Innovative Eyewear Inc. (NASDAQ:LUCY), the developer of smart eyewear under multiple premium brands including Lucyd, Nautica, Eddie Bauer, and Reebok, has announced its financial results for the full year 2024, highlighting substantial revenue growth and margin improvements.
The company reported net revenue of $1,636,440 for the year ended 31 December 2024, representing a 42% increase from $1,152,479 in 2023.
The fourth quarter of 2024 saw revenue reach $690,688 – the company’s highest quarterly figure since inception and a 12% increase compared to the same period in 2023.
This growth was primarily driven by increased unit sales volume following the launch of co-branded collections and the Lucyd Armor safety smart glasses line.
Early sales of the safety glasses appear promising, and investors will be looking forward to the launch of Reebok-branded smart eyewear in Q2 2025. The safety glasses range was released midway through the fourth quarter, so the full quarterly impact of the new range will not be felt until Q1 2025.
The company has materially increased its distribution networks, and its products are now stocked by numerous eyewear outlets and ‘big box’ retailers.
Lucyd smart eyewear is now also available on Walmart.com, Target.com, BestBuy.com, DicksSportingGoods.com, Brookstone.com, and eBay.
“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,” said Harrison Gross, CEO of Innovative Eyewear Inc.
“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.”
Gross profit margins improved significantly to 13% in 2024, compared with a negative 10% in 2023. This 23 percentage point improvement was largely attributable to reduced costs for frames and lenses, which contributed 13 and 8 percentage points, respectively, to the margin enhancement.
Innovative Eyewear has invested heavily in marketing, which is reflected in an overall loss for the year. That said, increased sales in Q4 put the company on an upward trajectory towards breakeven, should sales growth momentum continue. The upcoming quarters could prove particularly interesting for the Tekcapital portfolio company.
The company ended 2024 with $2,628,987 in cash and cash equivalents, down from $4,287,447 a year earlier.
During the fourth quarter, Innovative Eyewear achieved several milestones, including the launch of the first ANSI-certified smart safety glasses for all-day wear, expansion to over 400 optical stores, and a new retail partnership with Nebraska Furniture Mart.