Bark(US:BARK)2025-11-10 13:45Revenue Performance - Revenue for the three months ended September 30, 2025, was $106,970,000, a decrease of 15.1% compared to $126,111,000 for the same period in 2024[16] - Total revenue for the three months ended September 30, 2025, was $106.97 million, a decrease of 15.2% compared to $126.11 million for the same period in 2024[136] - Total revenue for the six months ended September 30, 2025 was $209.8 million, a decrease of $32.5 million or 13.4% compared to $242.3 million in the same period of 2024[149] - Direct to Consumer revenue for the three months ended September 30, 2025, was $82.15 million, down 19.9% from $102.60 million in 2024[50] - Direct to Consumer revenue decreased by $38.3 million, or 18.3%, primarily due to a 20.1% decrease in Total Orders and a 0.3% decrease in Average Order Value (AOV)[150] - Commerce revenue increased by $1.3 million, or 5.6%, driven by sales volume from existing and new customers[139] Profit and Loss - Gross profit for the six months ended September 30, 2025, was $126,037,000, down from $149,378,000 in the prior year, reflecting a decline of 15.6%[16] - Net loss for the three months ended September 30, 2025, was $10,672,000, compared to a net loss of $5,263,000 for the same period in 2024, representing a 102.8% increase in losses[16] - For the six months ended September 30, 2025, the net loss was $17.7 million, compared to a net loss of $15.3 million for the same period in 2024, representing an increase in loss of approximately 15.7%[24] - Total gross profit for the three months ended September 30, 2025, was $62.0 million, compared to $76.1 million for the same period in 2024, reflecting a decrease of 18.5%[98] - The net loss attributable to common stockholders for the three months ended September 30, 2025 was $10,672,000, resulting in a net loss per share of $(0.06)[91] Cash Flow and Liquidity - Cash flows from operating activities resulted in a net cash used of $23.5 million for the six months ended September 30, 2025, compared to a net cash provided of $4.6 million in the same period of 2024[24] - The company had cash and cash equivalents of approximately $63.4 million as of September 30, 2025, which is expected to be sufficient to fund operations for at least the next 12 months[176] - Free cash flow for the three months ended September 30, 2025, was $(19,926,000), a decrease from $966,000 in the same period in 2024[175] - The net decrease in cash and restricted cash for the six months ended September 30, 2025, was $28.9 million, significantly higher than the $5.8 million decrease in 2024[188] - The company incurred net cash used in investing activities of $2.6 million in 2025, a decrease from $3.9 million in 2024, primarily due to software development costs and capital expenditures[191] Assets and Liabilities - Total current assets decreased to $193,940,000 as of September 30, 2025, from $201,637,000 as of March 31, 2025, a decline of 3.4%[13] - Total liabilities increased slightly to $161,508,000 as of September 30, 2025, compared to $161,109,000 as of March 31, 2025[13] - Cash and cash equivalents decreased to $63,427,000 as of September 30, 2025, down from $94,022,000 as of March 31, 2025, a decline of 32.5%[13] - Total stockholders' equity decreased to $86,472,000 as of September 30, 2025, from $99,526,000 as of March 31, 2025, a decline of 13.1%[13] Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $72,619,000, a decrease of 11.3% from $81,808,000 in the same period in 2024[16] - General and administrative expenses decreased by $5.92 million, or 9.4%, primarily due to lower shipping and fulfillment costs and decreased compensation expenses[144] - Advertising and marketing expenses decreased by $3.27 million, or 17.5%, attributed to reduced Direct to Consumer marketing spend[145] Stock and Equity - The Company had deferred revenue of $20.0 million as of September 30, 2025, compared to $21.3 million as of March 31, 2025[52] - The Company did not repurchase any shares during the three months ended September 30, 2025, but repurchased 1,310,627 shares for $1.8 million during the six months ended September 30, 2025[68] - The total number of stock options to purchase common stock as of September 30, 2025 was 8,958,512, down from 10,773,297 in 2024[92] - The Company granted equity awards for 25,000 and 1,087,500 shares of common stock during the six months ended September 30, 2025 and 2024, respectively, at weighted average exercise prices of $1.26 and $1.37[77] Future Outlook - The company expects its cash and cash equivalents will be sufficient to fund operations for at least the next twelve months despite recurring losses[32] - The company anticipates significant long-term growth in its consumables category, driven by new product offerings and market expansion[126] - The company is currently navigating challenges related to customer acquisition and retention, which may impact future revenue growth[206][208] - The company expects future capital requirements to depend on customer growth and investments in partnerships and unexplored channels, indicating potential for additional equity or debt financing[176]