MySize Reports First Quarter 2023 Financial Results

About this update from My Size, Inc.

[{"type":"text","content":"Reiterating 2023 revenue guidance of $9 - $10 million\nAIRPORT CITY, Israel, May 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 March 31, 2023.\nKey Financial Highlights for the Three Months Ended March 31, 2023 Compared to Prior Year Period\nConsolidated revenue increased 78% to $720,000 primarily attributable to revenue generated following the acquisition of OrgadSoftware-as-a-Service (SaaS) revenues from MySizeID and Naiz Fit increased 223% to $142,000Cost of revenues was $1,147,000, mainly due to an inventory write-down of $643,000 due to a fire that occurred at the warehouse which stored part of Orgad's inventory in January 2023Operating loss was $2.5 million, mainly due to the fire-related inventory markdownNet loss was $2.65 millionCash balance at March 31, 2023 was $2.6 millionInventory balance at March 31, 2023 was $491,000Business & Operational Highlights for Q1 2023\nMySizeID and Naiz Fit's AI-driven sizing solutions were adopted by the following brands:- Diesel, for its Colombian ecommerce site through an agreement with Estudio de Moda S.A.S., a leading Colombia-based retail company with a portfolio of brands including Diesel, Celio, Superdry, Marithe François Girbaud, and Replay\n- Canali, across its 32 ecommerce sites in Europe and the U.S.\n- Harper & Neyer, a leading Spain-based menswear brand's global ecommerce sites\n- Rotholz, a German sustainability brand\n- Natura, an iconic Spanish eco-brand\nMySize announced its plans to launch MySizeID for pets to help get the right fit and maximize apparel comfort for dogs and cats; dog apparel is estimated to become a $7 billion market by 2028,Management Commentary \n\"While we continued to show strong growth over the first quarter of last year driven by increases in revenues from Orgad and our SaaS sizing solutions, we did see an expected quarter-over-quarter decline from the fourth quarter of 2022 to the first quarter of 2023 based on holiday-related apparel shopping trends,\" stated MySize CEO and Founder, Ronen Luzon.\n\"We are seeing positive indications from both our business segments dur...

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