Meta is reportedly gearing up to enter another segment of the wearables market. According to The Information, the company is planning to release its first smartwatch sometime this year. Meta has revived its smartwatch initiative internally called “Malibu 2,” The Information says, which will come with Meta AI and health tracking.

The same publication reported back in 2021 that Meta was working on a smartwatch powered by an open-source version of Android. Over the next year, more details of its possible features emerged, including reports that it had a detachable camera and that Meta was developing a model with up to three cameras. But in 2022, the company was believed to have put the project on hold to focus on other wearable devices.

The Information says the decision to pause its smartwatch project was made as part of a broader cut in spending in the Reality Labs division. If you’ll recall, Meta laid off more than 1,000 employees from Reality Labs in January, because the division was hemorrhaging money. Mark Zuckerberg said during an earnings call after the layoffs started that when it comes to Reality Labs, the company was focusing most of its investment “towards glasses and wearables going forward.”

At the moment, Meta’s wearable products are comprised of virtual reality headsets and smartglasses. They include the Meta Ray-Bans, which are a hit in the US. Meta reportedly has four augmented reality and mixed-reality glasses in development, but it’ll take some time until we see them. Based on previous reports, it pushed back the unveiling of its next mixed reality headset model codenamed “Phoenix” to early 2027.