Beyond, Inc. Reports Third Quarter 2024 Financial Results

October 27, 2024  by Karen Parrish in Business Strategy, Industry   

“We delivered sequential improvement in gross margin and continued to recognize the benefits of our cost reduction actions, ultimately delivering against our commitment to improve adjusted EBITDA,” said Adrianne Lee, Chief Financial and Administrative Officer. “We recently announced the sale of our headquarters, which is expected to close in the fourth quarter, and announced a $20 million annualized reduction in staff-related expenses as we drive towards profitability and continue create a more variable and leverageable cost structure to support our evolving business needs. All in, we expect to have reduced our fixed expense base by an annualized $65 million heading into 2025.”

“We are focused on driving specific actions to strengthen our core asset-light ecommerce business and transforming Beyond to an affinity marketing model,” said Dave Nielsen, President. “In our core business, we have identified four key areas of improvement: 1) marketing efficiency, 2) sales growth, 3) margin, and 4) expense management. As we continue to transform and build out our model, we intend to monetize data through our enhanced CRM and database capabilities, stand up a global loyalty program across both our owned and partnered brands, and leverage our IP through a variety of global licensing partnerships.”

“We are in the process of transforming our asset-light business into an affinity and data monetization model with a strong technology focus, comprised of a collection of brands offered on a comprehensive platform from which customers can unlock value within the four walls of their home and four corners of their property,” said Marcus Lemonis, Executive Chairman. “We are still in the early innings of creating a robust data cooperative that will serve as the affinity and loyalty program foundation and having recently announced partnerships with both The Container Store and Kirkland’s Home, we are well on our way. What we are ultimately building at Beyond is intended to leverage the combined strengths of all involved parties, driving improved financial performance and shareholder value.”

Third Quarter 2024 Results

• Orders delivered of 1.6 million, a decrease of 19% year-over-year
• Active customers of 6.0 million, an increase of 21% year-over-year
• Total net revenue of $311 million, a decrease of 16.6% year-over-year
• Gross profit of $66 million, or 21.2% of total net revenue
• Net loss of $61 million
• Diluted net loss per share of $1.33; Adjusted diluted net loss per share (non-GAAP) of $0.96
• Adjusted EBITDA (non-GAAP) of ($32) million, which represents (10.2)% of net revenue
• Cash and cash equivalents totaled $140 million at the end of the third quarter

Earnings Webcast and Replay Information

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