Mene Inc. Reports Financial Results for the Second Quarter 2025

Executive Summary

• Menē Inc. reported financial results for the second quarter ended June 30, 2025, showing a year-over-year decline in revenue and net loss, though gross profit margins remained stable.
• The company attributed the revenue decrease to promotional timing differences compared to the prior year, specifically noting the absence of a successful June chain sale and a March sale that extended into Q2 last year.
• Management highlighted an operational transformation that reduced distribution costs by approximately 45% on a per-order basis, while outlining a new "Detailed Growth Plan" focused on digital marketing and sustained revenue growth in the US market.

Key Details

• IFRS Revenue: $5.6 million, a decrease of $0.8 million (13%) Year-over-Year.
• Gross Profit: $1.5 million, maintaining a consistent gross profit margin of 27% YoY.
• Net Loss: $0.4 million for the quarter, consistent with the prior year.
• Sales Volume: Total metal weight of 42 kilograms sold, consisting of 4,107 units of jewelry.
• Operational Metrics:
  • Introduced 30 new product designs during the quarter.
  • Sales to Returning Customers accounted for 69% of total sales.
  • Cumulative units of jewelry sold reached 191,584 as of quarter end.
  • Customer orders decreased by 26% YoY, while Average Order Value increased by 26% YoY.
• Cost Savings: Distribution costs reduced by ~45% on a per-order basis, equating to ~$150k in total savings for Q2 YoY.
• Strategic Initiatives:
  • Launched a "Detailed Growth Plan" to address digital marketing gaps and target customer segments.
  • Updating major components of the website and marketing automation platform.
  • Focus remains on proving sustained revenue growth in the core US market for 2025 and 2026.
• Product Launch: Introduced the "Sea Fossils" collection inspired by bodies of water.
• Non-IFRS Adjusted Revenue: $6.86 million.
• Adjusted EBITDA: $(53,698).
• Inventory Balance: 70 kg of gold at quarter-end.

Notable Quotes

• Vincent Gladu, CEO: "The second quarter of 2025 saw weaker revenues than Q2 last year, in large part because our March sale ran slightly longer into the second quarter last year and we also ran a very successful chain sale in June of last year which we did not run again this year."
• Vincent Gladu, CEO: "We’ve been able to reduce distribution costs by ~45% on a per order basis, which equates to ~$150k in total savings for Q2, Year-over-Year. We expect both these fixed and variable cost savings to remain in place moving forward."
• Vincent Gladu, CEO: "Our intention is to eventually move away from sales but for now, they are a helpful tool... There are no silver bullets, simply a need for focus and constant attention on all of the key components that make up our digital sales engine."