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: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.
