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, 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.
Key Financial Highlights for the First Quarter Ended
March 31, 2022 Compared to Prior Year
Period
- Revenue increased 1400% to $404,000, primarily attributable to closing the
acquisition of Orgad on February 7,
2022
- MySizeID revenue increased 63% to $44,000
- Gross profit increased 467% to $153,000
- Cash balance at March 31, 2022 of
$7.8 million
- Inventory balance at March 31,
2022 of $1.1 million
- Operating loss increased 39% to $2,105,000
- Net loss increased 50% to $2,188,000
Business Highlights for the First Quarter Ended March 31, 2022
- Launched FirstLook Smart Mirror, an interactive, mirror-like
touch display that provides shoppers in physical stores with an
enhanced, online shopping experience and contactless checkout
- Closed 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.com
- Appointed Chief Commercial Officer Javier Brandwain to accelerate revenue growth;
adds extensive fashion retail experience and network of global
business relationships
Management Commentary
Ronen 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."
Luzon, 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 MySizeID teams working
together on cross-sell opportunities whereby MySizeID can leverage
some existing relationships."
Luzon, concluded, "With that said, we reiterate our 2022
guidance of at least $5 million
revenue based on existing business. We look forward to updating the
market and our stockholders with our progress on both internal
growth initiatives and potential strategic acquisitions to expand
in e-commerce and digital management."
Financial Results for Three Months Ended March 31, 2022
- Revenue for the three months ended March
31, 2022 increased by 1400% to $404,000, compared to $27,000 for the three months ended March 31, 2021. The increase was primarily
attributable to $360,000 in revenue
generated from Orgad from February 7,
2022, the date of closing of the Orgad acquisition through
to the end of the first quarter 2022.
- Gross profit for the three months ended March 31, 2022 increased by 467% to $153,000, compared to $27,000 for the three months ended March 31, 2021. The resulting gross margin for
the three months ended March 31, 2022
was 37.9%, compared to 100.0% for the three months ended
March 31, 2021. The increase in
comparison with the corresponding period was due to the cost of
goods of the revenues generated from Orgad's operations.
- Operating expenses for the three months ended March 31, 2022 increased by 49% to $2,297,000, compared to $1,543,000 for the three months ended
March 31, 2021. The increase in
comparison with the corresponding period was mainly due to the
hiring of new employees, expenses associated with Orgad activities
and events and travel expenses and professional services attributed
to the Orgad acquisition and salaries of Orgad management.
- Operating loss for the three months ended March 31, 2022 totaled $2,105,000, an increase of $589,000, or 39%, compared to an operating loss
of $1,516,000 for the three months
ended March 31, 2021.
- Net loss for the three months ended March 31, 2022 totaled $2,188,000, an increase of $731,000, or 50%, compared to a net loss of
$1,457,000 for the three months ended
March 31, 2021. The resulting EPS
loss per share was ($0.09) for the
three months ended March 31, 2022,
compared to ($0.16) for the three
months ended March 31, 2021.
- Cash and cash equivalents totaled $7.8
million at March 31, 2022, a
decrease of $2.9 million compared to
$10.7 million at December 31, 2021.
- Currently, the Company has no material long-term debt on its
balance sheet.
About MySize, Inc.
MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel
e-commerce platform and provider of AI-driven measurement
solutions to drive revenue growth and reduce costs for its business
clients. Orgad, its online retailer platform, has expertise in
e-commerce, supply chain and technology operating as a third-party
seller on Amazon.com and other sites.
MySize has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com. We
routinely post information that may be important to investors in
the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram,
and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for a free plan of MySizeID solution for
your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
Forward-looking Statements:
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
identified by the use of the words "could," "believe,"
"anticipate," "intend," "estimate," "expect," "may," "continue,"
"predict," "potential," "project" and similar expressions that are
intended to identify forward-looking statements. All
forward-looking statements speak only as of the date of this press
release. You should not place undue reliance on these
forward-looking statements. Although we believe that our plans,
objectives, expectations and intentions reflected in or suggested
by the forward-looking statements are reasonable, we can give no
assurance that these plans, objectives, expectations or intentions
will be achieved. Forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from historical experience and present expectations or projections.
Actual results to differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Logo -
https://mma.prnewswire.com/media/689689/MySize_Logo.jpg
U.S. Press Contact:
Strauss Communications
joel@strausscomms.com
www.strausscomms.com
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
Brian Loper
ClearThink
bloper@clearthink.capital
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SOURCE MySize Inc.