MIAMI, Fla.—Innovative Eyewear Inc., (NASDAQ: LUCYW), the developer of ChatGPT-enabled smart eyewear under the Lucyd, Nautica, Eddie Bauer and Reebok brands, has announced its financial results for the second quarter of 2024. For the time period ending June 30, 2024, net revenue for the second quarter was $308,682, a reported increase of 82 percent from the same time period last year, and net revenue for the first half of the year was $692,153, an increase of 120 percent compared with the same period in 2023. According to the company, these year-over-year increases were primarily attributable to significant volume growth in ecommerce, driven by 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 Lucyd Lyte XL, Nautica Powered by Lucyd and Eddie Bauer Powered by Lucyd collections. Additionally, the company's gross profit margins significantly improved from the prior year, from a deficit of 18 percent in the second quarter of 2023 to positive 18 percent in the second quarter of 2024.

"We have continued the trend of outperforming each quarter on a year-over-year basis, which we have done every quarter for the last 12 months,” said Harrison Gross, CEO of Innovative Eyewear Inc. "I am pleased by our continued growth and excited by the potential of further expansion later this year with the upcoming launches of new product lines and upgraded app releases.

"While our ecommerce direct-to-consumer sales remain the most material portion of our sales to date, we believe that the wholesale optical channel represents our largest growth opportunity," Gross continued. "We anticipate that as smart eyewear becomes more normalized for prescription wear, national eyecare providers will begin to onboard more smart eyewear. As an innovator and value and variety leader in the category, we believe we are well positioned to earn a steadily increasing portion of this rapidly growing market."

After the recent launch of the Eddie Bauer Powered by Lucyd line in the second quarter of 2024, the company said it anticipates launching the Reebok Powered by Lucyd line and the Lucyd Armor smart safety glasses in the second half of 2024, to be followed by a Reebok Optical Smart Eyewear collection in the first half of 2025.

The company noted that it is currently focused on introducing Lucyd products in major national retailers, which management believes may have a significant positive impact on revenues in subsequent periods. To help achieve this, the company recently partnered with Windsor Eyes as a premier distributor in the optical market, and as of July 2024, that company said it has already helped introduce Lucyd frames into three new eyewear retailers.