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MIAMI - Innovative Eyewear, Inc. (NASDAQ: LUCY | LUCYW), a developer of smart eyewear with a market capitalization of $6.01 million, announced today that its Lucyd Armor smart safety glasses have received certification to meet European Union EN 166:2002 safety standards. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 12.52 and holds more cash than debt on its balance sheet. This certification allows the company to expand into European markets, complementing its existing certifications in the US, Canada, and the UK.
The Lucyd Armor glasses, which were launched in the fourth quarter of 2024, have quickly become the company's fastest-selling product. The glasses feature photochromic lenses, a suite of smart functions including a Walkie feature, high-fidelity audio, and are adaptable for prescription lenses. The safety eyewear market in Europe is valued at $1.3 billion as of 2024 and is projected to grow to $1.6 billion by 2030. This market opportunity aligns with the company's impressive revenue growth of 42% over the last twelve months, as reported by InvestingPro.
In response to the positive reception at Vision Expo and the National Hardware Show, Innovative Eyewear is in discussions with a prominent eyewear distributor to introduce Lucyd Armor in Europe. The company is also exploring distribution for its other frames in Asia and Latin America.
The company's international expansion plans, particularly for the Armor and the upcoming Reebok Powered by Lucyd collection, are expected to be a key growth driver in 2025. Products shipped from the company's manufacturing facilities in China to markets outside the US are not subject to US tariffs, potentially giving Innovative Eyewear a competitive advantage in these regions.
Later this year, Innovative Eyewear intends to release additional variants of Lucyd Armor, including sunglass and full-range prescription options. The company's CEO, Harrison Gross, emphasized that Lucyd Armor is seen as a "need-to-have" tool for professionals requiring eye protection and hands-free communication.
Lucyd Armor is currently available on the company's website and on Amazon, with a variety of lens options and prescriptions.
Based on a press release statement, this news highlights Innovative Eyewear's strategic move to capitalize on the growing safety eyewear market in Europe and beyond, leveraging its certified smart safety glasses to meet the needs of working professionals. Trading at $2.45, significantly below its 52-week high of $27.20, InvestingPro analysis suggests the stock is currently in oversold territory. Subscribers can access 10+ additional ProTips and comprehensive financial metrics to better evaluate this growth opportunity.
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