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.
