{"id":829420,"date":"2025-03-25T08:34:26","date_gmt":"2025-03-25T12:34:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-eyewear-inc-reports-full-year-2024-financial-results\/"},"modified":"2025-03-25T08:34:26","modified_gmt":"2025-03-25T12:34:26","slug":"innovative-eyewear-inc-reports-full-year-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/innovative-eyewear-inc-reports-full-year-2024-financial-results\/","title":{"rendered":"Innovative Eyewear Inc. Reports Full Year 2024 Financial Results"},"content":{"rendered":"
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\n Revenue increased 42% over prior year<\/i>
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\n MIAMI<\/span>
\n <\/span>, March 25, 2025<\/span><\/span> \/PRNewswire\/ — Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW),<\/b>\u00a0the developer of smart eyewear under the Lucyd\u00ae, Nautica\u00ae, Eddie Bauer\u00ae and Reebok\u00ae brands, today announced its full year 2024 financial results.<\/p>\n

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Net revenue for the year ended December 31, 2024<\/span> was $1,636,440<\/span>, an increase of 42% from revenue of $1,152,479<\/span> 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\u00ae Powered by Lucyd<\/i> and Eddie Bauer\u00ae Powered by Lucyd<\/i> 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.<\/p>\n

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.<\/p>\n

Total operating expenses in 2024 were $8,138,892<\/span>, a 21% percent increase from total operating expenses of $6,736,213<\/span> in 2023. This increase was primarily the result of an increase in 2024 of $659,144<\/span>, or 32%, in sales and marketing expense in order to drive sales growth, and an increase of $586,332<\/span>, or 15%, in general and administrative expense, including an increase in legal costs of $318,000<\/span> largely as a result of various shareholder and equity-related matters during the current year period, compared to 2023.<\/p>\n

The Company had a net loss in 2024 of $7,766<\/span>, 515, or $(5.19)<\/span> per share, compared with a net loss of $6,663,428<\/span>, or $(10.87)<\/span> per share, in 2023.<\/p>\n

Weighted average number of shares outstanding was 1,496,357 at December 31, 2024<\/span>, and 613,000 at December 31, 2023<\/span>.<\/p>\n

\n Cash and cash equivalents at December 31, 2024<\/span> were $2,628,987<\/span>, in addition the Company held $4,895,184<\/span><\/span>
\n in short-term U.S. Treasury investments as of December 31, 2024<\/span>, vs cash and cash equivalents of $4,287,447<\/span> held in the prior year.\u00a0 Management believes that including such investments as part of the Company’s overall liquidity, would provide a more accurate depiction of the Company’s liquidity and economic position.<\/span>\n <\/p>\n

\n Non-current liabilities at December 31, 2024<\/span> were $5,450<\/span>, and $35,450<\/span> at December 31, 2023<\/span>.<\/span>\n <\/p>\n

\n Net cash flows from financing activities were $10,243,327<\/span> in 2024 and $6,661,394<\/span> in 2023.<\/span>\n <\/p>\n

\n For the fourth quarter ended December 31, 2024<\/span>, net revenue was $690,688<\/span>, the Company’s highest quarterly revenue since inception and an increase of 12% compared with the fourth quarter in 2023. \u00a0<\/span>\n <\/p>\n

Gross profit margin for the fourth quarter ended December 31, 2024<\/span> improved by 43 percentage points to 14%, compared to negative 29% for the same quarter in 2023. This improvement was primarily due to supplier changes resulting in higher quality products and lower manufacturing costs, as well as improved economies of scale driven by higher unit sales volumes.<\/p>\n

During the fourth quarter of 2024, Innovative Eyewear also announced several milestones, including:<\/p>\n