Business
MySize Reports 2022 Full-Year Financial Results: Meets Revenue Guidance of $4.5 Million
Q4 revenues were approximately $2.5 million2023 revenues expected to double over 2022 levels based on current run-rate AIRPORT CITY, Israel, April 14, 2023
About this update from My Size, Inc.
[{"type":"text","content":"Q4 revenues were approximately $2.5 million2023 revenues expected to double over 2022 levels based on current run-rate AIRPORT CITY, Israel, April 14, 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 twelve months ended December 31, 2022.\nKey Financial Highlights for the Year Ended December 31, 2022 Compared to Prior Year Period\nConsolidated revenue increased 3304% to $4,459,000, primarily attributable to revenue generated following the acquisition of OrgadSoftware-as-a-Service (SaaS) revenues from MySizeID and Naiz Fit increased 150% to $327,000Gross profit increased 384% to $634,000Operating loss decreased 23% to $8,110,000Net loss decreased 21% to $8,310,000Cash balance at December 31, 2022 of $2.1 million, plus $3 million raised in January 2023Business & Operational Highlights for 2022\nAcquired Naiz Fit of Spain, creating synergies that position MySize to become one of the leading measurement solution technology providers in the fashion industry and to accelerate growth by broadening tech solution offerings, expanding European footprint, global marketing & sales infrastructure; these SaaS solutions produce high-margin recurring revenuesAcquired Orgad, an omnichannel e-commerce platform, which made a significant contribution to revenue and gross profit growth in 2022; Orgad is headquartered in Israel and operates globally, including the U.S. and Europe, and has a presence on Amazon.comLaunched new products including FirstLook Smart Mirror, an interactive, mirror-like touch display that provides shoppers in physical stores with an enhanced, online shopping experience and contactless checkout; and Naiz Fit's Smart Catalogue, an innovative new SaaS based solution that helps fashion designers create patterns that optimize fit, with the aim of reducing unsold items, improving economics for fashion brands and retailers, while reducing environmental footprintFormed JV with Santista Textil to serve $33 billion apparel market in BrazilMySizeID and Naiz Fit sizing solutions adopted by a growing number of fashion brands in 2022 including 7 for All Mankind, Temperly of London, Forint...