Revenue Performance - BARK's total revenue for fiscal 2025 was approximately $430 million, with Direct-to-Consumer (DTC) sales representing 85.9% of total revenue[23]. - Revenue from the commerce segment, which includes retail sales, totaled $68 million, reflecting a 27.2% increase compared to fiscal 2024[42]. - Total revenue for the fiscal year ended March 31, 2025, was $484.2 million, a decrease of 1.2% compared to $490.2 million in fiscal 2024[192]. - Direct to Consumer revenue decreased by $20.6 million, or 4.7%, primarily due to a 5.1% decrease in Total Orders and a 1.0% decrease in Average Order Value[193]. - Commerce revenue increased by $14.6 million, or 27.2%, driven by sales volume from existing and new customers[194]. - Total revenue for the fiscal year ended March 31, 2025, was $490.2 million, a decrease of $45.1 million, or 8.4%, compared to the previous year[203]. Product Categories - The consumables category, which includes treats, kibble, and supplements, accounted for about one-third of total revenue in fiscal 2025, indicating significant growth potential[32]. - BARK's toys & accessories revenue was approximately $262.3 million in fiscal 2025, down 8% from fiscal 2024, prompting a strategic shift towards consumables[27]. - BARK Air, a new service offering for dog travel, generated $5.8 million in revenue in its first fiscal year, showcasing strong customer demand[33]. - The company aims to expand its product offerings, particularly in the consumables category, to increase average order value and attract new customers[162]. Operational Efficiency - The company achieved its first full year of positive Adjusted EBITDA in fiscal 2025, driven by operational efficiency and improved gross margins[44]. - Operating expenses decreased by 3.0% to $337.1 million in fiscal 2025, compared to $347.7 million in fiscal 2024[192]. - General and administrative expenses decreased by $15.0 million, or 5.6%, to $253.4 million for the fiscal year ended March 31, 2025, primarily due to reduced shipping costs and headcount[197]. Market Trends and Challenges - The annual spend on pets in the U.S. was approximately $152 billion in 2024, representing a 3% increase from 2023, highlighting a growing market opportunity[21]. - The company faces macroeconomic challenges, including rising inflation and supply chain disruptions, which may impact consumer spending and overall business performance[165]. - Economic downturns and macroeconomic conditions can adversely affect consumer discretionary spending, impacting BARK's revenue[77]. Customer Engagement and Technology - BARK's unified e-commerce platform, launched on Shopify, aims to enhance customer experience and cross-selling capabilities across its product suite[43]. - The company serves over 200,000 customers each month through its customer service team, leveraging data from these interactions for product development[158]. - The reliance on third-party SaaS technologies for critical business functions poses risks; any service interruptions could disrupt operations and increase expenses[95]. Risks and Compliance - The company is subject to various regulations affecting its operations, including those related to consumer protection, data security, and product safety[61][64]. - The company faces risks related to customer acquisition costs, which may exceed expectations, impacting revenue growth and operational efficiency[69]. - The company may face supply chain disruptions due to natural disasters, pandemics, or geopolitical developments, which could materially affect operations[86]. - The complexities of managing omnichannel operations could adversely impact inventory management and operational efficiency, affecting financial results[88]. Financial Metrics and Future Outlook - Adjusted Net Loss is calculated by excluding various expenses including stock-based compensation and restructuring charges[213]. - The company intends to retain future earnings for business expansion and does not expect to pay dividends in the foreseeable future[126]. - The stock price may be volatile and decline due to various factors, including fluctuations in revenue and results of operations[120].

Revenue Performance - Total revenue for Q4 2025 was $115.4 million, a decrease of 5.0% year-over-year, while full-year revenue was $484.2 million, down 1.2%[5] - Direct to Consumer (DTC) revenue in Q4 2025 was $100.1 million, an 8.5% decrease year-over-year, while full-year DTC revenue was $415.8 million, down 4.7%[8] - Commerce revenue in Q4 2025 was $15.4 million, up 26.5% year-over-year, and for the full year, it was $68.3 million, a 27.2% increase compared to the prior year[5] - Total revenue for the fiscal year ended March 31, 2025, was $484.182 million, a decrease of 11% from $535.315 million in 2024[27] - Direct to Consumer revenue decreased to $415.837 million in 2025 from $471.994 million in 2024, representing a decline of 12%[27] Profitability Metrics - Adjusted EBITDA for Q4 2025 was $5.2 million, marking a $3.0 million improvement, and for the full year, it was $5.4 million, an improvement of $16.0 million compared to the previous year[5] - The company reported a net loss of $32.878 million for the fiscal year 2025, an improvement from a net loss of $37.010 million in 2024[33] - The net loss for Q4 2025 was $(6.1) million, an increase of $1.2 million from the previous year, while the full-year net loss was $(32.9) million, a $4.1 million improvement[5] - The net loss margin for the fiscal year ended March 31, 2025, was (6.79)%, improving from (7.55)% in 2024[45] - Adjusted net income for the three months ended March 31, 2025, was $2,340,000, compared to an adjusted net loss of $(485,000) in 2024[44] - The adjusted net income (loss) margin for the fiscal year ended March 31, 2025, was (0.89)%, an improvement from (4.08)% in 2024[44] Cash Flow and Liquidity - The cash and cash equivalents balance as of March 31, 2025, was $94.0 million, which included $10.5 million in share repurchases during Q4[14] - Cash and cash equivalents decreased to $94.022 million as of March 31, 2025, compared to $125.495 million in 2024, indicating a decline of 25%[31] - Free cash flow for the three months ended March 31, 2025, was $(11,987,000), compared to $(3,174,000) for the same period in 2024[48] Operational Metrics - Total Orders for Q4 2025 were 3,166,000, down from 3,499,000 in the same period last year, while full-year Total Orders were 13,210,000, a decrease from 13,924,000[23] - Average Order Value (AOV) for Q4 2025 was $31.05, slightly down from $31.25 in the previous year, while full-year AOV was $31.04, compared to $31.34 in the prior year[23] Future Outlook - The company expects Q1 2026 revenue guidance of $99.0 million to $101.0 million, reflecting a decline from $116.2 million in the previous year due to reduced DTC marketing and tariff impacts[14] - The company plans to focus on new product development and market expansion strategies to drive future growth[27] Cost and Expenses - Capital expenditures for the fiscal year ended March 31, 2025, were $(6,157,000), down from $(8,831,000) in 2024[48] - The company recorded restructuring costs of $3,829,000 for the fiscal year ended March 31, 2025, compared to $1,660,000 in 2024[44] - Technology modernization costs for the fiscal year ended March 31, 2025, amounted to $2,400,000, reflecting ongoing investment in infrastructure[45] Balance Sheet Highlights - Total current liabilities increased to $124.040 million in 2025 from $75.478 million in 2024, marking a significant rise of 64%[31] - Inventory levels rose to $88.126 million in 2025, up from $84.177 million in 2024, indicating a 5% increase[31] - The company’s total assets decreased to $260.635 million in 2025 from $298.588 million in 2024, a decline of 13%[31]

该行的预期调整在一定程度上参考了2020年第二季度因疫情封锁导致的经济放缓，但此次下调幅度相对 较小，特别是考虑到关税政策的反复变化。该行认为The Trade Desk受关税影响最为直接，而Criteo基于 效果的广告支出则具有一定的防御性。 该行认为，The Trade Desk因品牌广告和部分垂直领域受影响，2025财年营收预期将从28.79亿美元降至 27.55亿美元，目标价从70美元降至63美元;Criteo虽有业绩广告优势，但受零售媒体和旅游等垂直领域 影响，2025财年营收预期从11.68亿美元降至11.47亿美元，目标价从60美元降至47美元。 花旗近日发布北美互联网行业股票Q1前瞻报告，绩前调整了该行业覆盖范围内大多数公司的盈利预期 和目标价，以反映对关税影响以及由此导致的宏观环境走软的预期。 虽然该行覆盖的所有公司都在一定程度上受到影响，但总体而言，该行认为数字广告和电子商务行业受 影响最大，而网站建设商、针对中小企业的工具提供商以及在线约会领域受影响较小。 花旗预计第一季度财报或不会受到投资者太多关注，而第二季度和2025年全年展望及预期基本上将主要 由关税和宏观因素驱动，该行也会关注覆 ...

Financial Data and Key Metrics Changes - Total revenue for the quarter was $126.4 million, a 1% increase year-over-year, marking the second consecutive quarter of year-over-year revenue growth after eight quarters of declines [27][28] - Adjusted EBITDA for the quarter was negative $1.6 million, an improvement of $4.9 million compared to last year, driven by improvements in gross margin percentage and reduced shipping and fulfillment costs [39] - Consolidated gross margin was 62.7%, up 90 basis points compared to last year, with a total increase of over 400 basis points over the last couple of years [34][19] Business Segment Data and Key Metrics Changes - Direct-to-Consumer (D2C) segment contributed $106.1 million in revenue, including $2 million from BARK Air, but declined 4% compared to last year [28] - The Commerce segment delivered $20.3 million in revenue, representing a 43% increase year-over-year and up 27% year-to-date [32] - BARK Air generated $2 million in revenue last quarter, achieving positive gross profit just seven months after its launch [7][17] Market Data and Key Metrics Changes - New subscriptions in the D2C segment grew 11% year-over-year at a lower customer acquisition cost [10][6] - Revenue from Amazon is expected to grow over 70% this year, with further expansion anticipated [15] - The company is expanding its international presence, recently launching on Amazon Europe and establishing partnerships with major retailers in the U.K. and Europe [33][105] Company Strategy and Development Direction - The company is transitioning all paid media traffic to a new Shopify platform, which is expected to modernize the customer experience and drive increased conversion over time [9][11] - A shift in marketing strategy is underway, focusing more on brand building rather than promotional advertising [12] - The leadership team has been strengthened to drive transformative results, with a focus on profitability and sustainable long-term growth [5][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the first full year of adjusted EBITDA profitability by the end of March [26][20] - The company anticipates mid- to high single-digit top line growth in fiscal year 2026, supported by a more profitable foundation [21][45] - Management acknowledged industry headwinds but emphasized the importance of addressing outdated customer solutions to position for growth [13][30] Other Important Information - The company has invested approximately $17 million to repurchase over 11 million shares, indicating confidence in its undervalued status [22][40] - The company expects to maintain a solid cash position, ending the quarter with $115 million in cash [40] Q&A Session Summary Question: DTC segment revenue trajectory and stabilization - Management confirmed that stabilization in the DTC segment is expected in fiscal 2026, with most growth anticipated from the Commerce channel [52][53] Question: Strategic vision for BARK Air - Management indicated that while BARK Air has shown early promise, it is too soon to determine its material impact on financials [54][55] Question: Fourth quarter guidance and shelf resets - Management acknowledged timing variability due to shelf resets, which typically occur in March and April, affecting visibility for the fourth quarter [64][66] Question: Performance with Chewy and SKU expansion - Management reported strong momentum with Chewy, expanding from 30 to over 150 SKUs, and positive sentiment regarding future growth [69][71] Question: Impact of marketing strategy on new customer acquisition - Management stated that the increase in new customers is primarily due to the transition to the Shopify platform and improved marketing strategies [76][78] Question: International growth opportunities - Management highlighted significant growth potential in international markets, particularly through partnerships and expanding product offerings [102][105]

Revenue and Profitability - Revenue for the three months ended December 31, 2024, was $126,449,000, a slight increase from $125,075,000 in the same period of 2023, representing a growth of 1.1%[16] - Gross profit for the three months ended December 31, 2024, was $79,260,000, compared to $77,244,000 in the prior year, indicating a growth of 2.6%[16] - For the three months ended December 31, 2024, total revenue was $126.4 million, a slight increase from $125.1 million in the same period of 2023[55] - Total revenue for the nine months ended December 31, 2024 was $368.8 million, a slight increase of $72, or 0.0%, compared to $368.7 million in the same period of 2023[152] - Total gross profit increased by $2.7 million, or 1.2%, to $228.6 million for the nine months ended December 31, 2024, with a gross margin of 62.0%[155] Net Loss and Adjusted Metrics - The net loss for the three months ended December 31, 2024, was $11,509,000, compared to a net loss of $10,108,000 for the same period in 2023, representing a decline of 13.9%[16] - Net loss for the nine months ended December 31, 2024, was $26.811 million, an improvement from a net loss of $32.108 million for the same period in 2023, representing a 16.5% reduction[25] - Basic and diluted net loss per share for the three months ended December 31, 2024, was $(0.07), compared to $(0.06) for the same period in 2023, representing a 16.67% increase in loss per share[11] - Adjusted net loss for the three months ended December 31, 2024, was $3.9 million, while for the same period in 2023, it was $8.6 million, indicating a decrease in adjusted net loss of approximately 54.5%[173] - The net loss margin for the three months ended December 31, 2024, was (9.10)%, compared to (8.08)% for the same period in 2023[175] Cash Flow and Liquidity - Cash and cash equivalents decreased to $115,259,000 as of December 31, 2024, down from $125,495,000 as of March 31, 2024, a decline of 8.9%[13] - The company had cash and cash equivalents of approximately $115.3 million as of December 31, 2024, which is expected to be sufficient to fund operations for at least the next 12 months[179] - Free cash flow for the three months ended December 31, 2024, was $(1.96) million, compared to $13.26 million for the same period in 2023, indicating a significant decrease in free cash flow[178] - The company experienced a net decrease in cash and restricted cash of $10.7 million for the nine months ended December 31, 2024, compared to a decrease of $46.6 million in 2023[192] Assets and Liabilities - Total current assets increased to $229,405,000 as of December 31, 2024, up from $221,747,000 as of March 31, 2024, reflecting a growth of 3.0%[13] - Total liabilities rose to $179,154,000 as of December 31, 2024, compared to $159,205,000 as of March 31, 2024, marking an increase of 12.5%[13] - The accumulated deficit increased to $373,668,000 as of December 31, 2024, compared to $346,820,000 as of March 31, 2024, reflecting a growth of 7.7%[13] - The company’s total stockholders' equity decreased to $113,038,000 as of December 31, 2024, down from $139,383,000 as of March 31, 2024, indicating a decline of 18.9%[13] Operating Expenses - Operating expenses for the three months ended December 31, 2024, totaled $91,505,000, slightly up from $91,213,000 in the same period of 2023, indicating an increase of 0.3%[16] - General and administrative expenses decreased by $2.0 million, or 3.0%, primarily due to a reduction in compensation and professional fees[146] - Advertising and marketing expenses increased by $2.3 million, or 9.0%, attributed to increased marketing spend[147] Revenue Segmentation - Direct to Consumer revenue for the nine months ended December 31, 2024, was $315.8 million, down from $327.1 million in 2023, representing a decrease of approximately 3.9%[55] - Total revenue for the Direct to Consumer segment for the three months ended December 31, 2024, was $106.1 million, a decrease of 3.55% from $110.9 million in 2023[102] - Commerce revenue increased by $6.2 million, or 43.5%, driven by sales volume from existing and new customers[141] Debt and Financing Activities - Long-term debt as of December 31, 2024, totaled $42.5 million, an increase from $39.9 million as of March 31, 2024[59] - Net cash used in financing activities was $9.433 million, significantly lower than $47.040 million in the previous year, indicating a decrease of 80.0%[25] - The company had outstanding borrowings of $42.9 million under the note purchase agreement as of December 31, 2024[186] Stock and Equity - The company repurchased 5,225,531 shares of common stock for $8.0 million at an average price of $1.54 during the nine months ended December 31, 2024[73] - The company approved an increase of 8,876,143 shares available for issuance under the 2021 Equity Incentive Plan in April 2023, with 12,036,865 shares available for grant as of December 31, 2024[76] Other Financial Metrics - The company recognized a gain on debt extinguishment of $1.8 million related to the repurchase of $45.0 million of the 2025 Convertible Notes[64] - Other income (expense)—net for the nine months ended December 31, 2024, was $4.758 million, compared to $(217) thousand in the same period of 2023[97] - Interest income decreased by $0.5 million, or 31.4%, due to a reduction in cash in interest-bearing deposit accounts[148] Compliance and Legal Matters - The company expects to comply with financial and non-financial covenants related to its borrowing agreements during the next 12 months[179] - The company is currently involved in litigation related to a putative class action complaint, but it is unable to quantify any potential liability at this time[209]

Revenue Performance - Total revenue for Q3 FY2025 was approximately $126.4 million, a 1.1% year-over-year increase, surpassing the high-end of the company's guidance range[10] - BARK Air generated $2 million in revenue during Q3 FY2025, showing encouraging progress[7] - The commerce segment grew over 25% year-to-date, contributing to strong momentum heading into fiscal 2026[7] - For FY2025, the company reaffirmed its revenue guidance of $490 million to $500 million, reflecting flat to 2.0% year-over-year growth[17] Profitability and Losses - Net loss for Q3 FY2025 was approximately $(11.5) million, $1.4 million greater than the same period last year, primarily due to a $1.8 million gain from debt extinguishment in the prior year[10] - Adjusted EBITDA for Q3 FY2025 was approximately $(1.6) million, within the company's guidance range and a $4.9 million year-over-year improvement[10] - Adjusted EBITDA guidance for FY2025 is $1.0 million to $5.0 million, reflecting a year-over-year improvement of $11.6 million to $15.6 million[17] Subscriber Growth and Marketing - New subscribers increased by 8% year-over-year, driven by strategic marketing investments[7] - The company migrated all paid media to the BARK.co platform, with initial results exceeding expectations[7] Technology and Operational Costs - Technology modernization costs, including consulting fees and payroll, were $545,000 for Q3 FY2025, considered discrete and non-recurring[23]

Financial Data and Key Metrics - Revenue for Q2 2025 was $126.1 million, a 2.5% increase YoY, marking the first YoY revenue growth in eight quarters [6] - Adjusted EBITDA for the quarter was $3.5 million, a $2.5 million improvement YoY, representing the strongest EBITDA quarter in the company's history [10] - Free cash flow was positive $1 million in the quarter, with year-to-date free cash flow at $715,000, reflecting a $12 million improvement YoY [37] - Consolidated gross margin was 60.4%, with DTC gross margin at 65% and commerce gross margin at 45%, up 250 basis points YoY [32] Business Line Performance - Commerce segment revenue grew 26% YoY to $23.5 million, driven by new partnerships with Chewy, Fressnapf, and expansion with existing partners like Costco, T.J. Maxx, and Amazon [7][30] - DTC segment revenue was $102.6 million, down 1.6% YoY, but the company achieved its fourth consecutive quarter of YoY new subscriber growth [29][12] - BARK Air generated $1.5 million in revenue and positive gross profit in Q2, with ticket sales totaling $4.5 million since launch [24] Market Performance - BARK was one of the top-selling new treat brands in Target and PetSmart during the first half of the fiscal year [8] - The company expects commerce segment revenue to grow at least 30% in FY2025, with the segment projected to account for one-third of total revenue within the next three to four years [31][17] - International expansion, particularly with Fressnapf, contributed to commerce growth [55] Strategic Direction and Industry Competition - The company is transitioning its DTC ad spending to a Shopify-based platform to improve customer conversion and reduce acquisition costs [15][16] - BARK is focusing on expanding its consumables presence across retail shelves, including treats, toppers, dental, and kibble, both domestically and internationally [19] - Partnerships with Girl Scouts, Crocs, Dunkin, and Subaru are helping to broaden the audience and elevate brand awareness [22][23] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about the company's return to growth, particularly in the commerce and BARK Air segments, and expects full-year profitability for FY2025 [11][26] - The company is shifting marketing strategies from heavy promotions to a full-funnel approach to improve brand awareness, conversion, and retention [36][49] - Management anticipates some short-term challenges in DTC performance due to the Shopify transition but remains confident in long-term growth [47][64] Other Important Information - The company ended the quarter with $115 million in cash, down $3 million QoQ, reflecting share repurchases and working capital timing [38] - BARK repurchased over 540,000 shares in Q2 and has $11 million remaining from its board authorization for further share buybacks [38] - The company reaffirmed its full-year revenue guidance of $490 million to $500 million, representing flat to 2% YoY growth, and expects adjusted EBITDA of $1 million to $5 million [39][40] Q&A Session Summary Question: New Subscriber Growth and Brand Awareness Impact - Management noted four consecutive quarters of YoY new subscriber growth but acknowledged that DTC performance may remain measured due to the Shopify transition and the shift away from promotional ads [45][47] - Brand awareness initiatives are expected to contribute more significantly to order growth starting in Calendar Year 2025 [49] Question: Tariff Exposure and Mitigation Strategies - The company has minimal exposure to tariffs, as consumables are domestically sourced, and the toy business has diversified sourcing to mitigate potential impacts [50][52] Question: Commerce Growth Breakdown - Commerce growth was balanced between new and existing customers, with contributions from new channels like Chewy and TikTok Shop, as well as international expansion [54][55] Question: Gross Margin Impact from Commerce Growth - While commerce gross margin is lower than DTC, the contribution margin is on par or better, making commerce growth accretive to overall profitability [56] Question: Shopify Transition Timing and Impact - The Shopify transition was accelerated due to encouraging early results, with ad spending fully moved in October. The company expects to complete the migration of all subscribers by the end of FY2025 [59][64]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39691 BARK, INC. (Exact name of registrant as specified in its charter) Delaware 85-1872418 (State or Other Jurisdiction of I ...

BARK Reports Second Quarter Fiscal Year 2025 Results NEW YORK, November 7, 2024 — BARK, Inc. (NYSE: BARK) ("BARK" or the "Company"), a leading global omnichannel dog brand with a mission to make all dogs happy, today announced its financial results for the fiscal second quarter ended September 30, 2024. Key Highlights • Total revenue was $126.1 million, ahead of the high-end of the Company's guidance range and a 2.5% increase, year- over-year. • Net loss improved 49.1% to $(5.3) million, year-over-year. • A ...

BARK, Inc. (NYSE:BARK) Q1 2025 Earnings Conference Call August 7, 2024 4:30 PM ET Company Participants Mike Mougias - VP, IR Matt Meeker - Co-Founder & CEO Zahir Ibrahim - CFO Conference Call Participants Maria Ripps - Canaccord Genuity Ryan Meyers - Lake Street Kaumil Gajrawala - Jefferies Operator Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to BARK's First Quarter Fiscal 2025 Earnings Call. After the speakers’ remarks, there ...