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My Size, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $6,802,000 from $4,166,000 in the same period the previous year. This increase is attributed to higher sales from Orgad following a fire in January 2023.
Cost of revenues for the quarter was $3,831,000, compared to $2,698,000 in the same quarter of the previous year. The increase is due to higher shipping costs and cost of goods.
The company reported a gross profit of $2,971,000 for the quarter, compared to $1,468,000 in the previous year.
Research and development expenses decreased to $352,000 from $811,000, primarily due to reduced headcount and subcontractor expenses.
Sales and marketing expenses increased slightly to $2,670,000 from $2,598,000, with the rise attributed to increased Amazon (AMZN-3.00%) fees.
General and administrative expenses decreased to $2,572,000 from $3,210,000, mainly due to lower professional services and insurance costs.
A goodwill impairment charge of $631,000 was recorded for the SaaS Solution segment.
The company reported an operating loss of $3,254,000, a decrease from $5,151,000 in the previous year.
Net loss for the quarter was $3,280,000, compared to $5,077,000 in the previous year.
Cash used in operating activities was $2,523,000, while cash provided by financing activities was $2,626,000.
The filing also discusses the impact of the ongoing conflict in Israel, noting that operations have not been materially affected due to the company's global footprint.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the My Size Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.