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Mar 31, 2023
Beyond Q1 2023 Earnings Report
Reported financial results, showing a decrease in total net revenue but maintained a strong gross margin and positive adjusted EBITDA for the twelfth consecutive quarter.
Key Takeaways
Overstock's total net revenue was $381 million, a 29% decrease year-over-year. The company reported a net loss of $10 million, with a diluted net loss per share of $0.23. Despite the challenging environment, Overstock achieved a gross profit of $90 million, representing 23.5% of total net revenue, and maintained a positive adjusted EBITDA of $3 million.
Total net revenue decreased by 29% year-over-year, reaching $381 million.
Gross profit was $90 million, representing 23.5% of total net revenue.
Net loss amounted to $10 million, with a diluted net loss per share of $0.23.
Adjusted EBITDA was $3 million, representing 0.9% of net revenue, marking the twelfth consecutive quarter of positive adjusted EBITDA.
Forward Guidance
While the economic and consumer environment remains uncertain, Overstock's strong cash position allows them to focus on executing their plans for the year and continue to deploy new strategies to drive growth.
Positive Outlook
- Team delivered positive adjusted EBITDA for the twelfth consecutive quarter.
- Revenue trend improved each month during the quarter, with a more meaningful improvement in late Q1.
- Home-only revenue trend slightly improved in Q1 after stabilizing over the prior two quarters.
- The company continued to navigate a highly competitive landscape to deliver healthy gross margins.
- Strong cash position allows focus on executing plans for the year and deploy new strategies to drive growth.
Challenges Ahead
- The economic and consumer environment remains uncertain.
- Total net revenue was down 29% year over year
- Net loss of $10.3 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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