Highlighting 53% Revenue Growth and Path to
Profitability
Revenues and gross profits up 53% and
61%, respectively, driven by growth at Orgad and Naiz
Fit
AIRPORT CITY, Israel, Aug. 14,
2024 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ), a
leader in AI-driven measurement solutions for the e-commerce
industry, today announced its financial results for the second
quarter ended June 30, 2024. The
company reported robust financial performance, marked by a 53%
increase in revenues and a 61% rise in gross profit, reflecting the
strong performances of Orgad and the successful markets penetration
from Naiz Fit.
Key Financial Highlights for the Three Months Ended
June 30, 2024 Compared to Prior Year
Period
- Revenue: MySize achieved a 53% year-over-year
increase in revenues, reaching $1.97
million in Q2 2024, compared to $1.29
million in Q2 2023. This growth was driven by the enhanced
performance of Orgad and the steady SaaS revenue stream from Naiz
Fit.
- Gross Profit: Gross profit surged by 61% to
$984,000, up from $519,000 in the prior-year period, mainly thanks
to increase in revenues.
- Operating Loss: Operating loss narrowed by 44% to
$877,000, compared to $1.55 million in Q2 2023, reflecting our
disciplined cost management and strategic focus on higher-margin
business segments.
- Net Loss: Net loss improved by 25% to $964,000, down from $1.29
million in Q2 2023, driven by increased revenues and reduced
operational costs.
- Cash Position: As of June
30, 2024, MySize held $3.2
million in cash and cash equivalents.
Management Commentary
MySize's second-quarter results underscore the strength of our
strategic direction," said Ronen Luzon, CEO and Founder of MySize,
Inc. "Our 53% revenue growth and 61% increase in gross profit are
clear indicators that our efforts to enhance Orgad's revenue in the
North American market and to optimize our SaaS offerings through
Naiz Fit are paying off. The reduction in our operating and net
losses further demonstrates our commitment to achieving
profitability through disciplined cost management and operational
efficiency."
Luzon continued, "As we move forward, our focus will remain on
leveraging our AI-driven retail solutions to drive continued
revenue growth, reduce product returns, and improve customer
satisfaction."
Looking Ahead: "Looking ahead, we are confident in
our ability to sustain this momentum and achieve our long-term goal
of cash flow positivity," Luzon added. "With a clear path to
profitability, we believe we are well-positioned to capitalize on
the growth opportunities in the e-commerce and retail sectors. We
remain committed to delivering value to our shareholders through
continued innovation and strategic execution.
About MySize Inc.
MySize, Inc. (Nasdaq: MYSZ) (TASE: MYSZ.TA) is an omnichannel
e-commerce platform and provider of AI-driven measurement solutions
including MySizeID and recently acquired Naiz Fit to drive revenue
growth and reduce costs for its business clients. Orgad, its online
retailer platform, has expertise in e-commerce, supply chain, and
technology operating as a third-party seller on Amazon.com and
other sites.
MySize has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com.
We routinely post information that may be important to investors
in the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram,
and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
related to its strategic and business plans, technology,
relationships, objectives and expectations for its business,
growth. These statements are identified by the use of the words
"could," "believe," "anticipate," "intend," "estimate," "expect,"
"may," "continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we can
give no assurance that these plans, objectives, expectations or
intentions will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Actual results may differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.
