MySize Inc (NASDAQ:MYSZ) has announced that its third quarter 2023 revenue rose 197% year over year to $2.156 million, driven primarily by growth at Orgad and software as a service (SaaS) solution including Naiz Fit.
The omnichannel e-commerce platform and provider of AI-driven measurement solutions also said its gross profit margin for the period increased to 64%.
"Clearly, our growth by acquisition strategy, combined with prudent management of our operating expenses, has resulted in strong, sustainable revenue growth and profit margins in the 60% range as we near break-even," MySize CEO Ronen Luzon said in a statement.
"Our nine-month revenues for the period ended September 30, 2023, were $4,166,000, a record for MySize, more than doubling over the same period last year, while our gross profits jumped by 4.5-fold to $1,468,000," he added.
MySize noted its 3Q net loss improved 44% to $1.13 million while ending the quarter with a cash balance of $3.70 million as of September 30, 2023.
The company also reiterated its revenue guidance of $8 million for the year.
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.
Contact Sean at sean@proactiveinvestors.com