MySize Inc has posted its second consecutive quarter of record revenue, achieving revenue growth of 2,570% in 2Q 2022.
For the three months ended June 30, 2022, the company posted revenue of $801,000, compared to $30,000 for the same quarter in 2021. MySize attributed the increase to revenue generated by its omnichannel e-commerce platform Orgad, which was acquired by the company in 1Q 2022.
MySize CEO Ronen Luzon said revenue and gross profit growth, coupled with narrowing operating and net loss during the second quarter, validated the company’s business strategy and underscored MySize’s ability to efficiently acquire and integrate accretive omnichannel retail operations.
READ: MySize to license MySizeID to luxury British fashion brand Temperley London for online shopping app
“We achieved $1.2 million in revenues during the first six months of the year, and we reiterate revenue guidance of at least $5 million for 2022," Luzon said.
"MySizeID sizing app revenues, 100% of which flow directly into our gross profits, continue to increase and we expect this trend to continue. During the third quarter, we anticipate the first revenues from our recently launched FirstLook Smart Mirror.”
He noted the company’s investment in Orgad’s infrastructure and inventory with the aim of increasing its SKU capacity and corresponding revenue.
“As Orgad's business scales, we expect wider margin contributions from this business unit,” he said. “We are also opportunistically evaluating additional acquisition targets that may make similar contributions to our top and bottom line."
During 2Q, MySize narrowed its operating loss by 62% to $1.6 million, compared to $4.3 million for the same period last year.
The company also narrowed its net loss for the quarter to $1.7 million or $0.07 per share, down 60% from a net loss of $4.3 million or $0.33 per share in the year-ago quarter.
MySize is an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie