MySize Inc (NASDAQ:MYSZ) said it now expects to report revenue for 2023 of $8 million, nearly doubling revenue of $4.46 million in the previous financial year driven by growth at Orgad and the Naiz Fit and MySizeID artificial intelligence (AI)-driven sizing solutions, sending its shares 19.3% higher to US$0.84 late morning on Monday.
MySize acquired the omnichannel e-commerce platform Orgad and its sizing technology competitor Naiz Fit in 2022.
In a letter to shareholders, MySize CEO Ronen Luzon noted that while the company had previously guided revenue between $9 million and $10 million for 2023, it now expects $8 million based on the current revenue run rate and upcoming holiday shopping season.
Luzon also highlighted that the Israel-based company’s business is continuing as usual amid the Israel-Hamas war, with little effect on its operational and financial results to date.
“While this tragedy involving innocent people has impacted the lives of our employees, our families, and our friends, we at MySize are safe and we remain stronger than ever,” he wrote.
He noted that this was attributable to the company’s global footprint and that its Naiz Fit offices in Spain have become a hub for its sizing solutions business.
Additionally, Orgad in 2Q shifted to utilizing Fulfilled by Amazon, meaning orders are shipped from regional Amazon warehouses rather than fulfilled directly.
“The integration of Naiz Fit and Orgad has endowed MySize with multiple revenue streams, reinforcing our standing as a frontrunner in the fashion-tech industry and as a notable consolidator of innovative sizing solutions,” Luzon wrote in the letter.
“We've expanded our brand, made key acquisitions, and substantially increased revenues, the cornerstones of building a strong and valuable company for the future.”
MySize is an omnichannel e-commerce platform and provider of AI-driven measurement solutions, including MySizeID and recently acquired Naiz Fit to drive revenue growth and reduce costs for its business clients.
- Updated with share price movement -
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