Units sold increased 150% & Revenue
Increased 165% in Q1 2024 vs Q1 2023
MIAMI, May 14, 2024
/PRNewswire/ -- Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW), a
developer of smart eyewear under the Lucyd®,
Nautica®, Eddie
Bauer® and Reebok® brands, today
announced its financial results for the first quarter of 2024.
Net revenue for the quarter ended March
31, 2024 was $383,471, an
increase of 165% from the quarter ended March 31, 2023. This year-over-year increase was
primarily attributable to significant volume growth in the
e-commerce channel, driven by the Company's strategic advertising
and marketing initiatives during the latter portion of 2023 and
through the current quarter, combined with recent new product
launches (including the Lyte XL and Nautica® Powered by
Lucyd collections).
Future Outlook
The sales growth reported by the Company precedes the launch of
three new product lines - Eddie
Bauer® Powered by Lucyd, Reebok®
Powered by Lucyd, and the Lucyd Armor smart safety glasses line -
all of which we are bullish about as they are expected to present
additional revenue generating opportunities for us in 2024. In
addition, the Company plans to launch new features for the Lucyd
app in 2024, including a paid "Pro" version of the app, which will
provide another potential incremental revenue stream for the
Company from glasses customers.
While the Company has started to realize some economies of scale
in the cost of frames and in the area of shipping and logistics,
the cost of prescription lenses has grown disproportionately and
significantly more than the Company's revenue, which has had a
significant negative impact on gross profit margin. Prescription
smart eyewear offered direct-to-consumer has been a key unique
selling point used to attract new customers, bringing an important
marketing benefit since it is not offered by most of our
competitors. We are working with our current prescription lens
provider to explore opportunities to reduce costs and we are also
actively in discussions with alternative prescription lens
suppliers whom we believe may help further lower our lens
fulfillment costs. Ultimately, we believe that the majority of our
business will come from frame sales to distributors and eyewear
retailers, who will outfit lenses themselves for the final
customer. We anticipate that the launches of more co-branded
products later this year will help us progress towards our
long-term goal of shifting our sales mix over time more towards the
wholesale channel, which carries higher margins for us as such
sales to our third-party retail store partners do not include the
cost of prescription lenses.
Finally, as we continue to refine our product mix with sales
data, we anticipate further reducing our unit costs by focusing
only on the highest volume, market-tested styles.
Harrison Gross, CEO of
Innovative Eyewear Inc., commented,
"Our most recent quarter marked the third sequential quarter of
year-over-year revenue growth. I am pleased by our continued growth
and excited by the potential of further growth later this year with
the upcoming launches of new product lines and upgraded app
releases.
This is an exciting time for the Company. After several years of
rigorous R&D and brand development, I believe we are very
well-positioned to capitalize on blooming consumer interest in
smart eyewear. Recently, we have seen powerful incumbents such as
Apple and Meta bringing renewed interest to smart glasses, which
helps us quite directly by raising consumer awareness for the
category. We believe this has enhanced investor and consumer
confidence in the category. As the value leader in prescription
smart eyewear, we are a practical alternative to the Apple Vision
Pro and Meta Glasses for consumers seeking a lightweight,
AI-enabled and affordable option for all-day wear. The fact that
our products are available in dozens of different styles, with
thousands of frame and custom lens combinations, provides consumers
with the necessary optionality that they expect when making an
eyewear selection. We continue to expect that smart eyewear will be
a key component of the generative AI revolution, due to their
transparent interfaces and ergonomic form factors perfectly suited
for voice-based interaction."
Forward Looking Statements
This press release contains certain forward-looking statements,
including those relating to the Company's business operations,
projections, market position, 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 Contacts:
Innovative Eyewear Inc.
Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.