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Yahoo
14-05-2025
- Business
- Yahoo
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. Check This Out:Image by Sutthiphong Chandaeng via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article What's Going On With Innovative Eyewear Stock On Wednesday? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
13-05-2025
- Business
- Yahoo
Innovative Eyewear Inc. Reports Q1 2025 Unaudited Financial Results
Revenue and gross margins improvements MIAMI, May 13, 2025 /PRNewswire/ -- Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced its Q1 2025 Unaudited financial results. Net revenue for the quarter ended March 31, 2025 was $454,501 an increase of 19% from revenue of $383,471 in the quarter ended March 31, 2024. This increase was primarily attributable to growth in unit sales volume, largely driven by product launches during 2024 of the co-branded Nautica® Powered by Lucyd and Eddie Bauer® Powered by Lucyd collections, as well as the Lucyd Armor safety smart glasses line. Also contributing to the growth in revenues were the Company's continued investments in marketing and advertising initiatives, as well as increased public interest and growth in smart glasses and the wearable products category. This growth preceded the launch of Reebok® by Lucyd in April 2025. Gross profit margin for Q1 2025 was 49%, compared with 2% for Q1 2024, driven by lower cost of frames and lower prescription lens fulfilment cost. The decrease in the cost of frames as compared to the prior year quarter was primarily attributable to the combination of realization of greater economies of scale and improvements in product price/mix. The decrease in lens fulfilment costs was attributable to actions taken by management in the prior year to better manage these costs including the launch of Lucyd Shift and Lucyd Blueshift transitional lenses in place of branded third-party transitional lenses and the engagement of a new lower-cost lens supplier based in Miami, Florida. Total operating expenses in Q1 2025 were $2,124,324, a 11% percent increase from total operating expenses of $2,021,542 in Q1 2024. Total operating and other expenses have remained relatively consistent between these periods. The Company had a net loss in Q1 2025 of $1,778,703, or $(0.72) per share, compared with a net loss of $1,971,311, or $(2.59) per share, in Q1 2024. These results reflect a tightening business operation that is finding its footing in an emerging sector, and prioritizing efficiency and operational sustainability. We believe that the success of the Lucyd Armor product line to date indicates that that delivering smart eyewear for specific user niches can be a significant differentiator. With our experience developing dozens of SKUs (stock-keeping units) of smart eyewear, we are well positioned to address specific user needs in the sport, safety, and general optical categories. In April 2025, we launched the Reebok® Powered by Lucyd sport smart sunglasses collection in eight different styles. This collection features custom high-fidelity speakers, powerful amplifiers, and equalizers specifically tuned for outdoor activities and sports environments. In order to support the launch and expansion of our Reebok® Powered by Lucyd and Lucyd Armor lines, we have recently expanded our sales team with the addition of two new sales directors, who have significant experience in optical sales and hardware sales. Harrison Gross, CEO of Innovative Eyewear Inc., commented, "Our 2025 first quarter revenue reflects our continued investments in product lines, marketing and advertising initiatives, as well as increased public interest and growth in smart glasses. We are also happy to see our efforts to improve gross margins bear effect. 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. I am particularly excited about the potential of our newly launched Reebok® product line, which expanded our portfolio to include smart glasses for active lifestyles, coupled with 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." About Innovative Eyewear, Inc. Innovative Eyewear is a developer of cutting-edge ChatGPT enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit Forward-Looking Statements This press release contains certain forward-looking statements, including those relating to the Company's business operations, projections, market position, introduction of future product lines and developments. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors." Investor Relations Contact: Scott PowellSkyline Corporate Communications Group, LLCTelephone: +1 (646) 893-5835Email: scott@ View original content to download multimedia: SOURCE Innovative Eyewear, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
