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Full Year 2023 Financial Results
Net revenues in 2023 were $132.1 million, compared to $95.9 million in 2022. The increase was primarily due to continued growth and maturity in our operating model, despite intense competition.
Gross margin decreased 0.8% to 50.3%, compared to 51.1%, of net revenues in 2022. The decrease was a function of increased market competition and more aggressive clearance sales during the holiday season.
Operating expenses percentage decreased 0.5% to 52.6%, compared to 53.1%, of net revenues in 2022. The decrease reflected better management of shipping charges, advertising expenses, and labor costs amid higher Amazon related fees.
Net loss in 2023 was $2.4 million, or $0.07 per diluted share, compared to $1.5 million, or $0.04 per diluted share, in 2022. The decrease was driven by decreased gross margin as a result of the reasons mentioned above despite efforts made for expense management.
As of December 31, 2023, the Company had $2.5 million in cash, compared to $4.6 million as of December 31, 2022 due to operating loss.
Inventories as of December 31, 2023, were $14.3 million, compared to $18.8 million as of December 31, 2022. The decrease is due to sales made throughout the year.
Full Year 2024 Financial Outlook
For the full year 2024, Hour Loop is providing guidance for net revenue to be in the range of $145 million to $172 million, representing 10% to 30% year-over-year growth. The Company expects 2024 net income to be in the range of $0.5 million to $2 million.
Posted In: HOUR
