Bark Stock Slides On Q4 Earnings Miss, Provides FY23 Guidance

  • Bark Inc BARK reported fourth-quarter revenue increased 15% year-over-year to $128.8 million, beating the consensus of $126.7 million.
  • Direct to Consumer revenue was $117.8 million (+16% Y/Y), and Commerce revenue was $11.1 million (+1% Y/Y).
  • The Gross margin was 50% compared to 61% in 4Q21. The decrease was related to the inventory charges.
  • The Average Order Value for the quarter was $30.14 vs. $29.25 a year ago.
  • Adjusted EPS was $(0.15), below the consensus of $(0.05).
  • G&A expenses were $85.5 million compared to $55.6 million in the prior year, reflecting a 13% increase in subscription shipments, additional shipping and fulfillment, incremental headcount and technology, and incremental costs associated with being a public company.
  • Adjusted EBITDA was $(23.1) million compared to $0.2 million in the previous year.
  • Net cash used in operating activities for FY22 totaled $172.34 million, compared to $19.62 million in FY21.
  • Bark’s cash and cash equivalents balance as of March 31, 2022, was $199.4 million. The total debt outstanding was $79.2 million.
  • 1Q23 Outlook: Bark expects revenue of $130 million vs. a consensus of $138.5 million and Adjusted EBITDA of $(18) million.
  • FY23 Outlook: The company expects revenue of $556 million vs a consensus of $505.3 million and Adjusted EBITDA of $(36) million.
  • Price Action: BARK shares are trading lower by 4.40% at $2.39 during the post-market session on Tuesday.

Posted In: BriefsEarningsNewsPenny StocksGuidanceSmall Cap

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