Kidpik (PIK)2024-05-14 20:20Financial Performance - Revenue for Q1 2024 was $2.2 million, a year-over-year decrease of 44.4%[7] - Net loss for Q1 2024 was $1.8 million, or $0.94 per share[7] - Adjusted EBITDA loss was $1.4 million[7] - For the 13 weeks ended March 30, 2024, net revenue was $2,239,305, a decrease of 44.4% compared to $4,029,478 for the same period in 2023[24] - The net loss for the 13 weeks ended March 30, 2024, was $1,769,411, compared to a net loss of $1,950,512 in the same period last year[23] - Adjusted EBITDA for the period was $(1,391,782), an improvement from $(1,647,157) in the prior year[33] Operational Metrics - Gross margin improved to 69.9%, compared to 59.8% in Q1 2023[7] - Gross profit for the same period was $1,565,764, resulting in a gross margin of 69.9%, up from 59.8% in the prior year[25] - Shipped items decreased to 195,000, down from 340,000 in Q1 2023[7] - The number of shipped items decreased to 195,000 from 340,000 year-over-year[27] - Average shipment keep rate increased to 78.2%, compared to 68.1% in Q1 2023[7] - The average shipment keep rate improved to 78.2% from 68.1% in the previous year[29] - Subscription box revenue fell to $1,516,665, a decline of 49.0% from $2,971,567 in the prior year[31] Balance Sheet - Total current assets decreased to $4,988,782 from $6,027,482 as of December 30, 2023[21] - Total liabilities increased to $7,158,788 from $6,080,180 as of December 30, 2023[21] - Cash and restricted cash at the end of the period totaled $14,972, a decrease from $269,287 at the beginning of the period[23] Merger and Acquisition - Kidpik entered into a Merger Agreement with Nina Footwear Corp. on March 29, 2024[3] - The Merger is expected to close in Q3 2024, subject to customary closing conditions[4] - The company has ceased purchasing new inventory in anticipation of the Merger[3] - The Merger is anticipated to enhance Kidpik's revenue, cash flow, and stockholder value[4]