Business
MySize Reports Second Quarter 2023 Financial Results
Revenues and gross profits up 61% driven by growth at Orgad and Naiz Fit AIRPORT CITY, Israel, Aug. 14, 2023 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ)
About this update from My Size, Inc.
[{"type":"text","content":"Revenues and gross profits up 61% driven by growth at Orgad and Naiz Fit\nAIRPORT CITY, Israel, Aug. 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 three months ended June 30, 2023.\n \nKey Financial Highlights for the Three Months Ended June 30, 2023 Compared to Prior Year Period\nConsolidated revenue increased 61% to $1,290,000 primarily driven by growth at Orgad and the acquisition of Naiz FitGross profit increased 61% to $519,000Gross profit margin remained stable at 40%Cost of revenues increased 61% to $771,000Operating loss narrowed 6% to $1,554,000Net loss narrowed 25% to $1,291,000Inventory balance at June 30, 2023 was $1,043,000Business & Operational Highlights for Q2 2023\nMySizeID and Naiz Fit SaaS apparel sizing solutions achieved key milestones:5 million end users worldwide35.6 million size recommendations made17.9 million items purchased through 7 million ordersup to 65% reduction in size-related returns compared to shoppers who did not use MySize's sizing solutions for the same SKUs at the same online stores€790 million worth of items sold to Naiz Fit and MySizeID usersSaaS revenues from MySizeID, Naiz Fit, and Smart Catalog more than doubled as compared to the first quarter of 2022Orgad sales in the first half of 2023 on Amazon alone were $1.74 millionOrgad made a strategic shift to utilizing Fulfillment by Amazon (FBA) rather than fulfilling directly, reducing exposure to inventory risk and contributing to operating efficienciesLuxury Italian menswear fashion brand Canali implemented the Naiz Fit sizing solution across all 32 of its ecommerce sites in Europe and the U.S.Management Commentary\n\"MySize's strength is evidenced by robust revenue growth coupled with decreasing operational costs during the second quarter. Orgad's revenue momentum is ramping as we focus sales outreach on the North American market while increasing Orgad's profitability by implementing advanced AI tools,\" stated MySize Founder and CEO Ronen Luzon. \"As our SaaS based apparel sizing solutions produce impressive results for digital merchants, including reduced returns, higher conv...