ROCHESTER, N.Y.—Vuzix Corporation (NASDAQ: VUZI), a supplier of smart glasses and augmented reality (AR) technologies and products, has reported its fourth quarter and full year financial results for the year ended December 31, 2023. Total revenues were $12.1 million, an increase of 2 percent over the comparable period in 2022. The increase in revenues for the year was due to higher sales of smart glasses. Sales of engineering services for the year ended December 31, 2023, were modestly higher at $1.4 million as compared with $1.3 million in the same period of 2022.

The net loss for the full year ending December 31, 2023 was $50.1 million, compared with a net loss of $40.8 million or $0.64 for the same period in 2022. Net cash flows used in operating activities for 2023 was $26.3 million, as compared with the prior year's total of $24.5 million.

"In 2023, Vuzix made important advancements in our product development, core technologies and manufacturing, all of which uniquely position Vuzix to play an important role in the expectation to become multibillion dollar AR smart glasses market," said Paul Travers, president and CEO of Vuzix. "We have also completed the expansion of our waveguide manufacturing capabilities and moved equipment into a dedicated manufacturing space. At the same time, we've expanded our know-how and capabilities to make waveguides with virtually no forward eye glow and integrating wearer eye-correction prescriptions. On the microLED display side, Atomistic is making steady progress and has delivered against multiple key milestones.”

He continued, “2023 did not deliver on our expected revenue growth largely due to the timing of the AR enterprise industry adoption curve, which has taken longer to develop, much like other leading-edge technologies. That said, 2023 was a year of both expanding and deepening relationships within the enterprise, consumer and defense markets, as an increasing number of both existing and potential new customers embrace the unique competitiveness of our solutions."

As of December 31, 2023, the company maintained cash and cash equivalents of $26.6 million and an overall working capital position of $36.3 million.

"Our overall outlook for 2024 remains positive. We have a good book of business with identified opportunities, representing large potential deals and cornerstone customers for our enterprise products,” said Travers. “And on the OEM side of our business, we expect to enter into several new projects with new and existing defense and consumer product-focused customers over the course of the year. At the same time, we remain vigilant in our actions to lower our operating costs, extend our operational runway and improve our enterprise product margins.”