Foxx Development Holdings, the Nasdaq-listed maker of the iVision6 AI glasses, reported a net loss of roughly $52.7M for the year to June 30, 2026, and only about $0.4M of cash used in operations.

The figures sit in a Form 10-K filed September 28. Its auditor, CBIZ CPAs, attached a going-concern warning, citing a working capital deficiency and the need to raise money. Management reached the same conclusion, flagging a $34.1M working capital deficit.

The headline loss is mostly non-cash. About $25.9M comes from an impairment on warehouse leases after Foxx shifted to dropship and moved to sublease space. Another $8.7M is interest expense on an unpaid vendor balance. In all, roughly $37.9M of the year’s costs were non-cash.

Revenue fell 20.2% to about $52.6M. Phones drove most of the drop, down 21.2%. The company’s wearables line, which holds the glasses, brought in $3.05M, down 11.5%, and its gross margin flipped from 11.7% to negative 17.6% on lower-margin products and a $1M inventory write-down.

The filing does not break out iVision6 sales. It does show a small public glasses player burning cash while Meta and Samsung scale, a reminder that AI eyewear’s startup tier still runs on borrowed runway.

Source: MIXED Reality News