• Like **Google Glass, but primarily for enterprise and industrial use cases.**
• Similar to **Microsoft HoloLens, but with a broader range of smart glasses for various enterprise applications.**
• Think of them as **Zebra Technologies, but for smart glasses and augmented reality solutions in industrial and logistical settings.**

• Vuzix Smart Glasses: Wearable augmented reality devices primarily designed for enterprise and industrial applications, providing hands-free computing, remote assistance, and data visualization.
• Vuzix Software & Ecosystem: Provides a Software Development Kit (SDK) and an App Store for developing and deploying applications on Vuzix smart glasses.

Vuzix (symbol: VUZI) primarily sells its augmented reality smart glasses and related technology to other companies (B2B).

While Vuzix often announces significant deployments and partnerships, it generally does not publicly disclose the specific names of its major enterprise customer companies due to the proprietary and competitive nature of these business relationships. However, its major customers are broadly categorized by the industries they serve, indicating the types of companies that constitute its primary customer base:

• Logistics and Warehousing Companies: These include global and regional logistics providers, parcel delivery services, and major warehousing and supply chain operations. They utilize Vuzix smart glasses for enhanced efficiency in tasks such as order picking, inventory management, remote assistance for equipment, and workforce training.
• Manufacturing and Industrial Companies: This category encompasses a wide range of industrial enterprises, including large-scale manufacturers, energy companies, and organizations with extensive field service operations. Vuzix products are deployed for applications like remote expert assistance, guided workflows, quality control inspections, equipment maintenance, and hands-on training for frontline workers.
• Healthcare Providers: Hospitals, healthcare networks, medical device companies, and clinics employ Vuzix smart glasses for various applications, including telemedicine, remote surgical assistance, nurse training, and secure communication during medical procedures.
• Government and Defense Agencies: Various government entities and defense contractors utilize Vuzix's AR solutions for specialized applications. These can include military training, tactical operations support, and maintenance of complex equipment in the field.

Due to Vuzix's policy of not publicly naming its specific major customer companies, individual customer company names and their corresponding stock symbols cannot be provided.

• JDC Corporation
• STMicroelectronics (STM)

Paul J. Travers, President and Chief Executive Officer

Paul J. Travers is the founder of Vuzix and has served as President and Chief Executive Officer since 1997. Prior to Vuzix, Mr. Travers founded both e-Tek Labs, Inc. and Forte Technologies Inc. He is a serial entrepreneur who previously sold both high-technology companies.

Grant Russell, Chief Financial Officer and Executive Vice President

Grant Russell has served as Chief Financial Officer and Executive Vice President since 2000. In 1984, he co-founded Advanced Gravis Computer (Gravis), which became the world's largest PC and Macintosh joystick manufacturer. Gravis was listed on NASDAQ and the Toronto Stock Exchange and was acquired in September 1996 by a US-based Fortune 100 company. From 1997 to 2004, Mr. Russell also developed and subsequently sold a successful software firm and a new concept computer store and cyber café.

Chris Parkinson, President of Enterprise Solutions

Chris Parkinson, PhD, was appointed President of the Enterprise Solutions business unit in September 2025. He is a co-founder of RealWear and brings extensive experience in augmented reality.

Eric Black, General Counsel

Eric Black was named General Counsel of Vuzix in March 2022. He has extensive experience in supporting business development, operational optimization, negotiating complex contracts, advising on mergers and acquisitions, and informing business strategies for other private and public technology companies.

Shane Porzio, Vice President Engineering

Shane Porzio has been with Vuzix for over ten years and has more than 13 years of experience in the architecture of systems and designs for hardware and software. His previous employment was at Lockheed Martin, where he served as a Hardware Engineer.

The intensifying competition from major technology companies with vast resources and established ecosystems represents a clear emerging threat to Vuzix. Specifically:

• The widely anticipated entry of Apple into the augmented reality (AR) and virtual reality (VR) hardware market, with heavily rumored headsets and future AR glasses, poses a significant risk. Apple's history of disrupting markets (e.g., iPhone vs. BlackBerry) suggests their entry could redefine market expectations for design, user experience, and integration, potentially setting a new standard that smaller players like Vuzix may struggle to match in terms of scale, ecosystem, and financial backing.
• Meta Platforms' aggressive and heavily funded push into the metaverse and AR/VR hardware, including devices like the Quest Pro and ongoing development of true AR glasses, positions them as a formidable competitor. Meta's willingness to invest billions, combined with their extensive research and development capabilities and potential to leverage a vast user base, could allow them to capture significant market share across various segments that Vuzix targets, either directly or by driving down pricing and increasing feature expectations.

Vuzix (VUZI) operates in the markets for smart glasses and augmented reality (AR) technologies, serving both enterprise and consumer sectors. The addressable markets for their main products and services are sizable and projected for significant growth:

• The global smart glasses market was estimated at USD 878.8 million in 2024 and is projected to reach USD 4,129.3 million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 29.4%. Another estimate places the global smart glasses market at USD 1.93 billion in 2024, expected to reach USD 8.26 billion by 2030 with a CAGR of 27.3%. In terms of units, the global market for smart glasses was approximately 678,600 units in 2023, with projections to reach 5 million units by 2030 (CAGR of 50.3%) and 13 million units by 2030 (CAGR of 53.0%) for broader hardware considerations, including simple assisted reality glasses.
• The U.S. smart glasses market grew to approximately 432,300 units in 2023. North America held the largest revenue share of 35.39% in the global smart glasses market in 2024.
• The global augmented reality market was valued at USD 83.65 billion in 2024 and is projected to grow to USD 599.59 billion by 2030, at a CAGR of 37.9%. An earlier report from April 2021 projected the global AR market to reach USD 97.76 billion by 2028, exhibiting a CAGR of 48.6% from a 2020 market size of USD 4.16 billion.
• The global AR and VR smart glasses market was valued at USD 14.9 billion in 2024 and is expected to grow to USD 37.59 billion by 2030, with a CAGR of 16.5%. Another projection indicates this market will reach USD 69.5 billion by 2034, from USD 17.64 billion in 2024, growing at a CAGR of 14.70% from 2025 to 2034. The AR smart glasses segment held over 65% of the global AR and VR smart glasses market share in 2024.
• In the U.S., the AR and VR smart glasses market reached a valuation of $5.9 billion in 2024, experiencing a CAGR of 12.8%.

1. Expansion of OEM Partnerships and Waveguide Manufacturing: Vuzix is strategically increasing its focus on OEM partnerships and waveguide manufacturing, aiming to become a key supplier of smart glass and AR/AI smart glass solutions to other companies. This initiative is bolstered by a significant investment from Quanta Computer Inc., a global ODM leader, which positions Vuzix to collaborate with new clients in developing and mass-producing intelligent waveguide configurations. This leverages Vuzix's proprietary production processes and over 25 years of optics experience to offer cost-efficient, cutting-edge solutions for high-volume manufacturing. Paul Travers, President and CEO of Vuzix, has emphasized that their competitive technologies and capabilities in waveguide design and cost-effective production are expected to translate into substantial business opportunities and drive revenue growth.
2. Growth in Enterprise Smart Glasses Adoption with New and Existing Products: Vuzix anticipates revenue growth from its enterprise smart glasses segment through both new product launches and continued sales of existing successful models. The company introduced the LX1 smart glasses, specifically designed for the warehousing and logistics industry, with production rollout scheduled for Q4, targeting a large and fast-growing market segment. Furthermore, existing models like the M400 and M4000 continue to see increased unit sales year-over-year in various enterprise sectors, including healthcare, warehousing, logistics, and Industry 4.0.
3. Strategic Integrations and Expansion into New Vertical Markets: Vuzix is enhancing its smart glasses' capabilities through strategic integrations and expanding into promising new markets. The collaboration with Sphere Technology Holdings, integrating AI-powered mixed reality into Vuzix M400 and M4000 smart glasses, is set to expand functionality and use cases, improving operational efficiency and worker safety across industries such as manufacturing, healthcare, automotive, and defense. Additionally, Vuzix is making inroads into the defense and security sectors, advancing its collaboration with Thales Corporation and anticipating initial defense production orders by late 2025. The company is also addressing accessibility solutions, with products like XanderGlasses (a private-label version of Vuzix Shield for hearing loss) and supporting TranscribeGlass, an AI-powered real-time transcription service, to serve individuals with hearing impairments.
4. Leveraging Strategic Partnerships and Investments: The ongoing strategic investment and partnership with Quanta Computer Inc. is a crucial driver. Quanta's investment not only provides growth capital but also validates Vuzix's manufacturing performance and market positioning, with the partnership expected to gain momentum in 2026. These strategic alliances are expected to unlock larger opportunities and support broader markets for Vuzix's AR/AI smart glasses solutions.

Share Repurchases

• Vuzix's Board of Directors approved a $25 million share buyback program on March 2, 2022, which expired on March 2, 2023.
• This program had the potential to repurchase approximately 4 million shares, or about 6% of outstanding shares at the time.
• The company was not obligated to acquire any specific amount of common stock under the program, and it could be suspended or discontinued at any time.

Share Issuance

• In March 2021, Vuzix completed a public offering of 4,768,293 shares of common stock, including the underwriters' over-allotment option, generating gross proceeds of approximately $97.75 million.
• Vuzix raised $8.2 million in capital during the fourth quarter of 2024 through its at-the-market facility.
• As of October 8, 2025, Vuzix filed a prospectus for the offer and sale of 4.2 million shares of common stock by selling stockholders.

Inbound Investments

• Vuzix secured a total strategic investment of $20 million from Quanta Computer, a major tech manufacturer, structured in three tranches.
• The first $10 million tranche was received in September 2024, followed by a second $5 million tranche in June 2025.
• The final $5 million tranche was received in September 2025, completing Quanta's $20 million investment to scale OEM waveguide manufacturing operations, support R&D, production, and market expansion.

Outbound Investments

• In April 2025, Vuzix acquired an advanced waveguide R&D facility in Milpitas, California.
• The cost of this acquisition was expected to be in the "low seven figures" in 2025.
• This investment aims to accelerate the development of AI-driven smart glasses and enhance Vuzix's capabilities in creating lightweight, high-performance optical solutions.

Capital Expenditures

• Vuzix reported capital expenditures of -$1.77 million in the last 12 months ending June 2025.
• Cash used in investing activities for 2024 was $2.9 million.
• The acquisition of the waveguide R&D facility in Milpitas, California, for a "low seven figures" in 2025 represents a significant capital expenditure focused on waveguide tools development and innovation.