American retailer Beyond posts $1.4 bn revenue, aims for profitability

Beyond, Inc has recorded total net revenue of $1.4 billion for the full year ended December 31, 2024, reflecting a decrease of 10.6 per cent compared to the previous year. Gross profit stood at $290 million, representing 20.8 per cent of total net revenue.

The company reported a net loss of $259 million, with a diluted net loss per share of $5.56. On an adjusted basis, the diluted net loss per share (non-GAAP) was $3.84. Adjusted EBITDA (non-GAAP) came in at negative $144 million, which represented negative 10.3 per cent of net revenue.

In the fourth quarter, total net revenue reached $303 million, down 21.1 per cent year-over-year. Orders delivered totalled 1.7 million, marking a 34 per cent decline, while active customers stood at 5.4 million, down 4 per cent from the prior year. Gross profit for the quarter was $70 million, or 23.0 per cent of total net revenue, the company said in a press release.

The company reported a net loss of $81 million, with a diluted net loss per share of $1.66 and an adjusted diluted net loss per share (non-GAAP) of $0.91. Adjusted EBITDA (non-GAAP) for the quarter was negative $28 million, representing negative 9.2 per cent of net revenue. At the end of the quarter, cash, cash equivalents, and restricted cash totalled $186 million.

“Fourth quarter Net loss was driven by almost $50 million of non-cash charges, primarily from non-core business activities, and $6 million of non-recurring items. Adjusted EBITDA loss of $28 million was a 43% improvement year-over year driven by a 380 basis point gross margin expansion, and we ended the year with a healthy cash and restricted cash balance of $186 million,” commented Adrianne Lee, chief administrative and financial officer.

“We are exceeding our previously announced targets of margin improvement and fixed cost reductions, improved site experience, and the elimination of poor performing SKUs/vendors, which are all leading to our primary goal of making money. We will continue to make calibrated decisions to reset the base of the company and build a profitable foundation,” said Marcus Lemonis, executive chairman of Beyond.

“Growing revenue is critical to our business, but it cannot come at the detriment of generating cash flow and delivering profitability. It’s vital for the company to re-establish the discipline we expect of profitable commerce, and the sequential improvement in gross margin and reduced fixed costs delivered in the fourth quarter was encouraging,” Adrianne Lee, chief administrative and financial officer said.

ALCHEMPro News Desk (HU)