Mene (MENE) Q2 2024 earnings summary

Executive summary

• Achieved IFRS revenue of $6.5 million in Q2 2024, up 30% year-over-year, driven by successful sales events and new product launches.

• Sold 5,799 units of jewelry totaling 58 kg, with 72% of sales from returning customers.

• Introduced 22 new product designs and featured in prominent media outlets.

Financial highlights

• Gross profit reached $1.7 million with a gross margin of 26% year-over-year.

• Total comprehensive loss was $0.3 million, an increase of $0.5 million year-over-year.

• Non-IFRS adjusted revenue and income metrics provided for greater transparency.

Outlook and guidance

• Management remains focused on building a sustainable, scalable, and profitable brand despite market fluctuations.

• Operational transformation initiatives underway to achieve long-term growth.