Blue Apron (APRN) reported Q1 EPS of ($1.19), $0.56 worse than the analyst estimate of ($0.63). Revenue for the quarter came in at $117.8 million versus the consensus estimate of $125.1 million.
Outlook:
The outlook for certain financial metrics below and elsewhere in this press release, reflect assumptions regarding the company’s business, including the anticipated consistent benefit to the company’s business from the execution and acceleration of the company’s strategic growth initiatives, and including the impact of the planned use of proceeds from the equity capital raises the company completed November 2021, February 2022 and April 2022, and the expected proceeds from a $20.0 million equity commitment, as well as the cash impact of certain marketing contracts, to increase investments in marketing and technology initiatives and infrastructure, as well as continued operational improvements. The following guidance also assumes that the company will not experience any unforeseen significant disruptions in its fulfillment operations or supply chain.
The company expects:
- Top line net revenue growth to be in the mid-teens percentage range compared with full-year 2021.
- To return to positive year-over-year net revenue growth starting in the second quarter of 2022 and for the rest of 2022.
Blue Apron will be providing more comprehensive details on its long-term plans and targets at its investor day tomorrow. Among other topics, the company will discuss in more detail its goal to:
- Grow customers sequentially in the second quarter
- See positive operating cash in the second quarter
- Achieve full-year Adjusted EBITDA profitability in 2023