Latest news with #Performance
Yahoo
2 days ago
- Business
- Yahoo
Mene Inc. Reports Financial Results for the First Quarter 2025
TORONTO, May 28, 2025--(BUSINESS WIRE)--Menē Inc. (TSX-V:MENE) (US:MENEF) ("Menē" or the "Company"), an online 24 karat jewelry brand, today announced financial results for the first quarter ended March 31, 2025. All amounts expressed herein reflect Canadian dollars unless otherwise noted. FINANCIAL HIGHLIGHTS IFRS Revenue of $7.3 million, an increase of $2.5 million (52%) Year-over-Year ("YoY"). Gross Profit of $1.7 million, with a consistent gross profit margin of 23% YoY. Total comprehensive loss of $0.2 million during the quarter, a significant improvement of $0.5 million YoY. Total metal weight of 45 kilograms was sold during the quarter, consisting of 4,336 units of jewelry. OPERATIONAL HIGHLIGHTS Introduced 12 new product designs during the quarter. Sales to Returning Customers accounted for 68% of total sales during the quarter. Cumulative units of jewelry sold reached 185,000 as of quarter end. Featured in 1,200-word Forbes article, Air Mail editorial with Diana W. Picasso as Guest Editor. Registered over 44,000 independent customer reviews on since inception. IFRS Consolidated IncomeStatement Data &Key Performance Indicators (KPIs) 1 FY 2025 FY 2024 FY 2023 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Revenue $7,338,753 $9,118,982 $5,388,095 $6,464,004 $4,828,705 $6,862,070 $4,292,870 $4,982,901 Gross profit $1,721,276 $2,840,105 $1,799,433 $1,692,440 $1,135,878 $1,667,134 $949,989 $1,489,700 Gross profit (%) 23% 31% 33% 26% 24% 24% 22% 30% Net income (loss) $(209,882) $(1,073,600) $1,317,677 $(319,143) $(918,867) $(1,400,171) $(653,131) $699,620 Total comprehensive income (loss) $(232,428) $(302,168) $1,192,776 $(221,465) $(702,669) $(1,747,813) $(218,993) $254,343 Non-IFRS Adjusted Revenue2 $8,231,951 $10,563,400 $6,488,620 $6,884,842 $6,531,647 $7,934,768 $5,211,227 $6,076,398 Adjusted EBITDA3 $94,356 $668,655 $350,192 $163,865 $(375,016) $(138,659) $(543,263) $130,557 Total Shareholders' Equity 17,822,560 17,769,949 16,243,913 16,116,965 15,815,544 15,981,748 17,189,674 17,256,569 Inventory balance (kg of gold)4 73 91 93 92 91 235 233 189 Customer orders 3,362 4,030 2,434 3,534 3,758 3,445 3,650 4,938 Units of jewelry sold 4,336 7,226 7,194 5,799 4,979 4,991 5,261 7,872 Jewelry weight sold (total kg) 45 73 42 58 45 45 48 73 The Company's financial statements for fiscal year 2024 and 2023 were audited by an external assurance firm. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders for which fulfillment is under process, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items from revenue per IFRS. See Non-IFRS Measures for a full reconciliation in the MD&A. The Company adjusts its net income (loss) by excluding depreciation and amortization, stock-based compensation, income taxes and interest. See Non-IFRS Measures for a full reconciliation in the MD&A. Inventory balances in kilograms of gold are calculated by taking the total Canadian Dollar (CAD) inventory value at each quarter-end date and dividing the value by the CAD gold spot price per gram. STATEMENT FROM CEO VINCENT GLADU: The first quarter of 2025 was a relatively positive one for Menē. We attained revenues of $7.3 million, a growth of 52% over the same quarter last year. While we saw our average order value increase by 70% year-over-year, our number of orders decreased by 11% year-over-year. Now that we've successfully delivered on the core elements of our operational transformation, our strategic focus for 2025 and 2026 has moved to proving out sustained sales growth in our core market, the USA. Increasing the number of orders as well as the number of new customers that purchase our products is central for Menē to deliver long-term, sustainable and profitable growth. There are many tactics being deployed to reach our goals and acquire new customers, while also growing and retaining existing ones. We are increasing the breadth of our PR activities to reach different customer segments, developing relationships with major publishing houses and key editors to extend our editorial reach, partnering with influencers who we believe can represent the Menē brand successfully to their followers, continually optimizing our digital advertising strategies and reviewing how we fundamentally leverage social media in a rapidly changing online luxury landscape. We also continue providing best-in-class customer service and have developed strategies to offer more tailored experiences and communications to increase customer satisfaction, loyalty and, ultimately, sales. Our customer focus remains on building long-term, personalized and meaningful relationships that maximize lifetime value. Another approach we are testing to help new customer segments discover Menē is through retail partnerships. Alongside our existing retail partnerships and collaborations with Dover Street Market, the international, high-end, multi-brand retailer, and Huntsman, the world-renowned Savile Row bespoke tailor, we launched a partnership with Air Mail, a digital weekly newsletter and online store launched by former Vanity Fair editor-in-chief Graydon Carter and former New York Times reporter Alessandra Stanley. The partnership started as a guest editor appearance by our Co-Founder, Diana W. Picasso, and evolved into offering a curated collection of our jewelry on their online store. We also surpassed a new milestone this quarter: Over $200 million in total metal is now held by our customers.1 When compared to total revenues generated of over $150 million since inception, it means that, by this measure, our clients have accumulated roughly $50 million in aggregate value owning our jewelry. Taken together with the fact that Menē is merely 8 years into its journey leads us to believe that we are in the early stages of building a globally recognized, intergenerational luxury house. And while we certainly aspire and aim to have the longevity of some of the most storied brands in luxury, our mission of restoring the link between jewelry and savings puts us in a unique category. Because everything we make is pure gold or platinum, the stores of value we create for our customers we believe go beyond brand name recognition, scarcity, exclusivity, and other marketing elements that can erode over time. We strive to build Menē into a company that will endure the test of time, and whose focus is on unparalleled craftsmanship and customer service, rather than on market trends and other extrinsic factors. By the way, it's not too late to get your hands on some of our new designs for Father's Day, whether it be the enigmatic Owl Ring or the tactile Snake Belly Cuff. I'm a big fan of the Steering Wheel Pendant myself. Whatever your taste, you're sure to find something of lasting value that will also make an impression: Calculated as the total metal weight sold, multiplied by the respective gold and platinum spot prices at time of publishing. Non-IFRS Measures This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company's performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company's operating results. Non-IFRS Adjusted Revenue is a non-IFRS measure. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders not yet delivered, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue. Non-IFRS Adjusted Income (loss) is a non-IFRS measure. Non-IFRS Adjusted Income (Loss) is a non-IFRS measure, calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss). Adjusted EBITDA, calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss). Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder's equity excluding intangible assets. For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled "Non-IFRS Financial Measures" in the Company's MD&A for the quarter ended March 31, 2025. About Menē Inc. Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value. For more information about Menē, visit Forward-Looking Statements This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to its business plans and goals of the Company for the current financial year, the hiring of new management, estimated potential year over year growth, marketing plans and the announcement of future plans and milestones. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the inability to successfully acquire and/or develop jewelry manufacturing facilities; an inability to predict or control the negative effects of tariffs and global trading patterns; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics and other infectious diseases presenting as major health issues and impacting the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company's shares; the Company's limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; inflation risks; risks related to changing consumer preferences; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance and availability of key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. View source version on Contacts Media and Investor Relations Inquiries: Sean TyChief Financial OfficerMenē +1 289 748 3702 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Car and Driver
2 days ago
- Automotive
- Car and Driver
Bentley Teases New Bentayga Performance Variant with a Drift Mode
Bentley is teasing a new variant of the Bentayga SUV, and we think it's a successor to the W-12-powered Bentayga Speed that was last sold in 2023. Bentley says this new SUV model will have a nonhybrid twin-turbocharged V-8 that makes more power than the old W-12's 626 ponies. A new dynamic stability-control mode will allow the Bentayga to drift, while a special sports exhaust should emit a raucous engine note. The Bentley Bentayga is known for large-displacement and potent engines, richly upholstered interiors, and an ostentatious design. What the British automaker's only SUV is not synonymous with is sliding sideways through a corner, with the rear tires spinning up a cloud of smoke. But Bentley is teasing a new performance-focused variant of the Bentayga, set to be revealed on Monday, June 2, that promises to be capable of performing dramatic drifts. Bentley didn't provide a name for this new Bentayga model, but the luxury SUV has been without a Speed trim since the 2023 model year, so we wouldn't be surprised if this hi-po model carries that moniker. Bentley has revealed that this new version of the Bentayga will pack a twin-turbocharged, non-hybrid V-8 engine. Bentley says it will have more power than the W-12 engine found in the previous Bentayga Speed, further reinforcing the idea that this one is a new iteration of the Speed nameplate. Bentley The new V-8-powered Bentayga model is a replacement for the pre-refresh W-12-powered Bentayga Speed, seen here. That claim would mean the new Bentayga Speed will produce more than 626 horsepower. Currently, the Bentayga is only offered with a 443-hp hybrid powertrain consisting of a turbocharged V-6 and an electric motor, as well as a 542-hp twin-turbocharged V-8. This suggests the new model will have at least 85 more horses than the most potent Bentayga currently for sale. Interestingly, Bentley isn't slotting in the new 771-hp hybrid powertrain found in the latest Continental GT Speed and Flying Spur Speed into the Bentayga, at least not yet. Bentley divulged a few other details about this new Bentayga ahead of its unveiling. The SUV will pack a new sports exhaust with two elliptical tailpipes that protrude from the rear diffuser, as seen in the teaser photo. Bentley also said there will be a new ESC Dynamic (stability control) mode that will "permit exhilarating drift angles." That sounds promising, and we look forward to performing comedically lurid slides in the 5600-pound-plus behemoth. The latest Bentayga variant will be revealed at 7:30 a.m. ET on June 2. Caleb Miller Associate News Editor Caleb Miller began blogging about cars at 13 years old, and he realized his dream of writing for a car magazine after graduating from Carnegie Mellon University and joining the Car and Driver team. He loves quirky and obscure autos, aiming to one day own something bizarre like a Nissan S-Cargo, and is an avid motorsports fan.
The Sun
3 days ago
- Business
- The Sun
Popular baby car seat urgently recalled over ‘serious risk of tot suffocating'
A POPULAR car seat has been banned by trading authorities over "serious" suffocation fears. The Office for Product Safety and Standards (OPSS) rejected the Chinese product because it does not meet essential safety regulations. 2 2 Parents are being strongly advised to avoid Belecoo's baby stroller and car seat, which has been recalled due to a lack of safety warnings. The brand's 580-2 model was deemed to pose a serious asphyxiation risk to babies and toddlers by Trading Standards. It does not meet the requirements enforced by the General Product Safety Regulations 2005. The damning report claims that parents might unknowingly endanger their young children by letting them sleep in the seat. It reads: "The product presents a serious risk of asphyxiation because it is not supplied with relevant safety warnings. "Without these warnings, a parent or carer may place a child in the stroller to sleep in an upright position. "This may cause the child's head to drop down, restricting the necessary airflow to their lungs and leading to asphyxiation. "The import has been rejected at the border." It was recalled on May 23 this year. The decision comes just a day after another Chinese stroller was banned over similar fears. At Performance 's Z1 Black and Z1 Gray products were deemed to pose a "high risk" of asphyxiation due to a lack of warnings, instructions and safety information. And last month, parents were warned to stop using a kids clothing item from Marks and Spencer over suffocation dangers. Customers were advised to return Children's Fisherman's Coats for 0 to 3 Months and 3 to 6 Months to stores. The major retailer was slammed by trading standards officials over the hoods attached to the baby clothes. A report read: "If a baby is placed inside a hooded product and left unattended, the baby's natural movement may cause the hood to cover the head and face. "This may lead to suffocation. "The product does not meet the requirements of the General Product Safety Regulations 2005." And baby "sleeping bags" sold on eBay were removed from online marketplaces over similar health concerns. Newborn 0-3 Month Hooded Teddy Bear Sleeping Bags were deemed to lack arm openings, meaning a baby may slip down if unattended. Others include a hood which could cover their head or face if left alone. Your product recall rights Chief consumer reporter James Flanders reveals all you need to know. Product recalls are an important means of protecting consumers from dangerous goods. As a general rule, if a recall involves a branded product, the manufacturer would usually have lead responsibility for the recall action. But it's often left up to supermarkets to notify customers when products could put them at risk. If you are concerned about the safety of a product you own, always check the manufacturer's website to see if a safety notice has been issued. When it comes to appliances, rather than just food items, the onus is usually on you - the customer - to register the appliance with the manufacturer as if you don't there is no way of contacting you to tell you about a fault. If you become aware that an item you own has been recalled or has any safety noticed issued against it, make sure you follow the instructions given to you by the manufacturer. They should usually provide you with more information and a contact number on its safety notice. In some cases, the manufacturer might ask you to return the item for a full refund or arrange for the faulty product to be collected. You should not be charged for any recall work - such as a repair, replacement or collection of the recalled item
CTV News
24-05-2025
- Entertainment
- CTV News
Nate Haller talks performing, Hockeyfest
Country music star Nate Haller joins Rick Wyman to talk about Hockeyfest and his performance at the Grace Hartman Amphitheatre on Saturday.
The Verge
22-05-2025
- Business
- The Verge
Nvidia GeForce Now six-month subs are 40 percent off
If you've been wanting to grab a subscription to Nvidia's GeForce Now cloud game streaming service, now's a good time to commit. That's because six-month subs to its mid-tier Performance subscription — which offers ad-free 1440p gameplay, short queue times, plus ray-tracing on supported games — is 40 percent off. Instead of $49.99, you'll pay $29.99, a reasonable price if you don't have a gaming PC, or just want a reliable way to play many (but maybe not all) of your Steam, Epic Games Store, and other titles away from your PC. Each tier of GeForce Now offers different session lengths; the Performance tier caps you at six hours of playtime before freeing up your virtual machine for another player. However, you can simply start a new session immediately after. This deal will be active through July 6th, and after your six months are up, you'll be charged the full price unless you cancel beforehand. Nvidia GeForce Now $5040% off GeForce Now is a cloud game streaming app that's accessible from your browser, as well as on some TVs, set-top boxes, phones, tablets, handhelds, and soon, the Steam Deck. It also works with the Apple Vision Pro and the Meta Quest 3. $30 at Nvidia (Performance, six-month sub) This discount comes at an especially opportune time for Steam Deck owners, as the official GeForce Now should be launching soon for Valve's handheld, although an exact date hasn't been publicly confirmed. Now, it might seem kind of redundant to play Steam games via the cloud when you can simply load them onto a Steam Deck's storage, but Nvidia's virtual machines are more powerful. You'll be gaining visual fidelity not possible on the Deck, but adding some input latency — a given with any and all cloud game streaming services.
