Mene Inc. Reports Financial Results for the Fourth Quarter and Year Ended 2024

Core Insights - Menē Inc. reported financial results for Q4 and the fiscal year 2024, highlighting significant revenue growth and operational restructuring efforts [1][5][7] Financial Highlights - Q4 2024 revenue reached $9.1 million, a 33$6.9 million in Q4 2023 [5] - Annual revenue for FY 2024 was $25.8 million, an 11$23.3 million in FY 2023 [5][9] - Gross profit for Q4 2024 was $2.8 million with a gross profit margin of 31$0.3 million, an increase of $1.4 million from a loss of$1.7 million in Q4 2023 [5] - Non-IFRS adjusted revenue for FY 2024 was $30.5 million, an increase of$2.7 million year-over-year [5] Operational Highlights - The company sold 73 kilograms of jewelry in Q4 2024, comprising 7,226 units sold [5][6] - Total jewelry sold since inception reached 183,000 units by year-end 2024 [5] - The company introduced 75 new product designs throughout the year [5] - Sales to returning customers accounted for 68% of total sales during Q4 2024 [5] Strategic Initiatives - The CEO outlined a five-year strategic plan focusing on operational restructuring, sustained sales growth in the USA, and international expansion [7][10] - Marketing efforts were redirected towards the USA, resulting in increased press coverage and partnerships with high-end retailers [8][10] - The company launched a retail partnership with Dover Street Market and plans to develop more such partnerships [8][12] Customer Engagement - Menē registered over 44,000 independent customer reviews with an average rating of 4.9 out of 5 [5] - The average order value increased by 36% while the number of orders decreased by 18% [10]