Tekcapital portfolio company Innovative Eyewear Inc. has reported impressive third-quarter results, with net revenue reaching $668,128, a 163% year-over-year increase.
The smart eyewear manufacturer, which produces glasses under the Lucyd, Reebok, Eddie Bauer, and Nautica brands, saw nine-month revenue climb 80% to $1.7 million.
The growth was largely driven by Lucyd Armor smart safety glasses, launched in October 2024. They now represent approximately half of total unit sales.
Speaking on a podcast with UK Investor Magazine in October, CEO Harrison Gross explained that the safety line opened new opportunities in B2B channels that lend themselves to large orders.
The Reebok Powered by Lucyd collection, introduced in April, also contributed to the sales uptick.
Gross profit margins improved significantly to 37% in Q3, up from 23% a year earlier. This 14-percentage-point jump came from lower sourcing costs as the company scales. Year-to-date margins reached 27%, though tariffs impacted Q2 performance.
The company has a decent cash pile, ending the period with $7,998,202 in cash and investments.
“I am very pleased by our impressive sales growth for the quarter and the potential of international growth and expansion,” said Harrison Gross, CEO of Innovative Eyewear.
“We continue our upward trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for over two years now. I am also pleased by the improvements in our gross profit margin during the quarter, despite the ongoing headwinds from tariffs. We plan to build on the continued success and momentum of our most popular product lines, Lucyd Armor® smart safety glasses, Lucyd Lyte® and Reebok® Powered by Lucyd smartglasses.
“We are also excited about the potential of international growth and expansion, as we continue to make progress towards building a more globally focused business with significant distribution outside of the U.S. Overall, we believe that we are well positioned to deliver further revenue growth in the fourth quarter of 2025 and beyond. We are confident that our smart eyewear will be a top gifting choice this holiday season, and that our fourth quarter will be the strongest yet.”