Mene (MENE) Q4 2024 earnings summary

Executive summary

• Achieved IFRS revenue of $9.1M in Q4 2024, up 33% year-over-year; annual IFRS revenue reached $25.8M, up 11% year-over-year.

• Gross profit margin improved to 31% for both Q4 and full year; annual gross profit was $7.5M, up $1.6M year-over-year.

• Non-IFRS adjusted revenue for FY 2024 was $30.5M; non-IFRS adjusted income was $1.1M.

• Operational restructuring completed, focusing on leaner inventory, in-house operations, and cost savings.

• Strategic focus shifted to US market, with new PR partnerships and retail collaborations, including Dover Street Market and Huntsman.

Financial highlights

• Q4 gross profit of $2.8M, up $1.2M year-over-year; total comprehensive loss of $0.3M, increased by $1.4M year-over-year.

• Operating loss for FY 2024 was $1.3M; total comprehensive loss was $0.03M.

• Sold 25,198 jewelry units in FY 2024, totaling 218 kg; average order value increased 36%, but number of orders decreased 18%.

• Inventory balance at year-end was 91 kg of gold.

Outlook and guidance

• Expect tangible benefits from operational restructuring to begin mid-2025.

• Focus for 2025–2026 is on sustained sales growth in the US and increasing new customer acquisition.

• Plans to expand retail partnerships and enhance customer experience through website improvements and creative assets.