Beyond, Inc. Releases Financial Results for Second Quarter

July 30, 2024  by Karen Parrish in Business Strategy, Industry   

"During the second quarter we delivered on our commitments as we increased our active customer base while improving average order value," said Dave Nielsen, president of Beyond, Inc. "We believe that further calibration of our operating systems, technology, and data analytics, specifically customized to each of our three brands, will yield efficiencies and ultimately the growth and results I expect."

"On a sequential basis, we improved our gross margin profile and continued to reduce our fixed cost base, ultimately delivering a material improvement in adjusted EBITDA," said Adrianne Lee, chief financial and administrative officer of Beyond, Inc.

"We are now more than two-thirds of the way through our plan of reducing fixed expenses by $45 million on an annualized basis. We made meaningful progress during the second quarter and expect our financial performance to improve across the balance of the year."

"We have made significant progress in the past 150 days and will continue to execute on our plan to achieve growth and profitability," said Marcus Lemonis, executive chairman of Beyond, Inc.

"We are building each of our brands to leverage their legacy strengths while leaning into vast white space, which will allow us to incrementally monetize these assets. We intend to utilize our intellectual property, vendor relationships, and technology platforms to generate significant capital returns through strategic and financially accretive partnerships and joint ventures."

Second Quarter 2024 Results*

·      Orders delivered of 1.9 million, an increase of 8% year-over-year

·      Active customers of 6.2 million, an increase of 35% year-over-year

·      Total net revenue of $398 million, a decrease of 5.7% year-over-year

·      Gross profit of $80 million, or 20.1% of total net revenue

·      Net loss of $43 million

·      Diluted net loss per share of $0.93; Adjusted diluted net loss per share (non-GAAP) of $0.76

·      Adjusted EBITDA (non-GAAP) of ($36) million, which represents (9.1)% of net revenue

·      Cash and cash equivalents totaled $186 million at the end of the second quarter

*Certain terms, such as orders delivered and active customers, are defined under "Supplemental Operational Data" below.

Earnings Webcast and Replay Information

Beyond will hold a conference call and webcast to discuss its second quarter 2024 financial results on July 30 at 8:30 a.m.

A replay of the conference call will be available at https://investors.beyond.com shortly after the live call has ended.