Group 1: Company Performance - Beyond (BYON) has returned approximately 85.2% year-to-date, significantly outperforming the Retail-Wholesale sector, which has averaged a return of 8.8% [4] - The Zacks Consensus Estimate for BYON's full-year earnings has increased by 21.9% over the past three months, indicating improved analyst sentiment and a stronger earnings outlook [3] - Beyond is currently ranked 2 (Buy) in the Zacks Rank system, which emphasizes earnings estimates and revisions [3] Group 2: Industry Context - Beyond belongs to the Internet - Commerce industry, which includes 36 companies and currently ranks 152 in the Zacks Industry Rank [6] - The average return for the Internet - Commerce industry so far this year is 12.9%, indicating that Beyond is also outperforming its industry peers [6] - Another stock in the Retail-Wholesale sector, Prosus N.V. Sponsored ADR (PROSY), has also shown strong performance with a year-to-date increase of 56.2% [4][5] Group 3: Sector Overview - The Retail-Wholesale group is currently ranked 10 within the Zacks Sector Rank, which evaluates 16 different sector groups [2] - Investors should continue to monitor Beyond and Prosus N.V. Sponsored ADR for potential sustained strong performance in the Retail-Wholesale sector [7]

Core Insights - Bed Bath & Beyond has reintroduced its iconic 20% coupon, now under the new brand Bed Bath & Beyond Home, following the closure of its stores in 2023 [1][6] - The coupon can only be used once, cannot be combined with other offers, and is not applicable to past purchases [2] - The reopening coincides with the launch of the first Bed Bath & Beyond Home store in Nashville, Tennessee, under The Brand House Collective, which includes multiple retail brands [3][12] Company Developments - The reopening of physical stores marks Bed Bath & Beyond's return to brick-and-mortar retail after filing for Chapter 11 bankruptcy in 2023 [6][9] - Beyond Inc., previously known as Overstock.com, acquired Bed Bath & Beyond's intellectual property, including its brand name and domain rights [9] - Kirkland's Inc. has made a $25 million investment deal with Beyond, becoming the exclusive operator for new smaller format Bed Bath & Beyond locations [12][13] Customer Engagement - Customers are encouraged to bring in old coupons to the new store, and fresh coupons are distributed at the entrance [8] - The acceptance of Bed Bath & Beyond coupons at other retailers like Big Lots and The Container Store occurred during the company's bankruptcy phase [4][11]

Group 1 - The company Bed Bath & Beyond has rebranded and opened a new chain called Bed Bath & Beyond Home, with the first store converted in Brentwood, Tennessee, and plans to convert another 75 stores by 2026 [2] - Bed Bath & Beyond has a long history, having opened its first store in 1971 and going public in 1992, but faced significant challenges after missing the e-commerce trend, leading to its first annual loss in 2019 [3][4] - The company filed for bankruptcy in 2023, with Overstock.com acquiring its intellectual property and rebranding the business to Beyond Inc. [4] Group 2 - Beyond Inc. initially attempted to launch the Bed Bath brand as an online store and mobile app, and later partnered with Kirkland's to develop Bed Bath & Beyond Home stores [5] - The CEO of The Brand House Collective emphasized the merging of home decor and furnishings to create a sense of community and engagement, marking a fresh start for the brand [6]

Group 1 - Beyond, Inc. (NYSE: BYON) has experienced significant stock declines, with 52-week losses exceeding 20% despite a rebound from April lows [1] - The company's long-term performance chart indicates ongoing challenges, suggesting a need for strategic reassessment [1] Group 2 - The article emphasizes the importance of transparency and integrity in investment analysis, reflecting the author's core values [1]

Group 1 - Beyond (BYON) shares have increased by 18.9% over the past four weeks, closing at $8.95, with a mean price target of $14.08 indicating a potential upside of 57.3% [1] - The average price targets range from a low of $5.00 to a high of $36.00, with a standard deviation of $11.06, suggesting variability in analyst estimates [2] - Analysts have shown a strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for BYON's current year earnings has risen by 17.5% over the past month, with two estimates increasing and no negative revisions [12] - BYON holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, identified through the Zacks Momentum Style Score [2] Group 2: BYON Stock Analysis - Beyond (BYON) has shown significant price movement, with an 18.9% increase over the past four weeks, indicating growing investor interest [3] - Over the past 12 weeks, BYON's stock price has surged by 103.9%, demonstrating its ability to deliver positive returns over a longer timeframe [4] - BYON has a high beta of 2.76, suggesting it moves 176% more than the market in either direction, indicating fast-paced momentum [4] - The stock has a Momentum Score of A, suggesting it is an opportune time to invest [5] - BYON has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investors [6] - The stock is currently trading at a Price-to-Sales ratio of 0.46, indicating it is undervalued at 46 cents for each dollar of sales [6] Group 3: Additional Investment Opportunities - Besides BYON, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7] - Zacks offers over 45 Premium Screens tailored to different investing styles, aiding in identifying potential winning stocks [8]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q2 2025 financials show total assets decreased to $358.1 million, a net loss of $19.3 million, and $35.1 million net cash used in operations [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $358.1 million by June 30, 2025, from $402.0 million, primarily due to reduced cash and cash equivalents Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $120,553 | $159,169 | | Total current assets | $195,855 | $227,507 | | Total assets | $358,072 | $401,954 | | **Liabilities & Equity** | | | | Accounts payable | $111,414 | $81,939 | | Total current liabilities | $215,438 | $224,861 | | Total liabilities | $226,867 | $239,222 | | Total stockholders' equity | $131,205 | $162,732 | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2025 net revenue decreased to $282.3 million, yet net loss improved to $19.3 million from $42.6 million in Q2 2024, primarily due to reduced operating expenses Q2 2025 vs Q2 2024 Performance (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net revenue | $282,251 | $398,104 | | Gross profit | $66,969 | $80,168 | | Operating loss | $(17,880) | $(47,001) | | Net loss attributable to stockholders | $(19,313) | $(42,578) | | Diluted net loss per share | $(0.34) | $(0.93) | Six Months 2025 vs 2024 Performance (in thousands, except per share data) | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net revenue | $513,999 | $780,385 | | Gross profit | $125,101 | $154,527 | | Operating loss | $(41,427) | $(104,526) | | Net loss attributable to stockholders | $(59,225) | $(116,506) | | Diluted net loss per share | $(1.07) | $(2.55) | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for H1 2025 improved to $35.1 million from $110.5 million, with investing activities using $20.2 million and financing providing $16.7 million Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(35,092) | $(110,502) | | Net cash used in investing activities | $(20,188) | $(3,308) | | Net cash provided by (used in) financing activities | $16,718 | $(2,597) | | **Net decrease in cash** | **$(38,562)** | **$(116,407)** | [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail accounting policies and key events, including brand acquisitions and sales, along with significant stock issuance and repurchase activities - Acquired the buybuy BABY brand and related intellectual property for a total purchase price of **$7.1 million**, allocated to indefinite-lived trade names[43](index=43&type=chunk) - Sold the Zulily brand rights for **$5.0 million**, receiving **$1.25 million** upfront and retaining a **25%** ownership stake in the new entity, Zulily Newco[44](index=44&type=chunk) - Sold certain intellectual property related to Bed Bath & Beyond trademarks in Canada and the UK for **$5.0 million**, recognizing the full amount as a gain[45](index=45&type=chunk) - Sold **4,331,713** shares of common stock through its "at the market" sales agreement, raising **$24.2 million** in net proceeds during the first six months of 2025[62](index=62&type=chunk) - Repurchased **$1.3 million** of its common stock at an average price of **$3.92** per share during Q2 2025, with **$68.6 million** remaining under the current authorization[63](index=63&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2025 revenue decline to decreased orders, with improved gross margin and reduced operating expenses leading to a smaller operating loss [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q2 2025 net revenue fell **29.1%** to **$282.3 million**, with gross margin improving to **23.7%** and operating expenses decreasing, resulting in a lower operating loss of **$17.9 million** Q2 2025 vs Q2 2024 Revenue and Gross Profit (in thousands) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Net revenue | $282,251 | $398,104 | (29.1)% | | Gross profit | $66,969 | $80,168 | (16.5)% | | Gross margin | 23.7% | 20.1% | +360 bps | - The decrease in net revenue was primarily due to a **34%** decrease in orders delivered, partially offset by a **7%** increase in average order value[95](index=95&type=chunk) Operating Expenses as a % of Net Revenue | Expense Category | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Sales and marketing | 13.5% | 16.7% | | Technology | 8.2% | 6.9% | | General and administrative | 5.0% | 4.7% | | Customer service and merchant fees | 3.3% | 3.8% | [Liquidity and Capital Resources](index=31&type=section&id=Liquidity%20and%20Capital%20Resources) The company's cash and cash equivalents were **$120.6 million**, with **$35.1 million** cash used in operations and **$16.7 million** provided by financing activities, primarily from stock sales - Cash and cash equivalents decreased to **$120.6 million** at June 30, 2025, from **$159.2 million** at December 31, 2024[92](index=92&type=chunk)[128](index=128&type=chunk) - Net cash used in operating activities for the first six months of 2025 was **$35.1 million**[131](index=131&type=chunk)[133](index=133&type=chunk) - Net cash provided by financing activities was **$16.7 million**, primarily due to **$24.2 million** in net proceeds from the sale of common stock, offset by **$6.5 million** in debt payments[131](index=131&type=chunk)[137](index=137&type=chunk) - As of June 30, 2025, the company had **$131.4 million** remaining available under its "at the market" sales program[130](index=130&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rates, foreign currency, inflation, and securities values, with investment risk noted in its **$71.6 million** portfolio, particularly Level 3 inputs - The company's exposure to foreign currency risk is not currently significant as most sales and expenses are denominated in U.S. dollars[146](index=146&type=chunk) - The company acknowledges inflationary pressures on costs but believes the effects on historical results have been immaterial[147](index=147&type=chunk) - As of June 30, 2025, the company held **$71.6 million** in equity securities, with **$22.8 million** in debt securities and **$14.4 million** in equity securities valued using complex Level 3 inputs, posing investment risk[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - Based on an evaluation as of the end of the period, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[149](index=149&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[151](index=151&type=chunk) [PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is periodically involved in various legal proceedings, the uncertain outcomes of which could materially affect the business, though no specific material proceedings are detailed for the current period - The company is periodically involved in litigation concerning consumer protection, employment, intellectual property, and other commercial matters, the outcomes of which are uncertain and could materially affect the business[154](index=154&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) A key risk factor is that tariffs or trade barriers on products sourced from China could increase prices, reduce consumer demand, and adversely affect financial results - A key risk factor is that tariffs, trade barriers, or other restrictions on products sourced from China and other countries could increase prices, reduce consumer demand, and have a material adverse effect on the business[157](index=157&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **332,694** shares of common stock at an average price of **$3.92** per share, with **$68.6 million** remaining for future repurchases Common Stock Repurchases for Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | Approximate Dollar Value Remaining for Repurchase | | :--- | :--- | :--- | :--- | | April 1 - 30 | — | $— | $69,884,000 | | May 1 - 31 | 332,694 | $3.92 | $68,572,000 | | June 1 - 30 | — | $— | $68,572,000 | [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) During Q2 2025, no director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement - During Q2 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement"[164](index=164&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including various agreements, officer certifications, and financial statements in Inline XBRL format

Financial Data and Key Metrics Changes - Revenue for the quarter was $2.82 billion, showing a 22% increase compared to Q1 2025, although it declined 29% year-over-year [6][36] - Gross margin improved to 23.7%, a 360 basis point increase year-over-year, despite being slightly below the anticipated range [36][38] - Adjusted EBITDA came in at a loss of $8 million, representing a 78% improvement year-over-year [40] - Reported GAAP EPS was a loss of $0.34 per share, while adjusted diluted loss was $0.22, a $0.54 improvement year-over-year [41] Business Line Data and Key Metrics Changes - The patio business showed significant improvement, contributing to an increase in average order value (AOV) [6][7] - Overstock brand has seen consistent improvements, particularly in newly launched categories like luxury handbags and shoes [8][10] - The company is focusing on a higher-end customer base, with a shift towards more affluent demographics [55] Market Data and Key Metrics Changes - The company is experiencing a stabilization in the retail business, with expectations for continued growth in Q3 [11][12] - Cash flow for the quarter was significantly better than Q1, marking the best performing cash flow quarter in several years [12][13] Company Strategy and Development Direction - The company aims to continue tightening SG&A expenses and improve operational efficiencies across all areas of the business [13][14] - A focus on unlocking value from assets like tZERO and GrainChain is a priority, with plans for potential public offerings or other liquidity events [20][24] - The company is exploring the issuance of a contingent value right as a form of dividend to shareholders [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to stabilize cash flow and improve profitability [41][45] - The company is optimistic about the potential for growth in a stabilized housing market, which could positively impact revenue [28][29] - There is a commitment to continue exploring opportunities in the blockchain and crypto space as the core business stabilizes [27] Other Important Information - The company has a remaining $68 million on its share repurchase program and approximately $131 million left on the ATM [46] - A long-term partnership in Canada was established, resulting in a $5 million upfront payment [16] Q&A Session Summary Question: Update on SKU rationalization efforts across Bed Bath and Beyond - The heavy lifting of SKU rationalization is complete, but fine-tuning will continue [50] Question: Confidence in leaning into a more affluent customer for Overstock - Research indicated that the target demographic has a household income over $150,000 and a credit score over 700, leading to increased sales in luxury items [55] Question: Update on tZERO's potential to go public - The company is focused on mutual alignment for value creation and expects to unlock value soon [66] Question: Potential timeline for a GrainChain IPO - Discussions are ongoing, but the focus is on ensuring value creation before any public offering [72]

Financial Performance - Revenue for 2Q 2025 was $282 million[6], a decrease of $116 million or 29% compared to 2Q 2024[6, 10] - Gross margin for 2Q 2025 was 23.7%[6, 15], an increase of 360 bps compared to 2Q 2024[6, 15] - Adjusted EBITDA for 2Q 2025 was -$8 million[6, 26], an improvement of $28 million compared to 2Q 2024[6, 26] - G&A and Tech Expense for 2Q 2025 was $37 million[6, 23], a decrease of $9 million or 19% compared to 2Q 2024[6, 23] Customer & Order Metrics - Orders delivered (LTM) were 5.7 million[33], a decrease of 2.9 million or 33.8% compared to 2Q 2024[30, 31] - Average order value was $219[33], an increase of 7.2% compared to 2Q 2024[33] - Active customers (LTM) were 4.4 million[36], a decrease of 1.9 million or 30% compared to 2Q 2024[36] - Order frequency was 1.32[36], a decrease of 5.4% compared to 2Q 2024[36] Expense Management - The company is targeting a $150 million annual G&A and Tech Expense run rate[23, 40] - Sales & Marketing Expense was $38 million or 13.5% of revenue[17, 18], a decrease of $28 million or 320 bps compared to 2Q 2024[18]

Core Viewpoint - Beyond Inc. reported a second-quarter loss of $0.34 per share, which met analyst expectations [1] - The company achieved net revenue of $282.3 million, surpassing analyst expectations of $249.9 million [1] - Adjusted EBITDA loss for the second quarter was $8.07 million, better than the anticipated loss of $12.6 million [1] - Following the earnings report, Beyond's stock rose by 17% in after-hours trading [1] Financial Performance - Second-quarter loss per share: $0.34, in line with expectations [1] - Net revenue for the second quarter: $282.3 million, exceeding the forecast of $249.9 million [1] - Adjusted EBITDA loss: $8.07 million, compared to the expected loss of $12.6 million [1] - Stock performance: Increased by 17% in after-hours trading [1]