Innovative Eyewear, Inc. reported an 82% increase in revenue to $308,682 for Q2 2024, compared to $169,929 in Q2 2023. The company achieved a gross profit of $55,176, a significant improvement from a gross deficit of $29,816 in the prior year quarter. E-commerce sales through Lucyd.co grew by over 200% year-over-year, driven by new product launches including co-branded collections with Nautica and Eddie Bauer.Operating expenses rose 56% to $2,029,534, primarily due to increased investments in growth and development. General and administrative expenses increased 34% to $1,295,299, while sales and marketing expenses surged 327% to $442,433. The company reported a net loss of $1,948,399 for the quarter, compared to a net loss of $1,287,802 in Q2 2023.As of June 30, 2024, Innovative Eyewear had cash and cash equivalents of $5.9 million. The company raised approximately $5.2 million through equity offerings during the quarter. Management believes existing cash reserves will be sufficient to fund operations for at least the next 12 months. Innovative Eyewear anticipates launching new co-branded products later in 2024, which are expected to help shift sales mix towards the higher-margin wholesale channel.

Innovative Eyewear, Inc. reported an 82% increase in revenue to $308,682 for Q2 2024, compared to $169,929 in Q2 2023. The company achieved a gross profit of $55,176, a significant improvement from a gross deficit of $29,816 in the prior year quarter. E-commerce sales through Lucyd.co grew by over 200% year-over-year, driven by new product launches including co-branded collections with Nautica and Eddie Bauer.Operating expenses rose 56% to $2,029,534, primarily due to increased investments in growth and development. General and administrative expenses increased 34% to $1,295,299, while sales and marketing expenses surged 327% to $442,433. The company reported a net loss of $1,948,399 for the quarter, compared to a net loss of $1,287,802 in Q2 2023.As of June 30, 2024, Innovative Eyewear had cash and cash equivalents of $5.9 million. The company raised approximately $5.2 million through equity offerings during the quarter. Management believes existing cash reserves will be sufficient to fund operations for at least the next 12 months. Innovative Eyewear anticipates launching new co-branded products later in 2024, which are expected to help shift sales mix towards the higher-margin wholesale channel.