Original BARK Q1 Revenue Tops Estimates; Provides Upbeat Guidance For Q2

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  • Original BARK Co BARK reported first-quarter FY22 revenue growth of 57.2% year-on-year, to $117.61 million, beating the analyst consensus of $116.81 million.
  • Direct to Consumer (DTC) revenue grew 57.0% Y/Y, and Commerce revenue rose 58.7%.
  • Add-to-Box revenue contributed $7.0 million of quarterly revenue, up 173.5% Y/Y.
  • Subscription shipments increased 52.4% Y/Y to 3.6 million.
  • Average monthly subscription shipment churn expanded 120 basis point Y/Y to 7.4%.
  • Active subscriptions for the quarter increased 41.2%. New subscriptions fell 7.6%.
  • Gross profit rose 48.8% Y/Y to $69.8 million with a profit margin of 59.3%, which contracted 340 basis points.
  • The loss from operations was $(16.9) million, versus a profit of $3.3 million last year.
  • The company held $321 million in cash and equivalents as of June 30, 2021.
  • Adjusted EBITDA was $(7.6) million, with an Adjusted EBITDA margin of (6.5%).
  • Adjusted loss per share was $(0.09) versus the analyst consensus of $(0.06).
  • Outlook: Original BARK sees Q2 FY22 sales of about $122 million versus the consensus of $120.25 million.
  • The company reaffirms the FY22 sales outlook of $516 million versus the consensus of $516.13 million.
  • Price action: BARK shares are trading higher by 3.41% at $9.40 in premarket on the last check on Tuesday.
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