Summary by Moomoo AI
On April 1, 2024, Jeffs' Brands Ltd, a data-driven e-commerce company operating on the Amazon Marketplace, reported a significant revenue increase for the fiscal year ended December 31, 2023. The company's revenue surged by 71% to over $10 million, up from $5.859 million in 2022, primarily due to the strategic acquisition of Fort Product Ltd. in March 2023 and an expanded product lineup in the pest control sector. Gross profit also rose by 22% to $976 thousand. However, the company experienced an operating loss of $5.089 million, an increase from the previous year's loss of $4.512 million. As of the end of 2023, Jeffs' Brands had cash and cash equivalents of approximately $535 thousand. In January 2024, the company raised $7.275 million through a Private Investment in Public Equity (PIPE) transaction. The company's strategic initiatives included diversifying its market presence through acquisitions and expanding Fort's product range and geographical reach. Jeffs' Brands filed its 2023 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission on April 1, 2024.
