Beyond, Inc. Reports Second Quarter 2024 Financial Results

In this article:

Improves Gross Margin, Increases Average Order Value, and Reduces Fixed Costs

Delivers 25% Sequential Adjusted EBITDA Improvement

MIDVALE, Utah, July 29, 2024--(BUSINESS WIRE)--Beyond, Inc. (NYSE:BYON), owner of Overstock, Bed Bath & Beyond, Zulily, and other online retail brands designed to unlock your family's and home’s potential, today reported financial results for the second quarter ended June 30, 2024.

"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.