Mene Inc. Reports Financial Results for the Second Quarter 2026

TORONTO--(BUSINESS WIRE)--Menē Inc. (TSX-V: MENE) (US: MENEF) (“Menē” or the “Company”), today announced financial results for the second quarter ended June 30, 2026. All amounts are expressed in Canadian dollars unless otherwise noted.

Financial Highlights

• IFRS Revenue of $7.5 million, an increase of $1.8 million (32%) year-over-year (“YoY”).
• Gross profit of $2.4 million, with a gross profit margin of 32%, an increase of $0.9 million YoY.
• Net income of $0.5 million for the quarter, an increase of $0.8 million YoY.
• Total metal weight of 32 kilograms sold during the quarter, consisting of 2,895 units of jewelry.

Operational Highlights

• Introduced 20 new product designs throughout the quarter.
• Sales to returning customers accounted for 72% of total sales for the quarter.
• Featured in ELLE, HURS and Air Mail, among others.
• Registered over 47,613 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

IFRS Consolidated Income Statement Data & Key Performance Indicators ^1	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024
Revenue	$7,454,696	$6,289,897	$9,723,201	$5,905,100	$5,628,338	$7,338,753	$9,118,982	$5,388,095
Gross profit	$2,422,571	$2,575,274	$3,758,647	$1,793,423	$1,544,276	$1,721,276	$2,840,105	$1,799,433
Gross profit (%)	32%	41%	39%	30%	27%	23%	31%	33%
Net income (loss)	$493,866	$1,166,268	$1,554,480	$58,963	$(352,729)	$(209,882)	$(1,073,600)	$1,317,677
Comp. income (loss)	$826,996	$1,445,534	$1,279,600	$310,844	$(978,793)	$(232,428)	$(302,168)	$1,192,776
Non-IFRS Adjusted Revenue ²	$8,073,247	$7,652,028	$11,256,803	$7,144,157	$6,863,023	$8,231,951	$10,563,400	$6,488,620
Non-IFRS Adjusted EBITDA ³	$632,280	$1,317,987	$1,726,142	$326,987	$(53,698)	$94,356	$668,655	$350,192
Equity	$21,647,187	$20,663,608	$19,062,064	$17,623,055	$17,129,706	$17,822,560	$17,769,949	$16,243,913
Inventory (kg) ^4	47	46	52	59	70	73	91	93
Customer orders	2,282	2,134	3,649	2,588	2,604	3,091	4,030	2,434
Units sold ^5	2,895	2,894	4,842	3,518	3,799	4,031	6,609	6,805
Weight sold (kg)	32	28	50	38	42	45	73	42

Notes:

^1The Company’s financial statements for fiscal years 2025 and 2024 were audited by an external assurance firm.

^2Revenue adjusted by adding back returns, discounts, and orders not yet delivered.. See Non-IFRS Measures for a full reconciliation.

^3Operating income (loss) adjusted by removing the impact of non-cash expenses, consisting of depreciation & amortization, stock-based compensation, income taxes, and interest. See Non-IFRS Measures for a full reconciliation.

^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

Revenues for the second quarter of 2026 were $7.5 million, an increase of $1.8 million, or 32%, year-over-year (“YoY”). Net Sales ¹ increased 17% YoY, partially reflecting the timing of our annual March sale, which concluded in the final days of Q1 and resulted in a portion of related revenues being recognized in Q2. Average order value increased 30% YoY, partially offsetting a 12% decline in orders and a 16% decrease in new customer acquisitions. Importantly, these results represented a meaningful improvement from Q1, when orders and new customer acquisitions declined 31% and 33% YoY, respectively. Our operational restructuring efforts continued to generate efficiencies and cost savings during the quarter, partially contributing to a $0.9 million YoY increase in gross profit to $2.4 million and a $0.8 million YoY increase in net income to $0.5 million.

In mid-July, we reached an important milestone with the launch of an entirely new product line: The Menē Pure Silver Summer Capsule, our first collection in a new precious metal since the Company’s inception. This limited collection of 999 pure silver jewelry provides an opportunity to test the manufacturing and retail potential of a third pure precious metal while broadening our existing product assortment.

With a more accessible price point, we believe pure silver has the potential to re-engage the existing Menē customers who may have become less active as gold and platinum prices increased over the past several years, while also introducing the Menē brand to a much broader customer base that has yet to experience our pure precious metal designs. The economics and manufacturing characteristics of silver also allow us to pursue a different product and pricing strategy. Our pure silver products are designed to be purchased primarily for their craftsmanship, aesthetic appeal, and connection to the Menē brand rather than for the intrinsic monetary value of the underlying metal. Accordingly, these pieces are sold at fixed retail prices rather than by weight, are not “investment jewelry,” and are not eligible for Menē’s Lifetime Buyback Guarantee.

If this initial limited launch proves successful, we intend to expand pure silver into a broader, full-fledged collection that will grow over time. Silver also creates opportunities to explore new design directions, including larger and bolder pieces that may be less practical to produce in gold or platinum. The launch of the Pure Silver Summer Capsule is integral to our broader brand refresh efforts, which are central to our growth strategy in the coming years. While our growth strategy demands that we make bolder moves and take more, albeit still calculated, risks, our long-term objective remains unchanged: to build Menē into an enduring company and brand distinguished by exceptional craftsmanship, thoughtful design, and outstanding customer service.

¹ Net Sales is calculated as gross sales less discounts and returns.

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.

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).

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 “The Menē Pure Silver Summer Capsule” product line and future plans related to silver product offerings; 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, global conflicts or natural disasters on the business of the Company; the volatility of prices for 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.