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.
Key Financial Highlights for the Third Quarter Ended
September 30, 2022 Compared to Prior
Year Period
- Revenue increased 2242% to $726,000, primarily attributable to revenue
generated following the acquisition of Orgad
- MySizeID SaaS revenue increased 32% to $41,000
- Operating loss decreased 2.5% to $1,975,000
- Net loss was $2,026,000,
effectively the same as the prior year period
- Cash balance at September 30,
2022 of $4.6 million
- Inventory balance at September 30,
2022 of $1.1 million
Recent Business & Operational Highlights
- Acquired 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 results
- Launched 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
solutions
- 7 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 experience
Management Commentary
"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.
"Our year-over-year revenues continued to increase, driven by
Orgad, and with the holiday shopping season upon us, we expect a
significant quarter-over-quarter revenue increase in the fourth
quarter. We expect 2022 year-end revenues in the range of
$4 to $5
million."
"In 2023, we believe we are positioned to generate high-margin
recurring revenue streams from our growing suite of
patent-protected fashion tech SaaS products including the MySizeID
and Naiz Fit sizing solutions, and Naiz Fit's Smart Catalogue.
These software-based solutions increase retailers' ROI, while
generating gross margins of up 80% for MySize."
"Two important market trends that we believe will drive demand
for MySize's products in 2023 are environmental sustainability and
the rise of hybrid shopping."
"With an estimated 5 billion pounds of returns ending up in
Iandfills, consumers, retailers, and brands have more information
than ever about the impact of their choices on the environment and
they are increasingly willing to take action to increase
sustainability and mitigate waste. Correct sizing reduces returns
and waste. Beyond improved ROI for companies that adopt our sizing
solutions, we are increasingly seeing sustainability as a driver
for our business growth."
"The fashion retail business is evolving into a hybrid
experience, with digital-savvy consumers eager to use technology
that enhances their shopping in physical stores. Our FirstLook
Smart Mirror, soon to be installed in stores, addresses this need
by delivering personalized fit and product recommendations, a 3D
"try-it-on" interactive avatar experience, speed shopping, and
self-checkout. While self-checkout has become a standard offering
in grocery and other general retail stores, this is a new concept
for apparel, and MySize is positioning to lead the space."
"MySize continues to innovate and we will be opportunistic with
acquisitions that support our leadership position in sizing
solutions and that drive revenues and margins," Luzon
concluded.
Financial Results for Three Months Ended September 30, 2022
- Revenue for the three months ended September 30, 2022 increased by 2242% to
$726,000 compared to $31,000 for the three months ended September 30, 2021. The increase was primarily
attributable to $685,000 in revenue
generated from Orgad during the third quarter of 2022.
- Gross profit for the three months ended September 30, 2022 was $(151,000) compared to $31,000 for the three months ended September 30, 2021. Cost of revenues increased in
comparison with the corresponding period of 2021 due to the cost of
goods of the revenues generated from Orgad's operations, as
well as cash and equity liabilities expenses related to the
Orgad acquisition.
- Operating loss for the three months ended September 30, 2022 totaled $1,975,000 a decrease of $51,000 compared to operating loss of
$2,026,000 for the three months ended
September 30, 2021.
- Net loss for the three months ended September 30, 2022 was $2,026,000, compared to a net loss of
$2,008,000 for the three months ended
September 30, 2021. The resulting EPS
loss per share was ($0.08) for the
three months ended September 30 2022,
compared to ($0.13) for the three
months ended September 30, 2021.
- Cash and cash equivalents totaled $4.6
million at September 30,
2022.
- 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 recently launched FirstLook Smart Mirror, a mirror-like
touch display that provides in-store customers an enhanced shopping
experience and contactless checkout. FirstLook Smart Mirror extends
MySize's reach into physical stores and is expected to contribute
to revenues through unit sales and recurring service fees.
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.
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.