Innovative Eyewear Reports Third-Quarter 2026 Results

Q3 Revenue Up 51% Year-over-Year & Lucyd Armor Rolling Into 150+ Big-Box Stores

MIAMI, Nov. 9, 2026 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), the developer & manufacturer of smart eyewear under the Lucyd®, Lucyd Armor®, Reebok®, Nautica®, and Eddie Bauer® brands, today announced its unaudited financial results for the three and nine months ended September 30, 2026, and will file its Quarterly Report on Form 10-Q today.

Harrison Gross, CEO of Innovative Eyewear, commented, "Nine months into the year, we have already outpaced our full-year 2025 revenue. Marking our second consecutive $1M+ quarter and expanding our gross margin to 32% sets a solid foundation as we enter the fourth quarter, historically our strongest of the year. Our Directed Electronics orders are currently shipping to Australia and New Zealand, and Lucyd Armor is launching in stores at one of the largest U.S. big-box retailers. We expect these new channels to drive our growth in 2027. Furthermore, the inclusion of Reebok Smart Eyewear Powered by Lucyd on TIME's Best Inventions of 2026 list underscores our continued market leadership in both form and function."

Net revenue for the three months ended September 30, 2026, was $1,009,696, up $341,568, or 51%, from the prior-year quarter, marking the 13th consecutive quarter of year-over-year growth. Growth was driven primarily by volume. The Company sold approximately 7,800 Lucyd Armor smart safety glasses, up 164%, including approximately 2,300 units under the initial purchase order from one of the largest U.S. big-box retailers, and wholesale revenue rose to $223,305 from $25,796.

Gross profit was $320,910, or 32% of net revenue, compared with $244,837, or 37%, in the prior-year quarter, and up from 24% in the second quarter and 23% in the first quarter of 2026. A provision for excess and slow-moving inventory on certain co-branded products reduced third-quarter gross margin by approximately 30 percentage points, and higher commissions and platform fees reduced it by approximately 4 percentage points. Lower sourcing costs for frames and lenses added approximately 18 percentage points, and tariff refunds of $124,854 added approximately 12 percentage points.

Total operating expenses were $2,659,283, an increase of $493,619, or 23%, on higher general and administrative expenses, mainly compensation, public relations, and license royalties, and higher research and development costs for an upgraded Lucyd Armor collection planned for the first half of 2027, partially offset by lower sales and marketing expenses. Net loss was $2,287,141, or $(0.27) per share, basic and diluted, compared with $1,836,267, or $(0.38) per share, in the prior-year quarter.

Net revenue for the nine months ended September 30, 2026, was $2,793,776, an increase of $1,091,917, or 64%, and already exceeds full-year 2025 net revenue of $2,661,669. The Company sold approximately 16,600 Lucyd Armor units, up 119%, and wholesale revenue rose to $358,443 from $70,405. Total operating expenses were $7,153,967, an increase of $705,572, or 11%, driven mainly by license royalties and compensation. Net loss was $6,267,327, or $(0.89) per share, basic and diluted, compared with $5,721,064, or $(1.62) per share, in the prior-year period.

At September 30, 2026, the Company held approximately $4.5 million of combined cash and cash equivalents and investments, with net working capital of approximately $6.7 million and no debt.

The Company expects to sustain its growth, supported by several initiatives now underway:

• Fourth-quarter shipments. Directed Electronics, the Company's exclusive distributor for Australia and New Zealand, placed its initial orders in September 2026, and the Company began shipping to both countries in October. In-store installation of Lucyd Armor displays in more than 150 stores of one of the largest U.S. big-box retailers began on November 1, 2026, and FYihealth Group is placing Lucyd products across approximately 345 FYidoctors, Visique, and Solis clinics in Canada. Historically, the fourth quarter has been the Company's strongest.
• Award-winning products. Reebok Smart Eyewear Powered by Lucyd was named to TIME's Best Inventions of 2026 in the "Sports & Fitness" category. Lucyd Armor received the Red Dot Design Award 2026. The Lucyd Aero smart eyewear collection, the Company's lightest and most advanced to date, launched in October 2026.
• New channels. The Company offers HTC's VIVE Eagle smart eyewear on Lucyd.co under its strategic alliance with HTC Corporation and is in discussions with a major automotive retailer regarding a white-label program.

About Innovative Eyewear, Inc.
Innovative Eyewear is a developer of cutting-edge ChatGPT-, Claude- and Gemini-enabled smart eyewear, under the Lucyd®, Lucyd Armor®, Reebok®, Nautica®, and Eddie Bauer® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth smart glasses allow users to stay safely and ergonomically connected to their digital lives and are offered in hundreds of frame and lens combinations to meet the needs of the optical, sunglass, sporting goods and safety eyewear markets. To learn more and explore our continuously evolving collection of smart eyewear, visit www.lucyd.co.

Forward-Looking Statements
This press release contains certain forward-looking statements, including those relating to the Company's business operations, projections, revenue growth, liquidity, the expected timing of shipments and retail placement under purchase orders, anticipated product launches, prospective customers and channel partners, and future product lines and developments. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "continue," "estimate," "expect," "future," "intend," "may," "outlook," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. The retail tests, partnerships and commercial discussions described in this release have not resulted in definitive agreements except as expressly stated, and there can be no assurance that any such discussions will result in executed agreements or generate revenue on the timing or in the volumes described, or at all. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, under the caption "Risk Factors." These factors include, among others: the timing and volume of orders, reorders, shipments, returns and sell-through at the Company's retail and distribution partners; the timing and market acceptance of new products; the amount and timing of any further tariff refunds; the Company's ability to obtain additional financing when needed; and the Company's ability to maintain compliance with Nasdaq continued listing requirements.

Investor Relations Contact:
Scott Powell
Skyline Corporate Communications Group, LLC
Telephone: +1 (646) 893-5835
Email: [email protected] 

SOURCE Innovative Eyewear, Inc.