AIRPORT CITY, Israel - MySize Inc. (NASDAQ: MYSZ), a technology company specializing in AI-driven retail solutions, announced Monday that it has raised $3 million from the exercise of outstanding warrants. With a current market capitalization of $5.56 million, this capital boost is set to fortify the company's financial position and fuel its strategic growth initiatives, including the expansion of its digital merchant subsidiary, Orgad. According to InvestingPro analysis, MySize maintains a healthy balance sheet with more cash than debt, though the company has been rapidly deploying its cash reserves for growth.
The funds are earmarked for several key areas: enhancing Orgad's operational efficiencies, inventory growth, and e-commerce reach; pursuing complementary acquisitions in the AI retail sector; accelerating research and development in AI and big data; and scaling sales and market expansion efforts. These initiatives align with MySize's goal to achieve its ambitious 2025 milestones and drive shareholder value. The company's revenue grew by 43.89% over the last twelve months, and analysts expect a further 33% growth in the current fiscal year, according to InvestingPro data.
Ronen Luzon, CEO of MySize, stated that the additional $3 million positions the company to expand its retail market footprint and supports Orgad's operational scaling and e-commerce presence. MySize's technology offerings, such as MySizeID and Naiz Fit, aim to increase retailers' conversion rates and reduce returns, thereby improving operational efficiency and customer satisfaction. The company maintains a strong liquidity position with a current ratio of 2.49, indicating robust ability to meet short-term obligations.
MySize's forward-looking statements in the press release highlight its strategic and business plans, technology advancements, and the anticipated use of the proceeds from the warrant exercise. The company cautions that these statements are subject to risks and uncertainties that could cause actual results to differ from expectations. Investors seeking detailed financial analysis and additional insights can access over 12 more exclusive ProTips and comprehensive financial metrics through InvestingPro.
The announcement is based on a press release statement from MySize Inc. and contains forward-looking statements that involve risks and uncertainties. MySize regularly posts investor-relevant information on its website and maintains a presence on social media platforms.
In other recent news, My Size, Inc. announced a 23% growth in revenue and is projecting a target of $15M in 2025. The company also reported a successful exercise of warrants, which resulted in gross proceeds of approximately $3M. The company's AI-driven sizing solution, Naiz Fit, continues to make strides, delivering over 42 million personalized size recommendations across numerous countries and supporting 1.5 million virtual try-ons. However, despite these developments, analyst firm H.C. Wainwright adjusted its price target for MySize's shares from $5.00 to $3.00, while maintaining a Buy rating. At the company's annual meeting, shareholders voted in favor of all items on the agenda, including the election of a Class III director and the ratification of the company's independent public accountant for the upcoming fiscal year. These are the recent developments for My Size, Inc.
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