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]

Core Insights - Innovative Eyewear, Inc. is actively participating in key industry events in the first quarter of 2025 to showcase its advancements in smart eyewear technology [1][3] Company Overview - Innovative Eyewear develops and retails ChatGPT-enabled smart eyewear under brands such as Lucyd®, Nautica®, Eddie Bauer®, and Reebok® [4] - The company's smart glasses are designed to keep users connected to their digital lives while offering a variety of frame and lens combinations [4] Upcoming Events - The company will participate in the Vision Council Executive Summit from January 22-24, focusing on the future of the eyewear industry [6] - A virtual event, Skyline Signature Series, is scheduled for January 30, where the company will present its latest developments and investor relations strategy [6] - The MIDO Eyewear Show in Milan from February 8-10 will mark the company's first exhibition at the world's largest eyewear expo [6] - Vision Expo East will take place from February 19-22, where the company will exhibit its smart eyewear solutions [6] - At the National Hardware Show from March 18-20, the company will showcase safety-focused smart eyewear for the hardware and construction industries [6] - The eMerge Americas 2025 Conference in Miami on March 27-28 will also feature the company's participation, focusing on innovation and entrepreneurship [6]

Core Insights - Innovative Eyewear, Inc. has launched the Lucyd Lyte 2024 Edition, featuring significant improvements in adjustability, durability, weight, and lens quality [2][5] Product Improvements - The new Lucyd Lyte 2024 Edition utilizes advanced TR90 plastic, making it the first fully optician-adjustable smart eyewear, enhancing fit and durability [4] - The eyewear is nearly 10% lighter than the previous model, reducing weight from 48 grams to 44 grams [4] - Enhanced smart features include an upgraded ChatGPT integration to ChatGPT-4o, improved VOIP-powered chat service, and a new battery level feature [4] - The new models come with transitional lenses at no extra cost, providing added versatility [4][5] Market Positioning - The CEO of Innovative Eyewear highlighted the value proposition of the Lucyd Lyte 2024, emphasizing its competitive features and anticipated improvements in other product lines for 2025 [5] - The eyewear is positioned as an ideal solution for consumers seeking enhanced connectivity and functionality in their daily eyewear [5] Company Overview - Innovative Eyewear develops and retails smart eyewear under various brands, including Lucyd, Nautica, Eddie Bauer, and Reebok, aiming to enhance user connectivity and comfort [6]

Revenue Increased 14% in Q3 2024 vs Q3 2023, and 76% on a Year-to-Date Basis vs 2023MIAMI, 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 ...

MIAMI, Nov. 5, 2024 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or "the Company") (NASDAQ: LUCY; LUCYW), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced that the full range of Lucyd, and Powered by Lucyd products, will be available at NFM Optical starting Black Friday, 2024. A model wearing the new Lucyd Lyte® Darkside 2024 Edition. Image Courtesy of Innovative Eyewear, Inc. NFM (Nebraska Furniture Mart), headquartered in Om ...

Core Viewpoint - Innovative Eyewear, Inc. has launched Lucyd Armor™, the first smart safety eyewear that integrates advanced AI features while meeting ANSI Z87.1 safety standards for industrial use [1][4][7] Product Overview - Lucyd Armor™ is designed for professionals across various industries, including construction, logistics, and healthcare, combining eye protection with technology to enhance workplace communication and awareness [1][4] - The eyewear features instant access to AI tools like ChatGPT, auto-tinting lenses, and a walkie-talkie VOIP function, all in a lightweight and stylish design [4][6] Key Features - AI-Powered Integration: Provides hands-free access to Siri, Google Voice, and ChatGPT via Bluetooth 5.3 [5] - Comfort and Durability: Lightweight design with adjustable silicone nose pads and flexible temples for secure wear during long shifts [5] - Adaptive Lenses: Photochromic lenses that adjust to light conditions, with anti-fog and anti-scratch coatings included [5] - Battery Life: Up to 8 hours of continuous music playback or over 100 hours of standby time [5] Communication and Connectivity - The eyewear includes an open-ear audio system and AI-powered noise reduction microphones, allowing users to take calls and access smart features while remaining aware of their surroundings [6] - The walkie-talkie function, accessible via the Lucyd App, enhances team communication without needing additional devices [6] Market Positioning - The CEO of Innovative Eyewear, Inc. emphasized that Lucyd Armor sets a new standard in protective eyewear, merging technology with safety to improve efficiency for professionals [7] - The product is available for purchase on the company's website, with discussions ongoing with retailers for brick-and-mortar launches [7][8]