Shares of Blue Apron Holdings, Inc. (APRN), an ingredient-and-recipe meal kit service company, are rising more than 11% Wednesday morning following second-quarter results.
Commenting on the results, Linda Findley, Blue Apron's President and Chief Executive Officer said, "Through strong cost management and disciplined operational efficiency, we reduced our year-over-year operating cash burn by over 70%, while significantly reducing our adjusted EBITDA loss to $2.6 million. Our progress also contributed to solid margin expansion with variable margin of 37.9% in the quarter, our strongest margin performance since 2020. We anticipate continued improvement in year-over-year cash burn reduction with normal seasonality, and we expect to achieve adjusted EBITDA profitability in the second quarter of 2024."
For the second quarter, the company reported a net loss of $61.9 million, largely reflecting a one-time loss on the FreshRealm transaction of $48.6 million. Excluding, the one-time, non-cash charge, net loss was $13.3 million. Blue Apron reported a net loss of $23.3 million a year ago.
Net revenue decreased 14% year-over-year to $106.2 million.
The company said that the reduction was primarily driven by a one-time $10 million bulk sale to an enterprise customer in 2Q22, as well as by a decline in customers and orders due to deliberate reduction in marketing expenses as a results of expense management initiatives announced in the fourth quarter of 2022.
Looking forward, Blue Apron expects full-year revenue in the range of $410.0 million to $415.0 million.
APRN is at $6.30 currently. It has traded in the range of $4.70 - $98.64 in the last 1 year.
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