MYSZ My Size Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 16, 2024

 

MY SIZE, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		001-37370		51-0394637
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

HaYarden 4, POB 1026,

Airport City, Israel 7010000

(Address of principal executive offices and Zip Code)

 

Registrant’s telephone number, including area code +972-3-600-9030

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value per share		MYSZ		Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02 Results of Operation and Financial Condition.

 

On May 16, 2024, My Size, Inc. issued a press release which included its results of operations for the first quarter ended March 31, 2024. The press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein in its entirety.

 

The information included in this Item 2.02 of Current Report on Form 8-K, including the attached Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in any such filing, except as expressly set forth by specific reference in such filing.

 

Item 9.01. Financial Statement and Exhibits.

 

(d) Exhibits.

 

Exhibit No.		Description
99.1		Press release, dated May 16, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	MY SIZE, INC.
Date: May 16, 2024	By:	/s/ Ronen Luzon
	Name:	Ronen Luzon
	Title:	Chief Executive Officer

 

 

 

Exhibit 99.1

 

MySize Reports First Quarter 2024 Financial Results: Record Three-Month Revenues and Gross Profits

 

Q1 revenues of $2.98 M up 314% over prior year period

 

AIRPORT CITY, Israel – May 16, 2024 – MySize, Inc. (Nasdaq: MYSZ) (“MySize” or the “Company”), an omnichannel e-commerce platform and provider of AI-driven measurement solutions to drive revenue growth and reduce costs for its business clients, today reported financial and operational results for the three months ended March 31, 2024.

 

Key Financial Highlights for the Three Months Ended March 31, 2024 Compared to Prior Year Period and Recent Developments

 

	●	Consolidated revenue increased 314% to $2,984,000 primarily attributable to revenue generated following the acquisition of Orgad
	●	Software-as-a-Service (SaaS) revenues increased 25% to $177,000
	●	Gross profit increased to $1,196,000 compared to ($1,147,000).
	●	Operating loss narrowed by 57% to $1,071,000
	●	Net loss narrowed by 61% to $1,016,000
	●	Inventory balance at March 31, 2024 was $2,136,000
	●	Entered into warrant repricing transaction for aggregate gross proceeds of approximately $3.26 million, which is expected to close on May 20, 2024

 

Management Commentary

 

“We continued to show strong growth over the first quarter driven by increases in revenues from Orgad, manly due to shifting our operation to FBA (fulfilment by Amazon) and our SaaS sizing solutions,” stated MySize CEO and Founder, Ronen Luzon.

 

“We remain steadfast in our commitment to navigating market dynamics and delivering sustainable value to our shareholders. As we look forward to the future of fashion tech, we continue to focus on ways to integrate innovative technologies into our product offerings in an effort to offer unique personalization and engagement to both our brand partners and consumers.”

 

“We continue to collaborate with our brand partners, consisting of some of the top names in fashion, to use the data that we have collected to highlight the clear and quantified benefits that include increased average basket value, increased conversion, and reduced returns as compared to shoppers who do not use our sizing solutions.”

 

Financial Results for Three Months Ended March 31, 2024

 

Revenues for the three months ended March 31, 2024 amounted to $2,984,000, compared to $720,000 for the three months ended March 31, 2023. The increase was primarily attributable to an increase in Orgad sales.

 

 

Gross profit for the three months ended March 31, 2024 was $153,000, compared to ($427,000) for the three months ended March 31, 2023. The decrease was primarily due to a warehouse fire and the associated write-down of part of Orgad’s inventory.

 

Operating loss for the three months ended March 31, 2024 totaled $1,071,000, compared to an operating loss of $2,492,000 for the three months ended March 31, 2023.

 

Net loss for the three months ended March 31, 2024 was $1,016,000, compared to net loss of $2,654,000 for the three months ended March 31, 2023, mainly due an increase in revenues and cost savings mainly in R&D.

 

About MySize Inc.

 

MySize, Inc. (Nasdaq: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions including MySizeID and recently acquired Naiz Fit to drive revenue growth and reduce costs for its business clients. Orgad, its online retailer platform, has expertise in e-commerce, supply chain, and technology operating as a third-party seller on Amazon.com and other sites. MySize recently launched FirstLook Smart Mirror, a mirror-like touch display that provides in-store customers an enhanced shopping experience and contactless checkout. FirstLook Smart Mirror extends MySize’s reach into physical stores and is expected to contribute to revenues through unit sales and recurring service fees.

 

MySize 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 that are able to calculate and record measurements in a variety of novel ways. To learn more about MySize, 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.

 

To learn more about MySize and for additional information, please visit: our website: www.mysizeid.com.

 

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, including statements related to the acquisition, expected revenues, and the expected closing of the acquisition. 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 may 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.

 

Investor Contacts:

 

Or Kles, CFO

ir@mysizeid.com

 

 

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Cover	May 16, 2024
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Document Type	8-K
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Document Period End Date	May 16, 2024
Entity File Number	001-37370
Entity Registrant Name	MY SIZE, INC.
Entity Central Index Key	0001211805
Entity Tax Identification Number	51-0394637
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	HaYarden 4
Entity Address, Address Line Two	POB 1026
Entity Address, City or Town	Airport City
Entity Address, Country	IL
Entity Address, Postal Zip Code	7010000
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Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	MYSZ
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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