Highlights

  • Innovative Eyewear reports Q3 revenue of USD 668K, a 163% year-on-year increase.
  • Gross profit margin rises to 37% in Q3, up from 23% in prior year.
  • Net loss for Q3 2025 stands at USD 1.84M, reflecting ongoing growth investments.

Tekcapital Plc (LSE:TEK), a UK intellectual property investment group, noted that its portfolio company Innovative Eyewear, Inc. (NASDAQ: LUCY; LUCYW) reported unaudited financial results for the three and nine months ended September 30, 2025.

For Q3 2025, net revenue reached USD 668,128, up 163% from USD 254,800 in Q3 2024. On a year-to-date basis, net revenue increased 80% to USD 1,701,859. Growth was primarily driven by higher volumes of Lucyd Armor® smart safety glasses, representing about half of total smartglass units sold. The Reebok® Powered by Lucyd collection, launched in April 2025, also contributed to increased sales volumes.

Improved Gross Margins Amid Supply Adjustments
Gross profit margin for the third quarter of 2025 rose to 37%, compared to 23% in the prior-year period. For the nine months ended September 30, 2025, the margin improved to 27% from 13% in the prior-year period. Margin gains were attributed to lower sourcing costs for frames and prescription lenses. Despite previous quarter tariff pressures, management’s mitigation strategies helped restore margins in Q3 2025 to levels aligned with pre-tariff expectations.

Operating Expenses and Market Expansion
Operating expenses increased 19% in Q3 and 10% year-to-date, primarily due to higher sales and marketing costs. Innovative Eyewear management expects customer acquisition costs to gradually decline as smart eyewear awareness grows.

Key International Developments
The company participated in Vision Expo West 2025 and SILMO Paris 2025, securing new accounts and initial orders in multiple regions, including the U.K., Canada, Latin America, and Europe. Additional updates included new Lucyd Armor® variants, a translation feature in the Lucyd app supporting 17 languages, and website enhancements for improved product presentation.

Net Loss and Cash Position
Net loss for Q3 2025 was USD 1,836,267 or USD 0.38 per share, compared to USD 1,720,677 or USD 0.99 per share in Q3 2024. For the nine months ending September 30, 2025, the net loss was USD 5,721,064 or USD 1.62 per share. Cash and cash equivalents, including investmentsv, increased 6.3% to USD 7,998,202, with no debt reported at the period end.

About Innovative Eyewear
Innovative Eyewear develops and sells smart eyewear under the Lucyd®, Nautica®, Eddie Bauer®, and Reebok® brands, offering multiple frame and lens combinations and Bluetooth connectivity features.

Share Performance of TEK

TEK was trading at AUD 10.50 per share as of 13 November 2025 at the time of writing.