Mene Inc. Reports Financial Results for the Second Quarter 2024
Menē Inc. (TSX-V:MENE) (US:MENEF), an online 24 karat jewelry brand, reported financial results for Q2 2024. Revenue increased 30% YoY to $6.5 million, with a gross profit of $1.7 million and a 26% margin. The company sold 58 kg of jewelry, totaling 5,799 units. Sales to returning customers accounted for 72% of total sales. Despite revenue growth, Menē reported a total comprehensive loss of $0.3 million, up $0.5 million YoY. The company introduced 22 new product designs and launched the Olympia collection. CEO Vincent Gladu emphasized focus on building a lasting brand and implementing operational changes for long-term, sustainable, and profitable growth.
Menē Inc. (TSX-V:MENE) (US:MENEF), un marchio di gioielli online in oro 24 carati, ha riportato i risultati finanziari per il secondo trimestre del 2024. Il fatturato è aumentato del 30% rispetto all'anno precedente, raggiungendo i 6,5 milioni di dollari, con un profitto lordo di 1,7 milioni di dollari e un margine del 26%. L'azienda ha venduto 58 kg di gioielli, per un totale di 5.799 unità. Le vendite ai clienti di ritorno hanno rappresentato il 72% delle vendite totali. Nonostante la crescita del fatturato, Menē ha riportato una perdita complessiva di 0,3 milioni di dollari, in aumento di 0,5 milioni rispetto all'anno precedente. L'azienda ha introdotto 22 nuovi design di prodotti e lanciato la collezione Olympia. Il CEO Vincent Gladu ha sottolineato l'importanza di costruire un marchio duraturo e di attuare cambiamenti operativi per una crescita a lungo termine, sostenibile e redditizia.
Menē Inc. (TSX-V:MENE) (US:MENEF), una marca de joyería en línea de oro de 24 quilates, reportó resultados financieros para el segundo trimestre de 2024. Los ingresos aumentaron un 30% interanual, alcanzando los 6,5 millones de dólares, con una ganancia bruta de 1,7 millones de dólares y un margen del 26%. La compañía vendió 58 kg de joyas, totalizando 5,799 unidades. Las ventas a clientes recurrentes representaron el 72% de las ventas totales. A pesar del crecimiento de los ingresos, Menē reportó una pérdida comprensiva total de 0,3 millones de dólares, un aumento de 0,5 millones interanual. La empresa introdujo 22 nuevos diseños de productos y lanzó la colección Olympia. El CEO Vincent Gladu enfatizó la importancia de construir una marca duradera e implementar cambios operativos para lograr un crecimiento sostenible y rentable a largo plazo.
Menē Inc. (TSX-V:MENE) (US:MENEF)는 온라인 24캐럿 보석 브랜드로 2024년 2분기 재무 실적을 발표했습니다. 수익은 전년 대비 30% 증가하여 650만 달러에 이르렀으며, 총 이익은 170만 달러, 마진은 26%였습니다. 회사는 58kg의 보석을 판매하여 총 5,799개 유닛을 올렸습니다. 재구매 고객의 매출이 전체 매출의 72%를 차지했습니다. 수익 성장에도 불구하고 Menē는 30만 달러의 총 포괄 손실을 기록했으며, 전년 대비 50만 달러 증가했습니다. 회사는 22개의 새로운 제품 디자인을 도입하고 올림피아 컬렉션을 출시했습니다. CEO인 빈센트 그라두는 지속 가능하고 수익성 있는 장기 성장을 위해 지속 가능한 브랜드 구축과 운영 변화를 강조했습니다.
Menē Inc. (TSX-V:MENE) (US:MENEF), une marque de bijoux en ligne en or 24 carats, a publié ses résultats financiers pour le deuxième trimestre de 2024. Le chiffre d'affaires a augmenté de 30 % par rapport à l'année précédente, atteignant 6,5 millions de dollars, avec un bénéfice brut de 1,7 million de dollars et une marge de 26 %. L'entreprise a vendu 58 kg de bijoux, totalisant 5 799 unités. Les ventes aux clients fidèles ont représenté 72 % des ventes totales. Malgré la croissance des revenus, Menē a enregistré une perte globale de 0,3 million de dollars, en hausse de 0,5 million par rapport à l'année précédente. L'entreprise a introduit 22 nouveaux designs de produits et lancé la collection Olympia. Le PDG Vincent Gladu a souligné l'importance de construire une marque durable et de mettre en œuvre des changements opérationnels pour une croissance à long terme, durable et rentable.
Menē Inc. (TSX-V:MENE) (US:MENEF), eine Online-Marke für 24-karätigen Schmuck, hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Der Umsatz stieg im Jahresvergleich um 30% auf 6,5 Millionen Dollar, mit einem Bruttogewinn von 1,7 Millionen Dollar und einer Marge von 26%. Das Unternehmen verkaufte 58 kg Schmuck, was insgesamt 5.799 Einheiten entspricht. Die Verkäufe an wiederkehrende Kunden machten 72% der Gesamteinnahmen aus. Trotz des Umsatzwachstums berichtete Menē von einem Gesamtverlustr von 0,3 Millionen Dollar, was einer Erhöhung von 0,5 Millionen Dollar im Jahresvergleich entspricht. Das Unternehmen stellte 22 neue Produktdesigns vor und lancierte die Olympia-Kollektion. CEO Vincent Gladu betonte den Fokus auf den Aufbau einer nachhaltigen Marke und die Umsetzung operativer Veränderungen für langfristiges, nachhaltiges und profitables Wachstum.
- Revenue increased 30% YoY to $6.5 million
- Gross profit margin of 26%
- Sales to returning customers accounted for 72% of total sales
- Introduced 22 new product designs
- Launched new Olympia collection
- Total comprehensive loss of $0.3 million, increased by $0.5 million YoY
- Decrease in gross profit margin from 30% in Q2 2023 to 26% in Q2 2024
FINANCIAL HIGHLIGHTS
-
IFRS Revenue of
$6.5 million $1.5 million 30% ) Year-over-Year (“YoY”). -
Gross Profit of
$1.7 million 26% YoY. -
Total comprehensive loss of
$0.3 million $0.5 million - Total metal weight of 58 kilograms was sold during the quarter, consisting of 5,799 units of jewelry.
OPERATIONAL HIGHLIGHTS
- Introduced 22 new product designs during the quarter.
-
Sales to Returning Customers accounted for
72% of total sales during the quarter. - Cumulative units of jewelry sold reached 152,000 as of quarter end.
- Featured in AS IF Magazine and at Sports Illustrated Swimsuit Cover Party.
- Registered over 41,000 independent customer reviews on mene.com/reviews since inception.
IFRS Consolidated Income Statement Data & Key Performance Indicators (KPIs)1 |
FY 2024 |
FY 2023 |
FY 2022 |
|||||
Q2 |
Q1 |
Q4 |
Q3 |
Q2 |
Q1 |
Q4 |
Q3 |
|
Revenue |
6,464,004 |
4,828,705 |
6,862,070 |
4,292,870 |
4,982,901 |
7,152,013 |
8,664,734 |
5,049,992 |
Gross profit |
1,692,440 |
1,135,878 |
1,667,134 |
949,989 |
1,489,700 |
1,722,642 |
2,036,909 |
1,123,083 |
Gross profit (%) |
|
|
|
|
|
|
|
|
Net income (loss) |
(319,143) |
(918,867) |
(1,400,171) |
(653,131) |
699,620 |
(634,056) |
(1,019,380) |
(247,861) |
Total comprehensive income (loss) |
(221,465) |
(702,669) |
(1,747,813) |
(218,993) |
254,343 |
(516,921) |
(1,240,274) |
1,019,930 |
Non-IFRS Adjusted Revenue2 |
6,884,842 |
6,531,647 |
7,934,769 |
5,211,229 |
6,076,399 |
8,518,875 |
9,924,352 |
6,729,702 |
Non-IFRS Adjusted Income (Loss)3 |
255,839 |
(334,243) |
(56,108) |
(547,978) |
130,915 |
504,728 |
(37,683) |
(330,262) |
Total Shareholders' Equity |
16,116,964 |
15,815,544 |
15,981,748 |
17,189,674 |
17,256,569 |
16,982,599 |
17,469,126 |
18,138,403 |
Inventory balance (kg of gold)4 |
92 |
91 |
87 |
235 |
233 |
189 |
188 |
238 |
Customer orders |
3,534 |
3,758 |
4,797 |
3,445 |
3,650 |
4,938 |
6,495 |
4,175 |
Units of jewelry sold |
5,799 |
4,979 |
7,342 |
4,991 |
5,261 |
7,872 |
10,280 |
6,225 |
Jewelry weight sold (total kg) |
58 |
45 |
69 |
45 |
48 |
73 |
97 |
56 |
- The Company’s financial statements for fiscal year 2023 and 2022 were audited by an external assurance firm.
- The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders for which fulfillment is under process, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items from revenue per IFRS. See Non-IFRS Measures for a full reconciliation.
- The Company adjusts its total comprehensive income (loss) by removing the impact of non-cash expenses, consisting of depreciation and amortization, stock-based compensation, accretion, revaluation of metal loan and translation gain or loss. See Non-IFRS Measures for a full reconciliation.
- Inventory balances in kilograms of gold are calculated by taking the total Canadian Dollar (CAD) inventory value at each quarter-end date and dividing the value by the CAD gold spot price per gram.
STATEMENT FROM CEO VINCENT GLADU:
This quarter, Menē experienced an increase in top-line revenue Year over Year, predominantly driven by our March sale which was run later this year and into the second quarter, as well as by a chain sale we ran in June, primarily to help us better manage inventory. While we were content to observe this increase in revenue for Q2, we remain unphased by the vagaries of the market and focused on building Menē into a brand that will endure the test of time.
Inspired by the spirit of competition and human excellence, we introduced our
We also had the opportunity this quarter to make some positive changes to key, non-executive positions in the organization that will help us in achieving our operational transformation goals to a much leaner and scalable operating model that will deliver long-term, sustainable, and profitable growth.
Non-IFRS Measures
This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results.
Non-IFRS Adjusted Revenue is a non-IFRS measure. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders not yet delivered, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue.
Non-IFRS Adjusted Income (loss) is a non-IFRS measure. Non-IFRS Adjusted Income (Loss) is a non-IFRS measure, calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss).
Adjusted EBITDA, calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss).
Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder’s equity excluding intangible assets.
For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled "Non-IFRS Financial Measures" in the Company's MD&A for the quarter ended June 30, 2024.
About Menē Inc.
Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.
For more information about Menē, visit mene.com.
Forward-Looking Statements
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the business plans and goals of the Company, estimated growth, sustainability and profitability and achievement of operational goals.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the inability to successfully acquire and/or develop jewelry manufacturing facilities; an inability to predict and counteract the effects of pandemics and natural disasters; capital market conditions; restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance and availability of key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805597334/en/
Media and Investor Relations Inquiries:
Gavin Johnson
Chief Financial Officer
Menē Inc.
ir@mene.com
+1 289 748 3702
Source: Mene Inc.
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