Vuzix appoints Withum Smith+Brown as new auditor after Freed Maxick merger

Vuzix Corporation (NASDAQ:VUZI), a technology company with a market capitalization of approximately $160 million, announced a change in its independent registered public accounting firm, according to a press release statement filed with the Securities and Exchange Commission. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet. On Friday, the company’s Audit Committee approved the replacement of Freed Maxick P.C. as its auditor, following Freed Maxick’s merger with Withum Smith+Brown, PC (“Withum”). Withum has been engaged as Vuzix’s new independent auditor, effective immediately.

The company stated that Freed Maxick’s reports on Vuzix’s financial statements for the fiscal years ending December 31, 2023, and December 31, 2024, did not include any adverse opinion or disclaimer of opinion and were not qualified or modified, except for an explanatory paragraph in the 2023 report regarding substantial doubt about the company’s ability to continue as a going concern.

Vuzix reported that during the periods audited by Freed Maxick, there were no disagreements on accounting principles, financial statement disclosures, or audit procedures. The company also disclosed that there were no reportable events as defined by SEC regulations, except for a previously disclosed material weakness in internal control over financial reporting, which was remediated during 2024.

The company confirmed that, prior to the appointment, neither Vuzix nor anyone acting on its behalf consulted with Withum regarding the application of accounting principles, the type of audit opinion to be rendered, or any disagreements or reportable events.

A letter from Freed Maxick addressed to the SEC, confirming its agreement with Vuzix’s statements regarding the transition, was included as an exhibit to the filing.

Vuzix’s common stock is listed on the Nasdaq Capital Market under the ticker symbol VUZI.

In other recent news, Vuzix Corp reported its Q2 2025 earnings, showing a net loss of $0.10 per share, which was slightly better than the anticipated loss of $0.12 per share. However, the company fell short of revenue expectations, bringing in $1.3 million compared to the projected $1.54 million. This revenue miss is a critical development for investors keeping an eye on the company’s financial performance. The earnings report highlights the challenges Vuzix is facing in meeting its revenue targets. Analysts had expected higher revenue, and the shortfall may prompt further scrutiny from investment firms. While the earnings per share were marginally better than expected, the revenue miss overshadowed this aspect. Vuzix’s financial results are a key focus for stakeholders looking to understand the company’s current market position. These recent developments are crucial for investors evaluating Vuzix’s financial health and future prospects.

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