MySize Inc (NASDAQ:MYSZ) said it expects to report strong year-over-year growth with revenue ranging between $4 million and $5 million when it posts its 2022 year-end financials in the upcoming week.
The company said in a statement that it expects to report revenue for 2022 about 30 times higher than that of 2021 when it achieved $131,000 in revenue.
MySize highlighted that during the third quarter of 2022, its revenue increased by 2242% to $726,000, attributed to the acquisition of omnichannel eCommerce platform Orgad in February 2022, which generated $685,000 in revenue during the third quarter of the year.
The company said its 3Q 2022 report built on previous quarters’ results, where MySize also posted revenue growth.
"We're excited about the continued growth we've seen in our core business and are excited to see that growth continue through the remainder of the year and beyond,” said MySize CEO Ronen Luzon.
Looking ahead, the company said it expects Orgad and Naiz Fit, a SaaS technology solution provider of sizing products for fashion eCommerce companies acquired by MySize in October 2022, to drive growth.
"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,” Luzon said.
“These software-based solutions increase retailers' ROI while generating gross margins of up 80% for MySize.”
MySize is an omnichannel eCommerce platform and provider of AI-driven apparel sizing and digital experience solutions that drive revenue growth and reduce costs.
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