Business
Innovative Eyewear Inc. Reports Full Year 2024 Financial Results
Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW), the developer of smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced its full year 2024 financial results.
About this update from Innovative Eyewear, Inc.
[{"type":"text","content":"Revenue increased 42% over prior year","length":37,"tagName":"p","attribs":{}},{"type":"text","content":"MIAMI, March 25, 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 full year 2024 financial results.","length":236,"tagName":"p"},{"type":"image","alt":"An image of the upcoming Reebok Powered by Lucyd Voltage style. Courtesy Innovative Eyewear, Inc.","displaySize":"","headline":null,"caption":"An image of the upcoming Reebok Powered by Lucyd Voltage style. Courtesy Innovative Eyewear, Inc.","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":267,"url":"https://media.zenfs.com/en/prnewswire.com/89276ea2bad49234a4300ed16f679289"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/MwQFVXoZHESqu1A6ozud8w--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTQ3MTtjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/89276ea2bad49234a4300ed16f679289","width":400,"height":267}},"href":"https://mma.prnewswire.com/media/2648851/Lucyd_Voltage.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":"Net revenue for the year ended December 31, 2024 was $1,636,440, an increase of 42% from revenue of $1,152,479 in the prior year. 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.","length":626,"tagName":"p"},{"type":"text","content":"Gross profit margin for 2024 was 13%, compared with negative 10% for 2023. This improvement in gross profit margin was mainly attributable to improvements related to the cost of frames (which added 13 percentage points to gross profit margin) and in the cost of lenses (which added 8 percentage points to gross profit margin) compared to 2023.","length":343,"tagName":"p"},{"type":"text","content":"Total operating expenses in 2024 were $8,138,892, a 21% percent increase from total operating expenses of $6,736,213 in...