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.