Revenue Performance - Gross revenue increased 43% to $1.9 million from $1.3 million in the same year-ago quarter[2] - Total net revenue decreased 1% to $974,000 from $988,000 in the same year-ago quarter, primarily due to increased eCommerce customer returns[14] - eCommerce net revenue decreased 4% to $922,000 compared to $957,000 in the year-ago quarter[15] - Wholesale revenue totaled $52,000, up 68% compared to $31,000 in the year-ago quarter[15] - Total revenue for the three months ended June 30, 2024, was $974,000, a decrease of 1.4% compared to $988,000 for the same period in 2023[24] Profitability - Gross profit decreased 26% to $356,000 from $482,000 in the year-ago quarter, with gross margins at 36.6% compared to 48.8%[15] - Gross profit for the same period was $356,000, down 26.1% from $482,000 year-over-year[24] - Net loss was $3.4 million or $(0.22) per basic and diluted share, compared to a net loss of $2.7 million or $(0.55) per basic and diluted share in the year-ago period[16] - Net loss for the three months ended June 30, 2024, was $3,388,000, compared to a net loss of $2,673,000 in the same period last year[24] - Adjusted EBITDA for the three months ended June 30, 2024, was $(2,907,000), worsening from $(1,963,000) in the prior year[28] Cash and Assets - Cash, cash equivalents, and restricted cash totaled $4.0 million at June 30, 2024, down from $7.9 million at March 31, 2024[16] - Cash and cash equivalents decreased significantly to $1,102,000 from $7,910,000 as of March 31, 2024[25] - Total current assets fell to $8,663,000, down from $11,917,000 at the end of the previous quarter[25] - Total liabilities decreased slightly to $4,558,000 from $4,846,000 as of March 31, 2024[25] - Shareholders' equity dropped to $4,731,000 from $7,763,000 in the previous quarter[25] Business Development - The company launched a Summer Capsule Collection and a product resale program, "Perfect Second Moment," to expand its product offerings[3] - Perfect Moment secured its first pop-up retail location in SoHo, New York City, with a grand opening planned for October[8] - Total number of global unique visitors per month reached more than 1.4 billion during the first quarter of fiscal 2025[7] Operating Expenses - Operating expenses increased to $3,751,000, up 17.6% from $3,191,000 in the prior year[24] - The weighted average number of common shares outstanding increased to 15,653,449 from 4,854,061 year-over-year[24]
Perfect Moment(PMNT) - 2024 Q2 - Quarterly Results