Snap is reportedly planning two new versions of its hardware flop Spectacles

• Snap is working on two new versions of its camera-enabled glasses Spectacles.
• Cheddar reports the second generation would fix bugs and offer new colors and the third generation could cost as much as $300.

A woman wears Snapchat's Spectacles on the floor of the New York Stock Exchange during the company's initial public offering in New York, March 2, 2017.

Brendan McDermid | Reuters

Snap is working on two new versions of its Spectacles camera-enabled glasses, according to a Friday report from business news site Cheddar.

The smartphone-linked glasses turned out to be a major flop for the company, which pioneered disappearing photos and messages with the Snapchat app. The company reported a roughly $40 million loss on the product, its first foray into hardware.

Cheddar reports the water-resistant second-generation glasses would fix bugs and offer new colors. The third generation could feature two cameras for 3D depth effects and built-in GPS, and could cost as much as $300.

The company plans to sell fewer sets of the glasses, according to the report, after failing to sell through inventory on its first generation.

It could also license the technology to eyewear makers like Luxottica and Warby Parker, the news site reports.

The company plans to ship the second generation this fall followed by the third generation in 2019, according to the report.

See Cheddar's report here.