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Innovative Eyewear Inc. (LUCY-7.45%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $7,766,515 for the year, compared to a net loss of $6,663,428 in the previous year. The increase in net loss is attributed to higher operating expenses, which rose to $8,138,892 from $6,736,213.
Revenues for the year increased to $1,636,440 from $1,152,479, driven by growth in the e-commerce channel and new product launches, including the Nautica® and Eddie Bauer® Powered by Lucyd collections.
Cost of goods sold increased to $1,421,250 from $1,271,808, with the rise attributed to higher sales volumes and new product lines.
The company reported a gross profit of $215,190, compared to a gross deficit of $119,329 in the previous year, reflecting improved product margins.
Innovative Eyewear's operating expenses included general and administrative costs of $4,473,292, sales and marketing expenses of $2,706,213, and research and development expenses of $819,387.
The company raised approximately $10.5 million through equity offerings, including at-the-market offerings and registered direct offerings, to support its operations and growth initiatives.
Innovative Eyewear's cash and cash equivalents were $2,628,987 as of December 31, 2024, with additional investments in U.S. Treasury bills totaling $4,895,184.
The company continues to focus on expanding its retail presence and product offerings, with plans to launch the Reebok® Powered by Lucyd collection in 2025.
Innovative Eyewear has a licensing agreement with Lucyd Ltd. for the exclusive use of the Lucyd brand and associated intellectual property, and has entered into additional licensing agreements for branded smart eyewear collections.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Innovative Eyewear Inc. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.