Blue Apron Shares Drop Post Q1 Beat, Actively Pursues Option Available To Drive Fundamentals

Blue Apron Holdings, Inc APRN reported a first-quarter FY23 sales decline of 4% year-on-year to $113.1 million, beating the consensus of $111.8 million.
Orders fell 14% Y/Y, while the average order value rose 11.6% to $70.27.
The average revenue per customer grew 7.8% Y/Y to $346. The number of customers fell by 11.2%.
EPS loss of $(0.26) beat the consensus loss of $(0.32).
Adjusted EBITDA loss improved to $(8.7) million from $(31.4) million last year.
The company held $31.6 million in cash and equivalents and used $(10.8) million in free cash flow.
Linda Findley, Blue Apron's President and Chief Executive Officer, commented, "We recognize that while we continue to make improvements to our fundamentals, we need to bring more liquidity into the business in the near-term and we are actively pursuing all options available to us, including one or more financing opportunities and/or other strategic transactions, including significant commercial partnerships."
Outlook: Due to the uncertainty of the anticipated funds from Joseph N. Sanberg's affiliates, Blue Apron did not provide any forward-looking guidance since last quarter.
Price Action: APRN shares traded lower by 13.80% at $0.53 on the last check Thursday.