Third-quarter revenue increased by 51% year-on-year, and Lucyd Armor entered over 150 large supermarket stores
Miami, November 9th / PRNewswire / -- Innovative Eyewear, Inc. ("Innovative Eyewear" or "the Company") (Nasdaq ticker: LUCY; LUCYW), which develops and manufactures smart glasses under the brands __BJWKEEP_00009®, __BJWKEEP_00003®, __BJWKEEP_00010®, __BJWKEEP_00011®, and __BJWKEEP_00004®, today announced its unaudited financial results for the three months and nine months ending September 30, 2026, and will submit its quarterly report Form 10-Q today.
Innovative Eyewear CEO Harrison Gross stated: "As we enter the ninth month of this year, our revenue has already surpassed the annual revenue for 2025. For the second consecutive quarter, we have achieved over $1 million in revenue and increased our gross margin to 32%, laying a solid foundation for us to enter what is usually the strongest quarter of the year. Our Directed Electronics orders are currently being shipped to Australia and New Zealand, and Lucyd Armor is also now available for sale in one of the largest chain supermarkets in the United States. We expect these new channels to drive the company's growth in 2027. In addition, Reebok Smart Eyewear Powered by Lucyd being selected for TIME's 'Best Invention of 2026' list also highlights our continued market leadership in terms of appearance and functionality."
For the three months ending September 30, 2026, the company's net revenue was $1,009,696, an increase of $341,568 compared to the same period last year, representing a growth of 51%, marking the 13th consecutive quarter of year-over-year growth. The growth was mainly driven by sales volume. The company sold approximately 7,800 pairs of Lucyd Armor smart safety glasses, a year-over-year increase of 164%, of which about 2,300 pairs came from the first purchase order from one of the largest chain supermarkets in the United States; wholesale revenue increased from $25,796 to $223,305.
Gross profit was $320,910, accounting for 32% of net revenue, compared to $244,837 in the same period last year, which accounted for 37%; it also increased from 24% in the second quarter of 2026 and 23% in the first quarter. Provisions for excess and unsold inventory for certain co-branded products caused the gross margin in the third quarter to decrease by about 30 percentage points, while higher commissions and platform fees contributed to a further decrease of about 4 percentage points. A reduction in the cost of purchasing frames and lenses led to an increase of about 18 percentage points, and a tariff refund of $124,854 brought about an additional increase of about 12 percentage points.
Total operating expenses amounted to $2,659,283, an increase of $493,619 or 23% compared to the same period last year. The growth mainly came from increases in general and administrative expenses, primarily due to higher salaries, public relations costs, and licensing royalties, as well as increased research and development expenditures for the planned launch of an upgraded Lucyd Armor series in the first half of 2027; this was partially offset by a decrease in sales and marketing expenses. The net loss was $2,287,141, equivalent to $0.27 per share (basic and diluted), whereas in the same period last year, the net loss was $1,836,267, or $0.38 per share.
For the nine months ending September 30, 2026, the company's net revenue was $2,793,776, an increase of $1,091,917 compared to the same period last year, representing a growth of 64%. This figure also surpassed the company's annual net revenue for 2025, which was $2,661,669. The company sold approximately 16,600 units of Lucyd Armor, representing a 119% increase; wholesale revenue rose from $70,405 to $358,443. Total operating expenses amounted to $7,153,967, an increase of $705,572 from the same period last year, with the main drivers being licensing royalties and salaries. The net loss was $6,267,327, equivalent to $0.89 per share (both basic and diluted), whereas in the same period last year, the net loss was $5,721,064, or $1.62 per share.
As of September 30, 2026, the company held approximately $4.5 million in cash and cash equivalents and investments, with a net working capital of about $6.7 million, and no debt.
The company indicates that with the support of the following ongoing initiatives, it expects to maintain growth:
- Shipments in the fourth quarter. The company's exclusive distributors in Australia and New Zealand, Directed Electronics, placed their first orders in September 2026, and the company began shipping to these two countries in October. The Lucyd Armor display devices started to be installed in over 150 stores of one of the largest chain supermarkets in the United States on November 1, 2026; FYihealth Group is currently deploying Lucyd products in approximately 345 FYidoctors, Visique, and Solis clinics in Canada. Historically, the fourth quarter has always been the company's strongest quarter.
- Award-winning products. Reebok Smart Eyewear Powered by Lucyd were selected for the “Sports and Fitness” category of the “2026 Best Inventions.” Lucyd Armor won the 2026 Red Dot Design Award. Lucyd Aero The smart glasses series was launched in October 2026 and is the lightest and most advanced product series the company has ever produced to date.
- New channel. Under the strategic alliance with HTC Corporation, the company is selling VIVE Eagle smart glasses of HTC on Lucyd.co, and is also in discussions with a major automobile retailer regarding a white-label project.
Regarding Innovative Eyewear, Inc.
Innovative Eyewear develops cutting-edge smart glasses using ChatGPT, Claude, and Gemini technologies. Its brands include Lucyd ®, Lucyd Armor ®, Reebok ®, Nautica ®, and Eddie Bauer ®. Upholding the mission of “Upgrade Your Eyewear ®”, the company's Bluetooth smart glasses help users connect to their digital lives in a safe and ergonomic manner, offering hundreds of frame and lens combinations to meet the needs of the optical glasses, sunglasses, sports goods, and safety glasses markets. For more information, please visit www.lucyd.co.
Forward-looking Statements
This press release contains certain forward-looking statements, including those regarding the company's business operations, performance forecasts, revenue growth, liquidity, expected delivery times for purchase orders and retail distribution, anticipated product releases, potential customers and channel partners, as well as future product lines and development. These 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. Such statements can be identified by the use of phrases such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “future”, “intend”, “may”, “outlook”, “plan”, “potential”, “predict”, “project”, “should”, “will”, “would”, etc. These phrases predict or indicate future events or trends and are not statements of historical fact; however, the absence of such phrases does not mean that the relevant statements are not forward-looking. Unless otherwise explicitly stated, the retail tests, partnership discussions, and business discussions mentioned in this press release do not constitute final agreements, and there is no guarantee that these discussions will lead to signed agreements, or that revenue will be generated in the stated time and scale, or at all. Except as required by law, the company has no obligation to update any forward-looking statements publicly, whether due to new information, future events, or other reasons. Important factors that could cause significant differences between actual results and forward-looking statements are contained in the company's filings with the U.S. Securities and Exchange Commission, including the “Form” section of the annual report for the year ending December 31, 2025, and the “Form” section of the quarterly report for the quarter ending September 30, 2026.These factors include, but are not limited to: the timing and volume of orders, replenishments, deliveries, returns, and sales fulfillment from the company's retail and distribution partners; the timing of new product launches and their market acceptance; the amount and timing of any further tariff refunds; the company's ability to obtain additional financing when needed; and the company's ability to maintain compliance with the requirements for continued listing on NASDAQ.
Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Telephone: +1 (646) 893-5835
Email: [ email protected ]
