Innovative Eyewear Inc

Listed Company

LUCYCIK 0001808377NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthOphthalmic GoodsFloridaFY ends Dec 31

Period

FY 2025

Revenue

$2.66M

Net Income

$-7.59M

Total Assets

$10.14M

Equity

$9.07M

Shares Out

6.30M

Op. Cash Flow

$-7.28M

Business

Innovative Eyewear Inc develops and sells smart eyeglasses and sunglasses that integrate audio and voice-AI capabilities while offering prescription and sun-protection options. Its main products include the Lucyd Lyte core collection, cobranded Nautica, Eddie Bauer and upcoming Reebok lines, Lucyd Armor safety glasses, and companion software such as the Lucyd app with ChatGPT integration and a Pro subscription. The company operates product lines for all-day, sport, safety and optical use. It sells primarily via e-commerce, major marketplaces and over 300 optical and retail partners in the U.S. and internationally.

Summary from filing dated 2025-03-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues, net	3	2	1	659,788	690,670
Less: Cost of Goods Sold	−2	−1	−1	−716,077	−542,416
Gross Profit	567,451	215,190	−119,329	−56,289	148,254
General and administrative	−5	−4	−4	−3	−1
Sales and marketing	−3	−3	−2	−2	−2
Research and development	−725,388	−819,387	−662,184	−524,692	−86,261
Related party management fee	−140,000	−140,000	−140,000	−140,000	−109,975
Total Operating Expenses	−9	−8	−7	−6	−3
Other Income (Expense), net	903,775	157,187	192,114	−105,171	—
Net Loss	−8	−8	−7	—	—
Weighted average number of shares outstanding, basic	4	1	613,000	—	—
Weighted average number of shares outstanding, diluted	4	1	613,000	—	—
Loss per share, basic	−1.9	−5.19	−10.87	−0.87	—
Loss per share, diluted	−1.9	−5.19	−10.87	−0.87	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	7	3	4	4	79,727
Investments	—	5	—	—	—
Accounts receivable, net	142,152	107,918	93,211	110,258	43,394
Prepaid expenses	263,730	266,935	313,648	210,673	68,381
Inventory prepayments	438,417	424,594	323,520	197,750	64,715
Inventory, net	2	831,757	533,239	94,701	275,501
Due from Tekcapital and Affiliates	334,582	23,394	6,256	—	—
Other current assets	60	59,447	59,447	36,240	1,460
Total Current Assets	9	9	6	4	644,327
Intangible assets, net	559,968	451,302	286,429	137,557	87,306
Property and equipment, net	61,777	107,562	154,848	119,744	20,284
Other non-current assets	83,075	41,229	72,644	81,779	—
TOTAL ASSETS	10	10	6	5	824,317
Accounts payable and accrued expenses	985,417	692,817	581,986	275,660	167,050
Deferred revenue	59,889	44,901	42,500	30,000	—
Total Current Liabilities	1	737,718	624,486	600,005	616,801
Long-term payment plan with vendor	28,488	—	—	—	—
Deferred revenue	—	5,450	35,450	65,450	—
TOTAL LIABILITIES	1	743,168	659,936	665,455	616,801
Commitments and contingencies (see Note 7)	—	—	—	—	—
Common stock (par value $0.00001, 50,000,000 shares authorized: 5,479,861 and 2,452,632 shares issued and outstanding as of December 31, 2025 and 2024, respectively)	55	25	7	73	60
Additional paid-in capital	41	34	23	14	5
Accumulated deficit	−32	−25	−17	−10	−5
TOTAL STOCKHOLDERS EQUITY	9	9	6	4	207,516
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	10	10	6	5	824,317

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	66,788	109,489	61,093	22,101	498
Amortization	68,554	39,897	24,164	10,466	7,179
Non-cash interest income	−789	—	—	—	—
Realized gains on debt securities (U.S. Treasury bills)	−130,496	—	−50,796	—	—
Stock-based compensation and nonemployee stock-based payment expense	738,170	774,788	936,769	1	1
Expenses paid by Tekcapital and Affiliates	259,703	281,758	299,061	960,362	867,618
Provision for doubtful accounts	7,993	19,859	−14,725	116,230	0
Write-off of previously-capitalized software costs	—	88,073	—	—	—
Accounts receivable	−36,777	−4,566	−3,678	−183,094	−43,394
Accounts payable and accrued expenses	191,521	91,228	303,290	67,951	157,536
Prepaid expenses	28,682	16,356	−102,975	−142,292	−43,381
Inventory prepayments	−13,823	−101,074	—	—	—
Inventory	−913,379	−298,518	−564,308	47,765	−250,436
Other assets	−19,184	—	—	—	—
Contract assets and deferred revenue	68,925	9,595	—	—	—
Net cash flows from operating activities	−7	−7	−6	−3	−1
Purchases of debt securities (U.S. Treasury bills)	−1	−5	−2	—	—
Proceeds from redemption of debt securities (U.S. Treasury bills)	6	—	2	—	—
Loans made to Tekcapital Europe, Ltd.	−550,000	−767,940	—	—	—
Repayment of amounts loaned to Tekcapital Europe, Ltd.	250,000	767,940	—	—	—
Patent costs	−177,220	−204,770	−173,036	−60,717	−25,272
Purchases of property and equipment	−72,513	−62,203	−78,463	−121,561	−20,782
Net cash flows from investing activities	4	−5	−198,753	−219,951	−118,454
Proceeds from offerings of common stock and warrants	—	3	—	—	—
Proceeds from at-the-market offerings of common stock	1	4	—	—	—
Proceeds from exercises of warrants	6	4	3	—	—
Proceeds from sale of common stock withheld from employees to cover withholding taxes on vested restricted share units	52,655	19,603	—	—	—
Incurrence of obligation under long-term payment plan with vendor	121,059	—	—	—	—
Payments made under long-term payment plan with vendor	−44,147	—	—	—	—
Repayment of amounts due to Tekcapital and Affiliates	−270,102	−298,896	−490,163	—	—
Net cash flows from financing activities	7	10	7	7	1
Net Change in Cash and cash equivalents	4	−2	696,338	4	52,704
Expenses paid for by Tekcapital and Affiliates, reported as change in Due to/from Tekcapital and Affiliates	259,703	281,758	299,061	960,362	867,618
Issuance of shares for prepayment to third party service provider	—	81,900	—	2	—
Issuance of shares for prepayment to brand ambassador	30,001	21,690	—	—	—

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