Financial Performance - Fiscal Q3 2024 net income was $1.2 million, or $0.23 per basic share and $0.08 per diluted share, driven by eCommerce sales up 23% to a record $3.8 million[5]. - Total revenue for the nine-month period reached a record $19.6 million, reflecting a 1% increase compared to the same year-ago period[24]. - Total revenue for Q3 2023 was $12,726,000, a decrease of 21.5% compared to $16,146,000 in Q3 2022[38]. - Net income for Q3 2023 was $1,204,000, compared to $3,267,000 in Q3 2022, reflecting a decline of 63.1%[38]. - Adjusted EBITDA for Q3 2023 was $1,749,000, down from $4,074,000 in Q3 2022, indicating a decrease of 57.0%[45]. eCommerce Growth - eCommerce revenue increased 28% to $5.8 million, representing 29% of total revenue, up from 23% in the same year-ago quarter[25]. - Ecommerce revenue increased to $3,752,000 in Q3 2023, up 23.2% from $3,045,000 in Q3 2022[38]. Cost Management - Gross margin improved to 39.0%, up from 36.6% in the same year-ago period, driven by less discounting and fewer discount windows[27]. - Total operating expenses decreased 24% to $9.9 million, primarily due to reduced SG&A and marketing expenses[28]. - Gross profit for Q3 2023 was $4,866,000, representing a gross margin of 38.3%, down from 38.5% in Q3 2022[38]. Financial Position - Cash position post-IPO was $9.8 million with no long-term debt, enhancing financial resources for growth initiatives[7][23]. - Total current assets increased to $11,459,000 as of December 31, 2023, compared to $8,679,000 on March 31, 2023[40]. - Total liabilities rose to $18,415,000 as of December 31, 2023, up from $13,962,000 on March 31, 2023[40]. - The company reported an accumulated deficit of $43,235,000 as of December 31, 2023, compared to $40,255,000 on March 31, 2023[40]. - Cash and cash equivalents decreased to $3,370,000 as of December 31, 2023, from $4,712,000 on March 31, 2023[40]. Market Outlook - The luxury outerwear market is projected to grow at a 6.5% CAGR to reach $23.2 billion by 2028, providing a favorable environment for expansion[16]. Brand Engagement - The total number of global unique visitors per month reached over 4 billion during the quarter, indicating strong digital media coverage[5]. - Perfect Moment's social media followers exceeded 343,000, up nearly 20% year-over-year, enhancing brand engagement[5]. Future Initiatives - The company plans to launch a summer product line and a new direct-to-consumer 'capsule' collection for autumn, aiming for smoother quarterly results[12].
Perfect Moment(PMNT) - 2023 Q4 - Annual Results