Original BARK Q1 Revenue Tops Estimates; Provides Upbeat Guidance For Q2

Original BARK Co BARK reported first-quarter FY22 revenue growth of 57.2% year-on-year, to $117.61 million, beating the analyst consensus of $116.81 million.
Direct to Consumer (DTC) revenue grew 57.0% Y/Y, and Commerce revenue rose 58.7%.
Add-to-Box revenue contributed $7.0 million of quarterly revenue, up 173.5% Y/Y.
Subscription shipments increased 52.4% Y/Y to 3.6 million.
Average monthly subscription shipment churn expanded 120 basis point Y/Y to 7.4%.
Active subscriptions for the quarter increased 41.2%. New subscriptions fell 7.6%.
Gross profit rose 48.8% Y/Y to $69.8 million with a profit margin of 59.3%, which contracted 340 basis points.
The loss from operations was $(16.9) million, versus a profit of $3.3 million last year.
The company held $321 million in cash and equivalents as of June 30, 2021.
Adjusted EBITDA was $(7.6) million, with an Adjusted EBITDA margin of (6.5%).
Adjusted loss per share was $(0.09) versus the analyst consensus of $(0.06).
Outlook: Original BARK sees Q2 FY22 sales of about $122 million versus the consensus of $120.25 million.
The company reaffirms the FY22 sales outlook of $516 million versus the consensus of $516.13 million.
Price action: BARK shares are trading higher by 3.41% at $9.40 in premarket on the last check on Tuesday.

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