What's Going On With Innovative Eyewear Stock On Wednesday?
Innovative Eyewear, Inc. (NASDAQ:LUCY) shares are trading higher in the premarket session on Wednesday.
On Tuesday, the company reported earnings per share of 72 cents loss, beating the Street estimate of 73 cents loss. Quarterly sales of $454.50 thousand (up 19% year over year) missed the analyst consensus estimate of one million dollars.
This increase was primarily attributable to growth in unit sales volume, driven by product launches during 2024 of the co-branded Nautica Powered by Lucyd and Eddie Bauer Powered by Lucyd collections and the Lucyd Armor safety smart glasses line.
The gross profit margin for the quarter was 49%, compared with 2% in the year-ago period, driven by lower cost of frames and lower prescription lens fulfillment cost.'As we look ahead to the rest of 2025, we believe we are well positioned to build on our momentum and significantly grow total revenues and market share,' said Harrison Gross, CEO of Innovative Eyewear.
Gross highlighted the company's potential in the newly launched Reebok product line, which expanded its portfolio to include smart glasses for active lifestyles and the continued significant traction of the Lucyd ArmorTM smart safety glasses.
'Both product lines address vast subsets of the eyewear market which were previously underserved by smart eyewear providers,' the CEO added.
According to Benzinga Pro, LUCY stock has lost over 50% in the past year.
Price Action: LUCY shares are trading higher by 53% to $3.030 premarket at last check on Wednesday.
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This article What's Going On With Innovative Eyewear Stock On Wednesday? originally appeared on Benzinga.com
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