- Reiterates revenue guidance of $8 M for the
year
- Q3 revenues of $2.16 M
up nearly 200% over prior year period
- 64% gross margin in Q3
AIRPORT CITY, Israel, Nov. 15,
2023 /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 three months ended September 30, 2023.
Key Financial Highlights for the Three Months Ended
September 30, 2023 Compared to Prior
Year Period
- Revenue increased by 197% to $2,156,000 primarily driven by growth
at Orgad and SaaS solutions including Naiz Fit
- Gross profit margin increased to 64%
- Gross profit increased to $1,376,000 compared to ($151,000)
- Operating loss narrowed by 44% to $1,105,000
- Net loss narrowed by 44% to $1,132,000
- Inventory balance at September 30,
2023 was $2,395,000
- Cash balance at September 30,
2023 was $3,695,000
Business & Operational Highlights for Q3 2023
- Naiz Fit launched a new product, Naiz Workforce, for the
$33 billion workwear and uniforms
market
- Naiz Fit Workforce aims to change the economics of the
workwear business by applying fashion-tech and AI to reduce costs
and environmental footprint while speeding up delivery
and improving customer service for companies that make workwear as
well as those who purchase uniforms for their employees
- Some of the largest workwear companies in Spain have already become customers including
Santexo, Norvil, Satara Seguridad, and Uniformes Moyua, with
interest received from companies across Europe
- Fashion brands quantify benefits of using MySize's SaaS apparel
sizing solutions: Spain-based La
Garrocha boosted inventory management and revenues with AI-powered
Naiz-Fit
- Naiz Fit delivered a 127% Increase in conversion rate, turning
website visitors into purchasing customers
- 14.28% of first-time visitors to La Garrocha's e-commerce
platform who used Naiz Fit proceeded to make purchases
- Over a 2-year period, La Garrocha customers utilizing Naiz Fit
have generated nearly €600,000 (approximately $654,000.00) in purchases
- Smart Calatogue, a newer Naiz Fit SaaS product that helps
fashion designers create patterns that optimize fit, improved fit
and inventory merchandising for Salsa Jeans
- Smart Catalogue aims to reduce unsold items, improving economics
for fashion brands and retailers
- Salsa Jeans used Smart Catalogue to validate its jeans
collection's size consistency across several factors including
testing for consistency with a customer's stated size, consistency
across numerous styles, and leg cut shapes
- Hundreds of tests were done with 31 patterns on 32 people of
different body morphologies matching the brand's target
customer
- AI tools were used for data capture and analysis of test results
and comments
- Smart Catalogue determined sizing adjustments to optimize fit
- Insights were also provided on size ranges to offer at different
brick and mortar shops based on demographics
- Naiz Fit won the "Agile Customer Journey" innovation award at
Paris Retail Week 2023, one of the most significant events in the
French retail sector
- Naiz Fit's online apparel sizing solution was chosen as one of
the best ecommerce tools of the year by Marketing4ecommmerce, the
leading media outlet for ecommerce and marketing in Spain
- MySizeID and Naiz Fit SaaS apparel sizing solutions
achieved key metrics as of November 15,
2023:
- 5.6 million end users
- 43.6 million size recommendations made
- Over 7.7 million orders
- Up to 65% reduction in size-related returns
Management Commentary
"Clearly, our growth by acquisition strategy, combined with
prudent management of our operating expenses, has resulted in
strong, sustainable revenue growth and profit margins in the 60%
range as we near break-even," stated MySize Founder and CEO
Ronen Luzon. "Our nine-month
revenues for the period ended September 30,
2023 were $4,166,000, a record
for MySize, more than doubling over the same period last year,
while our gross profits jumped by 4.5-fold to $1,468,000. With our quarterly losses having
narrowed to about $1 million, we
believe that with continued consistent growth, break-even and
profitability is in sight. We believe we are well positioned with
ample inventory for the upcoming holiday shopping season to support
near-term revenues. Our growth is driven by our innovative product
portfolio of fashion-tech solutions that improve operations for
retailers and major brands, as well as our Orgad business'
excellence in retail product mix and sizing optimization. I'm proud
of our entire team in Spain and
especially in Israel, where we
continue to work and perform under the current challenging
geopolitical conditions."
Financial Results for Three Months Ended September 30, 2023
Revenue for the three months ended September 30, 2023 increased 197% to $2,156,000 compared to $726,000 for the three months ended September 30, 2022. The increase was primarily
attributable to growth at Orgad as well as from SaaS revenues
generated by Naiz Fit.
Gross profit for the three months ended September 30, 2023 increased to $1,376,000 compared to a loss of $151,000 for the three months ended September 30, 2022. The rise was primarily due to
increased sales at Orgad and SaaS revenues generated by Naiz
Fit.
Operating loss for the three months ended September 30, 2023 narrowed 44% to $1,105,000 compared to operating loss of
$1,975,000 for three months ended
June 30, 2022, primarily driven by
higher revenues, gross profits, and declines in sales and marketing
and research and development expenses.
Net loss for the three months ended September 30, 2023 narrowed 44% to $1,132,000, compared to a net loss of
$2,026,000 for the three months ended
September 30, 2022, mainly due
increased revenues and reduced expenses.
Cash and cash equivalents totaled $3,695,000 at September
30, 2023.
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 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, Instagram, and
X (formerly known as Twitter).
Please click here for a demonstration of how MySizeID
provides a full sizing solution or 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 the financial condition, possible or assumed future
results of operations, growth opportunities, plans and objectives
of management.. 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.