Core Insights - Innovative Eyewear Inc. reported a 42% increase in net revenue for the year ended December 31, 2024, reaching 1,636,440comparedto1,152,479 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 7,766,515in2024,whichisanincreaseinlosscomparedto6,663,428 in 2023, despite revenue growth [5][17] Financial Performance - Total operating expenses rose by 21% to 8,138,892in2024from6,736,213 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,a122,628,987, 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]
Innovative Eyewear(LUCY) Prnewswire·2025-03-25 12:30