Innovative Eyewear posts 70% revenue growth in first quarter

Innovative Eyewear Inc. (NASDAQ: LUCY) reported net revenue of $773,561 for the first quarter ended March 31, 2026, representing a 70% increase from the same period in 2025, according to a company statement.

The Miami-based smart eyewear developer said this marked its 11th consecutive quarter of year-over-year revenue growth. The company attributed the increase primarily to higher sales volumes of its Lucyd Armor smart safety glasses, which accounted for approximately two-thirds of total smartglass units sold during the quarter.

The company reported a net loss of $2,309,368, or $0.37 per share, compared to a net loss of $1,778,703, or $0.72 per share, in the first quarter of 2025. Weighted average shares outstanding increased to approximately 6.25 million from 2.45 million in the prior year period.

Gross profit margin was 23% for the quarter, compared to 49% in the first quarter of 2025. The company noted that the prior year comparison included one-time credits and inventory adjustments totaling approximately $132,000.

Total operating expenses rose 20% to $2,547,210, driven primarily by higher general and administrative expenses of $498,703 year-over-year. The increase was attributed to higher payments to outside service providers and multi-year license agreements.

The company ended the quarter with approximately $5.68 million in combined cash and investments, down from $6.51 million at December 31, 2025. Net working capital was $7.66 million as of March 31, 2026.

During the quarter, Innovative Eyewear raised $1.41 million in net cash proceeds from equity offerings. The company also received the Red Dot Award for its Lucyd Armor product and completed onboarding with Newegg.com for online distribution.

The company develops smart eyewear under the Lucyd, Lucyd Armor, Reebok, Nautica, and Eddie Bauer brands.

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