Bark(US:BARK)2024-06-03 20:11Financial Performance - Fiscal Q4 2024 revenue was $121.5 million, a 3.6% year-over-year decline primarily due to fewer total orders[4] - Fiscal Year 2024 revenue totaled $490.2 million, an 8.4% decrease from the prior year, with 89.0% from direct-to-consumer[2] - Direct-to-consumer revenue for FY 2024 was $436.4 million, a 7.5% decrease year-over-year[6] - Revenue for the three months ended March 31, 2024, was $121.48 million, a decrease of 3.9% from $126.02 million in the same period of 2023[20] - Gross profit for the fiscal year ended March 31, 2024, was $302.15 million, compared to $308.12 million in 2023, reflecting a decline of 2.0%[20] - Direct to Consumer revenue for the fiscal year ended March 31, 2024, was $436.45 million, down 7.5% from $471.99 million in 2023[22] Profitability Metrics - Gross margin improved by 580 basis points year-over-year to 62.7% in Q4 2024, driven by new contract pricing[4] - Net loss for Q4 2024 was $(4.9) million, an improvement of 65.5% compared to the previous year[4] - Adjusted EBITDA for FY 2024 was $(10.6) million, a 66% improvement from the previous year's loss of $(31.3) million[6] - The net loss for the fiscal year ended March 31, 2024, was $37.01 million, an improvement from a net loss of $61.52 million in 2023[20] - Adjusted Net Loss for the three months ended March 31, 2024, was $(485) thousand, compared to $(6,495) thousand for the same period in 2023, indicating an improvement[38] - Adjusted EBITDA for the three months ended March 31, 2024, was $2.239 million, compared to $(3.438) million for the same period in 2023, showing a positive shift[40] Cash Flow and Liquidity - The company reported net cash provided by operating activities of $6.1 million for FY 2024, with free cash flow at $(2.8) million[2] - Cash and cash equivalents as of March 31, 2024, were $125.50 million, a decrease from $177.91 million in 2023[26] - Total cash, cash equivalents, and restricted cash decreased by $52.362 million during the period, highlighting cash flow challenges[30] - Free cash flow for March 2024 was $(3,174) million, a decrease from $16,714 million in March 2023[44] - Net cash used in operating activities for March 2024 was $(1,042) million, compared to $19,180 million in March 2023[44] - Free cash flow for the year ending March 2024 was $(2,771) million, compared to $(16,626) million for the previous year[44] Capital Expenditures and Investments - The company incurred capital expenditures of $8.83 million for the fiscal year ended March 31, 2024, compared to $21.32 million in 2023[29] - Capital expenditures for March 2024 were $(2,132) million, down from $(2,466) million in March 2023[44] Shareholder Actions - The Board of Directors authorized a $15.0 million share repurchase program, reflecting a strong financial position[8] Future Guidance - For FY 2025, the company expects total revenue of $490 million to $500 million, indicating flat to 2.0% year-over-year growth[11] - Adjusted EBITDA guidance for FY 2025 is projected between $1.0 million to $5.0 million, reflecting a year-over-year improvement of $11.6 million to $15.6 million[11] Operational Efficiency - Operating expenses for the three months ended March 31, 2024, totaled $82.68 million, down from $84.57 million in the same period of 2023, a decrease of 2.1%[20] - The company reported a gross profit margin of 61.9% for the fiscal year ended March 31, 2024, compared to 57.6% in 2023[20] - The company incurred restructuring charges of $117 thousand for the three months ended March 31, 2024, compared to $1.763 million in the same period last year, indicating reduced restructuring activities[38] - The company expects to continue focusing on technology transformation, with related costs included in the Adjusted EBITDA calculations[41] Interest and Debt - Cash paid for interest increased to $2.385 million from $0.283 million, indicating a significant rise in interest expenses[30]