BUSINESS KITS Eyecare Reports Record Q2 Revenue Growth By Staff Tuesday, August 15, 2023 12:27 AM VANCOUVER, British Columbia—KITS Eyecare Ltd. (TSX: KITS), a vertically integrated eyecare provider, reported results for the second quarter ended June 30, 2023. Revenue increased 38 percent to $30.0 million compared to $21.8 million in the prior year. The increase was primarily attributable to an increase in eyeglasses delivered, strong repeat customer revenue and growth in first-time eyeglass customers. For the six months ended June 30, 2023, compared to the six months ended June 30, 2022, revenue increased 38 percent to $57.7 million compared to $41.8 million."Throughout the first half of the year, the KITS team continued to fire on all cylinders as we reported another record quarter driven by new customer growth and strong recurring revenues from repeat customers," said Roger Hardy, co-founder and CEO of KITS. "We also made tangible progress expanding our gross profit and improving costs as a percentage of sales. Our data-driven approach allows us to efficiently target high-value customers, while our digitally driven platform provides customers with best-in-class affordability and unparalleled customer experiences."We are pleased this is resonating with consumers and translating into record financial results and we look forward to continuing to execute our strategy as we further scale revenues and earnings this year," Hardy said.Also in the second quarter, gross profit increased 41 percent to $9.9 million compared to $7.0 million in the prior year period, while gross margin increased 80 basis points to 33.0 percent compared to 32.2 percent in the prior year period. The increase was primarily due to a reduction in promotions to prioritize higher-margin orders and capturing improved margins from returning customers.The company reported a net loss of $1.2 million compared to a net loss of $0.9 million in the prior year period. The change was primarily attributable to the higher revenue and gross profit, offset by an increase in foreign exchange loss during the period.On June 30, 2023, cash and cash equivalents totaled $19.8 million compared to $18.8 million on Dec. 31, 2022, and $19.6 million on March 31, 2023.