Tekcapital (LSE:TEK) has highlighted that portfolio company Innovative Eyewear, the NASDAQ-listed smart eyewear maker behind the Lucyd brand, reported preliminary unaudited net sales of approximately $1.04 million for the third quarter, up around 55% on the same period last year and the highest quarterly figure in its history.
The growth builds on a 163% year-on-year jump in the third quarter of 2025, extending the company's run to thirteen straight quarters of year-on-year revenue growth. Nine-month net sales reached approximately $2.8 million, up around 66% on the same period a year earlier, already surpassing the $2.66 million Innovative Eyewear recorded for the whole of 2025.
Third-quarter growth included a 25% rise in direct-to-consumer and online marketplace sales alongside the first shipments under new wholesale programmes, which the company expects to have a more meaningful impact on sales from the fourth quarter into 2027.
Three new channels opened during the quarter: an initial order from a major US big-box retailer for the Lucyd Armor rollout across more than 150 stores from October, the start of the previously announced FYihealth Group rollout across around 345 Canadian optical clinics, and an initial order for more than 3,000 units from Directed Electronics, its exclusive distributor for Australia and New Zealand, expected to ship in October and excluded from third-quarter sales.
"We delivered the highest quarterly net sales in our history while intentionally running promotional pricing on older models and conserving advertising and marketing spend," said Harrison Gross, chief executive of Innovative Eyewear, adding that the approach clears the way for the planned fourth-quarter launch of Lucyd Aero, which he called the company's lightest and most advanced smartglasses to date.
Tekcapital reported record net assets of $201.7 million for the six months to 30 June, up from $55.1 million at the end of December, with net asset value per share rising to $0.78 from $0.27 on a portfolio valuation of $191.4 million, driven largely by the formation of its Vesari geothermal data-centre venture rather than cash returns from its wider portfolio.
Tekcapital holds 259,455 shares in Innovative Eyewear.