Murray, Utah – Beyond Inc. dramatically narrowed its loss during the fourth quarter but also saw sales tumble by double-digits as it slashed underperforming merchandise.
For the quarter ended Dec. 31, 2024, net revenue dropped 21.1% to $303 million. Orders delivered fell off sharply, down 34% to 1.7 million. Active customers decreased 4% to 5.4 million.
Operating loss came in at $43 million, down from a loss of $65 million in the prior-year Q4. The change was even more dramatic on the net income line, where the net loss of $81 million was down significantly from the prior-year loss of $161 million.
Cash, cash equivalents, and restricted cash totaled $186 million at the end of the fourth quarter.
“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,” said Marcus Lemonis, executive chairman of Beyond.
For the full fiscal year, net revenue feel 10.6% to $1.4 billion. Operating loss widened to $191 million compared to a loss of $118 million in the comparable quarter. However, net loss shrank to $259 million from $308 million for the previous fiscal year.
Adrianne Lee, Beyond Inc.’s chief administrative and financial officer, said the company is encouraged by the sequential improvement in gross margin and reduced fixed costs it delivered in the fourth quarter.
“Growing revenue is critical to our business, but it cannot come at the detriment of generating cash flow and delivering profitability,” Lee added.
See also:
- It’s official: Beyond Inc. now owns Buy Buy Baby brand
- Marcus Lemonis has a few things to say about Beyond Inc.’s future
- Kirkland’s Sullivan relishes role to ‘rebuild brands’, including Beyond’s portfolio