My Size Shares Soar Following Q1 Results

May 13, 2022 8:55 AM | 1 min read

My Size, Inc MYSZ reported first-quarter FY22 revenue growth of 1400% year-on-year to $0.4 million, primarily attributable to closing the acquisition of Orgad on February 7.
MySizeID revenue increased 63% Y/Y to $0.04 million.
Gross profit rose 467% Y/Y to $0.15 million.
The gross margin deteriorated from 100% to 37.9% due to the acquisition.
Operating loss widened to $(2.1) million.
My Size held $7.8 million in cash and equivalents.
CEO Ronen Luzon said, "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."
My Size reiterated its 2022 guidance of at least $5 million in revenue based on existing business.
Price Action: MYSZ shares traded higher by 50.7% at $0.30 in the premarket on the last check Friday.