AIRPORT CITY, Israel,
Aug. 9, 2019 /PRNewswire/ -- My Size,
Inc. (the "Company" or "My Size") (NASDAQ: MYSZ) (TASE: MYSZ), the
developer and creator of smartphone measurement solutions, today
provided a business update for the second quarter ended
June 30, 2019.
Ronen Luzon, CEO of My Size, Inc., stated, "We continue to
aggressively penetrate the retail market with MySizeID, a turnkey
measurement solution. In July, we announced that we signed a
license agreement for MySizeID with Penti, Turkey's leading multi-category retail fashion
underwear brand. We consider this to be a major
accomplishment since Penti is a global brand with an estimated
total of 550 retail stores in more than 35 countries.
Additionally, during the quarter we announced that we have
successfully integrated and launched the MySizeID smart measurement
solution software development kit (SDK) for DeMoulin, the oldest
and largest manufacturer of music performance group apparel in the
world. We believe that the specialist uniforms market represents a
significant opportunity for MySizeID since it is very custom and
requires wearers to submit their own measurements in order for
their uniforms to be appropriately tailored, which can lead to
sizing mistakes and a significant financial burden for the apparel
companies that have to then process returns. We are also
proceeding with the global integration of MySizeID into the
e-commerce platform of one of the largest apparel companies in the
world, which has since been expanded worldwide. We look forward to
providing further updates as this important pilot unfolds."
"We also executed agreements with a number of additional
retailers either directly or through our recently announced
collaboration with Shopify and Lightspeed. The Shopify platform
powers over 800,000 businesses in approximately 175 countries, and
Lightspeed's point-of-sale solution processed over $13 billion in gross transactions in 2018 alone.
We look forward to aggressively leveraging these relationships,
both of which represent potentially meaningful and highly scalable
sources of reoccurring revenue as we continue to ramp up."
"At the same time, we continue to enhance our technology
platform. We recently announced new functionality that
enables consumers to accurately measure their bra and cup
size. This new application was piloted by leading retailers
in the U.S. and Europe, and we
remain on track for the full release in the third quarter of 2019.
The global bra market is expected to exceed $34 billion by 2026, yet is plagued by
inconsistent and varied sizing charts across manufacturers.
Our technology allows customers to get their correct band and cup
size before placing orders, which represents a win-win solution for
both the manufacturer and customer."
"It is important to note that as we rollout MySizeID to major
retailers and apparel companies, there is a lead time for new
customers to ramp up before we can recognize revenue. This
lead time varies between customers, especially when the customer is
a tier 1 retailer, where the integration process may take longer.
Generally, first we integrate MySizeID into a customer's online
platform, which is followed by piloting and implementation, and,
assuming we are successful, commercial roll-out, all of which takes
time before we expect it to impact our financial results in a
meaningful way. While we expect to begin generating initial sales
revenue in the upcoming quarters, to a large extent, the degree to
which we will recognize revenue will depend on the success of our
market penetration and the extent to which MySizeID is adopted and
utilized. Importantly, the feedback thus far has been
extremely positive. As a result, we remain encouraged by the
outlook for the business."
"We continue to expand our focus beyond the apparel vertical. We
recently announced that BoxSize has been approved for Honeywell's
global vendor program and is now available to provide highly
accurate mobile measurement solutions for thousands of Honeywell
clients around the world, while providing solutions for Honeywell's
mobile computers and data capture products. We believe this is an
important validation of our measurement solution which allows us to
directly integrate our software with Honeywell hardware to help
distribution and logistics centers increase operational efficiency
throughout a package's lifecycle. Through our innovative
solution, customers are able to measure the volume of boxes,
crates, containers, and more through a simple movement from their
hand-held device. We are also continuing to make progress with Katz
Corporation, one of the largest package delivery companies in
Israel, as they have started
rolling out BoxSize within the organization They have installed
BoxSize in mobile devices that are used by 550 employees in seven
centers across Israel that measure
more than 5 million packages annually and have begun the deployment
of our technology which has resulted in improved operational
efficiency within the company."
Second Quarter 2019 Financial Highlights:
Revenues for the three months ended June
30, 2019 were $5,000 compared
to none for the three months ended June 30,
2018. The increase from the corresponding period primarily
resulted from a new license agreement.
Research and development expenses for the three months ended
June 30, 2019 were $379,000 compared to $231,000 for the three months ended June 30, 2018. The increase primarily resulted
from the hiring of new employees and expenses associated with
share-based payments to our employees.
Marketing, general and administrative expenses for the three
months ended June 30, 2019 were
$1.2 million compared to $720,000 for the three months ended June 30, 2018. The increase was mainly due to an
increase in share-based payment expenses of employees, professional
services expenses and marketing expenses.
Financial income, net for the three months ended June 30, 2019 amounted to $197,000 compared to financial income, net of
$2,542,000 for the three months ended
June 30, 2018. The decrease compared
to the corresponding period was mainly due to income of
$173,000 for the three months ended
June 30, 2019 from the change in fair
value of warrants compared to an income of $2.0 million for the three months ended
June 30, 2018.
Net loss for the three months ended June
30, 2019 was $1.4 million,
compared to net income of $1.6
million for the three months ended June 30, 2018.
A copy of the Company's quarterly report on Form 10-Q has been
filed with the Securities and Exchange Commission and posted on the
Company's website at https://ir.mysizeid.com.
About My Size, Inc.
My Size, Inc. (TASE: MYSZ) (NASDAQ: MYSZ) has developed a unique
measurement technology based on sophisticated algorithms and
cutting-edge technology with broad applications including the
apparel, e-commerce, DIY, shipping and parcel delivery
industries. This proprietary measurement technology is driven
by several algorithms which are able to calculate and record
measurements in a variety of novel ways. To learn more about My
Size, please visit our website: www.mysizeid.com. We routinely
post information that may be important to investors in the Investor
Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for a one-month free trial of MySizeID solution
for your online store.
Please click here to download MySizeID for iOS.
Please click here to download MySizeID for Android.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
identified by the use of the words "could," "believe,"
"anticipate," "intend," "estimate," "expect," "may," "continue,"
"predict," "potential," "project" and similar expressions that are
intended to identify forward-looking statements. All
forward-looking statements speak only as of the date of this press
release. You should not place undue reliance on these
forward-looking statements. Although we believe that our plans,
objectives, expectations and intentions reflected in or suggested
by the forward-looking statements are reasonable, we can give no
assurance that these plans, objectives, expectations or intentions
will be achieved. Forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from historical experience and present expectations or projections.
Actual results to differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in the Company's filings
with the U.S. Securities and Exchange Commission. Except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
Israel Press Contact:
Yaniv Leibovich
Leibovich Media
yanivleib@gmail.com
+972-54-444-0326
U.S. Press Contact:
5W Public Relations
mysizeid@5wpr.com
IR Contact:
Crescendo Communications, LLC
Tel: +1 212-671-1020
Email: MYSZ@crescendo-ir.com
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SOURCE MySize Inc.