Mene Inc. Reports Financial Results for the Fourth Quarter and Year Ended 2024

TORONTO, April 30, 2025 (GLOBE NEWSWIRE) — Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, today announced financial results for the fourth quarter and year ended December 31, 2024. All amounts expressed herein reflect Canadian dollars unless otherwise noted.

FOURTH QUARTER FINANCIAL HIGHLIGHTS

• IFRS Revenue of $9.1 million, an increase of $2.3 million (33%) Year-over-Year (“YoY”).
• Gross Profit of $2.8 million, with a gross profit margin of 31%, an increase of $1.2 million YoY.
• Total comprehensive loss of $0.3 million during the quarter, increased by $1.4 million YoY.
• Total metal weight of 73 kilograms was sold during the quarter, consisting of 7,226 units of jewelry.

2024 FISCAL YEAR FINANCIAL HIGHLIGHTS

• IFRS Annual Revenue of $25.8 million and Non-IFRS Adjusted Revenue of $30.5 million in Fiscal Year 2024, an increase of $2.5 million and $2.7 million respectively, YoY.
• Annual Gross Profit of $7.5 million, with a gross profit margin of 31%, an increase of $1.6 million YoY.
• Operating Loss of $1.3 million and Total Comprehensive Loss of $0.03 million.
• Non-IFRS Adjusted Income of $1.1 million.
• Sold 25,198 Units of Jewelry through 13,756 Customer Orders.
• Jewelry weight sold totalling 218 kgs.

OPERATIONAL HIGHLIGHTS

• Introduced 75 new product designs throughout the year.
• Sales to Returning Customers accounted for 68% of total sales during the quarter.
• Cumulative units of jewelry sold reached 183,000 as of year end since inception.
• Featured in Harper’s BAZAAR on Kendrick Lamar, Forbes, ELLE, Cosmopolitan and Flaunt Magazine, amongst others.
• Registered over 44,000 independent customer reviews with an average rating of 4.9 out of 5 on mene.com/reviews since inception.

1. The Company’s financial statements for fiscal year 2024 and 2023 were audited by an external assurance firm.
2. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders for which fulfillment is under process, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items from revenue per IFRS. See Non-IFRS Measures for a full reconciliation.
3. The Company adjusts its total comprehensive income (loss) by removing the impact of non-cash expenses, consisting of depreciation and amortization, stock-based compensation, accretion, revaluation of metal loan and translation gain or loss. See Non-IFRS Measures for a full reconciliation.
4. Inventory balances in kilograms of gold are calculated by taking the total Canadian Dollar (CAD) inventory value at each quarter-end date and dividing the value by the CAD gold spot price per gram.

STATEMENT FROM CEO VINCENT GLADU:

2024 was a year of positive transformation for Menē. When I joined as CEO in late 2023, we designed, developed and deployed a five-year strategic plan comprised of three key pillars: 1) Restructuring our operations for the long-term, 2) Proving sustained sales growth in our native and biggest market, the USA; and 3) Expanding our international reach judiciously. Our focus in 2024 was on the first pillar: Restructuring our operations for the long-term. At the core of our restructuring efforts was a plan to become more lean and agile by minimizing our inventory, repatriating certain outsourced operations in-house and eventually redeploying some of the cost savings into growth activities such as sales and marketing, all while continuing to ensure our customer experience remains best-in-class. I’m pleased to say that we have accomplished those goals successfully and that, while much remains to be done on the operations front, the key elements of our first strategic pillar have been successfully delivered on time and within budget and scope. We expect to see the tangible benefits of these changes starting mid-2025.

There were many other key initiatives we delivered on as part of our transformation last year. We redirected our marketing efforts to our key market, the USA, by signing with a top, US-based, public relations firm, which resulted in more relevant press coverage. For example, Menē jewelry was worn by Kendrick Lamar, considered to be one of the greatest hip-hop artists of all time, on the November cover of Harper’s BAZAAR. Other features included appearances in Cosmopolitan, ELLE and Forbes magazine, which ran a 1,200-word article on our company’s unique business model. We launched a retail partnership with Dover Street Market, an international, high-end, multi-brand retailer, allowing us to extend our reach to new customer segments. We intend on developing more such partnerships in the future. We began making improvements to our creative assets and processes, including our website, which now features interactive 3D models of our products, as well as a universal search function to help customers find what they are looking for more easily. There is lots more to do to make purchasing Menē jewelry the best possible experience for our customers. As such, these initiatives, alongside many others, will continue into 2025.

On the sales side, we had a relatively positive year. We attained revenues of $25.8 million, a growth of 11% over 2023. We also surpassed two milestones: $100MM in total gold held by Menē customers and 100k customer orders. We saw our average order value increase by 36% and our number of orders decrease by 18%. While this turnaround on revenues and the number of orders is a positive, our focus for 2025 and 2026 must now turn to our second key strategic pillar: Proving sustained sales growth in our biggest market, the USA. With a re-engineered operational foundation, recurring cost savings that can be redeployed into growth initiatives, and key new hires we’ve made and continue to make to strengthen our depth of knowledge and expertise, we must now focus on increasing our number of orders as well as the number of new customers that purchase our products to deliver long-term, sustainable, and profitable growth.

A quick word about tariffs. While the macroeconomic and geopolitical landscapes continue to change erratically, making it difficult for anyone to plan ahead properly, Menē finds itself in the enviable position of having very little of its operations being currently affected directly or materially by tariffs and other such actions. That’s not to say that we are completely shielded from what is currently going on, but the vast majority of our customers are in the USA, where we produce our jewelry and where most of our inputs come from. Furthermore, the approach we’ve taken over the last 18 months of restructuring our operations, investing in ourselves, cutting costs, paying out debt and carefully managing cash flow has proved useful in these uncertain times. I wish I could tell you we saw all of it coming but the change had more to do with a prudent management approach than a prescient view of the future. We strive to build Menē into a brand that will endure the test of time, and whose focus is on unparalleled craftsmanship and customer service, rather than on market trends and other extrinsic factors.

A final note: By the time this news release is issued, we will have launched our retail partnership with Huntsman. Founded in 1849 on London’s Savile Row, Huntsman is a world-renowned bespoke tailor and is also known to have inspired the popular movie series The Kingsman, featuring Colin Firth and Ralph Fiennes amongst other well-known actors. With Father’s Day, as well as wedding season coming up, visit https://mene.com/huntsman and grab a pair of sleek 24k cufflinks or beautiful, pure platinum dress studs, or better yet, a few of each.

Non-IFRS Measures

This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company’s operating results.

Non-IFRS Adjusted Revenue is a non-IFRS measure. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders not yet delivered, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue.

Non-IFRS Adjusted Income (loss) is a non-IFRS measure. Non-IFRS Adjusted Income (Loss) is a non-IFRS measure, calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss).

Adjusted EBITDA, calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss).

Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder’s equity excluding intangible assets.

For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled “Non-IFRS Financial Measures” in the Company’s MD&A for the year ended December 31, 2024.

About Menē Inc.

Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by marrying innovative technology, timeless design, and pure precious metals to create pieces which endure as a store of value.

For more information about Menē, visit mene.com.

Media and Investor Relations Inquiries:

Sean Ty
Chief Financial Officer
Menē Inc.
ir@mene.com
+1 289 748 3702

Forward-Looking Statements

This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the business plans and goals of the Company for the current financial year, future benefits from restructuring operations, estimated potential year over year growth, marketing plans, the development and benefits of strategic partnerships, the creation and implementation of our creative assets and processes, increasing our number of jewelry orders, expected future growth and the announcement of future plans and milestones.

This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the inability to successfully acquire and/or develop jewelry manufacturing facilities; an inability to predict or control the negative effects of tariffs and global trading patterns; an inability to predict and counteract the effects of pandemics on the business of the Company, including but not limited to the effects of pandemics and other infectious diseases presenting as major health issues and impacting the price of precious metals, capital market conditions, restriction on labour and international travel and supply chains; failure to comply with environmental and health and safety laws and regulations; operating or technical difficulties in connection with the manufacture, sale and distribution of jewelry; actual audited results differing from reported unaudited results; global economic climate; dilution of the Company’s shares; the Company’s limited operating history; future capital needs and uncertainty of raising capital; the competitive nature of the jewelry industry; currency exchange risks; inflation risks; risks related to changing consumer preferences; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology and manufacturing change; protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the ability of the Company to maintain properly working systems; theft and risk of physical harm to personnel; reliance and availability of key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.