Mene Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year 2018
Mene Inc has released financial results for the fourth quarter and fiscal year 2018.
Read the full release:
Keep in mind that this data doesn’t include recent months, which we can infer from certain anecdotal information have been solid...
TORONTO – April 23, 2019 – Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat investment jewelry brand, today announced financial results for the fourth quarter and fiscal year ended December 31, 2018. All amounts are expressed in Canadian dollars unless otherwise noted.
FINANCIAL HIGHLIGHTS:
• Record IFRS Annual Revenue of $7.9 million in 2018, a $7.9 million (12,305%) increase Year-over-Year (“YoY”). Non-IFRS Adjusted Annual Revenue1 was also a company record of $9.3 million.
• Record IFRS Quarterly Revenue of $3.5 million in Q4 2018, an increase of $1.5 million (77%) Quarter-over-Quarter (“QoQ”). Non-IFRS Adjusted Quarterly Revenue1 of $3.9 million was also a record in Q4 2018.
• Consolidated IFRS Gross Profit of $1.6 million in 2018, including $1.0 million in Q4, up $0.8 million (372%) QoQ. Non-IFRS Adjusted Gross Profit2 of $1.9 million in 2018, including $1.1 million in Q4 2018. All record highs.
• Gross Margin expanded 1,800 basis points to 28% in Q4 as compared to 10% in Q3 2018. The Gross Margin for the year ended 2018 was 20%.
• Non-IFRS Adjusted Loss3 of $0.5 million in Q4 2018, a record low for the Company amidst record quarterly revenue and gross profit.
• Sold 19,140 units of jewelry through 14,063 customer orders in 2018, a 23,825% and 18,904% increase respectively compared to 2017.
• Gold and platinum weight sold increased progressively each quarter. In Q4, gold weight sold increased by 10.2 kilograms (33%) and platinum weight sold increased by 4.9 kilograms (113%) from Q3 2018.
• Q4 Basic and Diluted Net Loss per Share of nil, stable compared to loss of $0.01 per share in Q3 2018.
• Tangible Common Equity of $18.5 million as of December 31, 2018, an increase of $8.4 million (84%) QoQ, demonstrating the Company’s ability to raise capital and its high-margin and low fixed-cost business model.
2018 OPERATIONAL HIGHLIGHTS:
• Officially launched Mene.com website and brand to the public on January 6, 2018
• Introduced 164 new product designs over the course of 2018.
• Ramped up production output by producing $9.7 million (173 kg) of gold and $1.9 million (55.2 kg) of platinum jewelry to meet increasing customer demands.
• Expanded inventory level to 234 Gold Equivalent Kilograms as of December 31, 2018, an increase of 127% from Q3.
• Completed separation from Goldmoney Inc. (TSX:XAU) and commenced trading on the TSX Venture Exchange (TSX-V) under the symbol “MENE” on November 6, 2018.
• Unveiled myMENĒ, an intelligent and interactive jewelry customization technology and user experience.
• Announced partnership with Affirm offering new credit alternative to U.S. customers, thereby further expanding potential sales with a different customer base.
• Launched “Menē x”, a new product category of limited-edition jewelry collections designed in collaboration with select creators, artists and tastemakers. Unveiled first collaboration with world-renowned fashion photographers Inez van Lamsweerde and Vinoodh Matadin (“Inez & Vinoodh”).
• Raised approximately $10 million in an Equity Funding Round in Q4 2018, and $20 million in a Unique Gold-Note Funding Round in Q1 2019 underwritten by Canaccord Genuity.
• Registered nearly 7,000 independent customer reviews on mene.com/reviews.
Statement from Founder & CEO Roy Sebag:
“I am pleased to report the IFRS and Non-IFRS results for our first year of operation. Menē launched in January of 2018 after nearly two years of investment and infrastructure build-out. We have sold nearly $10 million (non-IFRS) of jewelry in our first year entirely online without any physical stores. The momentum we saw in Q4 2018 has continued into Q1 2019 and we are looking forward to sharing those results with our investors in the coming months. At this stage, it has become clear that Menē is rapidly turning into a force within the jewelry industry with a business model that has significant potential for much greater scale and global growth. Following the completion of our secured gold note funding, which closed following the reporting period, the company has a golden balance sheet and is very well capitalized to fund our ambitious growth plans in 2019 and beyond. I am extremely proud of the work the entire Menē team has done in 2018 and would like to thank our employees, colleagues, partners, and most of all, our customers.”
A bit more color from Roy’s twitter:
It’s shaping up to be a great year for Mene!
Thanks to all Steemians for helping spread the word :)
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Investor Presentation: https://mene.com/investors/docs/Investor_Presentation.pdf
Earn $5 in Mene credit for signing up for Mene with this invite link:
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Jewelry Worth It’s Weight in Gold:
Menē crafts 24 karat gold and platinum investment jewelry™ that is transparently sold by gram weight. By combining innovative technology with timeless design, Menē restores the ancient tradition of jewelry as a store of enduring value.
I am on a personal mission to spread the word about Goldmoney and Menē through any means necessary. Goldmoney\Mene allows individuals to empower themselves by protecting their savings by owning small or large amounts gold previously inaccessible to regular people like you and me.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
See Steemians unbox Mene:
I'm glad I was able to contribute a few of those reviews. All glowing of course. MENE rocks!
So good right? It’s a great way to keep track anecdotally of how sales are doing