Innovative Eyewear develops and sells cutting-edge eyeglasses and sunglasses, which are designed to allow our customers to remain connected to their digital lives, while also offering prescription eyewear and sun protection. The Company was founded by Lucyd Ltd. (the “Parent”), a portfolio company of Tekcapital. Tekcapital is a U.K. based university intellectual property accelerator. Tekcapital builds portfolio companies around new technologies. Innovative Eyewear licensed the exclusive rights to the Lucyd® brand (“Lucyd”), from Lucyd Ltd., which includes the exclusive use of all of Lucyd Ltd.’s intellectual property, including our main product, Lucyd Lyte® glasses (“Lucyd Lyte”). In January 2021, Innovative Eyewear fully launched its first commercial product, Lucyd Lyte. This initial product embodies our goal of creating smart eyewear for all day wear that looks like and is priced similarly to designer eyewear, but is also light weight and comfortable, and enables the wearer to remain connected to their digital lives. The product was initially launched with six styles. In September 2021, an additional six styles were added. These twelve styles are each available with 56 different lens types, resulting in 668 variations of products currently available. Lucyd Lyte glasses enable the wearer to listen to music, take and make calls, and use voice assistants to perform many common smartphone tasks hands-free. Some of the many things our customers can do with their Lucyd Lyte glasses include: 1. “Send a voice message to (contact)”: this command begins the recording of an audio message to be sent to named contact. 2. “Send a text to (contact)”: begins recording of a speech-to-text message to be sent by SMS to named contact. 3. “Call (contact)”: speed-dials the named contact. 4. “Send $___ to (contact)”: this command allows our user to send money to a contact via Venmo or Apple Pay. Follow the digital assistant’s prompts to confirm. 5. “Check my messages”: this command reads out our user’s latest incoming text messages and offers a prompt to reply to each. Close out the digital assistant to end the readout. 6. “Check my mailbox”: this command announces the number of unread emails, and reads them out with a prompt to continue after each one. In the prompt after each one, our customers can tell their digital assistant “Reply” and dictate an email response to the previous email. 7. “Find (cuisine type) food nearby”: this command reads through a list of nearby restaurants and their ratings, and prompts our user for directions or to call after each one. 8. “Call me an Uber”: this command prompts our user on which type of Uber ride they want, then asks to confirm to send a car to our user’s location. 9. “What time is it?”: announces the current time. 10. “Play (song/album/artist)”: this command begins playing the requested song, album or artist via Apple Music. 11. “Get me directions to (location)”: this command begins navigating on phone, with audible directions on glasses. 12. “Take a memo”: this command begins recording a speech-to-text memo in Notes. Say “Read my Notes” to play back. We believe that our Upgrade Your Eyewear® approach will set the pace and pave the way for the future of the eyewear industry (“Upgrade Your Eyewear”). We also believe that traditional frames, no matter how attractive, do not possess the functionality many eyeglass wearers need and want. Smart eyewear is part of a fast-growing, technology-enhanced ecosystem, consisting of traditional eyewear, electronic in-ear devices (“hearables”) and digital assistants. Lucyd Lyte sits at the intersection of these market drivers. We view proper eyewear design and construction as a core competency for competing in this new sector. Understanding the technological capabilities of hearables and digital assistants, and our ability to effectively integrate these technologies into eyewear, is a critical element for our long-term success in the eyewear market. Additionally, we believe smart eyewear should also enable customers to freely interact with social media. While digital assistants, once enabled, can provide some of this interaction, we believe that the ability to receive and send social media posts with your voice will greatly enhance ease of use of these platforms on the go. To facilitate this, Innovative Eyewear has developed a full stack social media application called Vyrb™ (“Vyrb”) which enables the user to receive and send posts through Lucyd Lyte smart glasses with your voice. The application launched out of beta in December 2021, and we are aiming to roll out software upgrades to Vyrb in the fourth quarter of 2022, which are currently planned to include new features like: monetization, ad-buying modules, an itemized upgrade system, and content selling capabilities for social media creators. --- Innovative Eyewear believes that Vyrb will enhance the utility of current and future Lyte glasses by enabling users to keep their smart phones in their pockets and still be able to hear and make social media posts on Vyrb, which other Vyrb users will be able hear. Additionally, Vyrb offers Lucyd Lyte users external social sharing features, which allow posts made on Vyrb to be exported to other platforms such as Facebook, Twitter and Instagram. The app can also be used with its visual interface on a phone or tablet, and does not require Lucyd Lyte or another “hearable” to function; however, we believe it enhances Lucyd Lyte and other hearables by enabling new voice commands that can be used through virtual assistants, such as Siri, and allowing users to interact with Vyrb and other social media platforms without looking at their phone or tablet. Additionally, we are designing Vyrb to host audiobooks, podcasts and entire music albums on the platform. With Vyrb, Lucyd Lyte customers will be able to hear their social media feeds, post messages, hold gatherings and musical performances, and enjoy social media with the authenticity of their own voice: all through their eyewear and without taking their phone out of their pocket. We were initially organized as a limited liability company under the laws of the State of Florida on August 15, 2019. We converted the Company from a Florida limited liability company into a Florida corporation on March 25, 2020. Our principal executive office is located at 11900 Biscayne Blvd., Suite 630, North Miami, FL.
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1. Imagine Apple AirPods or Bose headphones built directly into stylish eyeglasses.
2. They are a company focused on developing smart glasses, similar to Meta's Ray-Ban Smart Glasses.
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- Lucyd Lyte Smart Eyewear: Bluetooth audio glasses that allow users to listen to music, make calls, and use voice assistants while keeping their ears open.
- Lucyd Smart Eyewear App: A companion mobile application that provides customizable audio settings, voice assistant integration, and other features for Lucyd smart eyewear.
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Innovative Eyewear (symbol: LUCY) primarily sells its products through major online retail platforms, effectively making these companies its primary channels and, in essence, its major customers from a revenue generation perspective. While the ultimate end-users are individuals, LUCY's business model heavily relies on B2B relationships with these platforms.
Based on the company's SEC filings (10-K) and website, the major customer companies/platforms are:
- Amazon Inc. (Symbol: AMZN) - Innovative Eyewear explicitly states that it generates a significant portion of its revenue from sales through online marketplaces, "specifically Amazon.com."
- Walmart Inc. (Symbol: WMT) - Innovative Eyewear sells its products on Walmart.com.
- Best Buy Co., Inc. (Symbol: BBY) - Innovative Eyewear sells its products on BestBuy.com.
- Target Corporation (Symbol: TGT) - Innovative Eyewear sells its products on Target.com.
- CVS Health Corporation (Symbol: CVS) - Innovative Eyewear sells its products on CVS.com.
These companies represent the primary distribution channels through which Innovative Eyewear reaches its end consumers and account for the vast majority of its "Online Sales - Third-Party Marketplaces" revenue, which is its largest revenue segment.
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Harrison Gross, CEO & Co-Founder
Harrison Gross is one of the founders of Innovative Eyewear and has served as its Chief Executive Officer and a director since August 2019, where he guides the company's product and brand development. Prior to Innovative Eyewear, he served as CEO and Media & UX Lead of Lucyd Ltd., a smart eyewear development company and Innovative Eyewear's largest stockholder and technology licensor, from August 2017 to August 2019, developing the brand identity and overseeing operations and product development. Mr. Gross is a graduate of Columbia University with a BA in Writing and also holds a BA in Jewish Studies from the Jewish Theological Seminary.
Oswald Gayle, Chief Financial Officer
Oswald Gayle was appointed Chief Financial Officer and principal financial officer of Innovative Eyewear, effective November 1, 2025, consolidating financial leadership under him. He previously served as Co-Chief Financial Officer alongside Konrad Dabrowski. Mr. Gayle joined Innovative Eyewear on January 1, 2022, and previously held the positions of Vice President of Finance before being promoted to Senior Vice President of Finance in August 2024. He brings over 30 years of experience in finance and accounting, with a career that began at PricewaterhouseCoopers and includes various senior management roles in corporate finance, SEC reporting, investor relations, and business development across manufacturing and retail sectors. Mr. Gayle holds a bachelor's degree in accounting and finance with honors from the University of London and is a Chartered Global Management Accountant and a member of the American Institute of Certified Public Accountants.
Konrad Dabrowski, Chief AI and Growth Officer
Konrad Dabrowski transitioned from Co-Chief Financial Officer to Chief AI and Growth Officer, effective November 1, 2025. He is one of the founders of Innovative Eyewear and served as Chief Financial Officer on a part-time basis since August 2019. From June 2017 to July 2020, Mr. Dabrowski was the group controller, and from July 2020, the chief financial officer of Tekcapital PLC, where he co-managed the group's investment strategy and oversaw financial reporting for its portfolio companies.
Eric David Cohen, CTO & Co-Founder
Eric David Cohen is one of the founders of Innovative Eyewear and has served as its Chief Technology Officer since September 2019. Before joining Innovative Eyewear, from August 2017 to August 2019, Mr. Cohen was the chief technology officer of Lucyd Ltd., where he led the company's technological advancements and digital ad campaigns.
Ekene Ofodile, Sr. Vice President, Sales and Marketing
Ekene Ofodile joined Innovative Eyewear as Sr. Vice President, Sales and Marketing. He is a business leader with substantial experience in Global Sales, Sales Operations, and Business Management. Most recently, Mr. Ofodile was the Head of Sales, North America, for a portfolio of outdoor/work wear brands acquired by Rocky Brands, Inc. from Honeywell International. From 2018 to 2021, he was the Director of Strategic Account Sales at Honeywell International's Safety & Productivity Services Retail division, driving global growth for footwear, PPE, hearing, and vision protection products. Prior to that, he served as Senior Vice President, Global Sales & Marketing at Randolph Engineering Eyewear Inc. for four years, developing and executing strategic growth plans. Before Randolph Engineering, Ekene spent 15 years at New Balance Athletics as Head of International Sales Operations.
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The following are clear emerging threats for Innovative Eyewear (LUCY):
- Meta's continued advancement in consumer smart eyewear: Meta, through its Reality Labs division and partnership with EssilorLuxottica for Ray-Ban Stories, is deeply invested in the smart eyewear market. With substantial resources, a growing ecosystem, and a focus on sleek, integrated designs, Meta's future generations of smart glasses (e.g., more advanced Ray-Ban Stories or Meta-branded glasses with richer AR features) pose a direct, disruptive threat. These products aim to offer superior functionality, design, and seamless integration with existing platforms, directly competing with and potentially overshadowing smaller players like LUCY in the stylish smart glasses niche.
- Apple's anticipated entry into mainstream consumer smart glasses: While Apple has launched the Vision Pro, a high-end mixed-reality headset, there is persistent and credible evidence, including numerous patents and industry speculation, that Apple is developing more lightweight, everyday consumer smart glasses. Given Apple's history of entering new markets with highly integrated products that redefine user experience (e.g., iPhone, Apple Watch), their eventual launch of consumer-oriented smart glasses would leverage immense brand loyalty, ecosystem strength, and design prowess. This would represent an existential threat to smaller smart eyewear companies like LUCY, making it extremely difficult to compete on features, user experience, or market reach.
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Innovative Eyewear (symbol: LUCY) primarily operates in the smart eyewear market, offering smart eyeglasses and sunglasses under its Lucyd® brand (including Lucyd Lyte® and Lucyd Armor®) and licensed brands such as Nautica®, Eddie Bauer®, and Reebok®. These products integrate features like Bluetooth audio, voice assistants, and ChatGPT functionality, and can be outfitted with prescription lenses.
The addressable markets for Innovative Eyewear's main products and services are as follows:
Global Smart Eyewear/Glasses Market
- The global smart glasses market size was estimated at USD 1.93 billion in 2024 and is projected to reach USD 8.26 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 27.3% from 2025 to 2030.
- Another estimate values the global smart glasses market size at USD 878.8 million in 2024, with a projection to reach USD 4,129.3 million by 2030, growing at a CAGR of 29.4% from 2024 to 2030.
- The broader "smart eyewear technology" market was valued at approximately USD 18.44 billion in 2025 and is projected to reach USD 97.77 billion by 2034, with a CAGR of 20.36% during this period.
- The global AR and VR smart glasses market, a segment of smart eyewear, reached USD 18.6 billion in 2024 and is expected to grow to USD 53.6 billion by 2033, exhibiting a CAGR of 11.82% from 2025 to 2033.
North American Smart Eyewear/Glasses Market
- North America is a dominant region in the smart glasses market, accounting for the largest revenue share of 35.39% in 2024.
Broader Eyewear Market (U.S. and Global)
While Innovative Eyewear focuses on smart eyewear, their products also exist within the larger eyewear market:
- In the U.S., the total addressable market for eyewear was USD 68 billion in 2024, showing a growth of about 2.7% from 2023. Approximately 167 million adults in the United States wear prescription eyeglasses.
- Globally, the eyewear market size was valued at USD 200.46 billion in 2024 and is projected to reach USD 335.90 billion by 2030, with a CAGR of 8.6% from 2025 to 2030.
- Another report indicates the global eyewear market was valued at USD 162.26 billion in 2025 and is anticipated to reach USD 215.46 billion by 2030, with a CAGR of 5.83%.
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Expected Drivers of Future Revenue Growth for Innovative Eyewear (LUCY)
Over the next 2-3 years, Innovative Eyewear (NASDAQ: LUCY) is expected to drive future revenue growth through several key initiatives:
- Launch of New Products and Expansion of Brand Partnerships: Innovative Eyewear has demonstrated a consistent strategy of introducing new smart eyewear collections through co-branding agreements. Recent examples include the successful launch of the Nautica® and Eddie Bauer® collections, which contributed to revenue growth in Q1 2025. The Reebok® Powered by Lucyd collection, launched in April 2025, has also been highlighted as a significant growth driver, along with strong performance from the Lucyd Armor® smart safety glasses introduced in October 2024. The company continues to showcase upcoming collections, such as the Reebok Powered by Lucyd optical line and Lucyd Aero prototype, suggesting a continued pipeline of new products.
- International Market Expansion: The company is actively pursuing international growth, as evidenced by its significant progress in expanding its global footprint. This includes securing initial orders from several European countries (UK, Romania, Greece, Spain, and France) after exhibiting at SILMO Paris 2025 and establishing a warehouse in the Netherlands to facilitate VAT-free purchasing for businesses in the EU. Innovative Eyewear has also forged partnerships in Canada and Latin America, indicating a broad international growth strategy.
- Increasing Demand for Smart Eyewear and Wearable Technology: Innovative Eyewear stands to benefit from the growing public interest and increasing consumer demand for smart glasses and wearable technology. The company's Q1 2025 report specifically cited increased public interest in smart glasses and the wearable products category as a factor in its revenue growth. This trend is further fueled by the visibility generated by products like Apple's Vision Pro and Ray-Ban Meta glasses, which are enhancing optical retailers' interest in partnering with smart eyewear companies.
- Diversification into New Market Segments, such as Safety Eyewear: The successful entry into specialized market segments, particularly safety eyewear, is a notable driver. The Lucyd Armor® smart safety glasses have performed exceptionally well since their launch, accounting for nearly half of the company's total unit sales in Q2 2025. Innovative Eyewear is also actively showcasing its safety-focused smart eyewear solutions at industry events like the National Hardware Show, indicating a strategic focus on expanding within this segment.
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[2] Share Issuance
- Innovative Eyewear completed an Initial Public Offering (IPO) in August 2022, raising approximately $7.35 million through the issuance of 980,000 units, each consisting of one share of common stock and two warrants, at a combined offering price of $7.50 per unit.
- The company conducted two stock offerings in 2024, managed by H.C. Wainwright & Co., aiming to generate gross proceeds of approximately $2.5 million and $1.025 million respectively.
- A 1-for-20 reverse stock split was implemented on July 18, 2024, which adjusted the number of outstanding shares.
[5] Capital Expenditures
- Capital expenditures amounted to $40,648 for the quarter ending March 2025.
- Annual capital expenditures were approximately $0.06 million in fiscal year 2024, $0.08 million in fiscal year 2023, and $0.12 million in fiscal year 2022.
- Proceeds from the 2022 IPO were allocated towards advancing sales and marketing, expanding inventory, updating and producing in-store displays, and developing new styles and sizes of the company's smart eyewear.
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