MySize Inc (NASDAQ:MYSZ) has announced fiscal 2022 revenue that increased 3304% to $4,459,000, which the company attributed primarily to sales generated following the acquisition of Orgad.
The omnichannel e-commerce platform and provider of AI-driven measurement solutions also said its gross profit for the year increased 384% to $634,000.
“We are very pleased to have effectively executed our growth plans and achieved revenues of $4.5 million in line with our previous guidance,” MySize CEO Ronen Luzon said in a statement.
“Importantly, our fourth quarter revenues, which came in at about $2.5 million are a strong indication that we are on a path to double revenues in 2023,” he added.
Luzon also noted that following its acquisition of Naiz Fit, the company expects approximately $1 million in sizing solution revenues in 2023, which it believes will further improve the trends in its gross profits and corresponding operating and net loss results, which continue to narrow towards break-even.
MySize said it ended the year with a cash balance of $2.1 million as of December 31, 2022, which doesn’t include the $3 million raised in January 2023.
The company also saw its net loss for the year narrow by 21% to $8.31 million.
MySize is an omnichannel eCommerce platform and provider of AI-driven apparel sizing and digital experience solutions that drive revenue growth and reduce costs.
Contact Sean at sean@proactiveinvestors.com