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Innovative Eyewear Inc. Reports Q2 2025 Unaudited Financial Results
Prnewswire· 2025-08-14 20:30
Revenue Surged 88% in Q2 2025 vs. Q2 2024MIAMI, Aug. 14, 2025 /PRNewswire/ -- Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer®, and Reebok® brands, today announced its unaudited financial results for the three and six months ended June 30, 2025. Reebok Powered by Lucyd frames on sale at the TM:RW store in Times Square. The screens play continuous Reebok X Lucyd marketing content. Image courtesy Innovative Eyewear, Inc. Net revenue f ...
Innovative Eyewear(LUCY) - 2025 Q2 - Quarterly Report
2025-08-14 20:02
INNOVATIVE EYEWEAR, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-41392 (Exact name of registrant as specified in its charter) (State or other jurisdiction of inc ...
Innovative Eyewear Announces Participation in Key Industry and Investor Events in Q3 2025
Prnewswire· 2025-08-11 12:00
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 Lo ...
Innovative Eyewear Launches Reebok Smartglasses in New Channels
Prnewswire· 2025-07-21 12:30
Core Insights - Innovative Eyewear, Inc. has launched its Reebok athletic smartglasses, available on the Reebok mobile app and soon on Reebok.com, marking a significant step in the integration of smart technology in eyewear [1][4]. Product Launch - The Reebok smartglasses will be available on the Reebok mobile app starting July 21, 2025, with a subsequent launch on Reebok.com on August 1, 2025 [1]. - The smartglasses are designed to enhance athletic performance and lifestyle, continuing Reebok's tradition of innovative products [4]. Market Potential - Reebok.com attracts approximately 570,000 monthly organic visitors, which is expected to drive awareness and sales of the new smart eyewear among Reebok's global fanbase [3]. - The company emphasizes the future of eyewear and apparel will be rooted in smart technologies that enhance functionality [4]. Company Overview - Innovative Eyewear develops smart eyewear under various brands, including Lucyd®, Nautica®, Eddie Bauer®, and Reebok®, focusing on Bluetooth audio glasses that connect users to their digital lives [5].
Innovative Eyewear, Inc. Announces Exciting New Features for the Lucyd ChatGPT App
Prnewswire· 2025-05-29 12:00
Core Insights - Innovative Eyewear, Inc. has announced significant updates to its Lucyd app, enhancing its position in the smart eyewear market [1][3] - The app now features a streamlined interface with integrated shopping capabilities and user account synchronization [2][7] Company Developments - The Lucyd app has been downloaded approximately 15,000 times prior to any major marketing efforts [3] - A paid Pro version of the app is available for $7.99/month, allowing unlimited ChatGPT queries and secure Walkie channels for business use [3] App Features - The app now includes a new in-app shopping experience with prescription customization for all Lucyd eyewear [7] - New Siri commands have been introduced for the Walkie-talkie feature, allowing hands-free management of communication [7] - The AI assistant's voice output has been upgraded for a more natural and enjoyable user experience [7] - Overall user experience improvements have been made to app menus and screens [7] Brand Positioning - Innovative Eyewear aims to make the Lucyd app a powerful companion to its smart eyewear products, enhancing user enjoyment and utility [3][5] - The company offers a range of smart eyewear under various brands, including Lucyd, Nautica, Eddie Bauer, and Reebok [5]
Innovative Eyewear Inc. Reports Q1 2025 Unaudited Financial Results
Prnewswire· 2025-05-13 21:49
Core Insights - Innovative Eyewear Inc. reported a net revenue of $454,501 for Q1 2025, marking a 19% increase from $383,471 in Q1 2024, driven by growth in unit sales and successful product launches [2][4] - The gross profit margin improved significantly to 49% in Q1 2025 from just 2% in Q1 2024, attributed to lower costs of frames and prescription lenses [3] - The company experienced a net loss of $1,778,703 in Q1 2025, which is an improvement compared to a net loss of $1,971,311 in Q1 2024 [4] Revenue Growth - The increase in revenue was primarily due to the successful launches of the Nautica® Powered by Lucyd and Eddie Bauer® Powered by Lucyd collections, as well as the Lucyd Armor safety smart glasses line [2] - Continued investments in marketing and advertising initiatives contributed to the revenue growth, alongside rising public interest in smart glasses and wearable products [2] Cost Management - The gross profit margin increase was driven by lower frame costs and reduced prescription lens fulfillment costs, achieved through better economies of scale and management actions taken in the previous year [3] - The company engaged a new lower-cost lens supplier, which further contributed to the reduction in lens fulfillment costs [3] Operating Expenses - Total operating expenses for Q1 2025 were $2,124,324, reflecting an 11% increase from $2,021,542 in Q1 2024, although expenses remained relatively consistent between these periods [4] Product Development and Market Position - The company launched the Reebok® Powered by Lucyd sport smart sunglasses collection in April 2025, featuring advanced audio technology tailored for outdoor activities [6] - The success of the Lucyd Armor product line indicates a strong market potential for smart eyewear tailored to specific user niches [6] - The company has expanded its sales team to support the growth of its product lines, indicating a strategic focus on enhancing market presence [6][7]
Innovative Eyewear(LUCY) - 2025 Q1 - Quarterly Report
2025-05-13 20:30
Part I. Financial Information [Item 1. Condensed Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Condensed%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed financial statements for the quarter ended March 31, 2025, compared to prior periods [Condensed Balance Sheets](index=5&type=section&id=Condensed%20Balance%20Sheets) Total assets decreased to $7.94 million as of March 31, 2025, due to maturing investments that increased cash reserves Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $5,258.2 | $2,629.0 | | Investments | $0.0 | $4,895.2 | | Total Current Assets | $7,329.2 | $9,238.2 | | **Total Assets** | **$7,941.3** | **$9,838.3** | | **Liabilities & Equity** | | | | Total Current Liabilities | $447.2 | $737.7 | | **Total Liabilities** | **$447.2** | **$743.2** | | **Total Stockholders' Equity** | **$7,494.0** | **$9,095.1** | [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) The company reported Q1 2025 revenues of $454,501 and a reduced net loss of $1.78 million, with significant gross profit improvement Q1 2025 vs. Q1 2024 Statement of Operations | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues, net | $454,501 | $383,471 | | Gross Profit | $220,533 | $6,951 | | Total Operating Expenses | ($2,124,324) | ($2,021,542) | | Net Loss | ($1,778,703) | ($1,971,311) | | Loss per share, basic and diluted | ($0.72) | ($2.59) | [Condensed Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Stockholders' equity decreased by approximately $1.6 million to $7.49 million in Q1 2025, primarily driven by the quarterly net loss - Total stockholders' equity decreased by approximately **$1.6 million** during Q1 2025, mainly due to the net loss for the period[15](index=15&type=chunk) [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Cash and cash equivalents increased by $2.63 million in Q1 2025, driven by cash from investing activities offsetting cash used in operations Q1 2025 vs. Q1 2024 Cash Flow Summary | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash from operating activities | ($2,311,049) | ($1,467,355) | | Net cash from investing activities | $4,940,232 | ($95,538) | | Net cash from financing activities | $0 | ($75,988) | | **Net Change In Cash** | **$2,629,183** | **($1,638,881)** | [Notes to the Financial Statements](index=9&type=section&id=Notes%20to%20the%20Financial%20Statements) Notes detail the smart eyewear business, a subsequent warrant transaction, significant royalty commitments, and a new related-party loan facility - The company develops and sells smart eyewear and has exclusive license rights for the Lucyd brand and rights to sell branded eyewear under the Nautica, Eddie Bauer, and Reebok brands[20](index=20&type=chunk) - In April 2025, the company closed a warrant inducement transaction for gross proceeds of approximately **$1.8 million**[50](index=50&type=chunk)[79](index=79&type=chunk) Future Minimum Royalty Payments Under License Agreements | Year | Minimum Payment | | :--- | :--- | | 2025 | $60,000 | | 2026 | $834,000 | | 2027 | $1,290,000 | | 2028 | $1,543,000 | | 2029 | $1,778,000 | | Thereafter (through 2033) | $8,129,000 | | **Total** | **$13,634,000** | - In April 2025, the company established a new intercompany loan facility, agreeing to lend up to **$500,000** to Tekcapital Europe, Ltd[81](index=81&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 19% YoY revenue increase, significant gross margin expansion, new product lines, and sufficient liquidity for the next year - Revenues for Q1 2025 improved **19% YoY**, while gross margins expanded significantly from **2% to 49%**[90](index=90&type=chunk) - The company has launched several new product lines, including Lucyd Armor safety glasses and Reebok sport smart sunglasses, and plans to offer over **40 total smart eyewear SKUs** by the end of 2025[90](index=90&type=chunk)[98](index=98&type=chunk) - The Lucyd app, featuring ChatGPT integration, is a key part of the company's strategy to enhance user experience and create new revenue streams through a 'Pro' subscription model[92](index=92&type=chunk)[93](index=93&type=chunk) - The company is actively monitoring new U.S. tariffs on goods from China but notes that smart eyewear currently faces a lower effective duty rate (**27.5%**) compared to traditional eyewear (**155%**), which could be a competitive advantage[105](index=105&type=chunk)[120](index=120&type=chunk) [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Q1 2025 revenue grew 19% YoY to $454,501, with gross margin surging to 49% due to lower costs, while operating expenses rose 5% Q1 2025 vs. Q1 2024 Operational Results | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenues, net | $454,501 | $383,471 | 19% | | Cost of Goods Sold | ($233,968) | ($376,520) | -38% | | Gross Profit | $220,533 | $6,951 | n/m | | Gross Margin | 49% | 2% | 47 p.p. | | Total Operating Expenses | ($2,124,324) | ($2,021,542) | 5% | - The increase in revenue was primarily due to higher sales volumes from new product lines (Nautica, Eddie Bauer, Lucyd Armor) and improved pricing strategies[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) - The significant decrease in cost of goods sold was driven by **greater economies of scale** in manufacturing and engaging a new, **lower-cost lens supplier**[115](index=115&type=chunk)[116](index=116&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=Liquidity%20and%20Capital%20Resources) The company holds $5.3 million in cash with no debt, and a recent $1.8 million financing ensures sufficient liquidity for the next twelve months - As of March 31, 2025, cash and cash equivalents were approximately **$5.3 million**, and the company had **no debt obligations**[130](index=130&type=chunk)[131](index=131&type=chunk) - In April 2025, a warrant inducement transaction closed, providing gross proceeds of approximately **$1.8 million** for working capital and general corporate purposes[137](index=137&type=chunk)[138](index=138&type=chunk) - Management believes existing cash and access to a related-party credit facility will be **sufficient to fund operations for at least the next twelve months**[139](index=139&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is not required to provide these disclosures as a smaller reporting company - This disclosure is **not required** for smaller reporting companies[143](index=143&type=chunk) [Item 4. Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of March 31, 2025, due to material weaknesses - Management concluded that due to material weaknesses in internal control over financial reporting, the company's disclosure controls and procedures were **not effective** as of March 31, 2025[144](index=144&type=chunk) - **No changes** in internal control over financial reporting occurred during the first quarter of 2025 that materially affected, or are reasonably likely to materially affect, internal controls[145](index=145&type=chunk) Part II. Other Information [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material pending legal proceedings - The company is **not currently the subject of any material pending legal proceedings**[147](index=147&type=chunk) [Item 1A. Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to risk factors from those disclosed in the 2024 Annual Report on Form 10-K - There have been **no material changes** in risk factors from those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[148](index=148&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) An April 2025 warrant inducement transaction generated $1.8 million in gross proceeds through the issuance of new unregistered warrants - On April 11, 2025, the company entered into inducement agreements with certain warrant holders, allowing them to exercise warrants for cash at a reduced price of **$2.60 per share**[149](index=149&type=chunk)[150](index=150&type=chunk) - The transaction closed on April 14, 2025, with gross proceeds of approximately **$1.8 million**[153](index=153&type=chunk) - The newly issued Series G and H warrants, along with the underlying shares, were sold without registration under the Securities Act, in reliance on exemptions provided by **Section 4(a)(2) and Rule 506**[155](index=155&type=chunk) [Item 3. Defaults Upon Senior Securities](index=30&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon its senior securities - None[156](index=156&type=chunk) [Item 4. Mine Safety Disclosures](index=30&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[157](index=157&type=chunk) [Item 5. Other Information](index=30&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this period - None[158](index=158&type=chunk) [Item 6. Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and Inline XBRL financial data files - The filing includes certifications from the CEO and CFO pursuant to **Sections 302 and 906 of the Sarbanes-Oxley Act**, along with various Inline XBRL documents[159](index=159&type=chunk)
Innovative Eyewear Launches Reebok® Smart Eyewear
Prnewswire· 2025-04-28 12:00
Core Insights - Innovative Eyewear Inc. has launched Reebok Smart Eyewear, expanding its product line under the Reebok brand, available globally on Lucyd.co with further availability expected on Reebok.com and other retailers later this quarter [1][3]. Product Launch - The launch of Reebok Smart Eyewear is seen as a significant milestone for the smart eyewear category, with the company positioning itself at the forefront of the transition from traditional eyewear to smart, connected solutions [3][5]. - The smart eyewear features high-fidelity speakers and amplifiers tailored for outdoor and sports use, ensuring audio clarity while allowing users to remain aware of their surroundings, which is crucial for safety [4]. Market Positioning - The global smart glasses market is projected to reach approximately $13 billion by 2030, indicating a strong growth potential for Innovative Eyewear in this sector [3]. - The product's appeal spans across various retail environments, attracting interest from both sporting goods and consumer electronics retailers, highlighting its versatility at the intersection of fashion, technology, and athletic performance [7]. Distribution Strategy - Innovative Eyewear has initiated a global distribution strategy, starting with a partnership with MTB Mexico, a leading technology distributor in Latin America, to meet the rising consumer demand for smart technology [5][6]. Celebrity Endorsement - Micah Richards, a former professional athlete, serves as a brand ambassador for the Reebok Smart Eyewear, emphasizing the product's blend of performance and style, and its ability to keep users connected while being aware of their environment [8][9].
Innovative Eyewear, Inc. Highlights Smart Eyewear Competitive Pricing Edge Amid Eyeglass Industry Cost Pressures Due to Tariffs
Prnewswire· 2025-04-23 12:30
MIAMI, April 23, 2025 /PRNewswire/ -- Innovative Eyewear Inc. (NASDAQ: LUCY), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, confirms its tariff rate on smart eyewear and highlights its competitive edge vs. traditional eyewear. Lucyd smart eyewear. Image courtesy of Innovative Eyewear, Inc. Smart eyewear products that enter the United States from China currently have a total effective duty of approximately 27.5%. This stands in sharp contrast to recent trade ...
Innovative Eyewear, Inc. Announces Exercise of Warrants for $1.8 Million Gross Proceeds
Prnewswire· 2025-04-11 13:00
Core Viewpoint - Innovative Eyewear, Inc. has entered into agreements for the immediate exercise of outstanding warrants, allowing the purchase of 601,686 shares at a reduced price of $2.60 per share, generating approximately $1.8 million in gross proceeds for the company [1][3]. Group 1: Warrant Exercise Details - The warrants were originally issued on September 4, 2024, and September 24, 2024, with original exercise prices of $5.00 and $9.50 per share, respectively [1]. - The closing of the warrant exercise transaction is expected to occur around April 14, 2025, pending customary closing conditions [1]. Group 2: New Warrants Issuance - In exchange for the immediate exercise of the warrants, the company will issue new unregistered Series G and Series H warrants, allowing the purchase of up to 221,895 and 1,741,059 shares, respectively, at a price of $0.125 per warrant [4]. - The new Series G and Series H warrants will have an exercise price of $2.60 per share and will be exercisable immediately, with expiration periods of five and a half years and eighteen months, respectively [4]. Group 3: Use of Proceeds - The net proceeds from the warrant exercise are intended for working capital and general corporate purposes [3]. Group 4: Regulatory Compliance - The new warrants and shares are being offered in a private placement and have not been registered under the Securities Act of 1933, meaning they cannot be sold in the U.S. without an effective registration statement or applicable exemption [5]. - The company has committed to filing a registration statement with the SEC within 30 days to cover the resale of shares from the new warrants [5]. Group 5: Company Overview - Innovative Eyewear, Inc. develops smart eyewear under the Lucyd®, Nautica®, Eddie Bauer®, and Reebok® brands, focusing on Bluetooth audio glasses that enhance user connectivity [7].