MIAMI—Innovative Eyewear Inc. (NASDAQ: LUCYW), a developer of smart eyewear under the Lucyd, Nautica, Eddie Bauer and Reebok brands, has announced its financial results for the third quarter of 2024, demonstrating net revenue of $253,599 for the quarter ended September 30, 2024, an increase of 14 percent from the same period last year. According to the company, this year-over-year increase was primarily attributable to strategic reductions in price discounts and other adjustments to pricing, aimed at enhancing profitability and attracting distributors to manage its wholesale business. The higher average order value and focused efforts in specific channels contributed to the overall revenue growth.

On a year-to-date basis, net revenue for the nine months ended September 30, 2024 was reported at $945,752, an increase of 76 percent from the comparable period in the prior year. The company noted that this growth was primarily driven by its new product launches over the past year (including the Lyte XL collection in the fourth quarter of 2023 and the co-branded Nautica Powered by Lucyd and Eddie Bauer Powered by Lucyd collections in the current year period). Also contributing to the growth in year-to-date revenues are 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.

"We have continued the trend of outperforming sales each quarter on a year-over-year basis, which we have done every quarter for the last 15 months. I am pleased by our continued growth and excited by the potential of further expansion with the upcoming launches of new product lines,” said Harrison Gross, CEO of Innovative Eyewear Inc. “Our recent onboardings into Target.com, Kits.com and Nebraska Furniture Mart indicate that major retailers are warming up to the category of smart eyewear, particularly when delivered in the optical-first form factor that our products are known for. There has been significant retail interest particularly around our new Lucyd Armor line, and the upcoming Reebok Powered by Lucyd collection. Based on recent discussions, I anticipate additional placements with leading American retailers in 2025.”

After the launch of the Eddie Bauer Powered by Lucyd line in the second quarter of 2024, and the recent launch of the Lucyd Armor smart safety glasses line in October 2024, the company said that it anticipates launching the Reebok Powered by Lucyd line in the first quarter of 2025, followed by a Reebok Optical Smart Eyewear collection in the first half of 2025. The company also stated that it remains focused on introducing Lucyd products in major national retailers, which management believes will have a significant positive impact on revenues in the next three to 18 months.