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SMART GLASSES / THE SEE-THROUGH SCREEN

Waveguides & lenses

A waveguide carries the projected image inside a thin, high-index plate and releases it toward the eye while the wearer sees through it. Reflective and diffractive waveguides are made in very different ways. Camera-and-audio AI glasses use ordinary prescription or sun lenses instead.

How this system works

A single-plate surface-relief waveguide with the three usual grating zones, between a front cover lens and a rear prescription lens. Grating periods are sub-wavelength (about 300-600 nm), so the ridges and light paths here are exaggerated teaching aids. Meta Ray-Ban Display uses a geometric (reflective) waveguide instead.

The in-coupler bends the projector’s light steeply enough to be trapped by total internal reflection. It bounces along the plate; the fold grating spreads it sideways and the out-coupler releases a little at each bounce toward the eye.

Illustrative diffractive waveguide lens stack with its parts separated for study
Illustrative diffractive waveguide lens stack. Designs differ by manufacturer; the model is not a bill of materials.

What to look for: The small grating hidden under the frame corner, the fanned light path, and the larger patch in front of the pupil.

Read the engineering reference

Compare the right roles

Reflective, diffractive or birdbath?

Reflective (geometric) waveguides embed partial mirrors in glass; Lumus designs them, and Crystal-Optech and Quanta have agreements to manufacture them. Diffractive waveguides use nanoscale gratings made by imprint or etch (Applied Materials, Vuzix). Birdbath optics use a beam splitter and a curved mirror instead of a waveguide. A maker of one architecture is not a supplier of the others.

Is a wafer supplier a waveguide maker?

No. Corning, AGC, HOYA, Mitsui Chemicals, Coherent and SICC make or market high-index glass, polymer or silicon-carbide wafers, and others pattern and assemble them into waveguides. They are listed as upstream enablers, and none names a shipping glasses program in our sources.

Applied Materials provides the etched waveguide in RayNeo X3 Pro and has a waveguide R&D agreement with EssilorLuxottica. Crystal-Optech and Quanta have agreements with Lumus to manufacture its reflective waveguides, and AUO makes waveguides for AR-glasses modules. Corning, AGC, HOYA, Mitsui Chemicals, Coherent and SICC make or market the high-index wafers upstream. Lumus and SCHOTT AG are private.

Open each company below for its source and limitations. Sector membership does not establish a confirmed supply contract.

Inside the assembly

Front cover lens

The world-side lens protects the gratings and can darken outdoors (photochromic or electrochromic). An air gap keeps total internal reflection working in the plate behind it.

Stock-link scope: EssilorLuxottica supplies the lenses for Ray-Ban Meta, Oakley Meta and Meta Glasses, including Transitions photochromic lenses (EssilorLuxottica releases, Sept 18, 2025 and June 23, 2026). Snap describes electrochromic lenses in Specs; electrochromic dimming suppliers (Snap Specs, Xiaomi, XREAL) are not identified.

In-coupling grating

A small grating under the projector’s exit pupil diffracts the image steeply enough to be trapped in the plate. It sits under the frame corner, out of the wearer’s view.

Stock-link scope: Diffractive waveguide makers whose products integrate the couplers: Applied Materials (single-layer etched waveguide in RayNeo X3 Pro, per JBD and RayNeo) and Vuzix (nano-imprinted waveguides). Lumus manufacturers Crystal-Optech and Quanta make reflective waveguides with mirror facets, not gratings, so they stay at sector level, as does AUO until its waveguide type is documented. Goertek’s waveguide business sits in Goertek Optical, a non-consolidated 38.34% associate since Dec 2025, so Goertek is not mapped.

Also in this part (not publicly listed): Dispelix Not publicly listed, DigiLens Not publicly listed

High-index waveguide plate

Light bounces along the plate by total internal reflection. A higher index allows a wider field of view: optical glass is about 1.8-2.0, silicon carbide about 2.6-2.7.

Stock-link scope: Upstream wafer suppliers that market high-index glass, polymer or SiC for AR waveguides. SICC reports initial AR/VR use with unnamed optics customers, still in customer validation; none names a shipping glasses program. The reflective waveguide glass in Meta Ray-Ban Display is reportedly SCHOTT’s (private).

Also in this part (not publicly listed): SCHOTT AG Not publicly listed

Fold / exit-pupil expander

A second grating turns the guided light and copies it sideways, so the image fills a larger eyebox.

Stock-link scope: Same diffractive waveguide makers; the grating is part of the complete waveguide, not a separately sold component.

Also in this part (not publicly listed): Dispelix Not publicly listed, DigiLens Not publicly listed

Out-coupling grating

The last grating releases part of the light toward the eye at every bounce. Ambient light diffracting off the gratings causes rainbow artifacts, and some image light leaks forward.

Stock-link scope: Same diffractive waveguide makers. Reflective (geometric) waveguides use partially reflective facets instead.

Also in this part (not publicly listed): Dispelix Not publicly listed, DigiLens Not publicly listed

Prescription lens

Vision correction sits on the eye side, bonded to the waveguide or as a removable insert. This is a minus lens, thicker at the edge.

Stock-link scope: Prescription lenses for Meta glasses come through EssilorLuxottica (Ray-Ban Meta Gen 2 with individual prescription lenses; three Rx-able Meta Glasses styles). HOYA Vision Care and other ophthalmic lens makers have no disclosed smart-glasses program in our sources.

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COMPANY RESEARCH

Waveguides & lenses stocks

Full directory

Evidence groupings are not investment ratings. Companies may appear in multiple sectors.

Also in this sector (not publicly listed)

  • Lumus Not publicly listed

    Israeli designer of the geometric (reflective) waveguide in Meta Ray-Ban Display. Quanta Computer and Crystal-Optech are licensed manufacturers and investors; their own roles are documented, and Lumus’s economics are not theirs.

    Source
  • SCHOTT AG Not publicly listed

    Manufactures Lumus waveguides alongside Quanta and Crystal-Optech; its role in Meta Ray-Ban Display is reported. SCHOTT AG is owned by the Carl Zeiss Foundation, and the listed SCHOTT Pharma is a separate business.

    Source
  • Dispelix Not publicly listed

    Finnish diffractive waveguide maker that showed a waveguide with AAC Technologies (CES 2025) and collaborates with Mitsui Chemicals. AAC agreed to acquire it in Nov 2025; completion is not verified.

    Source
  • DigiLens Not publicly listed

    US maker of holographic (diffractive) waveguides for AR glasses.

    Source
  • Magic Leap Not publicly listed

    Supplies waveguides and optics for Google’s display-glasses reference design. Alphabet is a partner, not the owner.

    Source
  • Goertek Optical Not publicly listed

    Waveguides and AR/MR optical modules, and the owner of Shanghai Aolai since Dec 2025. Goertek holds 38.34% as an equity-method associate after deconsolidating it in Dec 2025.

    Source
  • Carl Zeiss AG Not publicly listed

    Supplies the lenses of HTC VIVE Eagle. Owned by the Carl Zeiss Foundation; the listed Carl Zeiss Meditec is a separate business.

    Source