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BARK Reports First Quarter Fiscal Year 2026 Results

NEW YORK--(BUSINESS WIRE)-- BARK, Inc. (NYSE: BARK) (鈥淏ARK鈥� or the 鈥淐ompany鈥�), a leading global omnichannel dog brand with a mission to make all dogs happy, today announced its financial results for the fiscal first quarter ended June 30, 2025.

First Quarter Fiscal Year 2026 Highlights Versus Prior Year

• Total revenue was $102.9 million, ahead of the Company's guidance range and down 11.5%.
  
• Commerce revenue, which includes the Company's retail business, was $13.7 million, up 49.5%.
  
• Direct-to-consumer gross margin was 67.0%, up 250 basis points.
  
• Net loss was $(7.0) million, a $3.0 million improvement.
  
• Adjusted EBITDA was $0.1 million, up $1.9 million.

鈥淲e entered fiscal 2026 with two clear priorities: maintain positive adjusted EBITDA and accelerate diversification beyond subscription boxes,鈥� said Matt Meeker, Co-Founder and Chief Executive Officer of BARK. 鈥淟ast quarter, we made solid progress on both. Revenue came in ahead of guidance, we closely managed our marketing spend to ensure we delivered positive adjusted EBITDA, and we achieved our strongest DTC gross margin quarter to date鈥攄riven by a shift toward higher-value Super Chewer customers. Our Commerce segment grew 50% year-over-year, and BARK Air surpassed $2 million in revenue. While there鈥檚 still work ahead, we鈥檙e beginning to scale across new categories and channels to reach more dog parents. It鈥檚 a solid start to the year in a volatile environment, and the team is focused on building from this early momentum.鈥�

Fiscal First Quarter 2025 Highlights

• Revenue was $102.9 million, ahead of the Company's guidance range as it acquired more new subscriptions than expected and experienced a greater shift towards higher-value Super Chewer subscriptions. Revenue declined 11.5% year-over-year primarily from fewer total orders in the most recent period, largely related to carrying fewer subscriptions into the quarter, compared to the first quarter last year. The Company also managed its marketing spend on new subscriptions as it focused on profitability.
• Direct to Consumer (鈥淒TC鈥�) revenue was $89.2 million, a 16.7% decrease year-over-year, primarily related to the items discussed above.
• Commerce revenue was $13.7 million, a 49.5% increase year-over-year, with strong growth at Costco, Amazon, Chewy and TJX.
• Gross profit was $64.1 million, a 12.5% decrease compared to last year, primarily driven by revenue.
• Gross margin was 62.3%, compared to 63.0% in the same period last year. The decrease was primarily due to lower gross margin in the Commerce segment partly driven by opportunistic sell-through of surplus inventory and from higher tariffs in the quarter. Direct-to-consumer gross margin was 67.0%, up 250 basis points year-over-year.
• Advertising and marketing expenses were $15.2 million, compared to $20.4 million in the previous year.
• General and administrative ("G&A") expenses were $57.3 million, compared to $63.4 million in the prior year.
• Net loss was $(7.0) million, compared to a net loss of $(10.0) million in the previous year.
• Adjusted EBITDA was $0.1 million, a $1.9 million improvement compared to last year and at the midpoint of the Company's guidance range.
• Net cash provided by (used in) operating activities was $(5.4) million. Free cash flow, defined as net cash provided by (used in) operating activities less capital expenditures, was $(6.1) million, which reflects a $10.0 million net increase in inventory and $1.8 million of share repurchases in the quarter.

Balance Sheet Highlights

• The Company鈥檚 cash and cash equivalents balance as of June 30, 2025 was $84.7 million, following a $10.0 million net increase in inventory and $1.8 million of share repurchases.
• The Company's inventory balance as of June 30, 2025 was $98.1 million.

Second Quarter Fiscal Year 2026 Financial Outlook

Based on current market conditions as of August 7, 2025, BARK is providing updated guidance for revenue and Adjusted EBITDA, which is a Non-GAAP financial measure, as follows.

For the fiscal second quarter fiscal year 2026, the Company expects:

• Total revenue between $102.0 million and $105.0 million.
• Adjusted EBITDA between $(2.0) million and $2.0 million.

Due to ongoing uncertainty surrounding tariffs and their impact on overall demand and operating costs, BARK will not be providing full-year guidance at this time. The Company will continue to evaluate market conditions and provide updates as the macroeconomic landscape becomes clearer. BARK remains focused on executing its strategic initiatives and delivering long-term value to its customers and shareholders.

We do not provide guidance for Net Loss due to the uncertainty and potential variability of certain items, including stock-based compensation expenses and related tax effects, which are the reconciling items between Net Loss and Adjusted EBITDA. Because such items cannot be calculated or predicted without unreasonable efforts, we are unable to provide a reconciliation of Adjusted EBITDA to Net Loss. However, such items could have a significant impact on Net Loss.

The guidance provided above constitutes forward looking statements and actual results may differ materially. Please refer to the 鈥淔orward Looking Statements鈥� section below for information on the factors that could cause our actual results to differ materially from these forward looking statements and 鈥淣on-GAAP Financial Measures鈥� for additional important information regarding Adjusted EBITDA.

Conference Call Information
A conference call to discuss the Company's first quarter fiscal year 2026 results will be held today, August 7, 2025, at 8:30 a.m. ET. During the conference call, the Company may make comments concerning business and financial developments, trends and other business or financial matters. The Company's comments, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.

The conference call can be accessed by dialing 1-888-596-4144 for U.S. participants and 1-646-968-2525 for international participants. The conference call passcode is 5515653. A live audio webcast of the call will be available at and will be archived for 1 year.

About BARK
BARK is the world鈥檚 most dog-centric company, devoted to making dogs happy with the best products, services and content. BARK鈥檚 dog-obsessed team applies its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, great food for your dog鈥檚 breed, effective and easy to use dental care, and dog-first experiences that foster the health and happiness of dogs everywhere. Founded in 2011, BARK loyally serves dogs nationwide with themed toys and treats subscriptions, BarkBox and BARK Super Chewer; custom product collections through its retail partner network, including Target and Amazon; its high-quality, nutritious meals made for your breed with BARK Food; and products that meet dogs鈥� dental needs with BARK Bright庐. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.

Forward Looking Statements
This press release contains forward-looking statements relating to, among other things, the future performance of BARK that are based on the Company鈥檚 current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渆xpect,鈥� 鈥減lan,鈥� "anticipate,鈥� 鈥渂elieve,鈥� 鈥渆stimate,鈥� 鈥減redict,鈥� 鈥渋ntend,鈥� 鈥減otential,鈥� 鈥渃ontinue,鈥� 鈥渙ngoing鈥� or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating results, including our strategies, plans, commitments, objectives and goals. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, risks relating to the uncertainty of the projected financial information with respect to BARK; the risk that spending on pets may not increase at projected rates; that BARK subscriptions may not increase their spending with BARK; BARK鈥檚 ability to continue to convert social media followers and contacts into customers; BARK鈥檚 ability to successfully expand its product lines and channel distribution; competition; the uncertain effects of the COVID-19 pandemic or other global or macroeconomic events or challenges.

More information about factors that could affect BARK's operating results is included under the captions 鈥淩isk Factors鈥� and 鈥淢anagement鈥檚 Discussion and Analysis of Financial Condition and Results of Operations鈥� in the Company's quarterly report on Form 10-Q, copies of which may be obtained by visiting the Company鈥檚 Investor Relations website at or the SEC鈥檚 website at . Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements.

Definitions of Key Performance Indicators

Total Orders
We define Total Orders as the total number of DTC orders shipped in a given period. These include all orders across all of our product categories, regardless of whether they are purchased on a subscription, auto-ship, or one-off basis.

Average Order Value
Average Order Value (鈥淎OV鈥�) is Direct to Consumer revenue for the period divided by Total Orders for the same period. In prior periods, the Company calculated AOV by dividing DTC revenue by total subscription shipments.

Key Performance Indicators

BARK, Inc.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands)

DISAGGREGATED REVENUE
(In thousands)

GROSS PROFIT BY SEGMENT
(In thousands)

BARK, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

BARK, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. GAAP. However, management believes that Adjusted Net Loss, Adjusted Net Loss Margin, Adjusted Net Loss Per Common Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, all non-GAAP financial measures (together the 鈥淣on-GAAP Measures鈥�), provide investors with additional useful information in evaluating our performance.

We calculate Adjusted Net Loss as net loss, adjusted to exclude: (1) stock-based compensation expense, (2) change in fair value of warrants and derivatives, (3) sales and use tax income, (4) restructuring charges related to reduction in force payments, (5) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (6) warehouse restructuring costs, (7) non-cash impairment of previously capitalized software and cloud computing implementation costs, (8) technology modernization costs, and (9) other items (as defined below).

We calculate Adjusted Net Loss Margin by dividing Adjusted Net Loss for the period by Revenue for the period.

We calculate Adjusted Net Loss Per Common Share by dividing Adjusted Net Loss for the period by weighted average common shares used to compute net loss per share attributable to common stockholders for the period.

We calculate Adjusted EBITDA as net loss, adjusted to exclude: (1) interest income, (2) interest expense, (3) depreciation and amortization, (4) stock-based compensation expense, (5) change in fair value of warrants and derivatives, (6) capitalized cloud computing amortization, (7) sales and use tax income, (8) restructuring charges related to reduction in force payments, (9) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (10) warehouse restructuring costs, (11) non-cash impairment of previously capitalized software and cloud computing implementation costs, (12) technology modernization costs, and (13) other items (as defined below).

We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA for the period by revenue for the period.

We calculate Free Cash Flow as net cash provided by (used in) operating activities less capital expenditures.

The Non-GAAP Measures are financial measures that are not required by, or presented in accordance with U.S. GAAP. We believe that the Non-GAAP Measures, when taken together with our financial results presented in accordance with U.S. GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of the Non-GAAP Measures are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.

The Non-GAAP Measures are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of the Non-GAAP Measures include that (1) the measures do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of stock-based compensation expense, which is an ongoing expense for our company, (4) Adjusted EBITDA and Adjusted EBITDA Margin, and (5) Free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments and other non-operating expenses, including interest expense. In addition, our use of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies because they may not calculate the Non-GAAP Measures in the same manner, limiting their usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider the Non-GAAP Measures alongside other financial measures, including our net income (loss) and other results stated in accordance with U.S. GAAP.

The following table presents a reconciliation of Adjusted Net Loss to Net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin, Adjusted Net Loss Margin and Adjusted Net Loss Per Common Share for the periods presented:

Adjusted Net Loss

The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin and Adjusted EBITDA margin for the periods presented:

Adjusted EBITDA

The following table presents a reconciliation of Free Cash Flow to Net cash used in operating activities, the most directly comparable financial measure prepared in accordance with U.S. GAAP, for each of the periods indicated:

Free Cash Flow

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Investors:

Michael Mougias

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Media:

Garland Harwood

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Source: BARK, Inc.