Mene Inc. Reports Financial Results for the First Quarter 2026

• Mene Inc. reported Q1 2026 financial results with IFRS revenue of $6.3 million, a 14% decrease year-over-year compared to Q1 2025.
• Net income for the quarter was $1.2 million, representing an increase in profitability despite top-line contraction.
• Gross profit margin improved significantly to 41%, up from previous quarters, driven by operational restructuring and metal price increases relative to inventory cost.
• Non-IFRS Adjusted Revenue was $7.65 million, while Non-IFRS Adjusted EBITDA was $1.32 million.
• Customer retention remains high with 68% of sales from returning customers, but new customer acquisitions decreased by 33% year-over-year.
• The company announced a collaboration with Nick Foulkes launching for Father's Day featuring 24-karat gold and platinum accessories.
• CEO Vincent Gladu attributed revenue timing issues to the annual March sale concluding in final days of the quarter, shifting recognition to Q2 2026.

• The earnings release confirms operational efficiency improvements with margin expansion to 41%, validating the restructuring strategy announced in FY 2025.
• However, a 14% revenue decline and a 33% drop in new customer acquisition are significant negative indicators for future growth trajectory.
• The reliance on returning customers (68%) suggests a mature but potentially stagnant user base without fresh inflow to drive volume.
• The explanation regarding March sale timing provides a partial buffer, suggesting Q2 may show recovery, but does not negate the structural slowdown in new customer acquisition.
• Net income of $1.2 million and equity of $20.6 million indicate financial stability, reducing immediate solvency risk compared to previous loss-making quarters.
• The Nick Foulkes collaboration is a product-level initiative rather than a strategic capital event, limiting its impact on valuation multiples.

• Mene Inc. is a jewelry retailer specializing in pure 24-karat gold and platinum accessories sold by gram weight.
• Flagship Project: Democratizing access to precious metals as enduring stores of value rather than seasonal trends.
• Business Model: Transparent pricing based on metal weight; customers can monitor value over time via the website.
• Client Holdings: Clients hold approximately CAD $351 million in jewelry as of March 2026, up from $250 million five months prior.
• Sales Volume: Over 179,000 pieces sold since inception in 2017; Q1 2026 saw 28kg of metal weight sold.