0001493152-22-032381.txt : 20221115 0001493152-22-032381.hdr.sgml : 20221115 20221115083916 ACCESSION NUMBER: 0001493152-22-032381 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20221115 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20221115 DATE AS OF CHANGE: 20221115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: My Size, Inc. CENTRAL INDEX KEY: 0001211805 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-37370 FILM NUMBER: 221389536 BUSINESS ADDRESS: STREET 1: HAYARDEN 4 CITY: AIRPORT CITY STATE: L3 ZIP: 7010000 BUSINESS PHONE: 972-36009030 MAIL ADDRESS: STREET 1: HAYARDEN 4 CITY: AIRPORT CITY STATE: L3 ZIP: 7010000 FORMER COMPANY: FORMER CONFORMED NAME: Mysize Inc. DATE OF NAME CHANGE: 20150317 FORMER COMPANY: FORMER CONFORMED NAME: TOPSPIN MEDICAL INC DATE OF NAME CHANGE: 20021226 8-K 1 form8-k.htm
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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): November 15, 2022

 

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 November 15, 2022, My Size, Inc. issued a press release which included its results of operations for the third quarter ended September 30, 2022. 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 November 15, 2022
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: November 15, 2022 By: /s/ Ronen Luzon
  Name: Ronen Luzon
  Title: Chief Executive Officer

 

 

EX-99.1 2 ex99-1.htm

 

Exhibit 99.1

 

MySize Reports Third Quarter Financial Results

 

AIRPORT CITY, Israel – November 15, 2022 – MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) (“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 third quarter ended September 30, 2022.

 

Key Financial Highlights for the Third Quarter Ended September 30, 2022 Compared to Prior Year Period

 

  Revenue increased 2242% to $726,000, primarily attributable to revenue generated following the acquisition of Orgad
     
  MySizeID SaaS revenue increased 32% to $41,000
     
  Operating loss decreased 2.5% to $1,975,000
     
  Net loss was $2,026,000, effectively the same as the prior year period
     
  Cash balance at September 30, 2022 of $4.6 million
     
  Inventory balance at September 30, 2022 of $1.1 million

 

Recent Business & Operational Highlights

 

  Acquired NaizFit of Spain, creating synergies that position MySize to become one of the leading measurement solution technology providers in the fashion industry and to accelerate growth by broadening tech solution offerings, expanding European footprint, global marketing & sales infrastructure; Naiz Fit revenues will be reflected MySize’s Q4 results
     
  Launched JV with Santista Textil to serve $33 billion apparel market in Brazil; MySize Brazil will deliver Brazilian retailers, brands, and e-commerce companies access to MySize’s MySizeID and Naiz Fit sizing solutions and its First Look Smart Mirror as well as Santista’s sustainable tech solutions
     
  7 for All Mankind (Brazil), a premium global clothing brand, licensed MySizeID apparel sizing solution to boost sales, reduce returns, and increase environmental sustainability
     
  British Luxury Brand Temperley London licensed MySizeID to support its commitment to sustainability while enhancing business economics and user experience

 

Management Commentary

 

“We are very excited about our company’s near and long-term outlook following the closing of our second acquisition this year. By bringing Naiz Fit and Orgad into the fold, MySize has created multiple and complimentary revenue streams. These acquisitions are highly strategic, placing MySize well on its way to becoming a leader in the fashion-tech industry and consolidator of sizing solutions,” stated MySize CEO Ronen Luzon.

 

“Our year-over-year revenues continued to increase, driven by Orgad, and with the holiday shopping season upon us, we expect a significant quarter-over-quarter revenue increase in the fourth quarter. We expect 2022 year-end revenues in the range of $4 to $5 million.”

 

“In 2023, we believe we are positioned to generate high-margin recurring revenue streams from our growing suite of patent-protected fashion tech SaaS products including the MySizeID and Naiz Fit sizing solutions, and Naiz Fit’s Smart Catalogue. These software-based solutions increase retailers’ ROI, while generating gross margins of up 80% for MySize.”

 
 

 

“Two important market trends that we believe will drive demand for MySize’s products in 2023 are environmental sustainability and the rise of hybrid shopping.”

 

“With an estimated 5 billion pounds of returns ending up in Iandfills, consumers, retailers, and brands have more information than ever about the impact of their choices on the environment and they are increasingly willing to take action to increase sustainability and mitigate waste. Correct sizing reduces returns and waste. Beyond improved ROI for companies that adopt our sizing solutions, we are increasingly seeing sustainability as a driver for our business growth.”

 

“The fashion retail business is evolving into a hybrid experience, with digital-savvy consumers eager to use technology that enhances their shopping in physical stores. Our FirstLook Smart Mirror, soon to be installed in stores, addresses this need by delivering personalized fit and product recommendations, a 3D “try-it-on” interactive avatar experience, speed shopping, and self-checkout. While self-checkout has become a standard offering in grocery and other general retail stores, this is a new concept for apparel, and MySize is positioning to lead the space.”

 

“MySize continues to innovate and we will be opportunistic with acquisitions that support our leadership position in sizing solutions and that drive revenues and margins,” Luzon concluded.

 

Financial Results for Three Months Ended September 30, 2022

 

  Revenue for the three months ended September 30, 2022 increased by 2242% to $726,000 compared to $31,000 for the three months ended September 30, 2021. The increase was primarily attributable to $685,000 in revenue generated from Orgad during the third quarter of 2022.
     
  Gross profit for the three months ended September 30, 2022 was $(151,000) compared to $31,000 for the three months ended September 30, 2021. Cost of revenues increased in comparison with the corresponding period of 2021 due to the cost of goods of the revenues generated from Orgad’s operations, as well as cash and equity liabilities expenses related to the Orgad acquisition.
     
  Operating loss for the three months ended September 30, 2022 totaled $1,975,000 a decrease of $51,000 compared to operating loss of $2,026,000 for the three months ended September 30, 2021.
     
  Net loss for the three months ended September 30, 2022 was $2,026,000, compared to a net loss of $2,008,000 for the three months ended September 30, 2021. The resulting EPS loss per share was ($0.08) for the three months ended September 30 2022, compared to ($0.13) for the three months ended September 30, 2021.
     
  Cash and cash equivalents totaled $4.6 million at September 30, 2022.
     
  The Company has no material long-term debt on its balance sheet.

 

 
 

 

About MySize Inc.

 

MySize, Inc. (NASDAQ: MYSZ) (TASE: MYSZ.TA) is an omnichannel e-commerce platform and provider of AI-driven measurement solutions 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.

 

Register here for a free plan of MySizeID solution for your online store.

 

Please click here to download MySizeID for iOS.

 

Please click here to download MySizeID for Android.

 

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. 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.

 

Investor Contacts:
Or Kles, CFO
ir@mysizeid.com

 

 

 

 

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