What is INNOVATIVE EYEWEAR INC's earnings per share (EPS)?

INNOVATIVE EYEWEAR INC (LUCYW) reported diluted earnings per share of $-1.90 for fiscal year 2025. This represents a 63.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

INNOVATIVE EYEWEAR INC Financials

LUCYW

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows INNOVATIVE EYEWEAR INC (LUCYW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LUCYW FY2025 2026-04-22

Lucyd is still funding growth with outside capital as better unit economics have not yet covered the operating machine.

From FY2023 to FY2025, gross margin moved from -10.4% to 21.3%, showing the company fixed a product-level profitability problem. But free cash flow stayed near -$7.3M as SG&A reached $5.2M, so improved unit economics are still being absorbed by overhead rather than turning into cash.

The balance sheet looks liquid because cash ended FY2025 at $6.5M against total liabilities of $1.1M. Yet that cushion was externally supplied: operating cash flow was -$7.3M while financing inflow added $6.7M, which means solvency currently rests more on capital raising than on self-funding.

The reported loss and cash burn are telling a similar story in FY2025, with net income at -$7.6M and operating cash flow at -$7.3M. When those figures move together, losses are not mainly paper charges; they reflect the real cash cost of running the business at its current scale.

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of INNOVATIVE EYEWEAR INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

100

INNOVATIVE EYEWEAR INC's revenue surged 62.6% year-over-year to $2.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

100

INNOVATIVE EYEWEAR INC carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 9.03, INNOVATIVE EYEWEAR INC holds $9.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While INNOVATIVE EYEWEAR INC generated -$7.3M in operating cash flow, capex of $73K consumed most of it, leaving -$7.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

INNOVATIVE EYEWEAR INC generates a -83.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -85.4% the prior year.

Piotroski F-Score Neutral

4/9

INNOVATIVE EYEWEAR INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.96x

For every $1 of reported earnings, INNOVATIVE EYEWEAR INC generates $0.96 in operating cash flow (-$7.3M OCF vs -$7.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$2.7M

YoY+62.6%

INNOVATIVE EYEWEAR INC generated $2.7M in revenue in fiscal year 2025. This represents an increase of 62.6% from the prior year.

EBITDA

N/A

Net Income

-$7.6M

YoY+2.3%

INNOVATIVE EYEWEAR INC reported -$7.6M in net income in fiscal year 2025. This represents an increase of 2.3% from the prior year.

EPS (Diluted)

$-1.90

YoY+63.4%

INNOVATIVE EYEWEAR INC earned $-1.90 per diluted share (EPS) in fiscal year 2025. This represents an increase of 63.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$7.3M

YoY-8.0%

INNOVATIVE EYEWEAR INC generated -$7.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 8.0% from the prior year.

Cash & Debt

$6.5M

YoY+147.7%

INNOVATIVE EYEWEAR INC held $6.5M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+123.4%

INNOVATIVE EYEWEAR INC had 5M shares outstanding in fiscal year 2025. This represents an increase of 123.4% from the prior year.

Margins & Returns

Gross Margin

21.3%

YoY+8.2pp

INNOVATIVE EYEWEAR INC's gross margin was 21.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 8.2 percentage points from the prior year.

Operating Margin

N/A

Net Margin

-285.2%

YoY+189.4pp

INNOVATIVE EYEWEAR INC's net profit margin was -285.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 189.4 percentage points from the prior year.

Return on Equity

-83.7%

YoY+1.7pp

INNOVATIVE EYEWEAR INC's ROE was -83.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$725K

YoY-11.5%

INNOVATIVE EYEWEAR INC invested $725K in research and development in fiscal year 2025. This represents a decrease of 11.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$73K

YoY+16.6%

INNOVATIVE EYEWEAR INC invested $73K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.6% from the prior year.

LUCYW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$2.7M+62.6%	$1.6M+42.0%	$1.2M+74.7%	$660K-4.5%	$691K
Cost of Revenue	$2.1M+47.4%	$1.4M+11.8%	$1.3M+77.6%	$716K+32.0%	$542K
Gross Profit	$567K+163.7%	$215K+280.3%	-$119K-112.0%	-$56K-138.0%	$148K
R&D Expenses	$725K-11.5%	$819K+23.7%	$662K+26.2%	$525K+508.3%	$86K
SG&A Expenses	$5.2M+16.8%	$4.5M+15.1%	$3.9M+39.0%	$2.8M+101.8%	$1.4M
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	$3K-97.1%	$105K+166.7%	$39K
Income Tax	N/A	N/A	N/A	N/A	N/A
Net Income	-$7.6M+2.3%	-$7.8M-16.6%	-$6.7M-17.3%	-$5.7M-75.1%	-$3.2M
EPS (Diluted)	$-1.90+63.4%	$-5.19	$-10.87	$-0.87	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$774K-19.4%	$960K+43.7%	$668K+15.3%	$579K+27.4%	$455K-34.2%	$691K+172.4%	$254K-17.8%	$309K
Cost of Revenue	$598K-29.2%	$845K+99.6%	$423K-28.5%	$592K+153.0%	$234K-60.8%	$597K+207.3%	$194K-23.4%	$254K
Gross Profit	$175K+52.9%	$115K-53.1%	$245K+2033.2%	-$13K-105.7%	$221K+135.3%	$94K+57.9%	$59K+7.6%	$55K
R&D Expenses	$138K+18.4%	$117K-10.3%	$130K-51.5%	$268K+27.4%	$211K-2.0%	$215K+63.6%	$131K-48.8%	$257K
SG&A Expenses	$1.6M+2.8%	$1.5M+21.1%	$1.3M-2.6%	$1.3M+20.1%	$1.1M+15.2%	$947K-15.6%	$1.1M-13.4%	$1.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	N/A	$0	$0	$0	N/A	$0	$0
Net Income	-$2.3M-23.5%	-$1.9M-1.8%	-$1.8M+12.8%	-$2.1M-18.4%	-$1.8M+16.3%	-$2.1M-23.6%	-$1.7M+11.7%	-$1.9M
EPS (Diluted)	$-0.37	N/A	$-0.38+42.4%	$-0.66+8.3%	$-0.72	N/A	$-0.99+47.1%	$-1.87

LUCYW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$10.1M+3.1%	$9.8M+58.2%	$6.2M+32.6%	$4.7M+468.9%	$824K
Current Assets	$9.4M+2.1%	$9.2M+64.5%	$5.6M+32.4%	$4.2M+558.2%	$644K
Cash & Equivalents	$6.5M+147.7%	$2.6M-38.7%	$4.3M+19.4%	$3.6M+4404.3%	$80K
Inventory	$1.7M+109.8%	$832K+56.0%	$533K+463.1%	$95K-65.6%	$276K
Accounts Receivable	$142K+31.7%	$108K+15.8%	$93K-15.5%	$110K+154.1%	$43K
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1M+44.5%	$743K+12.6%	$660K-0.8%	$665K+7.9%	$617K
Current Liabilities	$1.0M+41.7%	$738K+18.1%	$624K+4.1%	$600K-2.7%	$617K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.1M-0.3%	$9.1M+63.6%	$5.6M+38.1%	$4.0M+1839.3%	$208K
Retained Earnings	-$32.3M-30.7%	-$24.7M-45.8%	-$17.0M-64.7%	-$10.3M-122.9%	-$4.6M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$9.5M-6.5%	$10.1M-9.3%	$11.2M-6.4%	$11.9M+50.3%	$7.9M-19.3%	$9.8M-15.2%	$11.6M+47.6%	$7.9M
Current Assets	$8.7M-7.3%	$9.4M-11.0%	$10.6M-6.5%	$11.3M+54.6%	$7.3M-20.7%	$9.2M-16.0%	$11.0M+50.9%	$7.3M
Cash & Equivalents	$4.4M-32.8%	$6.5M-2.8%	$6.7M-12.2%	$7.6M+45.1%	$5.3M+100.0%	$2.6M-42.1%	$4.5M-22.9%	$5.9M
Inventory	$1.4M-19.5%	$1.7M+6.9%	$1.6M-2.6%	$1.7M+48.7%	$1.1M+35.6%	$832K-9.1%	$915K-1.6%	$930K
Accounts Receivable	$72K-49.7%	$142K+70.5%	$83K+43.8%	$58K-35.4%	$90K-16.9%	$108K+33.4%	$81K+31.3%	$62K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$1.1M+3.5%	$1.1M+16.1%	$925K+40.5%	$659K+47.2%	$447K-39.8%	$743K+11.6%	$666K+29.3%	$515K
Current Liabilities	$1.1M+4.3%	$1.0M+18.2%	$885K+46.0%	$606K+35.5%	$447K-39.4%	$738K+13.0%	$653K+32.0%	$495K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$8.4M-7.7%	$9.1M-11.6%	$10.3M-9.1%	$11.3M+50.5%	$7.5M-17.6%	$9.1M-16.8%	$10.9M+48.8%	$7.3M
Retained Earnings	-$34.6M-7.1%	-$32.3M-6.1%	-$30.5M-6.4%	-$28.6M-7.9%	-$26.5M-7.2%	-$24.7M-9.4%	-$22.6M-8.2%	-$20.9M

LUCYW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$7.3M-7.9%	-$6.7M-16.9%	-$5.8M-78.8%	-$3.2M-165.6%	-$1.2M
Capital Expenditures	$73K+16.6%	$62K-20.7%	$78K-35.5%	$122K+484.9%	$21K
Free Cash Flow	-$7.3M-8.0%	-$6.8M-16.4%	-$5.8M-74.7%	-$3.3M-170.9%	-$1.2M
Investing Cash Flow	$4.5M+186.7%	-$5.2M-2497.3%	-$199K+9.6%	-$220K-85.7%	-$118K
Financing Cash Flow	$6.7M-34.8%	$10.2M+53.8%	$6.7M-4.2%	$7.0M+402.1%	$1.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$2.5M-84.5%	-$1.4M+9.8%	-$1.5M+29.2%	-$2.1M+8.4%	-$2.3M-18.9%	-$1.9M-38.8%	-$1.4M+27.5%	-$1.9M
Capital Expenditures	N/A	$17K+14.8%	$15K	$0-100.0%	$41K+53.6%	$26K	$0-100.0%	$3K
Free Cash Flow	N/A	-$1.4M+9.6%	-$1.5M+28.5%	-$2.1M+10.0%	-$2.4M-19.4%	-$2.0M-40.7%	-$1.4M+27.6%	-$1.9M
Investing Cash Flow	-$1.0M-226.8%	$825K+5660.3%	-$15K+98.8%	-$1.3M-125.8%	$4.9M+8143.2%	-$61K+98.8%	-$5.0M-27191.2%	-$18K
Financing Cash Flow	$1.4M+316.5%	$337K-42.3%	$584K	N/A	N/A	$90K-98.2%	$5.0M-3.1%	$5.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LUCYW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	21.3%+8.2pp	13.2%+23.5pp	-10.3%-1.8pp	-8.5%-30.0pp	21.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	-285.2%+189.4pp	-474.6%+103.6pp	-578.2%+283.0pp	-861.2%-391.4pp	-469.8%
Return on Equity	-83.7%+1.7pp	-85.4%+34.5pp	-119.9%+21.3pp	-141.2%+1422.3pp	-1563.5%
Return on Assets	-74.9%+4.1pp	-78.9%+28.2pp	-107.1%+14.0pp	-121.2%+272.4pp	-393.6%
Current Ratio	9.03-3.5	12.52+3.5	8.99+1.9	7.07+6.0	1.04
Debt-to-Equity	0.12+0.0	0.08-0.0	0.12-0.0	0.17-2.8	2.97
FCF Margin	-276.1%+139.6pp	-415.7%+91.5pp	-507.2%-0.0pp	-507.1%-328.3pp	-178.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	22.7%+10.7pp	12.0%-24.7pp	36.6%+38.8pp	-2.2%-50.7pp	48.5%+35.0pp	13.6%-9.8pp	23.4%+5.5pp	17.9%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-298.5%-103.7pp	-194.8%+80.0pp	-274.8%+88.8pp	-363.6%+27.7pp	-391.4%-83.5pp	-307.8%+370.7pp	-678.5%-47.3pp	-631.2%
Return on Equity	-27.6%-7.0pp	-20.6%-2.7pp	-17.9%+0.8pp	-18.7%+5.1pp	-23.7%-0.4pp	-23.4%-7.6pp	-15.7%+10.8pp	-26.5%
Return on Assets	-24.4%-5.9pp	-18.4%-2.0pp	-16.4%+1.2pp	-17.6%+4.8pp	-22.4%-0.8pp	-21.6%-6.8pp	-14.8%+10.0pp	-24.8%
Current Ratio	8.02-1.0	9.03-3.0	11.98-6.7	18.70+2.3	16.39+3.9	12.52-4.3	16.83+2.1	14.73
Debt-to-Equity	0.13+0.0	0.12+0.0	0.09+0.0	0.060.0	0.06-0.0	0.08+0.0	0.060.0	0.07
FCF Margin	N/A	-142.5%+83.9pp	-226.3%+139.1pp	-365.4%+152.0pp	-517.4%-232.2pp	-285.2%+266.7pp	-551.9%+74.2pp	-626.1%

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Frequently Asked Questions

What is INNOVATIVE EYEWEAR INC's annual revenue?

INNOVATIVE EYEWEAR INC (LUCYW) reported $2.7M in total revenue for fiscal year 2025. This represents a 62.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is INNOVATIVE EYEWEAR INC's revenue growing?

INNOVATIVE EYEWEAR INC (LUCYW) revenue grew by 62.6% year-over-year, from $1.6M to $2.7M in fiscal year 2025.

Is INNOVATIVE EYEWEAR INC profitable?

No, INNOVATIVE EYEWEAR INC (LUCYW) reported a net income of -$7.6M in fiscal year 2025, with a net profit margin of -285.2%.

What is INNOVATIVE EYEWEAR INC's gross margin?

INNOVATIVE EYEWEAR INC (LUCYW) had a gross margin of 21.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is INNOVATIVE EYEWEAR INC's net profit margin?

INNOVATIVE EYEWEAR INC (LUCYW) had a net profit margin of -285.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is INNOVATIVE EYEWEAR INC's return on equity (ROE)?

INNOVATIVE EYEWEAR INC (LUCYW) has a return on equity of -83.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is INNOVATIVE EYEWEAR INC's free cash flow?

INNOVATIVE EYEWEAR INC (LUCYW) generated -$7.3M in free cash flow during fiscal year 2025. This represents a -8.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is INNOVATIVE EYEWEAR INC's operating cash flow?

INNOVATIVE EYEWEAR INC (LUCYW) generated -$7.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are INNOVATIVE EYEWEAR INC's total assets?

INNOVATIVE EYEWEAR INC (LUCYW) had $10.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are INNOVATIVE EYEWEAR INC's capital expenditures?

INNOVATIVE EYEWEAR INC (LUCYW) invested $73K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does INNOVATIVE EYEWEAR INC spend on research and development?

INNOVATIVE EYEWEAR INC (LUCYW) invested $725K in research and development during fiscal year 2025.

How many shares does INNOVATIVE EYEWEAR INC have outstanding?

INNOVATIVE EYEWEAR INC (LUCYW) had 5M shares outstanding as of fiscal year 2025.

What is INNOVATIVE EYEWEAR INC's current ratio?

INNOVATIVE EYEWEAR INC (LUCYW) had a current ratio of 9.03 as of fiscal year 2025, which is generally considered healthy.

What is INNOVATIVE EYEWEAR INC's debt-to-equity ratio?

INNOVATIVE EYEWEAR INC (LUCYW) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is INNOVATIVE EYEWEAR INC's return on assets (ROA)?

INNOVATIVE EYEWEAR INC (LUCYW) had a return on assets of -74.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is INNOVATIVE EYEWEAR INC's cash runway?

Based on fiscal year 2025 data, INNOVATIVE EYEWEAR INC (LUCYW) had $6.5M in cash against an annual operating cash burn of $7.3M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is INNOVATIVE EYEWEAR INC's Piotroski F-Score?

INNOVATIVE EYEWEAR INC (LUCYW) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are INNOVATIVE EYEWEAR INC's earnings high quality?

INNOVATIVE EYEWEAR INC (LUCYW) has an earnings quality ratio of 0.96x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is INNOVATIVE EYEWEAR INC?

INNOVATIVE EYEWEAR INC (LUCYW) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.