LXR Announces Monthly Revenue Update

Total and E-commerce Net Revenue for May Up 237% and 148%, Respectively

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Montreal-based, digital-first omnichannel retailer of authenticated pre-owned luxury products, today provided a revenue update, which includes total and e-commerce net revenue estimates for the Company’s month, year-to-date (YTD) and the latest twelve months (LTM) period ending May 31, 2021.

“As our business transformation continues, we believe that disclosing monthly, year-to-date and LTM data will provide greater transparency regarding our progress and the effects of the COVID-19 pandemic on our business. We intend to provide such updates through the end of 2021,” said Cam di Prata, LXR’s CEO.

Monthly and YTD Revenue
In May 2021, the Company realized total net revenue of $1.4 million, including e-commerce net revenue of $0.9 million, which represents growth of 237% and 148%, respectively over the same period last year. For YTD ending May 31, 2021, the Company realized total net revenue of $5.2 million, including e-commerce net revenue of $3.4 million, which represents a decrease of 23% and an increase of 127%, respectively over the same period last year.

While YTD May total net revenue is down due to the lingering effects of the pandemic, the Company remains on the plan, posting positive revenue increases in each of the months of March, April and May. Throughout 2021, E-commerce monthly revenue has been tracking significantly above comparable months, with April posting a record month. The following table summarizes 2021 year-to-date total and e-commerce monthly net revenue as compared to comparable periods in 2020.

LTM Total and E-commerce Revenue History
For LTM May, the Company had total net revenue of $12.3 million, a level that is 19% higher than the LTM revenue ending Q1 2021. LTM May e-commerce net revenue was $6.3 million, a level 27% higher than LTM Q1 2021. As disclosed previously, we believe that the Company’s revenue declines have bottomed and we expect to post successively higher increases in LTM revenue for both total and e-commerce net revenue throughout the year.

The following table provides historical quarterly and LTM e-commerce net revenue and total net revenue for which financial statements have been prepared by us as a reporting issuer.

FY 2021 Outlook
The Company’s total net revenue target for FY 2021 is between $16 million and $20 million, with an e-commerce penetration of approximately 50% to 65%.

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