Summary by Futu AI
Jeffs' Brands Ltd, an e-commerce consumer products goods company operating primarily on Amazon, reported its annual financial performance for the fiscal year ended December 31, 2023. The company's revenue increased by 72% to $10.008 million compared to $5.859 million in the previous year, attributed mainly to the acquisition of Fort, a pest control products brand. Cost of sales rose to $9.032 million, resulting in a gross profit of $976,000. Operating expenses included sales and marketing costs of $833,000 and general and administrative expenses of $4.262 million. The company also reported equity losses of $1.248 million and other income of $279,000. The net loss for the year was $4.598 million, an increase from the $2.201 million loss in 2022. The company's cash and cash equivalents decreased to $535,000 from $8.137 million. Jeffs' Brands also completed a private placement transaction in January 2024, raising approximately $7.275 million in gross proceeds. The company's financial statements have been audited by Brightman Almagor Zohar & Co., confirming the accuracy of the reported figures.