BARK Reports Preliminary Third Quarter Fiscal Year 2024 Revenue Ahead of the ICR Conference
January 08 2024 - 4:00PM
Business Wire
Total Revenue was Approximately $125 Million,
Ahead of the Company’s Guidance Range
To Announce Third Quarter Fiscal Year 2024
Financial Results on February 7, 2024
BARK, Inc. (“BARK” or the “Company”) (NYSE: BARK), a leading
global omnichannel dog brand with the mission to make all dogs
happy, announced today its preliminary third quarter fiscal year
2024 revenue ahead of its scheduled presentation at the ICR
Conference. Total revenue was approximately $125 million, ahead of
the high-end of its previously provided guidance range of $123
million to $119 million. The Company also reported that it
delivered its strongest customer acquisition quarter across its
BarkBox and Super Chewer products in two years. Its customer
acquisition cost for the quarter was largely in-line with the same
period last year.
“I am excited to share that we achieved one of our strongest
customer acquisition quarters since becoming a public company, with
customer acquisition costs also remaining efficient relative to
prior holiday quarters,” said Matt Meeker, Co-Founder and Chief
Executive Officer of BARK.“We believe this performance, coupled
with our ongoing profitability and cash generation improvements,
will better enable us to create long-term shareholder value and we
look forward to sharing more details on our earnings call in
February.”
The Company is reiterating its previously provided Adjusted
EBITDA guidance range of $(5) million to $(8) million for the
quarter, as it invested more in marketing in the period as a result
of its success in adding new subscription customers
efficiently.
Matt Meeker is scheduled to participate in a fireside chat at
the 2024 ICR Conference in Orlando, Florida on January 9, 2024, at
12:30 p.m. Eastern Time. The audio portion of the fireside chat
will be webcast live over the internet and can be accessed at
investors.bark.co. An online archive will be available for a period
of 90 days following the presentation.
The Company also announced today it will report its third
quarter fiscal year 2024 financial results after market close on
Wednesday, February 7, 2024. Management will host a live conference
call and webcast to discuss the Company’s financial results at 4:30
p.m. ET the same day.
The conference call can be accessed by dialing 1-888-330-2120
for U.S. participants and 1-646-960-0290 for international
participants. The conference call passcode is 5515653. A live audio
webcast of the call will be available at https://investors.bark.co/
and will be archived for 1 year.
We do not provide guidance for Net Loss due to the uncertainty
and potential variability of certain items, including stock-based
compensation expenses and related tax effects, which are the
reconciling items between Net Loss and Adjusted EBITDA. Because
such items cannot be calculated or predicted without unreasonable
efforts, we are unable to provide a reconciliation of Adjusted
EBITDA to Net Loss. However, such items could have a significant
impact on Net Loss. The guidance provided above constitutes forward
looking statements and actual results may differ materially. Please
refer to the “Forward Looking Statements” section below for
information on the factors that could cause our actual results to
differ materially from these forward looking statements. We
calculate Adjusted EBITDA as net loss, adjusted to exclude: (1)
interest income, (2) interest expense (3) depreciation and
amortization, (4) stock-based compensation expense, (5) change in
fair value of warrants and derivatives, (6) sales and use tax
income, (7) non-cash impairment of previously capitalized software,
(8) restructuring charges related to reduction in force payment,
(9) duplicate headquarters rent expense, and (10) other items.
About BARK BARK is the world’s most dog-centric company,
devoted to making dogs happy with the best products, services and
content. BARK’s dog-obsessed team applies its unique, data-driven
understanding of what makes each dog special to design
playstyle-specific toys, wildly satisfying treats, great food for
your dog’s breed, effective and easy to use dental care, and
dog-first experiences that foster the health and happiness of dogs
everywhere. Founded in 2011, BARK loyally serves dogs nationwide
with themed toys and treats subscriptions, BarkBox and BARK Super
Chewer; custom product collections through its retail partner
network, including Target and Amazon; its high-quality, nutritious
meals made for your breed with BARK Food; and products that meet
dogs’ dental needs with BARK Bright®. At BARK, we want to make dogs
as happy as they make us because dogs and humans are better
together. Sniff around at BARK.co for more information.
Forward Looking Statements This press release contains
“forward-looking statements” for purposes of the federal securities
laws. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements under the
US securities laws. All statements, other than statements of
present or historical facts, contained in this press release,
regarding the listing of our common stock on the NYSE and
expectations, plans and objectives of management are
forward-looking statements. Forward-looking statements are
typically identified by such words as “plan,” “believe,” “expect,”
“anticipate,” “intend,” “outlook, “estimate,” “will,” “should,”
“would” and “could” and other similar words and expressions. These
forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by the
forward-looking statements, including, but not limited to: our
ability to implement business plans, forecasts, and other
expectations; our ability to finance and invest in growth
initiatives; the ability to get the stockholder approval to
effectuate a reverse stock-split, if necessary; and the other risks
disclosed in the Company's quarterly report on Form 10-Q, copies of
which may be obtained by visiting the Company’s Investor Relations
website at https://investors.bark.co/ or the SEC’s website at
www.sec.gov. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to the Company on the date hereof. The
Company assumes no obligation to update such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108656431/en/
Investors: Michael Mougias investors@barkbox.com
Media: Garland Harwood press@barkbox.com
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