Mene Stock Price, News & Analysis

Menē Inc. (MENEF) is an online 24 karat jewelry brand in the jewelry and silverware manufacturing industry. The company focuses on crafting pure 24 karat gold and platinum jewelry and selling it through its digital platform. Menē states that its jewelry is transparently sold by gram weight, aligning each piece with the underlying value of its precious metal content.

According to the company’s disclosures, customers access Menē products through its online channel, where they can buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē describes its mission as restoring the relationship between jewelry and savings by combining pure precious metals, design, and technology so that jewelry can function as both adornment and a store of value.

Business model and operations

Menē operates as an online brand that manufactures and sells pure 24 karat gold and platinum jewelry. The company emphasizes transparency in pricing by linking the price of each piece to its gram weight in gold or platinum. Menē reports key operating metrics such as units of jewelry sold, jewelry weight sold in kilograms, customer orders, and inventory balances measured in kilograms of gold, calculated using Canadian dollar inventory values and gold spot prices per gram.

The company highlights the role of returning customers in its sales mix. In multiple quarters, Menē reports that a majority of sales come from returning customers, and it tracks cumulative units of jewelry sold since inception. It also notes the volume of independent customer reviews registered on its review platform, indicating an emphasis on customer feedback and long-term relationships.

Positioning within jewelry manufacturing

Within the manufacturing sector, Menē is classified under jewelry and silverware manufacturing. Its public communications describe a focus on pure 24 karat gold and platinum jewelry, rather than lower-purity alloys. Menē presents its products as pieces that can be worn while also serving as a store of value, and it links this positioning to its practice of selling by gram weight and enabling customers to monitor the value of their collections.

The company also refers to its use of technology to support its model. Through its online platform, customers can track the value of their jewelry holdings and have the option to sell or exchange pieces at prevailing market prices based on gram weight. Menē presents this as part of its effort to connect jewelry ownership with savings and investment-like characteristics.

Brand, design, and collaborations

Menē’s news releases frequently reference design-focused initiatives and collaborations. The company has introduced named collections, such as an Olympia collection inspired by competition and human excellence, and has described other themed collections in its communications. Menē also reports collaborations and retail partnerships, including a partnership with Huntsman, a Savile Row tailor, to create a Huntsman x Menē 24K collection of dress studs, cufflinks, and buttons crafted in 24 karat gold and pure platinum on a made-to-order basis.

In its public statements, Menē links its brand to concepts such as craftsmanship, luxury, and intergenerational value. It notes that its pieces are designed to last and to be passed down, and it characterizes its jewelry as a store of value because of the purity of the gold and platinum used. The company has also highlighted media coverage in fashion and lifestyle publications and mentions editorial features involving its co-founder.

Customer base and market focus

Menē’s disclosures indicate that it sells directly to consumers through its online platform. The company has referenced its core market as the United States in management commentary and has discussed efforts to increase the number of orders and new customers. It also notes that a significant portion of sales comes from returning customers, which it tracks as a percentage of total sales in its quarterly highlights.

The company has reported milestones related to customer holdings of its jewelry. Menē announced that its clients collectively held over CAD$100 million in Menē gold jewelry and additional value in platinum jewelry, based on spot prices at a stated date, and that this total was associated with nearly 150,000 pieces of jewelry sold since its inception. Management commentary links these figures to the company’s objective of connecting jewelry with savings and long-term value.

Financial reporting and key metrics

Menē reports its financial results in Canadian dollars and prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). In its news releases, the company presents IFRS measures such as revenue, gross profit, net income or loss, total comprehensive income or loss, and shareholders’ equity. It also discloses operational metrics, including total metal weight sold in kilograms, units of jewelry sold, customer orders, and inventory balances expressed in kilograms of gold.

In addition to IFRS measures, Menē uses several non-IFRS financial measures, including Non-IFRS Adjusted Revenue, Non-IFRS Adjusted Income (loss), Adjusted EBITDA, and Tangible Common Equity. The company explains that Non-IFRS Adjusted Revenue is calculated by adding back the value of jewelry returned by customers, revenue from orders not yet delivered or under fulfillment, and discounts given to customers, with the closest comparable IFRS measure being revenue. Non-IFRS Adjusted Income (loss) is based on total comprehensive income (loss) with adjustments for specified non-cash items and other factors. Adjusted EBITDA is calculated from total operating income (loss) excluding depreciation and amortization, stock-based compensation, and certain other non-recurring expenses. Tangible Common Equity is defined as total shareholders’ equity excluding intangible assets.

Menē notes that its financial statements for certain fiscal years have been audited by an external assurance firm. The company also cautions that its non-IFRS measures do not have standardized meanings and may not be comparable with similar measures used by other companies, and that these measures should not be viewed as alternatives to IFRS measures.

Capital structure and corporate developments

Menē’s Class B subordinate voting shares trade under the symbol MENE on the TSX Venture Exchange and under MENEF in the United States. The company has disclosed corporate actions such as the cancellation and re-grant of incentive stock options to its Chief Executive Officer under its incentive stock option plan, subject to disinterested shareholder and exchange approvals. These stock options relate to Class B subordinate voting shares and follow vesting schedules over multiple years, with a stated term from the original grant date.

Menē has also reported the full repayment of a precious metal loan facility owed to Goldmoney Inc. The company stated that, following this repayment, it had no indebtedness other than trade payables incurred in the ordinary course of business. Management commentary connects this repayment to the company’s efforts to transform its operations toward what it describes as a more modern and scalable operating model.

Risk factors and forward-looking information

In its news releases, Menē includes cautionary notes regarding forward-looking information under applicable Canadian securities laws. The company identifies a range of risk factors that could affect its performance, including the ability to acquire or develop jewelry manufacturing facilities, the effects of pandemics and infectious diseases on operations and precious metal prices, capital market conditions, restrictions on labor and international travel, and supply chain issues. Additional risks mentioned include compliance with environmental and health and safety regulations, operating or technical difficulties in manufacturing, selling, and distributing jewelry, differences between unaudited and audited results, global economic conditions, dilution, limited operating history, future capital needs, competition in the jewelry industry, currency exchange risks, changing consumer preferences, growth management, product development needs, protection of proprietary rights, government regulation, network security, system reliability, theft and physical risks to personnel, reliance on key personnel, and volatility in securities markets.

The company emphasizes that forward-looking statements are based on assumptions and estimates at the time they are made and that actual results may differ materially. Menē states that it does not undertake to update forward-looking information except as required by law.

Founding and mission

Menē states that it was founded by Roy Sebag and Diana Widmaier-Picasso. The company’s mission, as described in its public communications, is to restore the relationship between jewelry and savings. It seeks to achieve this by crafting jewelry from pure 24 karat gold and platinum, selling pieces by gram weight with transparent pricing, and enabling customers to track and manage the value of their jewelry holdings over time.

FAQs about Menē Inc. (MENEF)

• What does Menē Inc. do?
  Menē crafts pure 24 karat gold and platinum jewelry and sells it online. The company states that its jewelry is transparently priced and sold by gram weight, with customers able to buy, monitor, and resell or exchange pieces through its platform based on prevailing market prices.
• How does Menē’s pricing model work?
  According to Menē, its jewelry is sold by gram weight in pure gold or platinum, with transparent pricing linked to the underlying metal content. The company highlights that customers can also sell or exchange their pieces by gram weight at prevailing market prices.
• How does Menē connect jewelry and savings?
  Menē describes its mission as restoring the relationship between jewelry and savings. It does this by using pure 24 karat gold and platinum, selling pieces by gram weight, and providing tools for customers to monitor the value of their collections over time, positioning its jewelry as both adornment and a store of value.
• Where can customers buy Menē jewelry?
  Menē states that customers can purchase its jewelry through its online platform, where they can also track the value of their holdings and access options to sell or exchange pieces by gram weight at prevailing market prices.
• What types of metrics does Menē report to investors?
  In its financial news releases, Menē reports IFRS measures such as revenue, gross profit, net income or loss, and total comprehensive income or loss, as well as operational metrics including units of jewelry sold, jewelry weight sold in kilograms, customer orders, and inventory balances expressed in kilograms of gold.
• What non-IFRS financial measures does Menē use?
  Menē uses non-IFRS measures including Non-IFRS Adjusted Revenue, Non-IFRS Adjusted Income (loss), Adjusted EBITDA, and Tangible Common Equity. The company explains that these measures adjust IFRS results for items such as returns, undelivered orders, discounts, non-cash expenses, and intangible assets, and notes that they do not have standardized meanings and should be considered alongside IFRS measures.
• On which exchanges does Menē trade and under what symbols?
  Menē’s Class B subordinate voting shares trade on the TSX Venture Exchange under the symbol MENE and in the United States under the symbol MENEF.
• Has Menē reported any significant milestones related to customer holdings?
  Menē announced that, as of a stated date, its clients held over CAD$100 million in Menē gold jewelry and additional value in Menē platinum jewelry, associated with nearly 150,000 pieces of jewelry sold since the company’s inception.
• What risks does Menē highlight in its public disclosures?
  Menē lists risks including manufacturing and operational challenges, the impact of pandemics, capital market conditions, supply chain constraints, regulatory compliance, competition in the jewelry industry, currency exchange fluctuations, changing consumer preferences, technology and system risks, and volatility in securities markets, among others.
• How does Menē describe its brand and design philosophy?
  In its communications, Menē emphasizes pure precious metals, transparency, and craftsmanship. It presents its jewelry as pieces designed to endure, to be passed down, and to function as a store of value, and it highlights collaborations and themed collections that reflect its design approach.