TORONTO--(BUSINESS WIRE)--Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, today announced financial results for the third quarter ended September 30, 2021 (“Q3 2021”). All amounts are expressed in Canadian dollars unless otherwise noted.

FINANCIAL HIGHLIGHTS:

• IFRS Quarterly Revenue of $5.3 million, a $0.1 million (2%) decrease year-over-year (“YoY”). Non-IFRS Adjusted Revenue² of $6.5 million, an increase of 5% YoY.
• IFRS Gross Profit of $1.2 million, a decrease of $0.3 million (21%) YoY.
• Net Loss of $0.3 million, a 29% decrease YoY.
• Total Comprehensive Income of $0.6 million, an increase of 174% YoY.
• Sold 6,322 units of jewelry through 4,153 Customer Orders during the quarter, an increase of 6% and 20% respectively, YoY.
• Sold 62kg of gold and platinum jewelry during the quarter, an increase of 6 kg, or 10% YoY.
• Inventory level of 301 gold equivalent Kilograms, an increase of 22% quarter-over-quarter (“QoQ”) as the Company stocks up for anticipated growth in sales during the holidays.
• At September 30, 2021, the Company had Tangible Common Equity ⁴ of $16.5 million, including $3.6 million in cash and cash equivalents, $1.2 million in short-term investments, and $21.7 million in inventory with a net working capital of $16 million. Tangible Common Equity increased by 2% QoQ.

OPERATIONAL HIGHLIGHTS:

• Introduced new Good Luck and Back to Stack collections during the quarter.
• Returning Customers attributed to 62%...

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