Mene (MENE) Q3 2024 earnings summary

Executive summary

• Achieved IFRS revenue of $5.4 million in Q3 2024, up 26% year-over-year, driven by higher gold prices and a successful September sale not held last year.

• Gross profit reached $1.8 million with a 33% margin; total comprehensive income was $1.2 million, a $1.4 million YoY increase.

• Sold 42 kg of jewelry (3,811 units); 68% of sales came from returning customers.

• Launched 10 new product designs and received media coverage in several major fashion publications.

Financial highlights

• IFRS revenue increased to $5.4 million from $4.3 million in Q3 2023; gross profit margin improved to 33% from 22%.

• Net income was $1.3 million, reversing a net loss of $0.7 million in Q3 2023.

• Non-IFRS adjusted revenue was $5.8 million; adjusted income was $0.4 million.

• Shareholders' equity stood at $16.2 million at quarter-end.

Outlook and guidance

• Management remains cautious due to macroeconomic uncertainty but continues to focus on operational transformation for sustainable, profitable growth.

• Ongoing efforts to attract new customers and maintain low operating costs.

• Holiday collection launched to drive seasonal sales.