MySize, Inc. (NASDAQ: MYSZ) noted its stock price jump Friday. The company, an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today reported financial and operational results for the 12 months ended December 31, 2022.
Consolidated revenue increased 3,304% to $4,459,000, primarily attributable to revenue generated following the acquisition of Orgad
Software-as-a-Service (SaaS) revenues from MySizeID and Naiz Fit increased 150% to $327,000, and gross profit increased 384% to $634,000
Operating loss decreased 23% to $8,110,000. Net loss decreased 21% to $8,310,000.
Cash balance at December 31, 2022 proved to be $2.1 million, plus $3 million raised in January 2023.
Said CEO Ronen Luzon, "We are very pleased to have effectively executed our growth plans and achieved revenues of $4.5 million in line with our previous guidance. 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. While our gross profits have certainly increased this year, gross margins narrowed, as a larger percentage of our revenues were generated through Orgad, as compared to our sizing solutions which yield margins of higher than 90%.”
MySize recently launched FirstLook Smart Mirror, a mirror-like touch display that provides in-store customers an enhanced shopping experience and contactless checkout. FirstLook Smart Mirror extends MySize's reach into physical stores and is expected to contribute to revenues through unit sales and recurring service fees.
MYSZ shares added seven cents, or 4.7%, to $1.55.
