Investing.com
Published May 13, 2022 13:36
MySize, Inc. (MYSZ) 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
Business Highlights for the First Quarter Ended March 31, 2022
Management Commentary
Ronen Luzon, Chief Executive Officer of MySize, commented, "While it's early, we are extremely pleased with our acquisition of Orgad and the progress we have made since mid-February. We see opportunity to scale its business by being able to provide additional cash to bolster inventory and fuel more turnover in order to accelerate revenue growth. We believe Orgad has the potential to increase its inventory turnover by multiples over what it did in 2021."
Luzon, continued, "MySizeID has continued to gain traction and now reaches 1,000+ retail customers with additional reach throughout the world, including the U.S. and Turkey. Additional growth and synergies are coming from our new product initiative FirstLook Smart Mirror and the collaboration between our Orgad and MySizeID teams working together on cross-sell opportunities whereby MySizeID can leverage some existing relationships."
Luzon, concluded, "With that said, we reiterate our 2022 guidance of at least $5 million revenue based on existing business. We look forward to updating the market and our stockholders with our progress on both internal growth initiatives and potential strategic acquisitions to expand in e-commerce and digital management."
Financial Results for Three Months Ended March 31, 2022
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.