Beyond(BYON) - 2024 Q3 - Quarterly Results

Financial Performance - Total net revenue for Q3 2024 was $311 million, a decrease of 16.6% year-over-year[3] - Gross profit was $66 million, representing 21.2% of total net revenue[3] - The net loss for the quarter was $61 million, with a diluted net loss per share of $1.33[3] - Adjusted EBITDA was ($32) million, which is (10.2)% of net revenue[3] - Net loss for the three months ended September 30, 2024, was $61,030,000 compared to a net loss of $63,049,000 for the same period in 2023[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $(31,913,000), compared to $(23,931,000) for the same period in 2023[23] Customer Metrics - Active customers increased by 21% year-over-year to 6.0 million[3] - Active customers increased to 5,961,000 in September 2024, up from 4,907,000 in September 2023, representing a growth of approximately 21.5%[18] - Last twelve months (LTM) net revenue per active customer decreased to $248 in September 2024 from $322 in September 2023, a decline of 22.9%[18] Orders and Sales - Orders delivered decreased by 19% year-over-year to 1.6 million[3] - Total orders delivered in the three months ended September 30, 2024, were 1,569,000, down from 1,945,000 in the same period of 2023, a decrease of 19.3%[18] - Average order value increased to $199 in September 2024 from $192 in September 2023, reflecting a growth of 3.6%[18] Cash Flow and Expenses - Cash and cash equivalents totaled $140 million at the end of Q3 2024[3] - Net cash used in operating activities for the nine months ended September 30, 2024, was $(152,625,000), compared to $9,131,000 for the same period in 2023[25] - Free cash flow for the nine months ended September 30, 2024, was $(163,954,000), compared to $(7,412,000) for the same period in 2023[25] - The company reported a net decrease in cash, cash equivalents, and restricted cash of $(161,252,000) for the three months ended September 30, 2024[22] - The company incurred expenditures for property and equipment totaling $(11,329,000) for the three months ended September 30, 2024[25] Cost Reduction Initiatives - The company expects to reduce its fixed expense base by an annualized $65 million heading into 2025[2] - Beyond announced a $20 million annualized reduction in staff-related expenses as part of its cost reduction actions[2] Business Transformation - The company is transforming its business model to focus on affinity marketing and data monetization[2]