My Size, Inc. reported its financial results for the nine months ended September 30, 2024, showing significant improvements in revenue and reduced losses compared to the same period in 2023. Revenues increased to $6.8 million, up from $4.2 million, primarily driven by higher sales from the Orgad platform following a warehouse fire in January 2023. However, for the third quarter alone, revenues decreased to $1.8 million from $2.2 million, attributed to lower Orgad sales due to inventory shortages and seasonal factors.

The company's gross profit for the nine-month period rose to $3.0 million, compared to $1.5 million in the prior year. Operating expenses decreased to $6.2 million from $6.6 million, leading to an operating loss of $3.3 million, a notable improvement from the $5.2 million loss reported in the same period of 2023. The net loss for the nine months was $3.3 million, down from $5.1 million, with a basic and diluted loss per share of $(4.21), compared to $(17.52) in the previous year.

Total assets as of September 30, 2024, were $7.0 million, a decline from $9.0 million at the end of 2023. Current assets also decreased to $5.9 million from $6.6 million, while total liabilities fell to $2.6 million from $4.3 million. The accumulated deficit increased to $(63.2 million) from $(59.9 million) at the end of 2023.

Strategically, My Size has focused on reducing operating expenses and enhancing product commercialization. The company closed a joint venture in Brazil with Santista Têxtil in March 2024 and has made efforts to streamline operations, including a reduction in headcount and subcontractor expenses, which contributed to lower research and development costs.

In terms of financing, My Size raised $2.6 million through financing activities in the nine months ended September 30, 2024, down from $6.2 million in the same period of 2023. The company anticipates continued losses and negative cash flows, raising concerns about its ability to sustain operations beyond 12 months without additional capital. The current capital market conditions may limit the company's ability to raise funds on favorable terms, potentially impacting its financial stability.

Additionally, My Size recorded a goodwill impairment charge of $631,000 for its SaaS Solutions segment due to declines in share price and operating results. The company continues to evaluate its financial position and operational strategies in light of these challenges.