Innovative Eyewear, a portfolio company of Tekcapital (LSE:TEK), reported a strong acceleration in sales momentum, posting preliminary unaudited revenue of around $1 million for the fourth quarter of 2025. This represented an increase of approximately 45% compared with the same period a year earlier. For the full year, the company expects revenue of about $2.7 million, marking a 65% rise from 2024.
Growth was driven by robust demand for the Lucyd Armor smart safety eyewear range and the Reebok-branded sports collection. Innovative Eyewear has also expanded its global fulfilment capabilities and now estimates that it holds roughly 44% of Amazon’s smart safety glasses segment. Management’s stated intention to purchase shares in the open market has been highlighted as a signal of confidence in the company’s strategy, as it looks to broaden distribution through major retail and optical chains and capture further upside from the growing smart eyewear market. These developments could translate into additional value for Tekcapital, which holds a significant minority stake.
Despite the top-line progress, the outlook remains constrained by financial challenges, including continued operating and free cash flow losses and revenue that, while growing, remains relatively small and volatile. These concerns are partly offset by a conservative balance sheet with no debt. From a market perspective, technical indicators are moderately supportive, with the share price trading above key moving averages, and valuation metrics appear undemanding on a price-to-earnings basis. However, ongoing cash burn and operational instability continue to temper investor sentiment.
More about Tekcapital
Tekcapital is a UK-based intellectual property investment company listed on London’s AIM market. The group focuses on commercialising university-developed technologies with the potential for real-world impact. One of its portfolio companies is Innovative Eyewear, a US-based developer and manufacturer of ChatGPT-enabled Bluetooth smart glasses sold under brands including Lucyd, Nautica, Eddie Bauer and Reebok. Tekcapital currently owns approximately 4.73% of Innovative Eyewear’s issued share capital.
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