Company Announcements

TORONTO--(BUSINESS WIRE)--Apr. 20, 2026-- Menē Inc. (TSX-V: MENE) (US: MENEF) (“Menē” or the “Company”), today announced financial results for the fourth quarter and year ended December 31, 2025. All amounts are expressed in Canadian dollars unless otherwise noted.

Fourth Quarter Financial Highlights

• IFRS Revenue of $9.7 million, an increase of $0.6 million (7%) year-over-year (“YoY”).
• Gross profit of $3.8 million, with a gross profit margin of 39%, an increase of $0.9 million YoY.
• Net income of $1.6 million for the quarter.
• Total metal weight of 50 kilograms sold during the quarter, consisting of 4,842 units of jewelry.

Fiscal Year 2025 Financial Highlights

• IFRS annual revenue of $28.6 million and Non-IFRS Adjusted Revenue of $33.5 million, increases of $2.8 million and $3.7 million respectively, YoY.
• Annual gross profit of $8.8 million, with a gross profit margin of 31%, an increase of $1.3 million YoY.
• Operating income of $0.9 million and total comprehensive income of $0.4 million, marking a significant turning point as the first year the Company has reported positive net income for a full fiscal year.
• Non-IFRS Adjusted Income of $2.3 million.
• Sold 16,190 units of jewelry through 11,932 customer orders.
• Total jewelry weight sold of 175 kilograms.

Operational Highlights

• Introduced 75 new product designs throughout the year.
• Sales to returning customers accounted for 71% of total sales for the year.
• Featured in Forbes, Harper’s Bazaar, and Brides.com, among others.
• Registered over 47,000 independent customer reviews with an average rating of 4.9 out of 5 on mene.com/reviews since inception.

IFRS Consolidated Income Statement Data & Key Performance Indicators

¹The Company’s financial statements for fiscal years 2025 and 2024 were audited by an external assurance firm.
² Revenue adjusted by adding back returns, discounts, and orders being fulfilled. See Non-IFRS Measures.
³ Operating income (loss) adjusted by removing depreciation & amortization, stock-based compensation, income taxes, and interest. See Non-IFRS Measures.
⁴ Inventory in kilograms of gold, calculated by dividing the total CAD inventory value by the CAD gold spot price per gram at each quarter-end.
⁵ Units sold only include pure metal jewelry and do not include accessories.

Statement from CEO Vincent Gladu

2025 was a year of positive transition for Menē as we successfully delivered on the first pillar of our strategy, restructuring our operations for the long-term, and transitioned our focus to the second strategic pillar; more on that below. As a result, we generated in excess of $600k in cost savings for the year. These efforts also drove an 18% reduction in average fulfillment time, alongside material decreases in order cancellations, refunds, fraud rejection and jewelry audit variances. As a result, we were able to strengthen our cash position by roughly 40% to over $10 million at year-end.

We also generated about $29 million in revenue for the year, representing an 11% growth over last year, consistent with the growth achieved in 2024 over 2023. We reached a significant turning point on operating income coming in at $0.9 million, a 168% improvement over last year, the first positive year since the Company’s founding. Our adjusted EBITDA³ also materially increased to $2 million, a 159% improvement over last year. Furthermore, we surpassed the $250 million milestone of total jewelry held by Menē clients. This milestone follows the $100 million mark reached just 18 months prior and was quickly followed by a new milestone of $350 million, less than 6 months later, in early 2026. While the incredible run in the price of gold and platinum has materially increased the value of our existing client’s jewelry collections, it has also put pressure on demand. While we saw our average order value increase by 33%, it was offset by a 20% decrease in orders and an 18% decline in new customer acquisitions.

As such, starting in Q2 of last year, we began working on our second key strategic pillar; proving sustained sales growth in our key market, the United States. We began by making material updates to our back and front-end sales systems, improving our Search Engine Optimization structures and website load times. We made our website easier to navigate through updated menus, product pages and sales funnels. We invested in our marketing capabilities by engaging a digital marketing agency and data scientist to bolster our digital advertising performance and help deepen our understanding of our customers and their purchasing behaviors. We developed and launched tools to improve sales attribution and tracking. We expanded our reach through new and existing channels by launching and testing organic and paid advertising across TikTok, Pinterest and Reddit, while materially increasing both our content volume and use of creators and influencers. We formalized our outbound sales program to re-engage customers with abandoned carts and checkouts. We began updating and redesigning our email infrastructure to improve open rates. We launched product bundles to incentivize customers to increase their cart size and introduced our partnership with Huntsman, the famous Savile Row bespoke tailor and the inspiration behind the Kingsman film franchise. While these initiatives have provided a strong foundation for us to build on, much work remains to be done on this second strategic pillar in 2026, and likely well into 2027.

Looking forward, our focus will turn to our brand and its creative expression. Menē’s mission, to restore the link between jewelry and savings remains unchanged, but we do recognize that jewelry is ultimately an object of desire. With our operational restructuring complete, core marketing capabilities being refreshed and a stronger cash position, we can begin investing both time and capital into our brand equity. Our aim remains to build Menē into a company that will endure the test of time, defined by unparalleled craftsmanship and customer service. This endeavour will take time, but we believe the significant progress made over the last few years and our patient emphasis on building these strong foundations has positioned us well for the future that lies ahead.

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

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

Non-IFRS Adjusted Income (Loss)

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

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

Tangible Common Equity

Tangible Common Equity is a non-IFRS measure, calculated as total shareholders’ equity excluding intangible assets.

For a full definition and reconciliation of non-IFRS financial measures 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, 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 purchase 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 combining innovative technology, timeless design, and pure precious metals to create pieces that endure as a store of value.

For more information about Menē, visit mene.com.

Cautionary Note Regarding Forward-Looking Information

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 2027; strategic, growth and marketing plans; plans related to revenue growth, the potential to reinvest the Company’s capital in opportunities to grow the business, and the Company’s focus of investing time and capital in its brand equity.

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.

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Media and Investor Relations Inquiries
Sean Ty
Chief Financial Officer
Menē Inc.
ir@mene.com
+1 289 748 3702

Source: Menē Inc.