Form 8-K - Current report

 

 

 

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): August 14, 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.)

 

HaNegev 4, POB 1026,

Airport City, Israel 7010000

(Address of principal executive offices and Zip Code)

 

Registrant’s telephone number, including area code [phone]

 

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 August 14, 2024, My Size, Inc. issued a press release which included its results of operations for the second quarter ended June 30, 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 August 14, 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: August 14, 2024	By:	/s/ Ronen Luzon
	Name:	Ronen Luzon
	Title:	Chief Executive Officer

 

 

Exhibit 99.1

 

MySize Reports Second Quarter 2024 Financial Results

Highlighting 53% Revenue Growth and Path to Profitability

 

Revenues and gross profits up 53% and 61%, respectively, driven by growth at Orgad and Naiz Fit

 

AIRPORT CITY, Israel – August 14, 2024 – MySize, Inc. (Nasdaq: MYSZ), a leader in AI-driven measurement solutions for the e-commerce industry, today announced its financial results for the second quarter ended June 30, 2024. The company reported robust financial performance, marked by a 53% increase in revenues and a 61% rise in gross profit, reflecting the strong performances of Orgad and the successful markets penetration from Naiz Fit

 

Key Financial Highlights for the Three Months Ended June 30, 2024 Compared to Prior Year Period

 

	●	Revenue: MySize achieved a 53% year-over-year increase in revenues, reaching $1.97 million in Q2 2024, compared to $1.29 million in Q2 2023. This growth was driven by the enhanced performance of Orgad and the steady SaaS revenue stream from Naiz Fit.
	●	Gross Profit: Gross profit surged by 61% to $984,000, up from $519,000 in the prior-year period, mainly thanks to increase in revenues.
	●	Operating Loss: Operating loss narrowed by 44% to $877,000, compared to $1.55 million in Q2 2023, reflecting our disciplined cost management and strategic focus on higher-margin business segments.
	●	Net Loss: Net loss improved by 25% to $964,000, down from $1.29 million in Q2 2023, driven by increased revenues and reduced operational costs.
	●	Cash Position: As of June 30, 2024, MySize held $3.2 million in cash and cash equivalents.

 

 

 

Management Commentary

 

MySize’s second-quarter results underscore the strength of our strategic direction,” said Ronen Luzon, CEO and Founder of MySize, Inc. “Our 53% revenue growth and 61% increase in gross profit are clear indicators that our efforts to enhance Orgad’s revenue in the North American market and to optimize our SaaS offerings through Naiz Fit are paying off. The reduction in our operating and net losses further demonstrates our commitment to achieving profitability through disciplined cost management and operational efficiency.”

 

Luzon continued, “As we move forward, our focus will remain on leveraging our AI-driven retail solutions to drive continued revenue growth, reduce product returns, and improve customer satisfaction.”

 

Looking Ahead: “Looking ahead, we are confident in our ability to sustain this momentum and achieve our long-term goal of cash flow positivity,” Luzon added. “With a clear path to profitability, we believe we are well-positioned to capitalize on the growth opportunities in the e-commerce and retail sectors. We remain committed to delivering value to our shareholders through continued innovation and strategic execution.

 

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 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 its strategic and business plans, technology, relationships, objectives and expectations for its business, growth. 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

[e-mail]

 

Cover	Aug. 14, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 14, 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	HaNegev 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
City Area Code	+972
Local Phone Number	3-600-9030
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
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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