Quarterly Revenue Increased 82% vs Q2 2023; Gross Margin Increases Substantially MIAMI, Aug. 13, 2024 /PRNewswire/ -- Innovative Eyewear Inc., (NASDAQ:LUCY, LUCYW)), the developer of ChatGPT-enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, today announced its financial results for the second quarter of 2024. Net revenue for the quarter ended June 30, 2024 was $308,682, an increase of 82% from the quarter ended June 30, 2023. Net revenue for the six months ended June 30, 2024 was $692,153, an increase of 120% vs. the comparable period in 2023. These year-over-year increases were primarily attributable to significant volume growth in the ecommerce channel, driven by the Company's strategic advertising and marketing initiatives implemented during the latter portion of 2023 and through the current period, combined with recent new product launches including the Lucyd Lyte XL, Nautica® Powered by Lucyd and Eddie Bauer® Powered by Lucyd collections. Additionally, the Company's gross profit margins significantly improved from the prior year, from a deficit of negative 18% in the second quarter of 2023 to positive 18% in the second quarter of 2024, reflecting greater economies of scale coupled with achieving management's stated goal to reduce lens fulfillment costs. During the quarter Innovative Eyewear announced several important milestones: Expanding the Company's first-to-market voice interface for ChatGPT, the Company launched a Bixby app called LUCY to enable handsfree ChatGPT access on its glasses for Samsung users. This brings a powerful new feature to Samsung phone users - the ability to access ChatGPT via the device's native voice assistant from LUCY eyewear. Filed two new United States patent applications, a utility application, No. 18/605,092, entitled, "SMART EYEWEAR HAVING ACCESSIBLE TACTILE CONTROLS" and a design application, ...