Company Announces Sales Growth and Enhanced
GenAI Integration in Smart Eyewear
MIAMI, March 25,
2024 /PRNewswire/ -- Innovative Eyewear Inc.,
(NASDAQ: LUCY, LUCYW), a developer of smart eyewear under the
Lucyd®, Nautica®, Eddie Bauer® and Reebok®
brands, today announced that, for the year ended December 31, 2023, the Company's revenues were
$1,152,479, an increase of
approximately 75% as compared to revenues of $659,788 for the year ended December 31, 2022. This year-over-year growth was
primarily the result of revenue improvements in both
direct-to-consumer and Amazon channels.
Fourth quarter 2023 sales of $615,754 were the Company's highest quarterly
sales to-date, eclipsing the Company's combined revenue for the
preceding 9 months, and representing the Company's fourth
consecutive calendar quarter of sales growth. The Company's net
loss of $6,663,428 for the year ended
December 31, 2023 increased compared
to $5,681,833 for the year ended
December 31, 2022 due to the scale up
of our operations and capabilities, and roll out of multiple new
brands and product lines.
The Company believes that the growth in direct-to-consumer sales
demonstrated the increasing appeal and demand of its brands',
and that its strong performance on Amazon and expansion of its
retail footprint indicated a growing acceptance of Lucyd's smart
eyewear across various consumer markets.
Future Outlook
The sales growth reported by the Company for both the fourth
quarter and full year of 2023 preceded the launch of four new
product lines, Nautica Powered by Lucyd®, Eddie Bauer Powered by
Lucyd®, Reebok Powered by Lucyd®, and the Lucyd Armor smart safety
glasses line, all of which are expected to present additional
revenue generating opportunities in 2024. The Company believes that
the introduction of these additional product lines will create the
most diverse selection of smart eyewear in the US market, with each
providing potentially significant additional market opportunities
for the Company.
We believe that building a proprietary smart eyewear ecosystem,
that includes wide frame selection with market-leading features,
apps for powerful voice functionality, and engaging retail
solutions such as the Modular LCD Product Display system launched
in 2023, should help the Company continue grow its market
traction.
We also believe that significant investments in the smart
eyewear category by major tech companies validates the anticipated
growth in the addressable market for Lucyd's products. Our future
roadmap includes leveraging these developments to enhance our
market presence.
Generative AI (GenAI) Integration
Innovative Eyewear was the first eyewear company to create a
patent pending voice interface for ChatGPT, setting a new standard
for interactivity within the industry in March 2023. This forward-thinking integration
underscores the company's commitment to staying at the cutting edge
of smart eyewear.
We plan to continue to pioneer the integration of GenAI within
the smart eyewear sector. The Company's ongoing software
enhancements will aim to elevate the user experience and
functionality of its ChatGPT app. This commitment underscores the
brand's dedication to merging cutting-edge technology with
ergonomic design.
We believe the emergence and integration of multi-modal GenAI,
with platforms such as Chat GPT, Google's Gemini, and other
anticipated GenAI features in upcoming iOS and Android updates,
will reinforce smart eyewear's role as the preferred wearable
interface for interacting with GenAI.
A Word from the CEO
Harrison Gross, CEO of Innovative
Eyewear Inc., stated, "Our growth trajectory is a testament to our
team's hard work and the strategic decisions we've made over the
past year. As we continue to innovate and expand our partnerships,
we're excited to lead the charge in smart eyewear and integrate
GenAI technology that enhances our users' daily lives. The
industry's investment in this space reaffirms our direction, and we
believe we're poised to potentially capture significant market
share with our upcoming product releases and anticipated global
expansion."
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer of cutting-edge ChatGPT
enabled smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and
Reebok® brands. True to our mission to Upgrade Your Eyewear®, our
Bluetooth audio glasses allow users to stay safely and
ergonomically connected to their digital lives and are offered in
hundreds of frame and lens combinations to meet the needs of the
optical market. To learn more and explore our continuously evolving
collection of smart eyewear, please visit www.lucyd.co.
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 Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear Inc.