Business
MySize Reports Third Quarter Financial Results
AIRPORT CITY, Israel, Nov. 15, 2022 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) ("MySize" or the "Company"), an omnichannel e-commerce
About this update from My Size, Inc.
[{"type":"text","content":"AIRPORT CITY, Israel, Nov. 15, 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 reported financial and operational results for the third quarter ended September 30, 2022.\nKey Financial Highlights for the Third Quarter Ended September 30, 2022 Compared to Prior Year Period\nRevenue increased 2242% to $726,000, primarily attributable to revenue generated following the acquisition of OrgadMySizeID SaaS revenue increased 32% to $41,000Operating loss decreased 2.5% to $1,975,000Net loss was $2,026,000, effectively the same as the prior year periodCash balance at September 30, 2022 of $4.6 millionInventory balance at September 30, 2022 of $1.1 millionRecent Business & Operational Highlights \nAcquired NaizFit 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; Naiz Fit revenues will be reflected MySize's Q4 resultsLaunched JV with Santista Textil to serve $33 billion apparel market in Brazil; MySize Brazil will deliver Brazilian retailers, brands, and e-commerce companies access to MySize's MySizeID and Naiz Fit sizing solutions and its First Look Smart Mirror as well as Santista's sustainable tech solutions7 for All Mankind (Brazil), a premium global clothing brand, licensed MySizeID apparel sizing solution to boost sales, reduce returns, and increase environmental sustainability British Luxury Brand Temperley London licensed MySizeID to support its commitment to sustainability while enhancing business economics and user experienceManagement Commentary\n\"We are very excited about our company's near and long-term outlook following the closing of our second acquisition this year. By bringing Naiz Fit and Orgad into the fold, MySize has created multiple and complimentary revenue streams. These acquisitions are highly strategic, placing MySize well on its way to becoming a leader in the fashion-tech industry and consolidator of sizing solutions,\" stated MySize CEO Ronen Luzon.\n\"Our year-over-year revenues co...