- 2nd Consecutive Quarter of Record Revenues;
Operating and Net Loss Narrow
- 2022 Guidance of At Least $5
Million Revenue Based on Existing Business
AIRPORT CITY, Israel,
2022 /PRNewswire/ -- MySize, Inc.
(NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the
"Company"), an omnichannel e-commerce platform and provider of
AI-driven measurement solutions to drive revenue growth and reduce
costs for its business clients, today reported financial and
operational results for the second quarter ended June 30, 2022.
Key Financial Highlights for the Second Quarter Ended
June 30, 2022 Compared to Prior Year
- Revenue increased 2570% to $801,000, primarily attributable to revenue
generated following acquisition of Orgad
- MySizeID revenue increased 63% to $49,000
- Gross profit increased 973% to $322,000
- Operating loss decreased 62% to $1,651,000
- Net loss decreased 60% to $1,716,000
- Cash balance at June 30, 2022 of
- Inventory balance at June 30,
2022 of $1.2 million
Recent Business & Operational Highlights
- 7 for All Mankind (Brazil), a
premium global clothing brand, licensed MySizeID apparel sizing
solution to boost sales, reduce returns, and increase environmental
sustainability; MySizeID sizing solution is expected to go live for
7 For All Mankind (Brazil)
customers Q3 2022
- British Luxury Brand Temperley London licensed MySizeID to
support its commitment to sustainability while enhancing business
economics and user experience
- Strong interest from retailers in MySize's recently launched
FirstLook Smart Mirror, an interactive, mirror-like touch display
that provides shoppers in physical stores with an enhanced, online
shopping experience and contactless checkout
- Integrated Orgad, an omnichannel e-commerce platform, acquired
"Revenue and gross profit growth, coupled with narrowing
operating and net loss during the second quarter validate our
business strategy and underscore MySize's ability to efficiently
acquire and integrate accretive omnichannel retail operations. We
achieved $1.2 million in revenues
during the first six months of the year, and we reiterate revenue
guidance of at least $5 million for
2022," stated MySize CEO Ronen
"We've invested in Orgad's infrastructure and inventory with an
aim to increase their SKU capacity and corresponding revenues as we
look ahead to the upcoming holiday shopping season in the fourth
quarter. As Orgad's business scales, we expect wider margin
contributions from this business unit. We are also
opportunistically evaluating additional acquisition targets that
may make similar contributions to our top and bottom line."
"MySizeID sizing app revenues, 100 percent of which flow
directly into our gross profits, continue to increase and we expect
this trend to continue. During the third quarter, we anticipate the
first revenues from our recently launched FirstLook Smart Mirror,"
Financial Results for Six Months Ended June 30, 2022
- Revenue for the three months ended June
30, 2022 increased by 2570% to $801,000 compared to $30,000 for the three months ended June 30, 2021. The increase was primarily
attributable to $752,000 in revenue
generated from Orgad during the second quarter of 2022.
- Gross profit for the three months ended June 30, 2022 increased by 973% to $322,000, compared to $30,000 for the three months ended June 30, 2021. The resulting gross margin for the
three months ended June 30, 2022 was
40%, compared to 100% for the three months ended June 30, 2021. The increase in gross profit in
comparison with the corresponding period was due to the cost of
goods of the revenues generated from Orgad's operations.
- Operating expenses for the three months ended June 30, 2022 decreased by 55% to $1,974,000, compared to $4,343,000 for the three months ended
June 30, 2021. The decrease was
mainly due to increased costs in the second quarter of 2022
associated with the Orgad acquisition and a decrease in R&D
expenses from the same period in 2021 when a one-time $2.6 million share issuance was recorded.
- Operating loss for the three months ended June 30, 2022 totaled $1,652,000, a decrease of $2,661,000, or 62%, compared to an operating loss
of $4,313,000 for the three months
ended June 30, 2021.
- Net loss for the three months ended June
30, 2022 totaled $1,716,000, a
decrease of $2,624,000, or 60%,
compared to a net loss of $4,340,000
for the three months ended June 30,
2021. The resulting EPS loss per share was ($0.07) for the three months ended June 30 2022, compared to ($0.33) for the three months ended June 30, 2021.
- Cash and cash equivalents totaled $6.5
million at June 30, 2022, a
decrease of $4.2 million compared to
$10.7 million at December 31, 2021.
- The Company has no material long-term debt on its balance
About MySize Inc.
MySize, Inc. (NASDAQ: MYSZ)
(TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider
of AI-driven measurement solutions 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 recently launched FirstLook Smart Mirror, a mirror-like
touch display that provides in-store customers an enhanced shopping
experience and contactless checkout. FirstLook Smart Mirror extends
MySize's reach into physical stores and is expected to contribute
to revenues through unit sales and recurring service fees.
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, and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for a free plan of MySizeID solution for
your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
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. 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 to 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
Or Kles, CFO
SOURCE My Size Inc.