Business
MySize Reports First Quarter Financial Results Highlighted by Record 1400% Growth to $404,000 Revenue in Q1 2022
Reiterates 2022 Guidance of At Least $5 Million Revenue Based on Existing Business Cash Balance of $7.8 Million at Quarter End AIRPORT CITY, Israel, May 13,
About this update from My Size, Inc.
[{"type":"text","content":"Reiterates 2022 Guidance of At Least $5 Million Revenue Based on Existing Business\nCash Balance of $7.8 Million at Quarter End\nAIRPORT CITY, Israel, May 13, 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 announced financial and operational results for the first quarter ended March 31, 2022.\nKey Financial Highlights for the First Quarter Ended March 31, 2022 Compared to Prior Year Period\nRevenue increased 1400% to $404,000, primarily attributable to closing the acquisition of Orgad on February 7, 2022MySizeID revenue increased 63% to $44,000Gross profit increased 467% to $153,000Cash balance at March 31, 2022 of $7.8 millionInventory balance at March 31, 2022 of $1.1 millionOperating loss increased 39% to $2,105,000Net loss increased 50% to $2,188,000Business Highlights for the First Quarter Ended March 31, 2022\nLaunched FirstLook Smart Mirror, an interactive, mirror-like touch display that provides shoppers in physical stores with an enhanced, online shopping experience and contactless checkoutClosed the acquisition of Orgad, an omnichannel e-commerce platform, headquartered in Israel and operates globally, including the U.S. and Europe, and a presence on Amazon.comAppointed Chief Commercial Officer Javier Brandwain to accelerate revenue growth; adds extensive fashion retail experience and network of global business relationshipsManagement Commentary\nRonen Luzon, Chief Executive Officer of MySize, commented, \"While it's early, we are extremely pleased with our acquisition of Orgad and the progress we have made since mid-February. We see opportunity to scale its business by being able to provide additional cash to bolster inventory and fuel more turnover in order to accelerate revenue growth. We believe Orgad has the potential to increase its inventory turnover by multiples over what it did in 2021.\"\nLuzon, continued, \"MySizeID has continued to gain traction and now reaches 1,000+ retail customers with additional reach throughout the world, including the U.S. and Turkey. Additional growth and synergies are coming from our new product initiative FirstLook Smart Mirror and the collaboration between our Orgad and MySize...