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MIAMI - Innovative Eyewear, Inc. (NASDAQ: LUCY | LUCYW), a developer of smart eyewear with a market capitalization of $4.73 million, announced a new partnership with Eye Recommend, a network of independent optometry clinics in Canada. The company’s stock, currently trading at $1.93, has experienced significant volatility, with a year-to-date decline of ~61%. This collaboration will extend the reach of Innovative Eyewear’s products, including its Lucyd Armor™ smart safety glasses, to over 600 optical practices across Canada.
Eye Recommend plays a crucial role in the optical industry by facilitating access to a diverse range of products for independent optometrists and providing resources such as continuing education. The partnership aims to enhance patient care and support the business growth of member clinics by introducing Innovative Eyewear’s smart eyewear into the Canadian market. According to InvestingPro data, the company has demonstrated strong revenue growth of 42% over the last twelve months, though it maintains a cautious financial position with more cash than debt on its balance sheet.
Harrison Gross, CEO of Innovative Eyewear, expressed enthusiasm about the partnership, emphasizing the recent Canadian Standards Association (CSA) certification for their smart safety glasses, which is expected to bolster their presence in Canadian workplaces. Lee Raffey, CEO at Eye Recommend, echoed these sentiments, highlighting the alignment with their mission to empower practices with advanced products.
Innovative Eyewear is known for its Bluetooth audio glasses, which are designed to keep users connected to their digital lives in a safe and ergonomic manner. The partnership with Eye Recommend is poised to deliver these cutting-edge optical solutions more broadly in Canada.
This press release contains forward-looking statements regarding the partnership’s potential effects. However, actual results may differ due to various factors, as detailed in the company’s filings with the Securities and Exchange Commission. Investors can access additional insights and 12 more exclusive ProTips about Innovative Eyewear through InvestingPro, with the company’s next earnings report expected on May 13, 2025.
The information for this article is based on a press release statement from Innovative Eyewear, Inc.
In other recent news, Innovative Eyewear has unveiled its Reebok Smart Eyewear, marking a significant entry into the smart sports eyewear market. The product, designed with voice-powered technology and features for athletic use, is now available on Lucyd.co and will soon be on Reebok.com and other retailers. In financial developments, the company secured approximately $1.8 million from the exercise of outstanding warrants, facilitated by H.C. Wainwright & Co. as the exclusive placement agent. This capital will be directed towards working capital and general corporate purposes, with additional warrants issued for future share purchases. Additionally, Innovative Eyewear’s Lucyd Armor smart glasses have received European Union safety certification, allowing the company to expand into European markets. The Lucyd Armor glasses, featuring photochromic lenses and smart functions, have quickly become the company’s fastest-selling product. Innovative Eyewear is in discussions with a major distributor to introduce Lucyd Armor in Europe, with plans for further international expansion. The company is also exploring distribution opportunities in Asia and Latin America, aiming to leverage its competitive advantages in these regions.
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