ISRAEL / ACCESSWIRE / April 6, 2023 / MySize Inc. (NASDAQ:MYSZ)(TASE:MYSZ.TA), a global mobile measurement technology solutions provider, has recorded significant revenue growth from 2021 to 2022. The company's revenue performance for the third quarter of 2022 showed a giant leap compared to the same period the year prior, with revenue increasing by 2242% to $726,000.
Much of this growth can be largely attributed to the acquisition of omnichannel e-commerce platform Orgad in February 2022, which generated $685,000 in revenue during the third quarter of the year. Additionally, MySize's flagship product, MySizelD, reported revenue growth of 32% to $41,000 over the same period.
The Q3 2022 report builds on previous quarters' results, where MySize also reported tremendous revenue growth. In the second quarter of 2022, revenue increased by 2570% to $801,000 due to revenue generated from the company's product offerings.
These financial results demonstrate a positive trend for MySize's future growth prospects as the company expects to announce year-end results in the upcoming week with expectations that 2022 revenues will come in at around $4 million to $5 million.
MySize CEO, Ronen Luzon, expressed his satisfaction with the company's performance during the financial year, stating: "We're excited about the continued growth we've seen in our core business and are excited to see that growth continue through the remainder of the year and beyond."
"In 2023, we believe we are positioned to generate high-margin recurring revenue streams from our growing suite of patent-protected fashion tech SaaS products, including the MySizeID and Naiz Fit sizing solutions and Naiz Fit's Smart Catalogue. These software-based solutions increase retailers' ROI while generating gross margins of up 80% for MySize," he added.
Compared to the $131,000 in revenues MySize recorded in 2021, the company expects to have earned more than 30 times the same amount in 2022.
Looking Ahead - Orgad And Naiz Fit To Drive Growth
Orgad generated approximately $2.5 million in revenue in 2021 with profitable operations. The platform's team consists of operators with a deep understanding and knowledge of e-commerce, supply chain and technology.
Orgad's focus on technology, operations and customer service to increase efficiencies and revenue growth is structured on a platform that is able to manage numerous retailers.
In October 2022, the company also acquired Spain-based Naiz Fit, a SaaS technology solutions provider of sizing products for fashion e-commerce companies. Synergies with Naiz Fit could position MySize as one of the fashion industry's leading measurement solution technology providers. The company hopes it will accelerate growth by broadening MySize's tech solution offerings and expanding its European footprint, global marketing and sales infrastructure.
Naiz Fit brings with it a robust customer base of highly recognized European and international fashion houses like Desigual, Moschino and El Ganso, among others. This adds to the many brands that have signed up for MySize's sizing solution, such as Temperley London, 7 For All Mankind and Levi Strauss & Co. (LEVI). While the revenues from the Naiz Fit acquisition will be reflected in the company's Q4 earnings, MySize forecasts that the acquisition of Naiz Fit will bring in an additional $1 million in revenue in 2023.
MySize's unique focus on mobile measurement technology solutions has garnered significant attention in the retail sector, with clients ranging from online clothing stores to global footwear brands. The company's cutting-edge technology, combined with its growing reputation in the retail industry, continues to position MySize as a unique and valuable player in the e-commerce sector.
The revenue growth and the company's continued focus on expanding its product offerings will likely form the basis for MySize's continued success. The third quarter financial results are an encouraging sign for investors and stakeholders, indicating that MySize is well on its way to carving out a dominant position within the mobile measurement technology space.
Ronen Luzon, CEO
SOURCE: MySize, Inc.
View source version on accesswire.com: