Financial Performance - Total net revenue for fiscal 2024 increased 4% to a record $24.4 million, driven by eCommerce sales which rose 21% to $10.4 million[12][14] - Net loss improved to $8.7 million or $(1.34) per share, compared to a net loss of $10.3 million or $(2.16) per share in the prior year[3][31] - Total operating expenses decreased by 3% to $16.9 million, reflecting cost management efforts[15] - Adjusted EBITDA was negative $5.9 million for the fiscal year ending March 31, 2024, compared to negative $2.5 million in the prior year, reflecting increased investments in brand awareness[52] Profitability and Margins - Gross profit improved by 40 basis points to 37.8%, attributed to strategic changes in eCommerce and improved supply chain management[2][30] - Gross profit increased by 5% to $9.2 million from $8.8 million year-over-year, attributed to higher sales and improved eCommerce margins[50] eCommerce Growth - eCommerce revenue rose by 21% to $10.4 million for the fiscal year ending March 31, 2024, up from $8.6 million in the previous year[49] - Local distribution centers are expected to improve eCommerce margins by reducing shipping costs and enhancing customer experience[26] - Plans to open a new distribution center in the U.S. during the current fiscal year to enhance eCommerce operations and gross margins[46] Brand Awareness and Market Expansion - Total global unique visitors per month to digital media coverage exceeded 7.5 billion, enhancing brand awareness[1][7] - Social media followers increased by 19% year-over-year to over 387,000, making the brand one of the most followed luxury skiwear brands[6] - The company launched a Summer Capsule Collection aimed at expanding its product range into the global luxury lifestyle market[44] - The company plans to broaden its product range beyond core skiwear, including year-round accessories[27] Financial Health - Cash, cash equivalents, and restricted cash totaled $7.9 million at March 31, 2024, up from $4.7 million a year earlier, primarily due to IPO proceeds[16][32] - Total current assets increased to $11,917,000 as of March 31, 2024, compared to $8,679,000 in the prior year, representing a growth of 37.5%[40] - Current liabilities decreased significantly to $4,802,000 from $13,954,000 in the prior year, indicating improved financial health[40] - Total stockholders' equity increased to $7,763,000 as of March 31, 2024, compared to a deficit of $4,141,000 in the previous year, marking a substantial turnaround[40] Wholesale Revenue - Wholesale revenue decreased by 6% to $14.1 million, attributed to higher purchase activity in the previous fiscal year[29] Market Opportunities - The global luxury outerwear market is ten times larger and growing faster than the global luxury ski wear market, presenting significant growth opportunities[48]
Perfect Moment(PMNT) - 2024 Q1 - Quarterly Results