Business
Innovative Eyewear 2nd Q24 Revenue increased 82%
Innovative Eyewear 2nd Q24 Revenue increased 82%.
About this update from Tekcapital Plc
[{"type":"text","content":"\n\n\n \nThe information contained within this announcement is deemed by the Company (Companies House registration number 08873361) to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n \n13 August 2024\nTekcapital Plc\n(\"Tekcapital\", the \"Company\" or the \"Group\")\nInnovative Eyewear, Inc. Reports Second Quarter 2024 Financial Results \n Quarterly Revenue Increased 82% vs Q2 2023 \n \nTekcapital Plc (AIM: TEK), the UK intellectual property investment group notes that Innovative Eyewear, Inc. (\"Innovative Eyewear\") (NASDAQ: LUCY; LUCYW), the developer and retailer of ChatGPT enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, announced today its Second Quarter 2024 Financial Results which can be accessed on www.sec.gov. \n \nNet revenue for the quarter ended June 30, 2024 was $308,682, an increase of 82% from the quarter ended June 30, 2023. Net revenue for the six months ended June 30, 2024 was $692,153, an increase of 120% vs the comparable period in 2023. These year-over-year increases were primarily attributable to significant volume growth in the ecommerce channel, driven by Innovative Eyewear's strategic advertising and marketing initiatives implemented during the latter portion of 2023 and through the current period, combined with recent new product launches (including the Lyte XL, Nautica® Powered by Lucyd and Eddie Bauer® Powered by Lucyd collections).\n \nAdditionally, Innovative Eyewear's gross profit margins significantly improved from the prior year, from a deficit of -18% in the second quarter of 2023 to 18% in the second quarter of 2024, reflecting greater economies of scale coupled with achieving management's stated goal to reduce lens fulfilment costs.\n\nEddie Bauer® Horizon Model\nWord's first rimless smart eyewear\nPhoto courtesy of Innovative Eyewear, Inc.\n \nDuring the quarter Innovative Eyewear announced several important milestones:\n...