My Size, Inc. (NASDAQ: MYSZ) shares have experienced a noteworthy surge in the current trading session, registering a 17.61% increase and reaching a trading price of $0.8233. This surge in MYSZ stock price this session is following a downward revision of revenue guidance by the innovative AI-driven measurement solutions provider.
Today, MySize (MYSZ) released a comprehensive shareholder update, delivered by the Founder and CEO, Ronen Luzon. Remarkably, MySize has managed to maintain its operations and financial performance relatively unscathed despite the ongoing Middle East crisis.
This resilience is attributed to its extensive global presence and the strategic presence of its Naiz Fit offices in Spain, which have evolved into a central hub for our sizing solutions business. In the second quarter, the company strategically transitioned to the utilization of Fulfillment by Amazon (FBA) over direct fulfillment, ensuring the maintenance of inventory and order shipments from regional Amazon warehouses.
The strategic shift has effectively mitigated inventory-related risks and enhanced overall operational efficiency. The amalgamation of Naiz Fit and Orgad has furnished MySize with a diversified revenue stream, cementing its status as a frontrunner in the fashion-tech sector and a prominent consolidator of cutting-edge sizing solutions.
MYSZ has significantly expanded its brand presence, executed pivotal acquisitions, and experienced substantial revenue growth, all of which serve as the cornerstones for the establishment of a resilient and valuable enterprise for the future.
In the year 2022, MySize executed two strategic acquisitions, namely Naiz Fit and Orgad, which culminated in an astounding 33-fold increase in revenue compared to the preceding year. During the 12-month span that concluded on December 31, 2022, MYSZ disclosed earnings totaling $4,459,000.
This marked a stark comparison to the $131,000 revenue recorded in the fiscal year of 2021. In the initial half of 2023, MySize generated around $2 million in revenue and had previously issued guidance predicting revenues between $9 and $10 million for 2023.
However, the current revenue trend, coupled with the approaching holiday shopping season, has led MySize to revise its revenue projections downwards, now expecting around $8 million for the 12-month period concluding on December 31, 2023. Additionally, it is anticipated that MySize will release its third-quarter financial results on November 15, 2023.
