Latest news with #KITS
Globe and Mail
06-05-2025
- Business
- Globe and Mail
KITS Eyecare Reports Record First Quarter 2025 Results
Revenue Increased 34% Year-Over-Year to a Record $46.6 million Adjusted EBITDA of 7.4%, Improving Year-Over-Year to a Record $3.5 million Tenth Consecutive Quarter Reporting Positive Adjusted EBITDA VANCOUVER, BC , May 6, 2025 /CNW/ - Kits Eyecare Ltd. (TSX: KITS) ("KITS" or the "Company"), a leading vertically integrated eyecare provider, is reporting its results for the first quarter ended March 31, 2025 . First Quarter 2025 Financial & Operational Highlights For the first quarter of 2025, compared to the first quarter of 2024: Revenue increased by 34.0% to a record $46.6 million compared to $34.8 million Gross profit was $17.1 million , or 36.7% of revenue, compared to $11.2 million or 32.1% of revenue Adjusted EBITDA improved by $2.9 million to $3.5 million compared to $0.6 million Net income was $1.6 million compared to net income of $0.06 million Glasses revenue increased by 46.4% to a record $6.7 million compared to $4.6 million Record breaking 104,000 pairs of glasses delivered in the quarter compared to 75,000 pairs of glasses Management Commentary "We are pleased to deliver another quarter of record results, with revenue up 34% year-over-year and gross profit increasing by over 50%," said Roger Hardy , Co-Founder and CEO of KITS. "These results reflect the strength of our vertically integrated model and our team's continued focus on operational efficiency. With 104,000 pairs of glasses delivered this quarter and our highest Adjusted EBITDA margin to date, we remain confident in our ability to drive sustained profitable growth while advancing our mission to make eyecare easy." First Quarter 2025 Financial Results Revenue increased by 34.0% to $46.6 million compared to $34.8 million in the first quarter of 2024. The continued appeal of our eyecare offerings for both contact lenses and glasses fueled this expansion, setting a solid foundation for sustained momentum throughout the remainder of the year. Gross profit increased by 53.2% to $17.1 million compared to $11.2 million in the first quarter of 2024, while gross margin increased by 460 basis points to 36.7% compared to 32.1% in the first quarter of 2024. The increase was primarily achieved through targeted promotions focused on acquiring higher-value new customers and retaining repeat customers. Net income improved to $1.6 million , or $0.05 per share (basic), compared to a net income of $0.06 million , or $0.00 per share (basic), in the first quarter of 2024. The improvement was primarily attributable to an improvement in revenue, fulfillment and marketing efficiency. EBITDA increased by $1.9 million to $3.1 million compared to $1.2 million in the first quarter of 2024, while Adjusted EBITDA improved by 468% to $3.5 million compared to $0.6 million in the first quarter of 2024. The improvement in Adjusted EBITDA was primarily driven by consistent and stable recurring customer orders that deliver an annuity of recurring long-term earnings and profitability as well as our continued focus on balancing growth and profitability On March 31, 2025 , cash and cash equivalents totaled $17.7 million compared to $19.3 million on December 31, 2024 . Second Quarter 2025 Outlook For the second quarter of 2025, KITS management expects revenue to be in the range of $48.0 million to $50.0 million , with Adjusted EBITDA as a percentage of revenue between 3.0% and 5.0%. See "Forward-Looking Statements" below for important disclosure with respect to expectations and forward-looking information. Conference Call KITS management will host a conference call followed by a question-and-answer period. To access the call instantly, please click here to register your name and phone number via the rapid connect link. The conference call will also be webcast live with a presentation and available for replay here and via the investor relations section of the Company's website at Date: Wednesday, May 7, 2025 Time: 9:00 a.m. Eastern time ( 6:00 a.m. Pacific time ) Presentation webcast link: Rapid connect link: North American toll-free number: 1-888-510-2154 Local Toronto dial-in number: 1-437-900-0527 Confirmation #: 41795 # Financial Highlights March 31, 2025 and 2024 and accompanying notes and Management's Discussion and Analysis ("MD&A") which may be viewed on SEDAR at Three Months Ended Financial and Operating Data March 31, 2025 (unaudited) March 31, 2024 (unaudited) Revenue $ 46,595 $ 34,782 Net income (loss) $ 1,603 $ 64 Net income (loss) per share Basic $ 0.05 $ 0.00 Diluted $ 0.05 $ 0.00 Non-IFRS Measures (a): Constant currency revenue $ 44,671 $ 34,782 EBITDA $ 3,102 $ 1,157 Adjusted EBITDA $ 3,461 $ 609 Adjusted EBITDA Margin % (d) 7.4 % 1.8 % Reconciliation of constant currency revenue Revenue $ 46,595 $ 34,782 Foreign exchange impact (1,924) - Constant Currency Revenue $ 44,671 $ 34,782 Change in constant currency $ 9,889 Change in constant currency % 28.4 % Reconciliation of Adjusted EBITDA Net income (loss) for the period $ 1,603 $ 64 Add back: Income taxes 704 18 Finance (income) costs – net 171 320 Depreciation and amortization 624 755 EBITDA $ 3,102 $ 1,157 Add back Share-based compensation (b) $ 269 $ 270 Exchange loss / (gain) 87 (821) One-time costs (c) 3 3 Adjusted EBITDA $ 3,461 $ 609 Revenue $ 46,595 $ 34,782 Adjusted EBITDA Margin % (d) 7.4 % 1.8 % Notes: (a) Refer to "Non-IFRS Measures and Industry Metrics" section of the MD&A filed on and below. (b) Represents non-cash share-based compensation expense associated with restricted share rights ("RSRs") and options recognized in the period. (c) One-time IPO directors' and officers' insurance costs which are expensed over the insurance coverage period. (d) Represents Adjusted EBITDA divided by revenue from the same period. About KITS KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers' lifelong trust. For more information on KITS, visit: Non-IFRS Financial Measures and Industry Metrics This press release includes references to certain non-IFRS financial measures such as Constant Currency Revenue, ate, EBITDA and Adjusted EBITDA, and certain industry metrics. These financial measures and industry metrics are employed by the company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the company's operating and financial performance. These financial measures are not defined under IFRS, nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Definitions and reconciliations of non-IFRS measures to the nearest IFRS measure and Industry Metrics can be found in our Management's Discussion and Analysis. Such non- IFRS reconciliations can also be found in this press release under "Financial Highlights". Forward-Looking Statements This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance, our expectations and outlook for the second quarter of 2025 and prospects for the business. These forward-looking statements generally can be identified by the use of words such as "intend," "believe," "could," "continue," "expect," "estimate," "forecast," "may," "potential," "project," "plan," "would," "will," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such a statement. Our business is subject to substantial risks and uncertainties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of the expansion and enhancement of our fulfillment network, including our optical laboratory for glasses and warehouse facilities; the growth of our business and launch of new technologies; premium lens adoptions and smart eyewear expansion; our ability to drive sales growth; our ability to maintain, enhance, and grow within our addressable market; our ability to drive ongoing development and innovation of our exclusive brands and product categories; our ability to continue directly sourcing from third party suppliers and manufacturers; our ability to retain key personnel; our ability to add, maintain and expand production, distribution and fulfillment capabilities; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; the impact of tariffs and U.S. and international trade actions, policies and reform; and the changes in laws, rules, regulations, and global standards. KITS' risks and uncertainties are discussed in detail in the company's Annual Information Form, filed on SEDAR on March 5, 2025 . Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements, except as required under applicable securities laws. If we do update certain forward-looking information, no inference should be made that we will further update such or other forward-looking information.
Cision Canada
06-05-2025
- Business
- Cision Canada
KITS Eyecare Reports Record First Quarter 2025 Results
VANCOUVER, BC, May 6, 2025 /CNW/ - Kits Eyecare Ltd. (TSX: KITS) ("KITS" or the "Company"), a leading vertically integrated eyecare provider, is reporting its results for the first quarter ended March 31, 2025. First Quarter 2025 Financial & Operational Highlights For the first quarter of 2025, compared to the first quarter of 2024: Revenue increased by 34.0% to a record $46.6 million compared to $34.8 million Gross profit was $17.1 million, or 36.7% of revenue, compared to $11.2 million or 32.1% of revenue Adjusted EBITDA improved by $2.9 million to $3.5 million compared to $0.6 million Net income was $1.6 million compared to net income of $0.06 million Glasses revenue increased by 46.4% to a record $6.7 million compared to $4.6 million Record breaking 104,000 pairs of glasses delivered in the quarter compared to 75,000 pairs of glasses Management Commentary "We are pleased to deliver another quarter of record results, with revenue up 34% year-over-year and gross profit increasing by over 50%," said Roger Hardy, Co-Founder and CEO of KITS. "These results reflect the strength of our vertically integrated model and our team's continued focus on operational efficiency. With 104,000 pairs of glasses delivered this quarter and our highest Adjusted EBITDA margin to date, we remain confident in our ability to drive sustained profitable growth while advancing our mission to make eyecare easy." First Quarter 2025 Financial Results Revenue increased by 34.0% to $46.6 million compared to $34.8 million in the first quarter of 2024. The continued appeal of our eyecare offerings for both contact lenses and glasses fueled this expansion, setting a solid foundation for sustained momentum throughout the remainder of the year. Gross profit increased by 53.2% to $17.1 million compared to $11.2 million in the first quarter of 2024, while gross margin increased by 460 basis points to 36.7% compared to 32.1% in the first quarter of 2024. The increase was primarily achieved through targeted promotions focused on acquiring higher-value new customers and retaining repeat customers. Net income improved to $1.6 million, or $0.05 per share (basic), compared to a net income of $0.06 million, or $0.00 per share (basic), in the first quarter of 2024. The improvement was primarily attributable to an improvement in revenue, fulfillment and marketing efficiency. EBITDA increased by $1.9 million to $3.1 million compared to $1.2 million in the first quarter of 2024, while Adjusted EBITDA improved by 468% to $3.5 million compared to $0.6 million in the first quarter of 2024. The improvement in Adjusted EBITDA was primarily driven by consistent and stable recurring customer orders that deliver an annuity of recurring long-term earnings and profitability as well as our continued focus on balancing growth and profitability On March 31, 2025, cash and cash equivalents totaled $17.7 million compared to $19.3 million on December 31, 2024. Second Quarter 2025 Outlook For the second quarter of 2025, KITS management expects revenue to be in the range of $48.0 million to $50.0 million, with Adjusted EBITDA as a percentage of revenue between 3.0% and 5.0%. See "Forward-Looking Statements" below for important disclosure with respect to expectations and forward-looking information. Conference Call KITS management will host a conference call followed by a question-and-answer period. To access the call instantly, please click here to register your name and phone number via the rapid connect link. The conference call will also be webcast live with a presentation and available for replay here and via the investor relations section of the Company's website at Date: Wednesday, May 7, 2025 Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time) Presentation webcast link: Rapid connect link: North American toll-free number: 1-888-510-2154 Local Toronto dial-in number: 1-437-900-0527 Confirmation #: 41795 # Financial Highlights The following selected financial information is qualified in its entirety by and should be read conjunction with our consolidated financial statements for the years ended March 31, 2025 and 2024 and accompanying notes and Management's Discussion and Analysis ("MD&A") which may be viewed on SEDAR at About KITS KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers' lifelong trust. For more information on KITS, visit: Non-IFRS Financial Measures and Industry Metrics This press release includes references to certain non-IFRS financial measures such as Constant Currency Revenue, ate, EBITDA and Adjusted EBITDA, and certain industry metrics. These financial measures and industry metrics are employed by the company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the company's operating and financial performance. These financial measures are not defined under IFRS, nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Definitions and reconciliations of non-IFRS measures to the nearest IFRS measure and Industry Metrics can be found in our Management's Discussion and Analysis. Such non- IFRS reconciliations can also be found in this press release under "Financial Highlights". Forward-Looking Statements This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance, our expectations and outlook for the second quarter of 2025 and prospects for the business. These forward-looking statements generally can be identified by the use of words such as "intend," "believe," "could," "continue," "expect," "estimate," "forecast," "may," "potential," "project," "plan," "would," "will," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such a statement. Our business is subject to substantial risks and uncertainties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of the expansion and enhancement of our fulfillment network, including our optical laboratory for glasses and warehouse facilities; the growth of our business and launch of new technologies; premium lens adoptions and smart eyewear expansion; our ability to drive sales growth; our ability to maintain, enhance, and grow within our addressable market; our ability to drive ongoing development and innovation of our exclusive brands and product categories; our ability to continue directly sourcing from third party suppliers and manufacturers; our ability to retain key personnel; our ability to add, maintain and expand production, distribution and fulfillment capabilities; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; the impact of tariffs and U.S. and international trade actions, policies and reform; and the changes in laws, rules, regulations, and global standards. KITS' risks and uncertainties are discussed in detail in the company's Annual Information Form, filed on SEDAR on March 5, 2025. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements, except as required under applicable securities laws. If we do update certain forward-looking information, no inference should be made that we will further update such or other forward-looking information.
Yahoo
23-04-2025
- Business
- Yahoo
KITS Eyecare Sets First Quarter 2025 Conference Call for Wednesday, May 7, 2025, at 9:00 a.m. ET
VANCOUVER, BC, April 23, 2025 /CNW/ - Kits Eyecare Ltd. (TSX: KITS) ("KITS" or the "Company"), a leading vertically integrated eyecare provider, will hold a conference call on Wednesday, May 7, 2025, at 9:00 a.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2025. The financial results will be reported in a press release prior to the conference call. KITS management will host the conference call followed by a question-and-answer period. To access the call instantly, please click here to register your name and phone number via the rapid connect link. The conference call will also be webcast live with a presentation and available for replay here and via the investor relations section of the Company's website at Date: Wednesday, May 7, 2025Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)Presentation webcast link: Rapid connect link: North American toll-free number: 1-888-510-2154Local Toronto dial-in number: 1-437-900-0527Confirmation #: 41795 # Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. About KITSKITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers' lifelong trust. For more information on KITS, visit: SOURCE KITS Eyecare Ltd. View original content to download multimedia: Sign in to access your portfolio
Globe and Mail
16-04-2025
- Business
- Globe and Mail
KITS Expands Vision Care Partnership with Medavie Blue Cross
Making it Easy for Canadians to Access Exceptional Quality Eyecare Exclusive Savings for Medavie Blue Cross Members with KITS VANCOUVER, BC , April 16, 2025 /CNW/ - Kits Eyecare Ltd. (TSX: KITS) ("KITS" or the "Company"), a leading vertically integrated eyecare provider, today announces the launch of its new partnership with Medavie Blue Cross (MBC) to expand access to affordable vision care across Canada . The partnership integrates KITS into Medavie's Connected Care platform, giving members a seamless way to access eyewear and maximize their vision care benefits. Medavie Blue Cross members will now receive exclusive discounts on prescription glasses, contact lenses, and premium lens upgrades when shopping online at KITS continues to grow its network of insurance partners, providing Canadians with an accessible, frictionless way to get the vision care they need. Through this latest collaboration, Medavie Blue Cross members benefit from KITS' commitment to delivering premium products at competitive prices, with the convenience of shopping from home. Members can access KITS through the Blue Cross Mobile app or Member Services site. Eligible purchases of prescription eyewear can be quickly submitted for reimbursement under their Vision Care benefits, with additional coverage flexibility through Health Spending Accounts (HSA) or Personal Wellness Accounts (PWA). For more information about this partnership or to browse the latest eyewear collections, visit or check out the Connected Care platform on the Blue Cross Mobile app. About KITS KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers' lifelong trust. For more information on KITS, visit:
