Q2 Revenue Grew 25% YOY to Approximately
$37.5 million
Q2 Adjusted
EBITDA Improved to over 3% of Revenue
Cash Position
Remains Strong at over $19.0
Million
VANCOUVER, BC, July 3, 2024
/CNW/ - KITS Eyecare Ltd. (TSX: KITS) ("KITS" or the
"Company"), the leading vertically integrated eyecare provider, is
providing selected preliminary unaudited results for its second
quarter ended June 30, 2024.
Select Preliminary Second Quarter 2024 Financial
Highlights
- Total revenue grew 25% year-over-year to approximately
$37.5 million
- Adjusted EBITDA increased year-over-year to over 3% of
Revenue.
- Finished the quarter with a healthy cash balance over
$19.0 million.
"We are delighted to share another record quarter for the KITS
business, including our seventh consecutive quarter of positive
adjusted EBITDA and revenue growth at over 5x the industry
average," said Roger Hardy,
Co-Founder and CEO of KITS. "Leading the way was our glasses
business. Growth continued to be fueled by customers sharing their
experiences with friends and family about the truly better way to
buy eyewear and see the world."
The Company looks forward to reporting its full second quarter
2024 results in early August 2024.
Details for the second quarter 2024 conference call will be
disclosed in the coming weeks.
About KITS
KITS makes eyecare easy. KITS is a leading
vertically integrated digital eyecare brand providing eyewear for
eyes everywhere. We offer customers access to a vast selection of
contact lenses and eyeglasses, including our own exclusive KITS
designed products, as well as a robust suite of online vision
tools. Our efficient digital platform, backed by our
industry-leading manufacturing and designs, removes intermediaries,
and enables us to offer great prices and deliver made to order
personalized products with incredible care and accuracy. We are
creating disruption in the industry by constantly pursuing
cutting-edge technologies to enable the best customer experience,
including online eyewear fitting tools, and virtual try-on for
glasses. We strive to delight our customers with our competitive
prices, a convenient digital shopping experience, fast and reliable
delivery options, and an unrelenting focus on earning our
customers' lifelong trust. For more information on KITS, visit:
www.kits.com.
Forward-Looking Statements
This press release contains
forward-looking statements, including statements relating to the
execution of our proposed strategy, our operating performance and
prospects for the business. These forward-looking statements
generally can be identified by the use of words such as "intend,"
"believe," "could," "continue," "expect," "estimate," "forecast,"
"may," "potential," "project," "plan," "would," "will," and other
words of similar meaning. Each forward-looking statement contained
in this press release is subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied by such a statement. Our business is subject
to substantial risks and uncertainties. This forward-looking
information and other forward-looking information are based on our
opinions, estimates and assumptions in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we currently
believe are appropriate and reasonable in the circumstances.
Despite a careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct.
Certain assumptions in respect of the expansion and enhancement of
our optical laboratory for glasses and warehouse facilities; the
growth of our business and launch of new technologies; our ability
to drive sales growth; our ability to maintain, enhance, and grow
within our addressable market; our ability to drive ongoing
development and innovation of our exclusive brands and product
categories; our ability to continue directly sourcing from third
party suppliers and manufacturers; our ability to retain key
personnel; our ability to add, maintain and expand production,
distribution and fulfillment capabilities; our ability to continue
investing in infrastructure to support our growth; our ability to
obtain and maintain existing financing on acceptable terms;
currency exchange and interest rates; the impact of competition;
the changes and trends in our industry or the global economy; and
the changes in laws, rules, regulations, and global standards are
material factors made in preparing forward-looking information and
management's expectations. KITS' risks and uncertainties are
discussed in detail in the company's Annual Information Form, filed
on SEDAR on March 6, 2024. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties. We caution investors not to rely
on the forward-looking statements contained in this press release
when making an investment decision in our securities. The
forward-looking statements in this press release speak only as of
the date of this release, and we undertake no obligation to update
or revise any of these statements, except as required under
applicable securities laws. If we do update certain forward-looking
information, no inference should be made that we will further
update such or other forward-looking information.
SOURCE KITS