Vuzix Corp — Call Transcript 2026

As a reminder, this call is being recorded. I would now like to turn the call over to Ed McGregor, Director of Investor Relations at Vuzix. Mr. McGregor, please go ahead. 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. 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. 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. Any projections as to the company's future performance represent management's estimates as of today, May 14th, 2026. Vuzix assumes no obligation to update these projections in the future as market conditions change. This afternoon, the company issued a press release announcing its Q1 2026 financial results and filed its 10-Q at 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. Today's call may include certain non-GAAP financial measures. Reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on the company's Form 10-K annual filing at sec.gov, which is also available at www.vuzix.com. 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 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? Thank you, Ed, and thanks to everyone for joining us today. With our first quarter of 2026 behind us, 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. 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. 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. 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 will begin shipping initial EVT-based OEM orders in Q2 for the new Ultralite 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. 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. 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. 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 base head-mounted display system intended for military applications and future production deployment. 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 seven-figure program for U.S.-based next-generational waveguide design and manufacture funded by the U.S. Department of Defense. 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. 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. 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. 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. 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, SAFLUX, Himax, Avegant, Rayprus, Retilux Lens, 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. 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. As part of preparing for that next phase of growth, we're continuing to expand and optimize our manufacturing and development infrastructure in Rochester, N.Y. 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. 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. 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 nanoimprinting 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. 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. 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, 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. 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. 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. With that, I'll now turn the call over to Grant for the financial overview. 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. I'm just going to provide you with a bit of color on some of the quarterly numbers. 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 31st, 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 31st, 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. Research and development expense was $3 million for the three months ended March 31st, 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. Sales and marketing expense were virtually flat for the three months ended March 31st, 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 31st, 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 non-cash stock-based compensation expense related to the termination and cancellation of prior equity incentive plans. Total operating expenses for the three months ended March 31st, 2026 declined by 20% to $6.8 million versus the prior year period of $8.5 million. For the first quarter ended March 31st, 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. For some balance sheet and cash flow highlights. Our cash and cash equivalents position as of March 31st, 2026, was $20.2 million, and our net working capital position was $20.8 million. For the quarter ended March 31st, 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 31st, 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. Cash flows provided from our financing activities during the three months ended March 31st, 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. 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. Judicious use of our ATM facility will collectively give us sufficient runway to execute our current operating plan well into 2027. With that, I'd like to turn the call over to the operator. Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your headset before pressing the star keys. One moment, please, while we poll for questions. There are no questions at this time. I'd like to turn the call back to Paul Travers for closing remarks. 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. We're having entertaining and actually receiving seven-figure programs, which you'll hear more about here as the summer unfolds. Amazon is becoming a great partner that continues to roll product into their operations. 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. It's going to be an exciting fall of the year. We remain focused on discipline execution, strategic growth opportunities, and continue to build long-term shareholder value. Just as a reminder, our annual shareholders meeting is coming up on June 16th. We look forward to all those that want to come. Should be a nice event. We'll have some great demos and some new stuff to show the folks. Thanks again, everybody. Have a nice evening. Thank you. This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation.

Speaker 3: As a reminder, this call is being recorded. I would now like to turn the call over to Ed McGregor, Director of Investor Relations at Vuzix. Mr. McGregor, please go ahead. As a reminder, this call is being recorded. as a reminder this call is being recorded I would now like to turn the call over to Ed McGregor, Director of Investor Relations at Vuzix. i would now like to turn the call over to ed mcgregor director of investor relations at vuzix Mr. McGregor, please go ahead. mr mcgregor please go ahead

Speaker 1: 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. 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. 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. Thank you, operator, and thank you everyone for joining us today. thank you operator and thank you everyone for joining us today Welcome to the Vuzix Corporation first quarter 2026 financial results conference call. 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. with us today are vuzix ceo paul travers and our cfo 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. 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 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. 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. Any projections as to the company's future performance represent management's estimates as of today, May 14th, 2026. Vuzix assumes no obligation to update these projections in the future as market conditions change. This afternoon, the company issued a press release announcing its Q1 2026 financial results and filed its 10-Q at 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. Today's call may include certain non-GAAP financial measures. 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. 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 Any projections as to the company's future performance represent management's estimates as of today, May 14th, 2026. any projections as to the company's future performance represent management's estimates as of today may 14th 2026 Vuzix assumes no obligation to update these projections in the future as market conditions change. vuzix assumes no obligation to update these projections in the future as market conditions change This afternoon, the company issued a press release announcing its Q1 2026 financial results and filed its 10-Q at the SEC. this afternoon the company issued a press release announcing its q1 2026 financial results and filed its 10-q at 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. 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 Today's call may include certain non-GAAP financial measures. today's call may include certain non-gaap financial measures Reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on the company's Form 10-K annual filing at sec.gov, which is also available at www.vuzix.com. 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 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? Reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP can be found on the company's Form 10-K annual filing at sec.gov, which is also available at www.vuzix.com. reconciliation to the most directly comparable financial measure calculated and presented in accordance with gaap can be found on the company's form 10-k annual filing at sec.gov which is also available at www.vuzix.com 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. 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 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 will 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? paul

Speaker 4: Thank you, Ed, and thanks to everyone for joining us today. With our first quarter of 2026 behind us, 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. 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. Thank you, Ed, and thanks to everyone for joining us today. thank you ed and thanks to everyone for joining us today With our first quarter of 2026 behind us, 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. with our first quarter of 2026 behind us 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. 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. 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. 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 This strategy is built directly on the core technologies, products, and capabilities we have developed over the last several decades. 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. 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. 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. 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 will begin shipping initial EVT-based OEM orders in Q2 for the new Ultralite 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. 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. 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 Since the beginning of 2026, our announcements have not been isolated updates. 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. they show a progression of ecosystem validation product readiness customer expansion defense and oem momentum and broader waveguide partner engagement The first leg of our growth strategy is centered around the OEM products business across enterprise, defense, security, and ultimately broader consumer markets. 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 will begin shipping initial EVT-based OEM orders in Q2 for the new Ultralite 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. we are particularly excited that we will begin shipping initial evt-based oem orders in q2 for the new ultralite 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 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. 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. Within defense, we continue to see growing momentum as wearable displays, advanced optics, AI-assisted visualization, and drone-related applications become increasingly important. 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. 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. our custom m400 kit for amazon ensures fulfillment center machinery robotics conveyors and automation equipment run safely and efficiently 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. 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 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. 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 Within defense, we continue to see growing momentum as wearable displays, advanced optics, AI-assisted visualization, and drone-related applications become increasingly important. 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 base head-mounted display system intended for military applications and future production deployment. 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 seven-figure program for U.S.-based next-generational waveguide design and manufacture funded by the U.S. Department of Defense. 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. 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 base head-mounted display system intended for military applications and future production deployment. 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 base head-mounted display system intended for military applications and future production deployment 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. 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. 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 seven-figure program for U.S.-based next-generational waveguide design and manufacture funded by the U.S. another project slated to kick off shortly is a seven-figure program for u.s.-based next-generational waveguide design and manufacture funded by the u.s Department of Defense. department of defense Overall, we believe our position within defense and government opportunities is substantially stronger today than it was even just three months ago. 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. the broader engagement including several active rfps clearer pathways towards production programs and increasing interest tied to secure u.s.-based manufacturing capabilities 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. 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. Geopolitics is changing how defense and security agencies think about wearable technology. 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. 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. 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. we believe these trends will become an important driver of long-term demand for advanced wearable systems and waveguide-based display 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. 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. 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. 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. 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 The microdisplay industry is witnessing tremendous investment and innovation as the race to support the AI smart glasses ecosystem accelerates. 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. 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. 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 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, SAFLUX, Himax, Avegant, Rayprus, Retilux Lens, 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. 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. 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. 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, SAFLUX, Himax, Avegant, Rayprus, Retilux Lens, among others. these collaborations which have resulted in as many as a dozen custom waveguide designs in the last 24 months currently include tcl saflux himax avegant rayprus retilux lens 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. this matters because the industry increasingly recognizes that success in ai glasses will require the right combination of waveguides display performance manufacturability and cost We believe the waveguide business represents the single largest long-term opportunity for Vuzix. 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. 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. that is why scale matters that is why manufacturability matters and that is why quanta matters as a world-leading contract manufacturer As part of preparing for that next phase of growth, we're continuing to expand and optimize our manufacturing and development infrastructure in Rochester, N.Y. 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. 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. As part of preparing for that next phase of growth, we're continuing to expand and optimize our manufacturing and development infrastructure in Rochester, N.Y. as part of preparing for that next phase of growth we're continuing to expand and optimize our manufacturing and development infrastructure in rochester n.y 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. 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. 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 We are also in the process of expanding and consolidating additional advanced waveguide tooling and development capabilities into the Rochester facility. 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. 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. 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 nanoimprinting 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. Ultimately, the waveguide manufacturing market will not be won by simply demonstrating a strong laboratory prototype or hero samples as known within our industry. 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. 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 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. 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 nanoimprinting materials, and better matching material properties to the next generation of high-performance waveguide substrates. this effort is being led by our newly added phd-level chemistry team and is focused on improving polymer formulations advanced nanoimprinting 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. 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 Ultimately, the waveguide manufacturing market will not be won by simply demonstrating a strong laboratory prototype or hero samples as known within our industry. 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. 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, 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. 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. 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. vuzix has spent years building towards that exact position The broader consumer smart glasses market is now entering an important new phase. the broader consumer smart glasses market is now entering an important new phase AI is making smart glasses more practical. ai is making smart glasses more practical Customers are becoming more specific about what they need. 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, advanced waveguide manufacturing, scalable optics, and protected enabling technologies are becoming increasingly central to success. with additional technology companies platform providers and eyewear brands bringing products software platforms and ecosystem support into the category 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. 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. the market is increasingly evolving from a device story into a platform and ecosystem story 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. 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. With that, I'll now turn the call over to Grant for the financial overview. Grant? Emerging technology markets often move through cycles of early enthusiasm, consolidation, and infrastructure build-out before real commercial adoption begins to scale. 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. 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. 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 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. 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. 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 With that, I'll now turn the call over to Grant for the financial overview. with that i'll now turn the call over to grant for the financial overview Grant? grant

Speaker 2: Thank you, Paul. As Ed mentioned, the 10-Q we filed this afternoon with the SEC offers a detailed explanation of our quarterly financials. I'm just going to provide you with a bit of color on some of the quarterly numbers. 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 31st, 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 31st, 2026 as compared to a gross loss of $0.3 million for the same period in 2025. Thank you, Paul. thank you paul As Ed mentioned, the 10-Q we filed this afternoon with the SEC offers a detailed explanation of our quarterly financials. as ed mentioned the 10-q we filed this afternoon with the sec offers a detailed explanation of our quarterly financials I'm just going to provide you with a bit of color on some of the quarterly numbers. i'm just going to provide you with a bit of color on some of the quarterly numbers Our first quarter 2026 total revenues was $1.4 million, down 12% year-over-year versus $1.6 million in 2025. 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. product sales decreased primarily due to lower sales of our m400 Engineering services revenues were $0.35 million for the three months ended March 31st, 2026 versus $0.26 million in the prior year's period, an increase of 36%. engineering services revenues were $0.35 million for the three months ended march 31st 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 31st, 2026 as compared to a gross loss of $0.3 million for the same period in 2025. there was an overall gross loss of $0.4 million for the three months ended march 31st 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. Research and development expense was $3 million for the three months ended March 31st, 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. Sales and marketing expense were virtually flat for the three months ended March 31st, 2026, as compared to the same period in 2025, an increase of approximately 1% to just over $1.55 million. 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. 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 Research and development expense was $3 million for the three months ended March 31st, 2026, compared to $2.6 million for the comparable 2025 period, an increase of approximately 16%. research and development expense was $3 million for the three months ended march 31st 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. 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 Sales and marketing expense were virtually flat for the three months ended March 31st, 2026, as compared to the same period in 2025, an increase of approximately 1% to just over $1.55 million. sales and marketing expense were virtually flat for the three months ended march 31st 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 31st, 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 non-cash stock-based compensation expense related to the termination and cancellation of prior equity incentive plans. Total operating expenses for the three months ended March 31st, 2026 declined by 20% to $6.8 million versus the prior year period of $8.5 million. For the first quarter ended March 31st, 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. For some balance sheet and cash flow highlights. General and administrative expenses for the three months ended March 31st, 2026, was $2.1 million versus $4 million for the comparable 2025 period, a decrease of approximately 46%. general and administrative expenses for the three months ended march 31st 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 non-cash stock-based compensation expense related to the termination and cancellation of prior equity incentive plans. the overall decline was primarily due to a $1.7 million decrease in non-cash stock-based compensation expense related to the termination and cancellation of prior equity incentive plans Total operating expenses for the three months ended March 31st, 2026 declined by 20% to $6.8 million versus the prior year period of $8.5 million. total operating expenses for the three months ended march 31st 2026 declined by 20% to $6.8 million versus the prior year period of $8.5 million For the first quarter ended March 31st, 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. for the first quarter ended march 31st 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 For some balance sheet and cash flow highlights. for some balance sheet and cash flow highlights Our cash and cash equivalents position as of March 31st, 2026, was $20.2 million, and our net working capital position was $20.8 million. For the quarter ended March 31st, 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 31st, 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. Cash flows provided from our financing activities during the three months ended March 31st, 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. Our cash and cash equivalents position as of March 31st, 2026, was $20.2 million, and our net working capital position was $20.8 million. our cash and cash equivalents position as of march 31st 2026 was $20.2 million and our net working capital position was $20.8 million For the quarter ended March 31st, 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. for the quarter ended march 31st 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 31st, 2026, the company continues to have no current or long-term debt obligations outstanding. as of march 31st 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. 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 Cash flows provided from our financing activities during the three months ended March 31st, 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. cash flows provided from our financing activities during the three months ended march 31st 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 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. Judicious use of our ATM facility will collectively give us sufficient runway to execute our current operating plan well into 2027. With that, I'd like to turn the call over to the operator. 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. 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 Judicious use of our ATM facility will collectively give us sufficient runway to execute our current operating plan well into 2027. judicious use of our atm facility will collectively give us sufficient runway to execute our current operating plan well into 2027 With that, I'd like to turn the call over to the operator. with that i'd like to turn the call over to the operator

Speaker 3: Thank you. Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your headset before pressing the star keys. One moment, please, while we poll for questions. There are no questions at this time. I'd like to turn the call back to Paul Travers for closing remarks. Thank you. thank you Ladies and gentlemen, if you would like to ask a question, please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue. ladies and gentlemen if you would like to ask a question please press star one on your telephone keypad a confirmation tone will indicate your line is in the question queue You may press star two if you would like to remove your question from the queue. you may press star two if you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your headset before pressing the star keys. for participants using speaker equipment it may be necessary to pick up your headset before pressing the star keys One moment, please, while we poll for questions. one moment please while we poll for questions There are no questions at this time. there are no questions at this time I'd like to turn the call back to Paul Travers for closing remarks. i'd like to turn the call back to paul travers for closing remarks

Speaker 4: 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. We're having entertaining and actually receiving seven-figure programs, which you'll hear more about here as the summer unfolds. Amazon is becoming a great partner that continues to roll product into their operations. 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. Again, everybody, thank you so much for joining us on the call today. 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. 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'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 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. we see our business accelerating on oem program after oem program which is why we've made these upgrades to our plant floor We're having entertaining and actually receiving seven-figure programs, which you'll hear more about here as the summer unfolds. we're having entertaining and actually receiving seven-figure programs which you'll hear more about here as the summer unfolds Amazon is becoming a great partner that continues to roll product into their operations. amazon is becoming a great partner that continues to roll product into their operations 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. 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. It's going to be an exciting fall of the year. We remain focused on discipline execution, strategic growth opportunities, and continue to build long-term shareholder value. Just as a reminder, our annual shareholders meeting is coming up on June 16th. We look forward to all those that want to come. Should be a nice event. We'll have some great demos and some new stuff to show the folks. Thanks again, everybody. Have a nice evening. The business is coming. the business is coming It's going to be an exciting fall of the year. it's going to be an exciting fall of the year We remain focused on discipline execution, strategic growth opportunities, and continue to build long-term shareholder value. we remain focused on discipline execution strategic growth opportunities and continue to build long-term shareholder value Just as a reminder, our annual shareholders meeting is coming up on June 16th. just as a reminder our annual shareholders meeting is coming up on june 16th We look forward to all those that want to come. we look forward to all those that want to come Should be a nice event. should be a nice event We'll have some great demos and some new stuff to show the folks. we'll have some great demos and some new stuff to show the folks Thanks again, everybody. thanks again everybody Have a nice evening. have a nice evening

Speaker 3: Thank you. This concludes today's conference. You may disconnect your lines at this time. We thank you for your participation. Thank you. thank you This concludes today's conference. this concludes today's conference You may disconnect your lines at this time. you may disconnect your lines at this time We thank you for your participation. we thank you for your participation