Tekcapital’s Innovative Eyewear said it was ‘bullish’ about its outlook as it announced a 165% increase in first-quarter revenue.
While the company has made significant progress in revenue generation, it hinted that it that this may just be the beginning of an upward trend trajectory in sales as new lines are launched later in the year.
The Tekcapital portfolio company launched Nautica smart eyewear, powered by Innovative Eyewear’s brand Lucyd, earlier this year and said three more product lines are set to hit the market later in 2024.
In an earnings update released Tuesday, Innovative Eyewear said it was ‘bullish’ about its outlook as it prepared for the much-anticipated launches of world-renowned Reebok and Eddie Bauer branded smart eyewear powered by Lucyd technology.
Eddie Bauer and Reebok branded smart glasses, as well as the Lucyd Armor smart safety glasses line, are due for release in 2024, significantly bolstering the company’s addressable market.
Eddie Bauer and Reebok are owned by Authentic Brands, which generates over $29bn in annual revenue.
The company also provided an interesting insight into its future distribution plans, which will focus on eyewear outlets and retailers that supply prescription lenses to enhance margins.
“Our most recent quarter marked the third sequential quarter of year-over-year revenue growth. I am pleased by our continued growth and excited by the potential of further growth later this year with the upcoming launches of new product lines and upgraded app releases,” said Harrison Gross, CEO of Innovative Eyewear Inc.
“This is an exciting time for the Company,’ Gross continued.
“After several years of rigorous R&D and brand development, I believe we are very well-positioned to capitalize on blooming consumer interest in smart eyewear. Recently, we have seen powerful incumbents such as Apple and Meta bringing renewed interest to smart glasses, which helps us quite directly by raising consumer awareness for the category.
“We believe this has enhanced investor and consumer confidence in the category. As the value leader in prescription smart eyewear, we are a practical alternative to the Apple Vision Pro and Meta Glasses for consumers seeking a lightweight, AI-enabled and affordable option for all-day wear.
“The fact that our products are available in dozens of different styles, with thousands of frame and custom lens combinations, provides consumers with the necessary optionality that they expect when making an eyewear selection. We continue to expect that smart eyewear will be a key component of the generative AI revolution, due to their transparent interfaces and ergonomic form factors perfectly suited for voice-based interaction.”