MySize Reports First Quarter Financial Results Highlighted by Record 1400% Growth to $404,000 Revenue in Q1 2022
PR Newswire “Press Releases US – English”
Cash Balance of $7.8 Million at Quarter End
AIRPORT CITY, Israel, May 13, 2022 /PRNewswire/ — MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“MySize” or the “Company”), an omnichannel e-commerce platform and providerofAI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today announced financial and operational results for the first quarter ended March 31, 2022.
Key Financial Highlights for the First Quarter Ended March 31, 2022 Compared to Prior Year Period
- Revenue increased 1400% to $404,000, primarily attributable to closing the acquisition of Orgad on February 7, 2022
- MySizeID revenue increased 63% to $44,000
- Gross profit increased 467% to $153,000
- Cash balance at March 31, 2022 of $7.8 million
- Inventory balance at March 31, 2022 of $1.1 million
- Operating loss increased 39% to $2,105,000
- Net loss increased 50% to $2,188,000
