MySize Inc (NASDAQ:MYSZ) said its revenue rose 61% year-over-year in the second quarter driven by its online retailer platform Orgad and Software-as-a-Service (SaaS) revenues from its AI-powered apparel sizing solution Naiz Fit, which it acquired in the third quarter of 2022.
Revenue for the June quarter was $1.29 million, up from $801,000 in the year-ago quarter.
MySize said its gross profit was up 61% from $322,000 in the same quarter last year to $519,000.
The company also narrowed its net loss by 25% to $1.29 million, down from $1.72 million in 2Q 2022.
“MySize's strength is evidenced by robust revenue growth coupled with decreasing operational costs during the second quarter,” MySize CEO Ronen Luzon said in a statement.
“Orgad's revenue momentum is ramping as we focus sales outreach on the North American market while increasing Orgad's profitability by implementing advanced AI tools.”
Luzon noted that the company had also achieved significant cost reductions by reallocating resources with respect to our SaaS business to Naiz Fit's operations hub in Spain to capitalize on the existing synergies across its business segments.
“For the balance of 2023, we expect continued robust growth revenue growth and improved operating efficiencies as we move toward cash flow positive,” the CEO said.
MySize shares moved higher at the open on Monday following the release of its results, up 3.5% at US$1.19.
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