Company: VUZI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001558370-25-011550
Chunk: 21

Company: Vuzix Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 21
---
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Basis of PresentationThe accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company” or “Vuzix”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (“SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of the Company’s operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period.The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of and for the year ended December 31, 2024, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 13, 2025.​Customer ConcentrationsFor the three months ended June 30, 2025, two customers represented 18% and 12%, of total product revenue and two customers represented 54% and 30%, of engineering services revenue. For the three months ended June 30, 2024, two customers represented 17% and 13% of total product revenue and one customer represented 86% of engineering services revenue. For the six months ended June 30, 2025, one customer represented 23% of total product revenue and four customers represented 37%, 35%, 17%, and 10% of engineering services revenue. For the six months ended June 30, 2024, one customer represented 12% of total product revenue and one customer represented 82% of engineering services revenue. As of June 30, 2025, three customers represented 49%, 14%, and 11% of accounts receivable. As of December 31, 2024, one customer represented 76% of accounts receivable.Fair Value of Financial Instruments​The Company’s financial instruments primarily consist of cash and cash equivalents, accounts receivable, accounts payable, unearned revenue, accrued expenses, and income and other taxes payable. As of the consolidated balance sheet dates,