At a time when traditional helmet manufacturers keep rolling, the new kid on the block is having trouble making ends meet.
Via the New York Times, Vicis informed investors last month that the company is “running out of cash.”
Vicis has designed a helmet that is widely regarded as safer than other helmets. The Vicis Zero1 performed the best of all helmets tested by the NFL and NFL Players Association earlier this year.
But product quality and financial viability are two different concepts. Despite a valuation of $90 million last year, the Times reports that the company will try to sell new shares that value that company at only $5 million.
The company also plans to slash operating costs in half and focus on two helmets: The adult model and a version for children. The company reportedly expects to lose $26 million this year.