Why Blue Apron Stock Is Falling Today?

Blue Apron Holdings, Inc APRN reported a second-quarter FY23 sales decline of 14.5% year-on-year to $106.3 million, missing the consensus of $109.4 million.

Orders fell 17.5% Y/Y, while the average order value rose 12.7% to $75.66.

The average revenue per customer grew 21.3% Y/Y to $397. The number of customers fell by 23.5%.

EPS loss of $(2.06) beat the consensus loss of $(3.24).

Adjusted EBITDA loss improved to $(2.6) million from $(16.2) million last year.

The company held $30 million in cash and equivalents and used $(6.1) million in free cash flow.

Linda Findley, Blue Apron's President and Chief Executive Officer, commented, "We are confident we have sufficient capital from operations to achieve our adjusted EBITDA profitability goal and to continue to move the business forward following the FreshRealm transaction...We see this transaction as financially beneficial for the company starting in 2024 with a lower fixed cost base, a stronger balance sheet and new revenue opportunities, including the introduction of a new product line expected in the first half of next year."

Outlook: Blue Apron expects FY23 net revenue of $410.0 million - $415.0 million vs consensus $405.69 million.

It expects to achieve adjusted EBITDA profitability in the second quarter of 2024.

By year-end 2024, Blue Apron expects to be adjusted EBITDA profitable and to achieve year-over-year revenue growth.

Price Action: APRN shares traded lower by 4.24% at $5.42 on the last check Wednesday.