Revenue Performance - eCommerce gross revenue increased 27% to $1.7 million, with eCommerce net revenue up 8% to $1.2 million compared to $1.1 million in the year-ago quarter[1][27]. - Total net revenue decreased 35% to $3.8 million from $5.9 million in the same year-ago quarter, primarily due to a $2.0 million decline in collaborations revenue from the Hugo Boss partnership[3][26]. - Total revenue for the three months ended September 30, 2024, was $1,155,000, compared to $1,066,000 for the same period in 2023, representing an increase of 8.3%[43]. Profitability and Loss - Gross margin was 54.0%, down from 55.7% in the same year-ago quarter, attributed to lower sales and a higher percentage of lower margin eCommerce sales[4][28]. - Net loss was $2.7 million or $(0.17) per share, compared to a net loss of $0.8 million or $(0.29) per share in the year-ago period[30]. - Adjusted EBITDA was negative $2.0 million, compared to negative $958,000 in the year-ago quarter, primarily due to the conclusion of the Hugo Boss collaboration[31]. - The net loss for the three months ended September 30, 2024, was $2,744,000, compared to a net loss of $1,511,000 for the same period in 2023, indicating a worsening of 81.5%[47]. - The company reported a comprehensive loss of $(2,723,000) for the three months ended September 30, 2024, compared to $(772,000) for the same period in 2023, an increase of 252.5%[43]. - Adjusted EBITDA for the three months ended September 30, 2024, was $(1,996,000), compared to $(958,000) for the same period in 2023, indicating a decline of 108.7%[47]. Operating Expenses - Total operating expenses increased 29% to $4.6 million from $3.6 million in the year-ago quarter, driven by increased SG&A expenses[30]. - Total operating expenses for the three months ended September 30, 2024, were $4,628,000, up from $3,581,000 in the same period of 2023, an increase of 29.2%[43]. Cash and Liabilities - Cash and cash equivalents as of September 30, 2024, were $725,000, a significant decrease from $7,910,000 as of March 31, 2024[44]. - Total current liabilities increased to $10,580,000 as of September 30, 2024, compared to $4,802,000 as of March 31, 2024, an increase of 120.0%[44]. Inventory and Shares - Inventories as of September 30, 2024, were $5,331,000, up from $2,230,000 as of March 31, 2024, an increase of 139.5%[44]. - The weighted average number of common shares outstanding for the three months ended September 30, 2024, was 15,781,264, compared to 5,186,555 for the same period in 2023, an increase of 203.5%[43]. Strategic Initiatives - The company opened its first seasonal retail location in SoHo, New York City, in October, enhancing brand visibility and customer engagement[5][20]. - A new U.S. fulfillment center was established to improve shipping efficiency and reduce costs, expected to enhance gross margins in the second half of fiscal 2025[6][22]. - Social media following increased by 19.2% to 388,000, with global media coverage reaching over 203 million through key opinion leaders[8][9]. - The company launched a new AW24 collection and partnered with Johnnie Walker for a limited-edition product, aiming to enhance brand awareness and customer engagement[11][12].
Perfect Moment(PMNT) - 2024 Q3 - Quarterly Results