Vuzix Corp (VUZI) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Vuzix Corporation first-quarter 2026 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded.

各位好，歡迎參加 Vuzix Corporation 2026 年第一季財務業績電話會議。（接線員指示）提醒各位，本次通話將被錄音。

I would now like to turn the call over to Ed McGregor, Director of Investor Relations at Vuzix. Mr. McGregor, please go ahead.

現在我想把電話交給 Vuzix 投資人關係總監 Ed McGregor。McGregor 先生，請開始。

Thank you, operator, and thank you, everyone, for joining us today. Welcome to the Vuzix Corporation first-quarter 2026 financial results conference call. With us today are Vuzix CEO, Paul Travers; and our CFO, Grant Russell.

謝謝接線員，也謝謝各位今天加入我們。歡迎參加 Vuzix Corporation 2026 年第一季財務業績電話會議。今天與會的有 Vuzix 執行長 Paul Travers，以及我們的財務長 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 for 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.

在我把電話交給 Paul 之前，我想提醒各位，本次電話會議中，管理層的事先準備發言可能包含前瞻性陳述，該等陳述受風險與不確定性影響；且管理層也可能在問答環節中作出額外的前瞻性陳述。因此，公司主張適用《1995 年私人證券訴訟改革法案》（Private Securities Litigation Reform Act of 1995）中關於前瞻性陳述的「安全港」保護。由於若干因素，實際結果可能與任何前瞻性陳述所預期者存在重大差異，包括但不限於：整體經濟與商業狀況、競爭因素、商業策略或發展計畫的變更、吸引與留任合格人員的能力，以及法律與監管要求的變更。

In addition, any projections as to the company's future performance represent management's estimates as of today, May 14, 2026. Vuzix assumes no obligation to update these projections in the future as market conditions change.

此外，任何關於公司未來表現的預測，均代表管理層截至今日（2026 年 5 月 14 日）的估計。隨著市場狀況變化，Vuzix 不承擔未來更新這些預測的義務。

This afternoon, the company issued a press release announcing its Q1 2026 financial results and filed its 10-Q 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 provide a summary of the results discussed on today's call.

今天下午，公司發布新聞稿公告其 2026 年第一季財務結果，並向美國證券交易委員會（SEC）提交了 10-Q。因此，尚未查閱上述文件的本次電話會議與會者，可能希望閱讀這些文件，因為公司將就今日電話會議所討論的結果提供摘要。

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 www.vuzix.com.

今日電話會議可能包含若干非 GAAP 財務衡量指標。在需要時，與依 GAAP 計算並呈列之最直接可比財務衡量指標的調節表，可於 sec.gov 上公司提交的 Form 10-K 年度申報文件中查閱，亦可於 www.vuzix.com 取得。

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 then turn the call over to Grant Russell, Vuzix CFO, who will provide an overview of the company's first quarter financial results, after which we'll move on to the Q&A session. Paul?

現在我把電話交給 Vuzix 執行長 Paul Travers，他將概述公司的營運結果與業務展望。接著 Paul 會把電話交給 Vuzix 財務長 Grant Russell，由他概述公司第一季財務結果，之後我們將進入問答環節。Paul？

Thank you, Ed, and thanks to everyone for joining us today. With our first quarter of 2026 behind us and as we have shared previously, Vuzix continues to drive forward with a clear strategy focused around two primary growth engines for the company, OEM products and waveguides. We believe these are areas where we can create the greatest long-term value for Vuzix. Importantly, many of these OEM and waveguide opportunities begin as customer-funded engineering and development programs. We believe this creates a more capital-efficient path towards long-term production opportunities while allowing Vuzix to leverage the technology, manufacturing and customer relationships we have spent years building.

謝謝你，Ed，也謝謝各位今天加入我們。隨著 2026 年第一季告一段落，且如我們先前所分享，Vuzix 持續以清晰的策略向前推進，聚焦於公司兩大主要成長引擎：OEM 產品與波導。我們相信這些領域能為 Vuzix 創造最大的長期價值。重要的是，許多 OEM 與波導機會一開始是由客戶出資的工程與開發專案。我們相信，這能在通往長期量產機會的道路上，形成更具資本效率的路徑，同時讓 Vuzix 得以運用我們多年來建立的技術、製造能力與客戶關係。

This strategy is built directly on the core technologies, products and capabilities we have developed over the last several decades. Vuzix established its position through two closely connected strengths. Advanced waveguides and designing and selling 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.

這項策略直接建立在我們過去數十年所發展的核心技術、產品與能力之上。Vuzix 透過兩項緊密相連的優勢建立其地位：先進波導，以及設計與銷售企業級智慧眼鏡產品。這些能力共同協助我們累積深厚的技術專業、真實的客戶經驗與市場可信度，同時也為我們打開與更大型組織合作的大門；這些組織尋求的合作夥伴不僅理解光學，也理解完整的產品部署與支援等整體解決方案。

Since the beginning of 2026, our announcements have not been isolated updates. They show a progression of ecosystem validation, product readiness, customer expansion, defense and OEM momentum and broader waveguide partner engagement.

自 2026 年初以來，我們的公告並非零散的更新，而是展現了生態系驗證、產品就緒度、客戶擴張、國防與 OEM 動能，以及更廣泛的波導合作夥伴參與的逐步進展。

The first leg of our growth strategy is centered around the OEM products business across enterprise, defense, security and ultimately, broader consumer markets. We are particularly excited that we'll begin shipping initial EVT-based OEM orders in Q2 for the new Ultralight Pro platform-based smart glasses to Amazon to support the business outcomes and operational challenges presented by the rapid adoption of AI and data center expansion.

我們成長策略的第一大支柱，聚焦於 OEM 產品業務，涵蓋企業、國防、安全，並最終延伸至更廣泛的消費市場。我們特別振奮的是，我們將於第二季開始向 Amazon 出貨基於新 Ultralight Pro 平台、以 EVT 為基礎的初始 OEM 訂單，以支援 AI 快速採用與資料中心擴張所帶來的業務成果與營運挑戰。

At the same time, Amazon's reliability and maintenance engineering teams use of the Vuzix M400 smart glasses continues to expand to support fulfillment center operations worldwide. Our custom M400 kit for Amazon ensures fulfillment center machinery, robotics, conveyors and automation equipment run safely and efficiently.

同時，Amazon 的可靠度與維護工程團隊對 Vuzix M400 智慧眼鏡的使用持續擴大，以支援全球各地的履約中心營運。我們為 Amazon 客製的 M400 套件可確保履約中心的機械設備、機器人、輸送帶與自動化設備安全且高效率地運作。

In addition to Amazon, we're also working with a leading auto manufacturer where Vuzix is developing a waveguide-based smart glasses solution for widespread use on their factory floor operations. We recently delivered initial units to this customer to support operational evaluation and workflow validation activities within active manufacturing environments and look forward to the next phase of the relationship. We expect derivative versions of this platform could ultimately support broader enterprise market opportunities under the Vuzix brand, and we are currently evaluating that option.

除 Amazon 之外，我們也正與一家領先的汽車製造商合作，Vuzix 正為其開發一套基於波導的智慧眼鏡解決方案，以在其工廠現場作業中廣泛使用。我們近期已向該客戶交付初始機種，以支援在實際製造環境中的營運評估與工作流程驗證活動，並期待關係進入下一階段。我們預期該平台的衍生版本最終可在 Vuzix 品牌下支援更廣泛的企業市場機會，目前我們正在評估此選項。

Within defense, we continue to see growing momentum as wearable displays, advanced optics, AI-assisted visualization and drone-related applications become increasingly important. Recently, we announced that we had received a six-figure development order from a Tier 1 defense supplier supporting the design of a next-generation waveguide-based head-mounted display system intended for military applications and future production deployment.

在國防領域，隨著穿戴式顯示器、先進光學、AI 輔助視覺化以及與無人機相關的應用日益重要，我們持續看到動能增強。近期我們宣布，已收到一家一級（Tier 1）國防供應商的六位數開發訂單，用以支援設計下一代、基於波導的頭戴式顯示系統，該系統旨在用於軍事應用並在未來進行量產部署。

In addition, a program with Collins Aerospace is moving into production as evidenced by a recently received six-figure order for waveguide-based AR display systems to support drone-based applications. We currently expect order volumes associated with this program to continue to increase throughout the year. Another project slated to kick off shortly is a 7-figure program for U.S.-based next-generational waveguide design and manufacturer funded by the U.S. Department of Defense.

此外，與 Collins Aerospace 的一項計畫正邁入量產階段，近期我們收到一筆六位數訂單，採購基於波導的 AR 顯示系統以支援無人機相關應用。我們目前預期，與該計畫相關的訂單量將在全年持續增加。另一個預計不久後啟動的專案，是一項由美國國防部資助、金額達七位數的計畫，用於美國本土的下一代波導設計與製造。

Overall, we believe our position within defense and government opportunities is substantially stronger today than it was even just three months ago. The broader engagement, including several active RFPs, clearer pathways towards production programs and increasing interest tied to secure U.S.-based manufacturing capabilities.

整體而言，我們相信，今日我們在國防與政府機會中的地位，較三個月前已顯著更強。更廣泛的參與度（包括多項進行中的 RFP）、更清晰的量產計畫路徑，以及與美國本土安全製造能力相關的興趣提升。

Geopolitics is changing how defense and security agencies think about wearable technology. Drones have rapidly become a critical operational tool as smart glasses and HUDs are becoming an important interface for real-time situational awareness, coordination, visualization and secure information delivery. 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. We believe these trends will become an important driver of long-term demand for advanced wearable systems and waveguide-based display.

地緣政治正在改變國防與安全機構對穿戴式科技的思考方式。無人機迅速成為關鍵的作業工具，而智慧眼鏡與抬頭顯示器（HUD）正成為即時態勢感知、協同、視覺化與安全資訊傳遞的重要介面。更廣泛而言，透過穿戴式顯示器提供的安全資訊存取、態勢感知與 AI，正日益與國防、國土安全與公共安全等使用情境相關。我們相信，這些趨勢將成為先進穿戴式系統與基於波導顯示的長期需求的重要驅動力。

The second major leg of our strategy is capitalizing on our waveguide technology where scalable, cost-effective production of advanced waveguides position Vuzix to play a central role in the next generation of AI-enabled smart glasses. Over the past year, we have continued strengthening our position through our strategic relationship with Quanta Computer, which is building the infrastructure for what should be meaningful revenue-generating opportunities surrounding Vuzix waveguides as a strategic supplier to Quanta and their customer ecosystem.

我們策略的第二大支柱，是把握我們的波導技術機會；可擴展且具成本效益的先進波導量產能力，使 Vuzix 有望在下一代 AI 賦能智慧眼鏡中扮演核心角色。過去一年，我們透過與廣達電腦（Quanta Computer）的策略關係持續強化自身地位；廣達正在建構相關基礎設施，使圍繞 Vuzix 波導、作為廣達及其客戶生態系策略供應商的機會，有望帶來具意義的營收成長。

The microdisplay industry is witnessing tremendous investment and innovation as the race to support the AI smart glasses ecosystem accelerates. For Vuzix, the opportunity is not to bet on a single display technology, but rather to support and enable multiple display technologies that we believe could become important over time. Including LCOS, laser-based displays and microLED technologies. 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.

微顯示器產業正見證大量投資與創新，因支援 AI 智慧眼鏡生態系的競賽正在加速。對 Vuzix 而言，我們的機會不是押注單一顯示技術，而是支援並賦能多種我們認為可能隨時間變得重要的顯示技術，包括 LCOS、雷射式顯示與 microLED 技術。這些關係之所以重要，是因為我們能支援的第三方顯示合作夥伴越多，就有越多方式將我們的波導嵌入穿戴式產品之中。

As Vuzix is one of the few companies with both advanced waveguide design expertise and scalable manufacturing capabilities, we continue nurturing and expanding our relationship across the broader display ecosystem. These collaborations, which have resulted in as many as a dozen custom waveguide designs in the last 24 months currently include TCL, Saphlux, Himax, Avegant, RayPrus, Redoxlens, among others. This matters because the industry increasingly recognizes that success in AI glasses will require the right combination of waveguides, display performance, manufacturability and cost.

由於 Vuzix 是少數同時具備先進波導設計專業與可擴展製造能力的公司之一，我們持續在更廣泛的顯示生態系中培育並擴大合作關係。這些合作在過去 24 個月已促成多達十餘款客製波導設計，目前合作對象包括 TCL、Saphlux、Himax、Avegant、RayPrus、Redoxlens 等。這之所以重要，是因為產業日益認知到，AI 眼鏡的成功將需要波導、顯示效能、可製造性與成本之間的正確組合。

We believe the waveguide business represents the single largest long-term opportunity for Vuzix. As near-eye display-based smart glasses evolve towards becoming a true mass market computing platform over time, advanced waveguides will become one of the key enabling technologies supporting that transition. That is why scale matters. That is why manufacturability matters, and that is why Quanta matters as a world-leading contract manufacturer.

我們相信，波導業務代表 Vuzix 單一最大的長期機會。隨著基於近眼顯示的智慧眼鏡隨時間演進，逐步成為真正的大眾市場運算平台，先進波導將成為支援此一轉型的關鍵使能技術之一。這就是為什麼規模很重要。這就是為什麼可製造性很重要，而這也是為什麼作為世界領先的委外製造商，廣達很重要。

As part of preparing for that next phase of growth, we're continuing to expand and optimize our manufacturing and development infrastructure in Rochester, New York. During the quarter, we continued expanding our plant floor manufacturing capacity to better support the increasing number of OEM, defense and waveguide development programs now moving through the company. These ongoing upgrades are designed to improve throughput, reduce development cycle times, minimize manufacturing changeovers and allow Vuzix to manage multiple advanced programs simultaneously as a broader set of opportunities move towards production.

作為為下一階段成長做準備的一部分，我們持續在紐約州羅徹斯特擴充並優化我們的製造與開發基礎設施。本季度期間，我們持續擴增廠房生產線的製造產能，以更好地支援目前在公司內推進的日益增加的 OEM、國防以及波導開發專案。這些持續進行的升級旨在提升產出效率、縮短開發週期時間、將製造換線降至最低，並使 Vuzix 能夠在更廣泛的機會邁向量產之際，同時管理多個先進專案。

We are also in the process of expanding and consolidating additional advanced waveguide tooling and development capabilities into the Rochester facility. This includes the relocation of our advanced etching equipment that was acquired from a Silicon Valley-based entity last spring. Bringing these capabilities closer to our core optical science and engineering teams is expected to improve development speed, process integration and next-generation waveguide research activities.

我們也正在擴充並整合更多先進的波導製程工裝與開發能力至羅徹斯特廠區。這包括將我們於去年春季自一家矽谷實體收購的先進蝕刻設備遷移至該廠。預期將這些能力更貼近我們核心的光學科學與工程團隊，可提升開發速度、製程整合，以及下一代波導研究活動。

In addition, during Q1, we completed the on-site construction of a new and more capable chemistry laboratory focused on advancing the materials used within our waveguide manufacturing process. This effort is being led by our newly added PhD-level chemistry team and is focused on improving polymer formulations, advanced in printing materials and better matching material properties to the next generation of high-performance waveguide substrates. These investments continue to strengthen our position as one of the few companies combining advanced waveguide design expertise with scalable manufacturing capabilities in the United States.

此外，在第一季期間，我們完成了新建且更具能力的現場化學實驗室，專注於推進我們波導製造流程中所使用的材料。此項工作由我們新加入的博士級化學團隊主導，重點在於改良聚合物配方、先進（印刷）材料，並使材料特性更符合下一代高效能波導基板。這些投資持續強化我們作為美國少數同時具備先進波導設計專業與可擴展製造能力之公司的地位。

Ultimately, the waveguide manufacturing market will not be won by simply demonstrating a strong laboratory prototype or hero samples as known within our industry. It will be won by having technology that performs, can be produced reliably and can scale cost effectively to support the needs of the large volume customers. Vuzix has spent years building towards that exact position.

最終，波導製造市場的勝出者，不會僅靠展示強而有力的實驗室原型或在本產業中所稱的「英雄樣品」。勝出將取決於擁有性能優異、可可靠量產，且能以具成本效益的方式擴大規模以滿足大批量客戶需求的技術。Vuzix 多年來一直在打造正是這樣的定位。

The broader consumer smart glasses market is now entering an important new phase. AI is making smart glasses more practical. Customers are becoming more specific about what they need with additional technology companies, platform providers and eyewear brands bringing products, software platforms and ecosystem support into the category and advanced waveguide manufacturing, scalable optics and protected enabling technologies are becoming increasingly central to success. That is why the emergence of platforms such as Google's Android XR and similar ecosystem initiatives are important. The market is increasingly evolving from a device story into a platform and ecosystem story.

更廣泛的消費型智慧眼鏡市場如今正進入一個重要的新階段。AI 正讓智慧眼鏡更具實用性。隨著更多科技公司、平台供應商與眼鏡品牌將產品、軟體平台與生態系支援帶入此類別，客戶對需求也變得更具體；而先進波導製造、可擴展光學與受保護的關鍵使能技術，正日益成為成功的核心。這也是為什麼像 Google 的 Android XR 等平台以及類似的生態系倡議之出現很重要。市場正日益從「裝置」的故事演變為「平台與生態系」的故事。

Emerging technology markets often move through cycles of early enthusiasm, consolidation and infrastructure build-out before real commercial adoption begins to scale. We believe the smart glasses market has now entered that next phase. Vuzix has remained committed to this market through multiple technology cycles while continuing to invest in innovation, waveguide technology, manufacturing capabilities, customer relationships and intellectual property.

新興科技市場往往會經歷早期熱潮、整併以及基礎設施建置等循環，之後真正的商業採用才開始擴大規模。我們相信智慧眼鏡市場如今已進入下一階段。Vuzix 在多個技術循環中始終致力於此市場，同時持續投資於創新、波導技術、製造能力、客戶關係與智慧財產權。

Today, with more than 500 patents and patents pending worldwide, we believe those investments position Vuzix well for the direction this industry is now moving. As AI-enabled smart glasses move from concept towards broader adoption, we believe the consistency of our execution and our long-term commitment to this market can become increasingly important drivers of shareholder value.

目前，我們在全球擁有超過 500 件專利與專利申請中案件，我們相信這些投資使 Vuzix 能夠很好地掌握本產業目前的發展方向。隨著 AI 賦能的智慧眼鏡從概念走向更廣泛的採用，我們相信我們執行的一致性以及對此市場的長期承諾，將日益成為推動股東價值的重要動力。

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

接下來，我將把電話會議交給 Grant 進行財務概覽。Grant？

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，Paul。如 Ed 所提到的，我們今天下午向美國證券交易委員會（SEC）提交的 10-Q，對我們的季度財務提供了詳細說明。因此我只會就部分季度數字補充一些背景說明。

Our first quarter 2026 total revenues was $1.4 million, down 12% year-over-year versus $1.6 million in 2025. Product sales decreased primarily due to lower sales of our M400. Engineering services revenues were $0.35 million for the three months ended March 31, 2026, versus $0.26 million in the prior year's period, an increase of 36%. There was an overall gross loss of $0.4 million for the three months ended March 31, 2026, as compared to a gross loss of $0.3 million for the same period in 2025. The increased gross loss was primarily due to lower total sales versus the prior year's period that resulted in less absorption of our relatively fixed manufacturing costs.

我們 2026 年第一季總營收為 140 萬美元，較 2025 年的 160 萬美元年減 12%。產品銷售下滑主要是因為我們 M400 的銷售較低。截至 2026 年 3 月 31 日止三個月的工程服務收入為 35 萬美元，相較於前一年同期的 26 萬美元，增加 36%。截至 2026 年 3 月 31 日止三個月的整體毛損為 40 萬美元，相較於 2025 年同期的毛損 30 萬美元。毛損增加主要是因為總銷售額較前一年同期降低，導致我們相對固定的製造成本吸收較少。

Research and development expense was $3 million for the three months ended March 31, 2026, compared to $2.6 million for the comparable 2025 period, an increase of approximately 16%. The higher R&D expense was largely due to a $0.4 million increase in wage costs related to headcount increases and a $0.2 million increase in depreciation related to new waveguide manufacturing equipment currently being used primarily for R&D purposes, less a $0.2 million decrease in external development costs.

截至 2026 年 3 月 31 日止三個月的研發費用為 300 萬美元，較 2025 年同期的 260 萬美元增加約 16%。研發費用較高主要是因人員增加帶來的薪資成本增加 40 萬美元，以及目前主要用於研發用途的新波導製造設備所致折舊增加 20 萬美元，部分被外部開發成本減少 20 萬美元所抵銷。

Sales and marketing expense was virtually flat for the three months ended March 31, 2026, as compared to the same period in 2025, an increase of approximately 1% to just over $1.55 million. General and administrative expenses for the three months ended March 31, 2026, was $2.1 million versus $4 million for the comparable 2025 period, a decrease of approximately 46%. The overall decline was primarily due to a $1.7 million decrease in noncash stock-based compensation expense related to the termination and cancellation of prior equity incentive plans.

截至 2026 年 3 月 31 日止三個月的銷售與行銷費用與 2025 年同期幾乎持平，約增加 1% 至略高於 155 萬美元。截至 2026 年 3 月 31 日止三個月的一般與行政費用為 210 萬美元，相較於 2025 年同期的 400 萬美元，約減少 46%。整體下降主要是因與終止及取消先前股權激勵計畫相關的非現金股票基礎給付費用減少 170 萬美元。

Total operating expenses for the three months ended March 31, 2026, declined by 20% to $6.8 million versus the prior year period of $8.5 million. For the first quarter ended March 31, 2026, the net loss attributable to common shareholders was $7.1 million or $0.09 per share as compared to a net loss of $8.6 million or $0.11 per share for the first quarter of 2025.

截至 2026 年 3 月 31 日止三個月的總營業費用下降 20% 至 680 萬美元，低於前一年同期的 850 萬美元。就截至 2026 年 3 月 31 日止第一季而言，歸屬於普通股股東的淨損為 710 萬美元或每股 0.09 美元，相較於 2025 年第一季的淨損 860 萬美元或每股 0.11 美元。

Now for some balance sheet and cash flow highlights. Our cash and cash equivalents position as of March 31, 2026, was $20.2 million, and our net working capital position was $20.8 million. For the quarter ended March 31, 2026, the net cash flow used for operating activities was $5.6 million as compared to $3.5 million in the prior year's period. As of March 31, 2026, the company continues to have no current or long-term debt obligations outstanding. Cash flow used for investing activities for the first quarter of 2026 was $1.2 million versus $0.8 million in the prior year's period.

接著是一些資產負債表與現金流重點。截至 2026 年 3 月 31 日，我們的現金及約當現金為 2,020 萬美元，淨營運資金為 2,080 萬美元。截至 2026 年 3 月 31 日止季度，用於營運活動的淨現金流出為 560 萬美元，相較於前一年同期的 350 萬美元。截至 2026 年 3 月 31 日，公司仍無任何流動或長期未償債務。2026 年第一季用於投資活動的現金流出為 120 萬美元，相較於前一年同期的 80 萬美元。

Cash flows provided from our financing activities during the three months ended March 31, 2026, was $5.8 million versus $1.3 million in the first quarter of 2025, all primarily the result of net proceeds from sales of common stock under our ATM facility.

截至 2026 年 3 月 31 日止三個月，融資活動提供的現金流入為 580 萬美元，相較於 2025 年第一季的 130 萬美元；上述金額主要皆來自我們在 ATM（隨市發行）機制下出售普通股所取得的淨收益。

Let me close by again reiterating that we believe our overall cash position, along with maintaining disciplined cost structure, general business expansion, particularly on the ODM and OEM side and judicious use of our ATM facility will collectively give us sufficient runway to execute our current operating plan well into 2027.

最後我再重申一次：我們相信我們整體現金部位，加上維持嚴謹的成本結構、一般業務擴張（特別是在 ODM 與 OEM 端），以及審慎運用我們的 ATM 機制，將共同為我們提供足夠的資金跑道，使我們能將目前的營運計畫順利執行至 2027 年。

With that, I'd like to turn the call over to the operator.

接下來，我想把電話會議交給接線員。

(Operator Instructions)

（接線員指示）

There are no questions at this time. And I'd like to turn the call back to Paul Travers for closing remarks.

目前沒有提問。我想把電話會議交回給 Paul Travers 作結語。

Again, everybody, thank you so much for joining us on the call today. Vuzix is continuing to position ourselves for the next major phase of the market for smart glasses and advanced optics. We're building the company around what we believe are the two most important long-term opportunities in the industry, smart glasses and advanced waveguide technologies. We believe the overall market environment is continuing to improve. We see our business accelerating on OEM program after OEM program, which is why we've made these upgrades to our plant floor.

再次感謝各位今天加入我們的電話會議。Vuzix 正持續為智慧眼鏡與先進光學市場的下一個主要階段做好定位。我們正圍繞我們認為本產業兩個最重要的長期機會來打造公司：智慧眼鏡與先進波導技術。我們相信整體市場環境持續改善。我們看到我們的業務在一個又一個 OEM 專案上加速推進，這也是我們對廠房生產線進行這些升級的原因。

We're having entertaining and actually receiving seven-figure programs, which you'll hear more about here as the summer unfolds. Obviously, Amazon is becoming a great partner that continues to roll product into their operations.

我們正在洽談並且實際上也正在收到百萬美元等級的專案，隨著夏季展開，你們將會聽到更多相關消息。顯然，Amazon 正成為一個很棒的合作夥伴，並持續將產品導入其營運之中。

While we still believe the industry remains in the relatively early stages, it is very exciting to be where we are today after all these years. The business is coming, and it's going to be an exciting follow of the year. We remain focused on disciplined execution, strategic growth opportunities and continue to build long-term shareholder value.

雖然我們仍認為產業仍處於相對早期階段，但在經歷這麼多年後能走到今天的位置，令人非常振奮。業務正在到來，而且今年接下來將會非常精彩。我們仍專注於嚴謹執行、策略性成長機會，並持續打造長期股東價值。

Just as a reminder, our Annual Shareholders Meeting is coming up on June 16. We look forward to all those that want to come. It should be a nice event. We'll have some great demos and some new stuff to show at folks. Thanks again, everybody, and have a nice evening.

提醒一下，我們的年度股東大會將於 6 月 16 日舉行。我們期待所有想來參加的人。這應該會是一場很棒的活動。我們會有一些很棒的展示，也會有一些新東西要給大家看。再次感謝各位，祝各位晚安。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線，並感謝您的參與。