Business
MySize Reports Second Quarter 2024 Financial Results
Highlighting 53% Revenue Growth and Path to Profitability Revenues and gross profits up 53% and 61%, respectively, driven by growth at Orgad and Naiz Fit
About this update from My Size, Inc.
[{"type":"text","content":"Highlighting 53% Revenue Growth and Path to Profitability\n Revenues and gross profits up 53% and 61%, respectively, driven by growth at Orgad and Naiz Fit \nAIRPORT CITY, Israel, Aug. 14, 2024 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ), a leader in AI-driven measurement solutions for the e-commerce industry, today announced its financial results for the second quarter ended June 30, 2024. The company reported robust financial performance, marked by a 53% increase in revenues and a 61% rise in gross profit, reflecting the strong performances of Orgad and the successful markets penetration from Naiz Fit.\n\nKey Financial Highlights for the Three Months Ended June 30, 2024 Compared to Prior Year Period\nRevenue: MySize achieved a 53% year-over-year increase in revenues, reaching $1.97 million in Q2 2024, compared to $1.29 million in Q2 2023. This growth was driven by the enhanced performance of Orgad and the steady SaaS revenue stream from Naiz Fit.Gross Profit: Gross profit surged by 61% to $984,000, up from $519,000 in the prior-year period, mainly thanks to increase in revenues.Operating Loss: Operating loss narrowed by 44% to $877,000, compared to $1.55 million in Q2 2023, reflecting our disciplined cost management and strategic focus on higher-margin business segments.Net Loss: Net loss improved by 25% to $964,000, down from $1.29 million in Q2 2023, driven by increased revenues and reduced operational costs.Cash Position: As of June 30, 2024, MySize held $3.2 million in cash and cash equivalents.Management Commentary \nMySize's second-quarter results underscore the strength of our strategic direction,\" said Ronen Luzon, CEO and Founder of MySize, Inc. \"Our 53% revenue growth and 61% increase in gross profit are clear indicators that our efforts to enhance Orgad's revenue in the North American market and to optimize our SaaS offerings through Naiz Fit are paying off. The reduction in our operating and net losses further demonstrates our commitment to achieving profitability through disciplined cost management and operational efficiency.\"\nLuzon continued, \"As we move forward, our focus will remain on leveraging our AI-driven retail solutions to drive continued revenue growth, reduce product returns, and improve customer satisfaction.\"\nLooking Ahead: \"Looking ahead, we are confident in our ability to sustain this momen...