Revenue increased 42% over prior year
Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW),the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced its full year 2024 financial results.
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Net revenue for the year ended December 31, 2024 was $1,636,440, an increase of 42% from revenue of $1,152,479 in the prior year. This increase was primarily attributable to growth in unit sales volume, largely driven by product launches during 2024 of the co-branded Nautica® Powered by Lucyd and Eddie Bauer® Powered by Lucyd collections, as well as the Lucyd Armor safety smart glasses line. Also contributing to the growth in revenues were the Company's continued investments in marketing and advertising initiatives, as well as increased public interest and growth in smart glasses and the wearable products category.
Gross profit margin for 2024 was 13%, compared with negative 10% for 2023. This improvement in gross profit margin was mainly attributable to improvements related to the cost of frames (which added 13 percentage points to gross profit margin) and in the cost of lenses (which added 8 percentage points to gross profit margin) compared to 2023.
Total operating expenses in 2024 were $8,138,892, a 21% percent increase from total operating expenses of $6,736,213 in 2023. This increase was primarily the result of an increase in 2024 of $659,144, or 32%, in sales and marketing expense in order to drive sales growth, and an increase of $586,332, or 15%, in general and administrative expense, including an increase in legal costs of $318,000 largely as a result of various shareholder and equity-related matters during the current year period, compared to 2023.
The Company had a net loss in 2024 of $7,766, 515, or $(5.19) per share, compared with a net loss of $6,663,428, or $(10.87) per share, in 2023.
Weighted average number of shares outstanding was 1,496,357 at December 31, 2024, and 613,000 at December 31, 2023.
Cash and cash equivalents at December 31, 2024 were $2,628,987, in addition the Company held $4,895,184 in short-term U.S. Treasury investments as of December 31, 2024, vs cash and cash equivalents of $4,287,447 held in the prior year. Management believes that including such investments as part of the Company's overall liquidity, would provide a more accurate depiction of the Company's liquidity and economic position.
Non-current liabilities at December 31, 2024 were $5,450, and $35,450 at December 31, 2023.
Net cash flows from financing activities were $10,243,327 in 2024 and $6,661,394 in 2023.
For the fourth quarter ended December 31, 2024, net revenue was $690,688, the Company's highest quarterly revenue since inception and an increase of 12% compared with the fourth quarter in 2023.
Gross profit margin for the fourth quarter ended December 31, 2024 improved by 43 percentage points to 14%, compared to negative 29% for the same quarter in 2023. This improvement was primarily due to supplier changes resulting in higher quality products and lower manufacturing costs, as well as improved economies of scale driven by higher unit sales volumes.
During the fourth quarter of 2024, Innovative Eyewear also announced several milestones, including:
— the launch of Lucyd Armor™, the first ANSI-certified smart safety glasses for all-day wear
— CSA certification on the Armor, making it available for safety use in Canada as well as the USA.
— the launch of four new smart glasses with enhanced features and improvements to the core Lucyd Lyte product line, including the use of advanced TR90 plastic for improved adjustability and durability
— a successful Vision Expo West trade show, resulting in new optical stores onboarding the company's smart frames and bringing the total number of such stores to over 400.
— a new retail partnership with Nebraska Furniture Mart, bringing the full range of the Company's smart eyewear products to this Berkshire Hathaway-owned leading Midwestern retailer
— the launch of the first-ever generative AI fashion show for eyewear
An image of the upcoming Reebok Powered by LucydVoltagestyle.Courtesy Innovative Eyewear, Inc.
Future Outlook
Following its launches of three new lines of smart glasses in 2024 (Nautica® Powered by Lucyd, Eddie Bauer® Powered by Lucyd , and Lucyd Armor), the Company anticipates launching the Reebok® Powered by Lucyd sport smart glasses line in the second quarter of 2025, and a Reebok® Optical Smart Eyewear collection latter in 2025.
The Company also continues to actively pursue distribution of its products through major national retailers, which management believes, if successful, could have a positive material impact on revenues in the next three to 12 months.
Harrison Gross, CEO of Innovative Eyewear Inc., commented,
“Our 2024 fourth quarter revenue was our best quarter yet, and we have continued the trend of outperforming sales each quarter on a year-over-year basis, for the last 18 months. As we look ahead to 2025, we believe we are well positioned to build on our momentum and significantly grow both our total revenues and our market share. I am particularly excited about the potential of our upcoming Reebok® product lines which we will be launching in 2025 coupled with the continued significant traction of the Lucyd ArmorTM smart safety glasses.”
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, introduction of 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: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.
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