Innovative Eyewear, the developer of ChatGPT-enabled smart eyewear, has reported substantial financial growth for the first nine months of 2024, with net revenue reaching $945,752, representing a 76% increase compared to the same period in 2023.

Revenue growth has been attributed to successful product launches throughout the year, including the company’s Lyte XL collection and new co-branded partnerships with Nautica® and Eddie Bauer®. Enhanced marketing initiatives and growing consumer interest in smart eyewear technology have further contributed to this impressive performance.

For the third quarter of 2024, the company recorded net revenue of $253,599, marking a 14% increase from the previous year. This growth was achieved through strategic pricing adjustments and improved wholesale distribution management, resulting in higher average order values.

“We have continued the trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for the last 15 months,” said Harrison Gross, CEO of Innovative Eyewear.

“I am pleased by our continued growth and excited by the potential of further expansion with the upcoming launches of new product lines.”

In a notable development for cost optimisation, the company has reported a 50% reduction in lens fulfilment costs during the third quarter, following a partnership with a new Miami-based supplier.

This cost reduction is expected to improve gross margins in the coming months significantly.

Looking ahead, Innovative Eyewear has announced several strategic initiatives to maintain growth momentum. The company has successfully launched its flagship Lucyd Lyte collection on Target.com and secured an exclusive distribution agreement for the Middle East market through Ecom Gulf FZCO. Additionally, the company has unveiled its new ANSI-certified smart safety glasses, Lucyd Armor, demonstrating its commitment to product innovation.

Although the earnings update reported strong revenue growth through 2024, the focus was firmly on the future, including plans to launch the Reebok® Powered by Lucyd line in early 2025, improved distribution channels, and boost margins through cost savings.

Management anticipates that the expansion into major national retail channels will drive significant revenue growth over the next eighteen months, while new product designs are expected to deliver up to 30% lower unit costs compared to current models.

“Our recent onboardings into Target.com, Kits.com and Nebraska Furniture Mart indicate that major retailers are warming up to the category of smart eyewear, particularly when delivered in the optical-first form factor that our products are known for,” Gross said.

“There has been significant retail interest particularly around our new Lucyd Armor line, and the upcoming Reebok Powered by Lucyd collection. Based on recent discussions, I anticipate additional placements with leading American retailers in 2025.”

The FTSE 100 got off to an upbeat start on Wednesday as Smiths Group led the index higher after reporting strong revenue growth in its first quarter.

London’s leading index was trading 0.25% higher in mid-morning trade as it looked set to break a losing streak that had brought it within touching distance of 8,000.

Despite the strong start to trade, the FTSE 100’s early gains evaporated, and the index was trading down 0.15% at the time of writing.

“It’s still hovering around three-month lows as concerns linger about global growth,” explained Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“China’s economy continues to be a worry, with the authorities’ attempts to inject the economy with stimulus seen as underwhelming.”

Streeter also pointed to ongoing uncertainty about Donald Trump’s impact on global growth as he takes power. “The impact of a second Trump term and its implications for global trade is also being mulled over.”

“Brent Crude is trading close to two-week lows, as investors digest OPEC’s re-assessment of demand for energy across the world next year. The hot enthusiasm which powered Wall Street higher following Trump’s re-election has cooled off.  Investors are assessing the realities of governing for Trump’s second term, while the control of the House of Representatives is yet to be decided, with critical votes still being counted.”

In early trade, there was nearly a dead-even split between FTSE 100 constituents trading higher and those trading negatively. However, the sellers came out in force as the session progressed and dumped names such as Experian, Rightmove and Intermediate Capital Group.

Smiths Group, with a 10% rise, was the FTSE 100 top gainer after reporting a boost in revenues and margins.

“Industrial conglomerate Smiths Group appears to be firing on all cylinders based on its first-quarter trading update with an uplift in margins now expected for the year as a whole,” said Russ Mould, investment director at AJ Bell.

“This helped arrest a year-to-date decline in the share price with several areas of the business seeing strong organic revenue growth too. It will come as some relief to recently appointed CEO Roland Carter who had to deliver a disappointing set of full-year results just months into his tenure in September.”

“It may also reduce any clamour for a further break-up of a business which has several moving parts. It has faced pressure on this front before, leading to the divestment of its medical business in 2022.”

SSE shares were relatively well bid on Wednesday after the power generator announced first-half results and a sharp jump in energy output.

The combination of a 1GW increase in capacity and favourable weather conditions saw SSE’s output surge 45% higher during the period, driving a 24% increase in adjusted operating profit.

Investors may be a little disappointed to learn that CEO Alistair Philips-Davies plans to step down after being instrumental in the group’s transition to a clean energy provider which may be reflected in the muted response in shares on Wednesday.

“SSE’s powering along nicely and should continue thanks to the foundations built by group CEO Alistair Philips-Davies. But after 11 years in the power seat, he’s announced his intention to step down once a successor is found. Turning to business performance, and climate-focused investors will be pleased to hear that renewable energy output rose 45% in the first half,” said Aarin Chiekrie, equity analyst, Hargreaves Lansdown.

“The uplift was helped by increased capacity, higher prices and an easy comparative period as last year’s performance was held back by unfavourable weather conditions.”

Chiekrie continued to explain SSE’s drive to increase its renewable power capacity with investment of £1.3bn in new facilities in the first half.

During the period, SSE completed the 443MW Viking wind farm located on the Shetland Islands, facilitating the Shetland’s first connection to the grid. The Viking wind farm will produce enough electricity to power 500,000 homes.

“Efforts to plant itself at the heart of the clean energy transition have continued at pace, with £1.3bn of investment in the first half. Turbo-charging focus on renewables is a bold and admirable move, but the shift comes with a hefty dose of risk – they’re not always reliable,” Chiekrie siad.

“To some degree, they’re always at the mercy of Mother Nature. That’s why more flexible gas-fired plants are still part of the energy mix and can help plug the shortfall in energy output when the wind doesn’t blow in SSE’s favour. These assets were loss-making in the first half, but as consumers fire up the heating over winter months, profits are set to warm up over the second half.”

The FTSE 100 was again under pressure on Tuesday as concerns grew about what Trump’s Presidency means for the UK and UK-listed companies.

The unpredictability of what Donald Trump will actually do when he returns to the Oval Office is proving to be a great source of angst for investors. 

A Trump presidency would be great for the US and US stocks, but the fear is that the benefits to the US through Trump’s ‘America First’ policies would be to the detriment of the rest of the world—apart from Russia, of course. 

“The FTSE 100 had a weak start as most sectors were in the red apart from energy and healthcare,” said Russ Mould, investment director at AJ Bell.

“HSBC was the biggest anchor on the index, joined by Unilever, GSK and RELX. Sentiment seemed patchy across the board as investors continued to spend time digesting the implications of a Trump administration. Despite the initial excitement upon the election result last week, investors are starting to realise that Donald Trump’s ideas could drive up inflation, make life tough for foreign companies selling into the US, and raise geopolitical risks. It creates the kind of uncertainty which markets hate.”

This nagging threat has dragged on the FTSE 100 since the election and continued to do so on Tuesday with broad selling across multiple sectors.

Fresnillo shares were sharply lower as precious metals continued to slide, and the risk premium built into prices before the election disappeared. At the time of writing, Fresnillo shares were down 6%.

ConvaTec was the FTSE 100’s top riser after the medical solutions released a surprisingly positive trading update and upgraded its revenue forecast for the year. Shares soared 20%.

“Two FTSE 100 stocks that rarely get much attention had their moment in the sun. ConvaTec and DCC were both in touching distance of 20% stock price gains, a highly unusual movement for the shares,” Mould said.

“ConvaTec soared after lifting 2024 guidance, helping to claw back half of the share price losses since March. DCC saw its shares rise 17% after saying it would get ready to sell its healthcare arm and potentially do the same for its technology business afterwards.”