MySize Reports Second Quarter 2024 Financial Results

Core Insights - MySize, Inc. reported a 53% year-over-year increase in revenues, reaching $1.97 million for Q2 2024, driven by strong performance from Orgad and Naiz Fit [2] - Gross profit increased by 61$984,000, up from $519,000 in the prior-year period, primarily due to revenue growth [2] - The company narrowed its operating loss by 44$877,000, compared to $1.55 million in Q2 2023, reflecting disciplined cost management [2] - Net loss improved by 25$964,000, down from $1.29 million in Q2 2023, attributed to increased revenues and reduced operational costs [2] - As of June 30, 2024, MySize held$3.2 million in cash and cash equivalents [2] Management Commentary - The CEO emphasized that the revenue and gross profit growth are indicators of successful strategic efforts in enhancing Orgad's revenue and optimizing SaaS offerings through Naiz Fit [3] - The company aims to leverage AI-driven retail solutions to drive continued revenue growth, reduce product returns, and improve customer satisfaction [3] - Management expressed confidence in sustaining momentum and achieving long-term cash flow positivity, positioning the company to capitalize on growth opportunities in e-commerce and retail sectors [3] Company Overview - MySize, Inc. is an omnichannel e-commerce platform providing AI-driven measurement solutions, including MySizeID and Naiz Fit, aimed at driving revenue growth and reducing costs for business clients [4] - Orgad operates as an online retailer platform with expertise in e-commerce, supply chain, and technology, functioning as a third-party seller on platforms like Amazon [4] - The company has developed unique measurement technology with applications across various industries, including apparel, e-commerce, DIY, shipping, and parcel delivery [5]