Earnings release
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Mene Inc. Reports Financial Results for the Third Quarter 2025 TORONTO--(BUSINESS WIRE)--November 19, 2025--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, 2025. All amounts expressed herein reflect Canadian dollars unless otherwise noted. FINANCIAL HIGHLIGHTS IFRS Revenue of $5.9 million, an increase of $0.5 million (10%) Year-over-Year (“YoY”). Gross Profit of $1.8 million, with a consistent gross profit margin of 30% YoY. Net income of $0.1 million for the quarter. Total metal weight of 38 kilograms was sold during the quarter, consisting of 3,777 units of jewelry. OPERATIONAL HIGHLIGHTS Introduced 20 new product designs during the quarter. Sales to Returning Customers accounted for 73% of total sales during the quarter. Cumulative units of jewelry sold reached 195,397 as of quarter end. Featured in Forbes, Air Mail, Superfluity and JCK Magazine. Registered over 45,700 independent customer reviews on mene.com/reviews since inception. IFRS Consolidated Income Statement Data & Key Performance Indicators (KPIs) 1 FY 2025 FY 2024 FY 2023 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Revenue $5,905,100 $5,628,338 $7,338,753 $9,118,982 $5,388,095 $6,464,004 $4,828,705 $6,862,070 Gross profit $1,793,423 $1,544,276 $1,721,276 $2,840,105 $1,799,433 $1,692,440 $1,135,878 $1,667,134 Gross profit (%) 30% 27% 23% 31% 33% 26% 24% 24% Net income (loss) $58,963 $(352,729) $(209,882) $(1,073,600) $1,317,677 $(319,143) $(918,867) $(1,400,171) Total comprehensive income (loss) $310,844 $(978,793) $(232,428) $(302,168) $1,192,776 $(221,465) $(702,669) $(1,747,813) Non-IFRS Adjusted Revenue2 $7,144,157 $6,863,023 $8,231,951 $10,563,400 $5,799,849 $6,884,842 $6,531,647 $7,934,769
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Adjusted EBITDA 3 $326,987 $(53,698) $94,356 $668,655 $350,192 $163,865 $(375,016) $(138,659) Total Shareholders' Equity $17,623,055 $17,129,706 $17,822,560 $17,769,949 $16,243,913 $16,116,965 $15,815,544 $15,981,748 Inventory balance (kg of gold)4 59 70 73 91 93 92 91 87 Customer orders 2,194 2,604 3,362 4,030 2,434 3,534 3,758 4,797 Units of jewelry sold 3,777 4,107 4,336 7,226 7,194 5,799 4,979 7,342 Jewelry weight sold (total kg) 38 42 45 73 42 58 45 69 Notes: 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 net income (loss) by removing the impact of non-cash expenses, consisting of depreciation and amortization, stock-based compensation, income taxes and interest. 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: The third quarter of 2025 saw an increase of 10% in revenues over the same period last year. This was in part due to a strong response to our September sale, which we ran earlier and slightly longer this year. While we saw our average order value increase by 32% this quarter year-over- year, new customer acquisitions decreased by 14% while orders decreased by 8% in the same period. While we would prefer to see positive growth in both these metrics, those same numbers in Q2 of this year were 20% (6% lower year-over-year) and 26% (18% lower year-over-year) respectively, a material improvement. We believe that some of the actions we began taking in Q2 as part of the Detailed Growth Plan referenced in that quarter’s press release are in part responsible for this improvement. While it is too early to be definite about the long term positive effects of our actions, we see these green shoots as promising. As a reminder, now that we have successfully delivered on the core elements of our operational transformation, our strategic focus for the remainder of 2025 and in 2026 has moved to proving
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out sustained revenue growth in our core market, the USA. Increasing new customer acquisitions and orders is of particular importance for Menē to deliver long-term, sustainable and profitable growth. Thus, we continue making progress executing on our Detailed Growth Plan. For example, we have completed a test in which we targeted certain customer segments in specific geographies with different ads to determine whether we could provoke a lift in sales while lowering advertising costs. The results show promise and will be used to guide part of our digital advertising strategy moving forward. In mid-September, we also launched a live agent program that allows us to proactively follow-up and close sales across the customer purchasing journey, all while improving overall customer experience and satisfaction. Another step we took to deliver growth was to complete a gap analysis of our Search Engine Optimization and Marketing (SEO/SEM). The gaps are now being closed and we continue working on ensuring our search engine positioning is as strong as possible. If you visit our website often, you will observe some of the changes we have begun making. We are looking to strike the right balance between refreshing how our website looks, feels and works without creating too much change at once for our customers. We expect these improvements to continue rolling out in 2026. I do want to provide an update on what benefits our operational transformation has generated for Menē thus far since its delivery in mid-Q1. After all, the cost savings from this transformation are how we are funding our growth initiatives. Overall, we have saved over $410k in total distribution and processing costs year-to-date, already exceeding our yearly target. Simultaneously, we have managed to reduce average fulfillment time in Q3 by 21% year-over- year. We have also increased our cash position by 47% year-over-year in Q3, from $5.3MM to $7.8MM. We expect these sorts of costs savings to continue into the future with the continuous improvement philosophy we have adopted in operations and manufacturing. As always, we continue to strive and build Menē into a company 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. Speaking of unparalleled craftsmanship, if you haven’t already perused our new arrivals for the holiday season, you can do so now here. There is a gift for every occasion, taste and wallet. Whether it be the hallowed Palm Rosary, the luminous Northern Star Pendant or the iconic Poker Chips, you are certain to find a gift that will be cherished long into the future and that is bound to become a family heirloom. This year, we also have the pleasure of introducing for the first time two essential accessories: The seriously practical Jewelry Tray, which can lay flat for travel, and the stunning Chessboard. Hand-crafted out of ebony and walnut and custom made especially for the Menē chess pieces, it can be purchased separately but is also offered as a gift when you purchase a complete Menē chess set. What a great way to celebrate the holidays this season. 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
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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 quarter ended September 30, 2025. 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. Cautionary Note Regarding Forward-Looking Information:
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This news release contains certain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and U.S. 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 and 2026; strategic, growth and marketing plans; future cost savings and the associated benefits to the Company; and plans related to revenue growth. 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.
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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. Contacts Media and Investor Relations Inquiries: Sean Ty Chief Financial Officer Menē Inc. ir@mene.com +1 289 748 3702