to the operator for Q&A.

接下來，我想把電話轉回接線生進行問答環節。

(Operator Instructions)

（操作說明）

Christian Schwab, Craig-Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Paul, can you just give us an idea of what you expect for 2026? I know we've got this movement in Amazon for purpose-built glasses. It sounds like numerous different opportunities within the defense industry and, hopefully, eventually, Quanta bringing a more meaningful program to the business.

保羅，你能大概說說你對 2026 年的預期嗎？我知道亞馬遜正在興起一股訂製眼鏡的熱潮。聽起來國防工業領域有許多不同的機會，希望最終 Quanta 能為公司帶來更有意義的專案。

Can you give us an idea of what the range of outcomes for '26 revenue would be; and where you think the most significant portion of that revenue will come from?

您能否大致預測一下 2026 年的營收預期範圍？以及您認為其中最重要的收入來源是什麼？

I hate saying it this way. But I'll spit ball a little bit here for you, Christian.

我討厭這樣說。不過，克里斯蒂安，我可以隨便說給你。

You should see the OEM, in particular; and, alongside the waveguide business, start to climb, quarter after quarter, throughout the year. You should see it surpass the revenues on the enterprise -- the pure Vuzix-branded enterprise -- side of our business before the year is up.

您應該特別關注 OEM 業務；並且，與波導業務一樣，全年每季都會持續成長。你應該會看到，在今年結束之前，它的收入將超過我們企業業務（純粹的 Vuzix 品牌企業業務）的收入。

It's an exciting piece of our business, right now. It's pretty amazing how the rate of new programs that we're bidding on -- and that we're winning -- are coming in the front door.

目前，這是我們業務中令人興奮的一部分。令人驚訝的是，我們競標並贏得的新項目數量增長如此之快。

From that side, exciting stuff.

從那邊來看，真是令人興奮的消息。

Amazon is in multiple different areas. It's a custom-built OEM-style device.

亞馬遜的業務遍及多個不同地區。這是客製化的OEM風格設備。

This large car company, we expect should be rolling in through to production by the end of this year, also.

我們預計這家大型汽車公司也將在今年年底前開始投產。

You guys know we put press releases out about Collins. They are in production with Vuzix, right now.

你們都知道我們發布過關於柯林斯的媒體稿。他們目前正在與 Vuzix 合作進行生產。

There's more than a handful of others that are in the queue.

還有好幾個人在排隊呢。

Some of these guys could represent some really significant business for Vuzix, well beyond what 2025 numbers were in the entire enterprise space. But it's going to grow through the year, we expect.

這些客戶中的一些可能會為 Vuzix 帶來非常可觀的業務，遠遠超過 2025 年整個企業領域的預期數字。但我們預計，它在今年會持續成長。

Yeah. You should see us stepping forward, each and every quarter. But this -- it's bumpy, the business, as you guys all know. It's hard for us to predict exactly, other than to say that, it's impossible to miss the fact that there's a wave of OEM business that's coming for Vuzix.

是的。你應該看到我們每個季度都在進步。但是，正如你們所知，這行生意並不好做。我們很難做出準確的預測，但可以肯定的是，Vuzix 即將迎來一波 OEM 業務浪潮。

Following up upon that, when could we see additional orders, whether they start small in '26 and meaningfully expand in '27? Would you anticipate, throughout the course of the year, that we could have three to six announcements regarding orders and go-to-market, with production in 2026? Or is that yet to be seen?

在此基礎上，我們何時才能看到更多訂單？是 2026 年小幅成長，2027 年大幅擴張嗎？您預計今年內我們會發布三到六項關於訂單和上市的公告，並在 2026 年開始生產嗎？或者，這還有待觀察？

I think you would see something like that, Christian.

我想你會看到類似的事情，克里斯蒂安。

I think you'll also see some press releases announcing some great business partnerships that have developed that would not yet need product revenue generating but will be the beginnings of it through the engineering services and work that needs to get done to get it to that point.

我認為你還會看到一些新聞稿宣布一些已經建立的優秀商業夥伴關係，這些夥伴關係目前還不需要產生產品收入，但透過工程服務和為達到那個階段所需完成的工作，這將是其發展的開端。

There's a lot. It should be an exciting year, from the perspective of new business opening up for Vuzix.

有很多。從 Vuzix 開拓新業務的角度來看，這將是令人興奮的一年。

Great. No other questions. Thank you.

偉大的。沒有其他問題了。謝謝。

You're welcome, Christian.

不客氣，克里斯蒂安。

We've actually reached end of our questions session.

我們的問答環節其實已經結束了。

I'd like to turn the floor back over for any further or closing comments.

我想把發言權交還給各位，請大家補充或作總結發言。

Thank you very much, [Kevin]. Thank you, everyone, for joining us today.

非常感謝，[凱文]謝謝各位今天蒞臨。

We believe that Vuzix is entering 2026 with a very clear path to value creation through our OEM programs, events, government opportunities, and advanced waveguide technologies, supported by the enterprise smart glasses foundation that we have built over many years.

我們相信，憑藉我們多年來建立的企業智慧眼鏡基礎，Vuzix 將透過我們的 OEM 項目、活動、政府機會和先進的波導技術，在 2026 年擁有非常清晰的價值創造路徑。

We strive to invest where our advantages are the strongest. We have strengthened strategic relationships. We have improved the structure of the business.

我們力求在自身優勢最強的領域進行投資。我們加強了策略合作關係。我們改進了公司的結構。

We believe the value we have built is becoming clearer, both operationally and strategically.

我們相信，我們所創造的價值，無論從營運層面或策略層面，都變得越來越清晰。

There's still work to do, clearly. But we are encouraged by where we stand and by the direction we're heading.

顯然，還有很多工作要做。但我們對目前所處的位置和前進的方向感到鼓舞。

Thank you, again, for your continued support.

再次感謝您一直以來的支持。

We look forward to updating you, again, next quarter and as 2026 unfolds.

我們期待在下個季度以及2026年到來之際再次向您報告最新情況。

That does conclude today's teleconference and webcast.

今天的電話會議和網路直播到此結束。

You may disconnect your lines at this time.

您可以在此時斷開線路。

Have a wonderful day.

祝您有美好的一天。

We thank you for your participation today.

感謝您今天的參與。