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MIAMI - Innovative Eyewear Inc. (NASDAQ: LUCY) has unveiled its Reebok Smart Eyewear, marking its entry into the smart sports eyewear market. The product is now available on Lucyd.co and is expected to hit Reebok.com and other retailers later this quarter. The micro-cap company, currently valued at $5.13 million, has demonstrated strong revenue growth of 42% over the last twelve months, according to InvestingPro data.
The new smart eyewear integrates voice-powered technology and is designed with features tailored for athletic and outdoor use. It boasts custom speakers, amplifiers, and equalizers that cater to sports environments while maintaining awareness of surroundings, a safety aspect emphasized for athletes and city dwellers.
Harrison Gross, CEO of Innovative Eyewear, expressed that the launch is a pivotal event for the smart eyewear industry. The company aims to pioneer the smart sport eyewear segment with AI-enhanced products that improve athletic performance. InvestingPro analysis suggests the company is currently fairly valued, with a strong liquidity position as indicated by a current ratio of 12.52. However, investors should note the stock’s high volatility, with a beta of 3.03.
Innovative Eyewear’s global distribution strategy includes a partnership with MTB Mexico, a leading technology distributor in Latin America, to introduce the Reebok Smart Eyewear to that market. Mauricio Avelar, Director General at MTB Mexico, highlighted the product’s alignment with the growing consumer demand for smart technology integrated into lifestyle products.
The versatility of Reebok Smart Eyewear has garnered interest from sporting goods retailers and consumer electronics chains, suggesting potential success across various retail settings.
Former Manchester City footballer and Olympic athlete Micah Richards, a brand ambassador for Lucyd, praised the smart eyewear for its combination of performance and style, noting the ability to stay connected without compromising environmental awareness.
Based on a press release statement, Innovative Eyewear, the developer behind brands like Lucyd®, Nautica®, Eddie Bauer®, and Reebok®, has positioned itself in the smart eyewear space with products that aim to keep users safely and ergonomically connected to their digital lives.
Reebok, known for its athletic footwear and fitness heritage, continues to innovate in the active, lifestyle, and sport sectors, offering a range of high-quality, modern styles for various occasions.
The smart glasses market is projected to reach approximately $13 billion by 2030, and the launch of Reebok Smart Eyewear by Innovative Eyewear seeks to capitalize on this growth trend. The company’s forward-looking statements are based on current expectations and assumptions and are subject to various factors that could affect future outcomes. While the company holds more cash than debt on its balance sheet, InvestingPro identifies several additional key metrics and insights available to subscribers, including detailed financial health scores and growth projections. Analysts anticipate continued sales growth in the current year, though profitability remains a challenge.
In other recent news, Innovative Eyewear has secured approximately $1.8 million in gross proceeds through the exercise of outstanding warrants. The warrants, initially priced at $5.00 and $9.50 per share, were exercised at a reduced price of $2.60 per share, with H.C. Wainwright & Co. serving as the exclusive placement agent. This transaction is expected to be completed by mid-April 2025, subject to customary closing conditions. The company plans to use the net proceeds for working capital and general corporate purposes.
Additionally, Innovative Eyewear’s Lucyd Armor smart safety glasses have received certification to meet European Union EN 166:2002 safety standards. This certification enables the company to expand its market reach into Europe, enhancing its existing presence in the US, Canada, and the UK. The Lucyd Armor glasses, launched in late 2024, have quickly become the company’s fastest-selling product. Innovative Eyewear is also in talks with a prominent eyewear distributor to introduce Lucyd Armor in Europe and is exploring distribution opportunities in Asia and Latin America.
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