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Innovative Eyewear Reports Fourth Quarter and Full-Year 2023 Financial Results

Innovative Eyewear Reports Fourth Quarter and Full-Year 2023 Financial Results

MIAMI—Innovative Eyewear Inc., (NASDAQ: LUCY, LUCYW), a developer of smart eyewear under the Lucyd, Nautica, Eddie Bauer and Reebok brands, has announced that, for the year ended December 31, 2023, the company's revenues were $1,152,479, an increase of approximately 75 percent as compared with 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, according to an announcement from the company.

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 nine 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 with $5,681,833 for the year ended December 31, 2022 due to the scale up of operations and capabilities, and roll out of multiple new brands and product lines.

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.

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."

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