Foxx Development Holdings, the company behind the iVision6 AI glasses, reported a loss of about $52.7 million for the year ended June 30, 2026. It used about $0.4 million of cash in operating activities over that year. MIXED's report on its Form 10-K also describes an auditor's warning about Foxx's ability to continue operating. For buyers, the small cash outflow offers only part of the picture of the maker's staying power.
Why the loss and cash use differ
According to MIXED, Foxx counted about $37.9 million of its annual expenses as non-cash. That included a $25.9 million impairment of warehouse lease assets. Foxx shifted to dropship arrangements, needed less warehouse space and planned to sublease the remaining space for less than its own lease payments.
Foxx also recorded about $8.8 million in interest expense. Almost all of it related to an unpaid purchase balance financed by vendors. The loss therefore includes costs that did not require equivalent cash payments during the year, but those figures still describe financial pressure.
Cash and restricted cash together stood at about $1.5 million on June 30. Foxx had a working-capital deficit of about $34.1 million. Its auditor, CBIZ CPAs, and management both concluded that conditions raised substantial doubt about its ability to continue as a going concern.
Foxx listed possible funding through lenders, related-party support and equity financing. It said it could give no assurance that it would obtain the funding it needed on acceptable terms.
The glasses sit inside a larger phone business
Total annual revenue fell 20.2% to about $52.6 million. Phones accounted for about $47 million. The broader "wearables and others" category, which includes the glasses, brought in about $3.05 million, down 11.5%.
That category's gross margin fell from 11.7% to negative 17.6%. Foxx attributed the change to lower-margin products and an inventory impairment of about $1 million on slow-moving stock. The filing groups the iVision6 with other products, so these results cannot establish its sales volume or its individual profitability.
MIXED reports that Foxx launched the first-generation iVision6 in the third quarter of 2025 and the iVision6 Pro in May 2026. It cites a $69.99 US store price for the original pair. Foxx's product page advertises an 8MP Sony camera, 1080p video at 30 frames per second, 32GB of storage, translation and voice access to ChatGPT. These are Foxx's advertised capabilities.
