MySize Reports 2024 Full-Year Financial Results: Revenue Grows 18% to $8.26 Million and Cash Reserves More Than Double
Rhea-AI Summary
MySize (NASDAQ: MYSZ) reported strong financial results for FY2024, with total revenue increasing 18% to $8.26 million compared to $7.00 million in 2023. The company significantly improved its financial position, with cash and cash equivalents more than doubling to $4.88 million, up from $2.19 million.
Key financial metrics show substantial improvement, including a 37% reduction in net loss to $3.99 million and a 46% increase in shareholders' equity to $6.91 million. Total assets reached $10.06 million while liabilities decreased to $3.15 million.
Operational highlights include the adoption of MySize's AI-driven sizing platform by over 100 fashion brands and continued growth of the Orgad e-commerce division. The company expanded its technology ecosystem through integrations with major platforms like Shopify, Magento, and Salesforce.
Positive
- Revenue grew 18% to $8.26 million
- Net loss reduced by 37% to $3.99 million
- Cash reserves increased 123% to $4.88 million
- Shareholders' equity rose 46% to $6.91 million
- Total liabilities decreased to $3.15 million from $4.26 million
- Over 100 fashion brands adopted the AI-driven sizing platform
Negative
- Company still operating at a loss of $3.99 million
News Market Reaction
On the day this news was published, MYSZ gained 42.06%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
- Revenue increased to
$8.26 million 18% year-over-year - Cash and cash equivalents increased
123% to$4.88 million - Shareholders' equity rose
46% to$6.91 million
AIRPORT CITY,
Key Financial Highlights for the Year Ended December 31, 2024 Compared to 2023
- Total revenue increased
18% to$8.26 million $7.00 million - Net loss decreased
37% to$3.99 million $6.38 million - Cash and cash equivalents more than doubled to
$4.88 million $2.19 million - Shareholders' equity increased
46% to$6.91 million $4.74 million - Total assets reached
$10.06 million $8.99 million - Total liabilities decreased to
$3.15 million $4.26 million
Business & Operational Highlights for 2024:
Naiz Fit Growth: Over 100 fashion brands adopted MySize's AI-driven sizing platform, deploying modules like Smart Catalog, True Feedback, and First Look Smart Mirror to optimize fit, reduce returns, and boost conversions.
Orgad E-Commerce Strength: Continued contribution to top-line results with AI-driven merchandising across Amazon and other digital marketplaces.
Technology Ecosystem Expansion: Deeper integrations with Shopify, Magento, Salesforce, Global-e, Scalapay, Returnly, and Aiuta supported rapid deployment, seamless omnichannel experiences, and stronger client retention across global markets.
Management Commentary
"In 2024, we advanced our mission of transforming how fashion is sold and experienced," stated Ronen Luzon, CEO and Founder of MySize. "We delivered
MySize, Inc. (NASDAQ: MYSZ) is a global leader in omnichannel e-commerce platforms and AI-driven sizing solutions, including MySizeID and Naiz Fit. The Company's solutions are designed to drive revenue growth, reduce operational costs, and enhance customer experiences for business clients worldwide.
We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram, and X (formerly known as Twitter).
For more information, visit www.mysizeid.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the acquisition, expected revenues, and the expected closing of the acquisition. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.
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