OMAHA - Innovative Eyewear, Inc. (NASDAQ: LUCY; LUCYW), known for its Lucyd brand of smart eyewear, has announced a new retail partnership with NFM Optical, starting this Black Friday. The range of Lucyd products, including the new Lucyd Armor™ smart safety glasses, will be available at the Omaha-based NFM Optical, part of Nebraska Furniture Mart (NFM), a subsidiary of Berkshire Hathaway (NYSE:BRKa).
NFM, a leading Midwestern retailer with a nearly century-long history, is expanding its offerings to include cutting-edge smart eyewear. The addition of Lucyd's products aligns with NFM's recent move into the wellness sector and its commitment to innovative retail experiences. This partnership marks an important step in the evolution of eyewear, as Lucyd's Bluetooth-enabled glasses offer open-ear audio and hands-free communication, catering to active lifestyles and the increasing demand for wearable technology.
Harrison Gross, CEO of Innovative Eyewear, expressed excitement about the collaboration with NFM, highlighting the retailer's reputation and its synergy with Lucyd's mission to enhance consumer eyewear. Rob Roggeveen, Senior Optical Buyer at NFM, emphasized the added value Lucyd smart eyewear brings to both prescription and non-prescription customers, enhancing their optical solutions.
NFM's history dates back to 1937, when it was founded by Rose Blumkin in Omaha, Nebraska. The company was later acquired by Warren Buffett's Berkshire Hathaway in 1983 and has grown to become one of the largest home furnishings retailers in the United States, with additional locations in Des Moines, Iowa, Kansas City, Kansas, and Dallas-Fort Worth, Texas.
Innovative Eyewear, the developer behind Lucyd, offers a range of smart eyewear under various brand partnerships, including Nautica®, Eddie Bauer®, and Reebok®. Its products are designed to integrate seamlessly with users' digital lives through ergonomic design and Bluetooth connectivity.
This announcement is based on a press release statement and contains forward-looking statements regarding the launch of Lucyd products in NFM Optical. These statements are subject to risks and uncertainties that could cause actual outcomes to differ materially from those projected.
In other recent news, Innovative Eyewear Inc. has secured a patent for its "Wireless Smartglasses with Quick Connect Front Frames" technology, paving the way for user-customizable smart eyewear. The company has also made significant strides in its financial position, raising approximately $2.6 million in gross proceeds from the exercise of warrants for the purchase of 263,160 shares of common stock. On the personnel front, Oswald Gayle has been appointed as the new Co-Chief Financial Officer, bringing his extensive experience in finance and accounting to the role.
Innovative Eyewear has also expanded its retail presence to approximately 370 optical stores and made its Lucyd Lyte frames available on Target (NYSE:TGT).com. The company partnered with Geenee Inc. to enhance the smart eyewear shopping experience with augmented reality technology. These are some of the recent developments in the company's effort to strengthen its position within the wearable tech industry.
The company has also issued new Series C and D warrants, expecting to generate approximately $762,148 in gross proceeds. Innovative Eyewear exercised certain outstanding warrants at a reduced price, expecting to generate roughly $633,495 in gross proceeds. The company has also launched two significant stock offerings managed by H.C. Wainwright & Co., aiming to generate gross proceeds of approximately $2.5 million and $1.025 million respectively. These financial moves reflect Innovative Eyewear's ongoing efforts to solidify its position within the wearable tech industry.
InvestingPro Insights
As Innovative Eyewear, Inc. (NASDAQ: LUCY) embarks on this new retail partnership with NFM Optical, investors may find value in examining some key financial metrics and insights from InvestingPro.
According to InvestingPro data, Innovative Eyewear has shown impressive revenue growth, with a 186.54% increase in the last twelve months as of Q2 2024. This strong growth trajectory aligns well with the company's expansion into new retail channels like NFM Optical. An InvestingPro Tip notes that analysts anticipate sales growth in the current year, which could be further bolstered by this new partnership.
However, investors should be aware that the company is currently not profitable, with a negative gross profit margin of -2.46% in the last twelve months. An InvestingPro Tip highlights that the company is quickly burning through cash, which is a critical factor to monitor as Innovative Eyewear scales its operations and distribution.
Despite these challenges, the stock has shown strong performance recently, with a 123.82% price return over the last three months. This could indicate growing investor confidence in the company's strategic moves, such as the NFM Optical partnership.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for LUCY, providing a more comprehensive view of the company's financial health and market position.
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