Me Today (MEE) H2 2024 earnings summary

Executive summary

• Recorded revenue of $5.03m and a net loss after tax of $11.28m for the year ended 30 June 2024.

• Operating EBITDA loss was $4.48m, improved from $5.15m in FY23 after adjusting for non-recurring and non-cash items.

• Ongoing discussions to sell the King Honey business, with one interested party engaged.

Financial highlights

• Gross revenue before marketing service costs was $6.13m, split as: King Honey $2.05m, Me Today branded sales $3.43m, agency services $0.65m.

• Me Today and agency business gross revenue rose 21% year-over-year to $4.1m.

• King Honey revenue dropped 65% year-over-year to $2.1m due to strategic decisions and timing of shipments.

• Group operating EBITDA loss improved to $4.48m from $5.15m in FY23.

• Net loss after tax was $11.28m, impacted by $6.8m in non-cash and non-recurring items.

Outlook and guidance

• FY25 strategy aims to further reduce operating EBITDA loss while continuing brand investment.

• Focus on expanding in New Zealand, Greater China, Southeast Asia, USA, and Australia.

• King Honey to pursue growth via partnerships, branded opportunities, and OEM services.