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 ...

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].

MIAMI, April 10, 2025 /PRNewswire/ -- Innovative Eyewear, Inc. (NASDAQ: LUCY | LUCYW), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announces that its Lucyd Armor™ smart safety glasses have been certified to meet European Union EN 166:2002 safety standards for workplace use. Lucyd Armor. Courtesy of Innovative Eyewear, Inc. Lucyd Armor has been a vital addition to the lineup of smart eyewear products produced by the Company, and since launching in Q4 ...

Core Insights - Innovative Eyewear, Inc. has launched a new AI-integrated eyewear product named Moonbeam, designed for all-day comfort and targeting underserved demographics [1][4] - The Moonbeam features a round-frame style, lightweight construction, and is aimed at enhancing user connectivity and productivity [2][4] Product Features - Moonbeam offers a contemporary round frame that is stylish and timeless [7] - The eyewear is lightweight, designed for prolonged wear, ensuring comfort throughout the day [7] - It includes open-ear audio technology for clear sound while keeping users aware of their surroundings [7] - Seamless integration with voice assistants, including ChatGPT, allows for hands-free access to AI [7] - Enhanced ergonomic controls facilitate intuitive management of calls, audio playback, and voice commands [7] Availability - The Moonbeam is currently available for purchase on Lucyd.co with options for any prescription and will also be distributed through select retail partners and online marketplaces [4]

Core Insights - Innovative Eyewear Inc. reported a 42% increase in net revenue for the year ended December 31, 2024, reaching $1,636,440 compared to $1,152,479 in 2023, driven by new product launches and increased marketing efforts [2][12] - The gross profit margin improved significantly to 13% in 2024 from a negative 10% in 2023, attributed to lower costs of frames and lenses [3] - The company experienced a net loss of $7,766,515 in 2024, which is an increase in loss compared to $6,663,428 in 2023, despite revenue growth [5][17] Financial Performance - Total operating expenses rose by 21% to $8,138,892 in 2024 from $6,736,213 in 2023, primarily due to increased sales and marketing expenses [4][17] - The fourth quarter of 2024 marked the highest quarterly revenue since inception at $690,688, a 12% increase from the same quarter in 2023 [7] - The gross profit margin for the fourth quarter improved to 14%, up 43 percentage points from negative 29% in the same quarter of 2023 [8] Product Development and Market Position - The company launched several new smart eyewear products in 2024, including the Lucyd Armor safety smart glasses and co-branded collections with Nautica and Eddie Bauer [2][10] - Future product launches include the Reebok Powered by Lucyd smart glasses line anticipated in the second quarter of 2025 [10] - The company is actively pursuing distribution through major national retailers, which could positively impact revenues in the near term [11] Cash Position and Investments - Cash and cash equivalents at the end of 2024 were $2,628,987, with additional short-term U.S. Treasury investments of $4,895,184 [6] - The weighted average number of shares outstanding increased significantly from 613,000 in 2023 to 1,496,357 in 2024, reflecting the company's capital structure changes [5]

Revenue Growth - Revenues for the year ended December 31, 2024, were $1,636,440, representing a 42% increase from $1,152,479 in 2023[250]. - E-commerce sales accounted for approximately 64% of total sales in 2024, with significant growth in net sales through Lucyd.co (up 89%) and Amazon.com (up 14%) compared to the prior year[251]. - The company sold over 2,000 units of the Lucyd Armor glasses in Q4 2024, contributing to overall revenue growth driven by new product launches[252]. - The decline in wholesale revenues was approximately 27%, attributed to a strategic shift towards major national retailers with slower approval cycles[253]. Cost and Profitability - Total cost of goods sold increased to $1,421,250 in 2024 from $1,271,808 in 2023, driven by higher volumes sold[260]. - Gross profit for the year ended December 31, 2024, was $215,190, or 13% of net sales, compared to a gross deficit of $119,329, or negative 10% of net sales for the prior year, reflecting an improvement of 23 percentage points[268]. - The cost of frames increased by approximately 14% on an absolute dollar basis from the prior year, but as a percentage of net sales, it declined by 13 percentage points due to new suppliers and economies of scale[261]. - The cost of lenses decreased by approximately 5% on an absolute dollar basis and by 8 percentage points as a percentage of net sales, driven by management actions and a shift to a lower-cost lens supplier[262]. - The company expects gross profit margins to continue improving in 2025 due to reduced unit costs from new product lines[269]. Operating Expenses - Operating expenses increased by 21% to $8,138,892 for the year ended December 31, 2024, compared to $6,736,213 for the prior year, primarily due to increased general and administrative expenses and sales and marketing expenses[270]. - Research and development costs increased by 24% to $819,387 for the year ended December 31, 2024, compared to $662,184 for the prior year, influenced by product development cycles and a shift in focus to the Lucyd app[276]. Future Plans and Product Development - The company plans to expand its product offerings to over 40 smart eyewear SKUs by the end of 2025, including cobranded collections with Reebok[242]. - The anticipated launch of Reebok Powered by Lucyd smartglasses is expected to generate significant revenue growth in 2025, targeting the sport/active lifestyle segment[258]. - The company aims to enhance brand awareness through expanded marketing initiatives and a strong co-op marketing program with retail partners[246]. - The company expects total marketing spending in 2025 to be between 2023 and 2024 levels, focusing on brand awareness and product rollouts[273]. Cash Flow and Financing - The net cash flows from operating activities for the year ended December 31, 2024, were $(6,739,630), compared to $(5,766,303) for the prior year, reflecting increased operating costs[280]. - The company raised approximately $4.7 million from a public offering in June 2023, with net proceeds of approximately $4,116,000 used for working capital[287][288]. - The Company has entered into a financing agreement with Lucyd Ltd. for up to $1,250,000, which will bear interest at 10% per annum and can be converted into shares of common stock[300]. - The Company has not borrowed any amounts under the financing agreement with Lucyd Ltd. as of the latest reporting date[302]. - The Company expects operating losses to continue in the foreseeable future as it invests in business expansion and development, but believes existing cash and cash equivalents will be sufficient to fund operations for at least the next twelve months[303]. Inventory and Revenue Recognition - As of December 31, 2024, the Company recorded an inventory prepayment of $424,594 related to down payments on eyewear purchased from the manufacturer[311]. - The Company recognized $30,000 and $17,500 of revenue during the years ended December 31, 2024 and 2023, respectively, that was included in the contract liability balance at the beginning of each year[325]. - Revenue for eyewear sales is recognized upon delivery to retail store partners and distributors, net of returns and discounts[328][329]. - Revenue for monthly app subscriptions is recognized in the month of purchase, while annual subscriptions are recognized on a straight-line basis[330]. - The Company establishes a reserve for returns based on historical experience and expected future returns[331]. Customer Engagement and Retail Presence - Customer ratings for new products have improved, with the Lucyd Armor receiving a 4/5 rating on Amazon, indicating positive consumer feedback[248]. - The company currently has over 540 retail stores selling its products, with plans to increase this number significantly in 2025[247]. - The company anticipates that third-party retail stores will become the primary sales channel, leading to a decrease in sales of prescription lenses through its website[266].

Core Insights - Innovative Eyewear, Inc. has launched an update to the Lucyd App's Walkie feature, enabling secure and private communication channels for premium subscribers [1][6] - The new secure walkie channels are designed for businesses and organizations that require confidential communication, enhancing operational efficiency and protecting sensitive information [4][5] Company Overview - Innovative Eyewear, Inc. develops and retails ChatGPT-enabled smart eyewear under brands such as Lucyd®, Nautica®, Eddie Bauer®, and Reebok® [7] - The company aims to upgrade eyewear by providing Bluetooth smart glasses that connect users to their digital lives [7] Product Features - The updated Walkie feature allows users to communicate hands-free through Lucyd glasses, with the addition of private, encrypted channels for premium users [3][5] - The secure communication feature is particularly beneficial for sectors such as corporate teams, healthcare, retail operations, and logistics, where sensitive information needs to be transmitted securely [8] Pricing and Availability - The secure walkie channels are available for premium subscribers at a cost of $7.99 per month, with the update officially launched on February 24, 2025 [6]

Core Insights - Innovative Eyewear, Inc. is launching its Reebok Smart Eyewear line at MIDO 2025, a significant event for showcasing new eyewear technology [1][7] - The Reebok Smart Eyewear is designed for active lifestyles, integrating wearable audio technology with lightweight frames [3][5] - The event will also feature previews of other collections, including Lucyd Lyte and Lucyd Armor Smart Safety Glasses, highlighting the company's commitment to diverse market needs [6][10] Product Features - The Reebok Smart Eyewear offers hi-fi sound performance with crystal-clear open-ear audio and enhanced audio technology for deeper bass and richer tones [9] - It provides seamless connectivity with voice assistants and fitness apps, ensuring hands-free convenience [9] - The eyewear is crafted from lightweight yet durable materials, with customizable lens options available [9] Event Significance - MIDO 2025 serves as a premier platform for eyewear innovation, attracting leaders in fashion, technology, and optical solutions [7] - The launch represents years of research and development aimed at delivering value to an underserved segment of smart eyewear customers [7][11] - The event is an opportunity for attendees to engage with product designers and technology experts, gaining insights into future innovations [10][11]

Core Insights - Innovative Eyewear, Inc. has partnered with Micro Center to expand the retail availability of its Lucyd smart eyewear, which is integrated with ChatGPT technology [1][4] - The partnership aims to enhance customer engagement through customizable interactive displays in Micro Center stores, improving the overall shopping experience [2][4] - Micro Center is recognized as a leading tech retailer in the U.S., serving a diverse customer base including IT professionals and tech enthusiasts since its founding in 1979 [3][6] Company Overview - Innovative Eyewear develops and retails smart eyewear under various brands including Lucyd, Nautica, Eddie Bauer, and Reebok, focusing on Bluetooth-enabled glasses that connect to digital devices [5] - The company emphasizes its mission to "Upgrade Your Eyewear," offering a wide range of frame and lens combinations to cater to the optical market [5] Retail Partner Insights - Micro Center operates 28 large stores across major U.S. markets and has established itself as a trusted name in consumer electronics [6][7] - The retailer has a strong reputation among tech-savvy consumers, making it an ideal partner for Innovative Eyewear's smart products [4][6]

Group 1 - Innovative Eyewear, Inc. has received CAN/CSA Z94.3:20 safety certification for its Lucyd Armor™ smart safety glasses, allowing sales in Canada for workplace use [1] - The Lucyd Armor line launched in October 2024, achieving a 4.1/5 rating on Amazon and selling over 90% of its initial production run, indicating strong customer satisfaction [2] - The CEO of Innovative Eyewear expressed confidence in the market need for the Armor product and plans to launch it on Amazon.ca and through partnerships with major Canadian eyewear retailers in 2025 [3] Group 2 - Innovative Eyewear develops and retails ChatGPT-enabled smart eyewear under various brands, aiming to enhance user connectivity and ergonomics with a wide range of frame and lens combinations [3]