Summary by Moomoo AI
Innovative Eyewear reported Q3 2024 revenue of $253,599, up 14% YoY, with gross profit of $59,344 and gross margin of 23%. E-commerce sales through Lucyd.co grew 46%, while wholesale revenue declined 11%. The company's net loss widened to $1.72 million from $1.55 million in Q3 2023.General and administrative expenses rose 23% to $1.12 million, primarily due to increased legal costs. Sales and marketing expenses remained flat at $533,066, while R&D costs decreased 32% to $131,369. The company ended the quarter with $4.54 million in cash and cash equivalents.Innovative Eyewear raised approximately $10.4 million through equity offerings in Q3. The company launched new product lines including Nautica and Eddie Bauer co-branded smart eyewear, and plans to introduce Lucyd Armor safety glasses in Q4 2024 and Reebok smart glasses in Q1 2025. Management expects gross margins to improve with these new lower-cost product launches.
