With the disappointing results and slowing sell-in, as partners reduce weeks of supply on hand, OLPX has seen momentum slow.
In addition, competitive promotional activity and negative online commentary (unfounded, in analyst's view) have likely further weighed on demand, adds the analyst.
Incorporating the disappointing 2Q23 results, the company's revised outlook for FY23, and expectations for a lower baseline trend of sales in the back half, the analyst reduced estimates for the full year.
For FY23, Telsey now looks for sales to decrease 35.4% Y/Y to $455 million (down 14.7% Y/Y to $601 million prior) vs. the prior consensus estimate of $571 million.
The analyst projects FY23 adjusted EBITDA of $168 million, down from $300 million previously, vs. the prior consensus expectation of $270 million.
In turn, the FY24 adjusted EBITDA estimate decreases to $190 million, down from the previous estimate of $339 million, which compares to the market's prior forecast of $305 million.
Price Action: OLPX shares are trading lower by 12.5% to $2.83 on the last check Wednesday.
Photo Via Company
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
