Mene Inc. Reports Financial Results for the Second Quarter 2025

• IFRS Revenue of $5.6 million, a decrease of $0.8 million (13%) Year-over-Year (“YoY”).
• Gross Profit of $1.5 million, with a consistent gross profit margin of 27% YoY.
• Net loss of $0.4 million for the quarter, consistent YoY.
• Total metal weight of 42 kilograms was sold during the quarter, consisting of 4,107 units of jewelry.

OPERATIONAL HIGHLIGHTS

• Introduced 30 new product designs during the quarter.
• Sales to Returning Customers accounted for 69% of total sales during the quarter.
• Cumulative units of jewelry sold reached 191,584 as of quarter end.
• Featured in Harper’s Bazaar, Town & Country, ELLE, Brides.com, Airmail and JCK Magazine.
• Registered over 45,000 independent customer reviews on mene.com/reviews since inception.

1. The Company’s financial statements for fiscal year 2024 and 2023 were audited by an external assurance firm.
2. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders for which fulfillment is under process, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items from revenue per IFRS. See Non-IFRS Measures for a full reconciliation.
3. The Company adjusts its net income (loss) by removing the impact of non-cash expenses, consisting of depreciation and amortization, stock-based compensation, income taxes and interest. See Non-IFRS Measures for a full reconciliation.
4. Inventory balances in kilograms of gold are calculated by taking the total Canadian Dollar (CAD) inventory value at each quarter-end date and dividing the value by the CAD gold spot price per gram.

STATEMENT FROM CEO VINCENT GLADU:

The second quarter of 2025 saw weaker revenues than Q2 last year, in large part because our March sale ran slightly longer into the second quarter last year and we also ran a very successful chain sale in June of last year which we did not run again this year. While we saw our average order value increase by 26% on the quarter, Year-over-Year, our number of orders decreased by 26% in the same period. We are not fond of rebated sales generally speaking because they erode our transparent pricing model philosophy, the concept of luxury behind our brand, as well as our margins. Alas, they do provide us with the opportunity to reach new customers, grow and keep existing customers, and generally boost our volumes. Furthermore, abrupt changes in promotional calendars can be costly due to customer habits and expectations. Our intention is to eventually move away from sales but for now, they are a helpful tool.

As I mentioned in last quarter’s press release, now that we’ve successfully delivered on the core elements of our operational transformation, our strategic focus for the remainder of 2025 and 2026 has moved to proving out sustained revenue growth in our core market, the USA. Increasing the number of orders as well as the number of new customers that purchase our products is of particular importance for Menē to deliver long-term, sustainable and profitable growth. Let me expand on those two points.

On the operational transformation front, our efforts have already begun bearing fruit. We’ve been able to reduce distribution costs by ~45% on a per order basis, which equates to ~$150k in total savings for Q2, Year-over-Year. We expect both these fixed and variable cost savings to remain in place moving forward. While we have delivered on the bulk of our operational transformation, we have adopted a continuous improvement approach to both our operations and manufacturing and continue to focus on gains in efficiency and effectiveness.

On the revenue growth front, beyond the tactics that were discussed in the Q1 press release, we have put together a new Detailed Growth Plan which aligns with and sits atop our 2025 Sales & Marketing Plan. In short, this Detailed Growth Plan outlines actions we are taking to review the current state of our digital marketing practices, identify, and close the key gaps. For example, we have taken steps to better understand, identify and target the various customer segments that purchase from us, across their shopping journey. We are also in the process of updating major components of our website, both in the front and back end, as well as of our marketing automation platform. This Detailed Growth Plan is to be delivered this year but it will take some time to bear fruit and will run into 2026. There are no silver bullets, simply a need for focus and constant attention on all of the key components that make up our digital sales engine. As always, we continue to strive and build Menē into a company that will endure the test of time, and whose focus is on unparalleled craftsmanship and customer service, rather than on market trends and other extrinsic factors.

Speaking of unparalleled craftsmanship, while fall begins to approach, there is still time to celebrate the last weeks of summer with some of the fantastic pieces our team has produced over these warm and sunny months. Inspired by the vast bodies of water that make life possible on Earth, our Sea Fossils collection features pieces for every taste. Whether it’s the demure Ammonite Stud Earrings, the bolder Starfish Ring or the absolutely stunning Multi Shell Necklace, you (or a loved one) are bound to make an indelible impression on and off the beach.

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 is a non-IFRS measure. The Company adjusts its revenue by adding back the value of jewelry that was returned by customers, revenue from orders not yet delivered, and discounts given to customers. These adjustments are made to assess the gross revenue before deducting these items per IFRS revenue. The closest comparable IFRS measure is revenue.

Non-IFRS Adjusted Income (loss) is a non-IFRS measure. Non-IFRS Adjusted Income (Loss) is a non-IFRS measure, calculated as total comprehensive income (loss), excluding depreciation and amortization, stock-based compensation, accretion, loss on debt retirement, revaluation of metal loan, translation gain or loss, unrealized foreign exchange gains or losses and other non-recurring expenses. The closest comparable IFRS measure is total comprehensive income (loss).

Adjusted EBITDA, calculated as total operating income (loss), excluding depreciation and amortization, stock-based compensation, other non-recurring expenses. The closest comparable IFRS measure is total operating income (loss).

Tangible Common Equity is a non-IFRS measure. It is calculated as total shareholder’s equity excluding intangible assets.

For a full definition of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled "Non-IFRS Financial Measures" in the Company's MD&A for the quarter ended June 30, 2025.

About Menē Inc.

Menē crafts pure 24 karat gold and platinum jewelry that is transparently sold by gram weight. Through mene.com, customers may buy 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 marrying innovative technology, timeless design, and pure precious metals to create pieces which 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 2026; strategic, growth and marketing plans; and plans related to revenue growth.

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 on the business of the Company, including but not limited to the effects of pandemics and other infectious diseases presenting as major health issues and impacting the price of 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.

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Media and Investor Relations Inquiries:

Sean Ty

Chief Financial Officer

Menē Inc.

+1 289 748 3702

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