Innovative Eyewear Inc. Reports Full Year 2024 Financial Results
Rhea-AI Summary
Innovative Eyewear (NASDAQ: LUCY) reported its full year 2024 financial results, showing a 42% revenue increase to $1,636,440 from $1,152,479 in 2023. The growth was driven by new product launches including Nautica®, Eddie Bauer®, and Lucyd Armor safety smart glasses collections.
The company's gross profit margin improved to 13% in 2024 from -10% in 2023, primarily due to reduced frame and lens costs. However, operating expenses increased 21% to $8,138,892, largely due to higher sales and marketing expenses (+32%) and legal costs. The net loss for 2024 was $7,766,515 ($5.19 per share).
Q4 2024 marked the company's highest quarterly revenue at $690,688, up 12% year-over-year, with gross margin improving to 14%. The company expanded its retail presence to over 400 optical stores and partnered with Nebraska Furniture Mart. Looking ahead, LUCY plans to launch Reebok® smart glasses lines in 2025.
Positive
- 42% year-over-year revenue growth to $1.64M
- Gross profit margin improved from -10% to 13%
- Record quarterly revenue in Q4 2024 ($690,688)
- Expanded retail presence to over 400 optical stores
- Strong liquidity position with $7.53M in cash and investments
- New retail partnership with Nebraska Furniture Mart
Negative
- Net loss increased to $7.77M from $6.66M in 2023
- Operating expenses grew 21% to $8.14M
- 32% increase in sales and marketing expenses
- Legal costs increased by $318,000
- Loss per share of $5.19 in 2024
Insights
Innovative Eyewear's financial results present a mixed picture that requires careful analysis. The 42% year-over-year revenue growth to
However, these improvements must be weighed against persistent challenges. Despite revenue growth, operating expenses increased
The company's liquidity position appears stable with combined cash and short-term investments of
Revenue increased
Net revenue for the year ended December 31, 2024 was
Gross profit margin for 2024 was
Total operating expenses in 2024 were
The Company had a net loss in 2024 of
Weighted average number of shares outstanding was 1,496,357 at December 31, 2024, and 613,000 at December 31, 2023.
Cash and cash equivalents at December 31, 2024 were
Non-current liabilities at December 31, 2024 were
Net cash flows from financing activities were
For the fourth quarter ended December 31, 2024, net revenue was
Gross profit margin for the fourth quarter ended December 31, 2024 improved by 43 percentage points to
During the fourth quarter of 2024, Innovative Eyewear also announced several milestones, including:
- the launch of Lucyd Armor™, the first ANSI-certified smart safety glasses for all-day wear
- CSA certification on the Armor, making it available for safety use in
Canada as well as theUSA . - the launch of four new smart glasses with enhanced features and improvements to the core Lucyd Lyte product line, including the use of advanced TR90 plastic for improved adjustability and durability
- a successful Vision Expo West trade show, resulting in new optical stores onboarding the company's smart frames and bringing the total number of such stores to over 400.
- a new retail partnership with Nebraska Furniture Mart, bringing the full range of the Company's smart eyewear products to this Berkshire Hathaway-owned leading Midwestern retailer
- the launch of the first-ever generative AI fashion show for eyewear
An image of the upcoming Reebok Powered by Lucyd Voltage style. Courtesy Innovative Eyewear, Inc.
Future Outlook
Following its launches of three new lines of smart glasses in 2024 (Nautica® Powered by Lucyd, Eddie Bauer® Powered by Lucyd , and Lucyd Armor), the Company anticipates launching the Reebok® Powered by Lucyd sport smart glasses line in the second quarter of 2025, and a Reebok® Optical Smart Eyewear collection latter in 2025.
The Company also continues to actively pursue distribution of its products through major national retailers, which management believes, if successful, could have a positive material impact on revenues in the next three to 12 months.
Harrison Gross, CEO of Innovative Eyewear Inc., commented,
"Our 2024 fourth quarter revenue was our best quarter yet, and we have continued the trend of outperforming sales each quarter on a year-over-year basis, for the last 18 months. As we look ahead to 2025, we believe we are well positioned to build on our momentum and significantly grow both our total revenues and our market share. I am particularly excited about the potential of our upcoming Reebok® product lines which we will be launching in 2025 coupled with the continued significant traction of the Lucyd ArmorTM smart safety glasses."
About Innovative Eyewear, Inc.
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-Looking Statements
This press release contains certain forward-looking statements, including those relating to the Company's business operations, projections, market position, introduction of future product lines and developments. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."
Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Telephone: +1 (646) 893-5835
Email: scott@skylineccg.com
INNOVATIVE EYEWEAR, INC. | ||||
BALANCE SHEETS | ||||
December 31, 2024 and 2023 | ||||
2024 | 2023 | |||
ASSETS | ||||
Current Assets | ||||
Cash and cash equivalents | $ 2,628,987 | $ 4,287,447 | ||
Investments in debt securities ( | 4,895,184 | - | ||
Accounts receivable, net | 107,918 | 93,211 | ||
Prepaid expenses | 266,935 | 313,648 | ||
Inventory prepayments | 424,594 | 323,520 | ||
Inventory | 831,757 | 533,239 | ||
Due from Tekcapital and Affiliates | 23,394 | 6,256 | ||
Other current assets | 59,447 | 59,447 | ||
Total Current Assets | 9,238,216 | 5,616,768 | ||
Non-Current Assets | ||||
Patent costs, net | 451,302 | 286,429 | ||
Capitalized software costs | - | 88,073 | ||
Property and equipment, net | 107,562 | 154,848 | ||
Other non-current assets | 41,229 | 72,644 | ||
TOTAL ASSETS | $ 9,838,309 | $ 6,218,762 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Liabilities | ||||
Current Liabilities | ||||
Accounts payable and accrued expenses | $ 692,817 | $ 581,986 | ||
Deferred revenue | 44,901 | 42,500 | ||
Total Current Liabilities | 737,718 | 624,486 | ||
Non-Current Liabilities | ||||
Deferred revenue | 5,450 | 35,450 | ||
TOTAL LIABILITIES | 743,168 | 659,936 | ||
Commitments and contingencies (see Note 7) | - | - | ||
Stockholders' Equity | ||||
Common stock (par value | 25 | 7 | ||
Additional paid-in capital (1) | 33,831,046 | 22,528,234 | ||
Accumulated deficit | (24,735,930) | (16,969,415) | ||
TOTAL STOCKHOLDERS' EQUITY | 9,095,141 | 5,558,826 | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 9,838,309 | $ 6,218,762 | ||
(1) | The values of Common stock and Additional paid-in capital, as well as the number of shares issued and outstanding, have been retroactively adjusted in order to give effect to the Company's 1-for-20 reverse stock split. See Note 2 and Note 8. |
INNOVATIVE EYEWEAR, INC. | ||||||||
STATEMENTS OF OPERATIONS | ||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||
For the years ended December 31, 2024 and 2023 | ||||||||
Year ended | Year ended | |||||||
December 31, | December 31, | |||||||
2024 | 2023 | Change | ||||||
Revenues, net | $ 1,636,440 | 100 % | $ 1,152,479 | 100 % | $ 483,961 | 42 % | ||
Less: Cost of Goods Sold | (1,421,250) | 87 % | (1,271,808) | 110 % | (149,442) | 12 % | ||
Gross Profit (Deficit) | 215,190 | 13 % | (119,329) | -10 % | 334,519 | 280 % | ||
Operating Expenses: | ||||||||
General and administrative | (4,473,292) | 273 % | (3,886,960) | 337 % | (586,332) | 15 % | ||
Sales and marketing | (2,706,213) | 165 % | (2,047,069) | 178 % | (659,144) | 32 % | ||
Research and development | (819,387) | 50 % | (662,184) | 57 % | (157,203) | 24 % | ||
Related party management fee | (140,000) | 9 % | (140,000) | 12 % | - | 0 % | ||
Total Operating Expenses | (8,138,892) | 497 % | (6,736,213) | 584 % | (1,402,679) | 21 % | ||
Other Income (Expense) | 157,187 | 10 % | 195,150 | 17 % | (37,963) | -19 % | ||
Interest Expense | - | 0 % | (3,036) | 0 % | 3,036 | 100 % | ||
Total Other Income (Expense), net | 157,187 | 10 % | 192,114 | 17 % | (34,927) | -18 % | ||
Net Loss | $ (7,766,515) | 475 % | $ (6,663,428) | 578 % | $ (1,103,087) | 17 % | ||
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SOURCE Innovative Eyewear, Inc.
FAQ
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