Second Quarter 2021 Mene Inc. (TSX-V:MENE) (US:MENEF) (“Mene” or the “Company”), an online 24 karat jewelry brand, today announced financial results for the second quarter ended June 30, 2021 (“Q2 2021”). All amounts are expressed in Canadian dollars unless otherwise noted.
FINANCIAL HIGHLIGHTS:
- IFRS Quarterly Revenue of $5.8 million, a $2.3 million (67%) increase year-over-year (“YoY”). Non-IFRS Adjusted Revenue2 of $6.7 million, an increase of 82% YoY.
- IFRS Gross Profit of $1.5 million, an increase of $0.6 million (67%) YoY.
- Operating Income of $0.1 million, an increase of $0.5 million (127%) YoY.
- Reduced operating expenses to 25% of revenue, compared to 37% in the same quarter last year.
- Sold 7,197 units of jewelry through 4,377 Customer Orders during the quarter, an increase of 46% and 57% respectively, YoY.
- Sold 66kg of gold and platinum jewelry during the quarter, an increase of 27 kg, or 69% YoY.
- Average Order Value of $1,530, an increase of 13% YoY.
- At June 30, 2021, the Company had Tangible Common Equity4 of $16.1 million, including $3.3 million in cash and cash equivalents, $5.2 million in short-term investments, and $17.3 million in inventory with a net working capital of $15.6 million.
OPERATIONAL HIGHLIGHTS:
- Introduced 15 new product designs during the quarter, including the Etruscan Collection, and Chess Collection.
- Introduced Made-to-Order for select designs.
- Cumulative units of jewelry sold reached 88,176 as of quarter end and nearly three quarter tonne of precious metal weight.
- Returning Customers attributed to 62% of total sales due to great customer satisfaction.
- Registered more than 23,900 independent customer reviews on mene.com/reviews.
- Featured in Barron’s Penta and Daniel Fau.
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