MySize revenues accelerate in the first quarter

Israeli startup MySize revenues for the first quarter increased 314 percent to 2.98 million dollars driven by an increase in Orgad sales.

MySize develops measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries.

"We continued to show strong revenue growth and increased gross profits 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.

The company said in a release that gross profit for the quarter decreased to 1.20 million dollars due to a warehouse fire and the associated write-down of part of Orgad's inventory.

Operating loss reduced to 1,07 million dollars, while net loss contracted to 1,02 million dollars due an increase in revenues and cost savings in R&D.