Innovative Eyewear partners with Geenee for AR retail tech

MIAMI - Innovative Eyewear, Inc. (NASDAQ: LUCY; LUCYW), a developer of ChatGPT smart eyewear, announced a strategic partnership with augmented reality (AR) shopping developer Geenee Inc. to enhance the smart eyewear shopping experience. The collaboration aims to introduce new retail technologies, including an AR-powered virtual try-on (VTO) kiosk and web advertisements, starting in Q4 2024.

The Lucyd Kiosk, a 5-foot high LCD touchscreen display, is designed to offer consumers an immersive brand experience, enabling them to virtually try on various eyewear styles. The kiosk will feature audio demos and interactive content, and is expected to be placed in high-traffic retail environments.

In addition, the company plans to upgrade the VTO experience on its website, Lucyd.co, to provide a more engaging online shopping experience. The partnership will also see the launch of personalized web advertisements that support instant VTO, allowing consumers to try on Lucyd eyewear while browsing other websites.

Harrison Gross, CEO of Innovative Eyewear, expressed enthusiasm for the partnership, stating that Geenee's technology will provide a fun and effective solution for guiding customers in their smart eyewear purchases and is expected to enhance sales both online and in stores.

Cory Grenier, CEO of Geenee Inc., highlighted the cultural significance of products that deliver multisensory experiences, noting that Lucyd has been a trendsetter in integrating audio entertainment and AI into stylish eyewear.

Innovative Eyewear's product line includes Bluetooth audio glasses under the Lucyd, Nautica, and Eddie Bauer brands, catering to the optical market with a variety of frame and lens combinations.

This partnership announcement is based on a press release statement and contains forward-looking statements regarding the anticipated launch and success of the new kiosks and experiences. The company has cautioned that these statements are subject to various factors that could cause actual results to differ materially from expectations.

In other recent news, Innovative Eyewear Inc. has introduced a walkie-talkie communication feature for its Lucyd smart eyewear products. This feature is expected to benefit industrial and warehousing sectors, particularly with the upcoming release of Lucyd Armor smart safety glasses. Concurrently, the company has expanded its common stock offering under its existing At The Market agreement with H.C. Wainwright & Co. This strategic step allows Innovative Eyewear to potentially raise capital flexibly.

The company has also announced a one-for-twenty reverse stock split of its common stock, which will consolidate every twenty shares of existing common stock into one share. The total number of outstanding shares will decrease from approximately 27.89 million to about 1.39 million. Innovative Eyewear has also launched a registered direct offering and concurrent private placement, expecting to generate gross proceeds of approximately $2.5 million.

In addition, Innovative Eyewear has announced two significant stock offerings. The first aims to generate gross proceeds of approximately $2.5 million, with the company issuing over 5 million shares at $0.475 per share. The second stock offering aims to raise around $1.025 million by issuing over 4 million shares at $0.244 per share. Both offerings are managed by H.C. Wainwright & Co. These are the latest developments in Innovative Eyewear's continuous efforts to expand and innovate in the smart eyewear industry.

InvestingPro Insights

In light of Innovative Eyewear's strategic partnership announcement, it's pertinent to analyze the company's financial health and market performance. According to InvestingPro data, Innovative Eyewear currently holds a market capitalization of $5.78 million. This relatively small market cap reflects the company's niche position within the eyewear and technology sector. Despite a significant revenue growth of 186.54% in the last twelve months as of Q2 2024, the company's gross profit margin remains negative at -2.46%, indicating that the cost of goods sold exceeds the revenue generated from sales.

InvestingPro Tips suggest that while analysts are anticipating sales growth in the current year, they do not expect the company to be profitable this year. This aligns with the company's negative price-to-earnings (P/E) ratio of -0.73, which typically indicates that investors are not expecting earnings growth in the near future. Furthermore, the stock price has experienced substantial volatility, with a one-month price total return of -33.33% and a one-year price total return of -71.36%, reflecting the high-risk nature of the investment.

For investors considering Innovative Eyewear, these financial metrics and InvestingPro Tips can offer a clearer picture of the company's current standing. Additional insights and tips can be found on InvestingPro, with a total of 14 tips available for Innovative Eyewear, which may help investors make more informed decisions. For more in-depth analysis, visit https://www.investing.com/pro/LUCY.

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