Innovative Eyewear Inc. Reports Third Quarter 2024 Financial Results
Revenue Increased 14% in Q3 2024 vs Q3 2023, and 76% on a Year-to-Date Basis vs 2023
MIAMI, Nov. 13, 2024 /PRNewswire/ -- Innovative Eyewear Inc., (NASDAQ:LUCY, LUCYW)), a developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced its financial results for the third quarter of 2024.
Net revenue for the quarter ended September 30, 2024 was $253,599, an increase of 14% from the quarter ended September 30, 2023. This year-over-year increase was primarily attributable to strategic reductions in price discounts and other adjustments to our pricing, aimed at enhancing profitability and attracting distributors to manage our wholesale business. The higher average order value and focused efforts in specific channels contributed to the overall revenue growth.
On a year-to-date basis, net revenue for the nine months ended September 30, 2024 was $945,752, an increase of 76% from the comparable period in the prior year. This growth was primarily driven by our new product launches over the past year (including the Lyte XL collection in the fourth quarter of 2023 and the co-branded Nautica® Powered by Lucyd and Eddie Bauer® Powered by Lucyd collections in the current year period). Also contributing to our growth in year-to-date revenues are our continued investments in marketing and advertising initiatives, as well as increased public interest and growth in smart glasses and the wearable products.
During the third quarter of 2024, Innovative Eyewear announced several important milestones, including:
- Launching its flagship Lucyd Lyte collection on Target.com
- Signing an exclusive distribution agreement with Ecom Gulf FZCO (d/b/a Mixireal.com), which represents a significant opportunity for international expansion in the Middle East market
- Unveiling and exhibiting its new line of ANSI-certified smart safety glasses, Lucyd Armor, at Vision Expo West
Future Outlook
After the successful launch of the Eddie Bauer® Powered by Lucyd line in the second quarter of 2024, and the recent launch of the Lucyd Armor smart safety glasses line in October 2024, the Company anticipates launching the Reebok® Powered by Lucyd line in the first quarter of 2025, followed by a Reebok® Optical Smart Eyewear collection in the first half of 2025.
Meanwhile, the Company also remains focused on introducing Lucyd products in major national retailers, which management believes will have a significant positive impact on revenues in the next three to eighteen months.
On the cost side, the Company has already started to realize the benefit of lower lens fulfillment costs, which decreased by approximately 50% in the third quarter of 2024 as compared with the prior year quarter, largely due to the recent engagement of a new lens supplier based in Miami, Florida. The Company anticipates that its gross margins will improve over the next 6+ months as new products sourced from a new supplier are launched, as the frames for the new product lines are designed differently from the Company's other products and accordingly have fewer components, thus reducing their price. The Company estimates that the unit cost of the Lucyd Armor line and Reebok® Powered by Lucyd line will be at least 30% lower than its Lucyd Lyte models.
Harrison Gross, CEO of Innovative Eyewear Inc., commented,
"We have continued the trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for the last 15 months. I am pleased by our continued growth and excited by the potential of further expansion with the upcoming launches of new product lines. Our recent onboardings into Target.com, Kits.com and Nebraska Furniture Mart indicate that major retailers are warming up to the category of smart eyewear, particularly when delivered in the optical-first form factor that our products are known for. There has been significant retail interest particularly around our new Lucyd Armor line, and the upcoming Reebok Powered by Lucyd collection. Based on recent discussions, I anticipate additional placements with leading American retailers in 2025.
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer of cutting-edge ChatGPT enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.
Forward-Looking Statements
This press release contains certain forward-looking statements, including those relating to the Company's business operations, projections, market position, future product lines and developments. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."
Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Telephone: +1 (646) 893-5835
Email: [email protected]
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SOURCE Innovative Eyewear, Inc.