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BARK, Inc. (BARK) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: $103 million Q1 revenue (vs. $99-101M guidance), 50% Commerce segment growth to $14 million.
- **Margin Expansion**: D2C gross margin 69.3% (up 400bps YoY), driven by Super Chewer shift and cost reductions.
- **Strategic Initiatives**: BARK in the Belly kibble line launching Q3 2025, SPARK brand platform deepening customer engagement.
- **Profitability**: Positive adjusted EBITDA of $100,000 despite macro challenges, with Q2 EBITDA guidance of -$2M to +$2M.

**【CEO Summary Section】**
- Q1 FY2026 revenue reached $103 million, exceeding guidance, with $16 million from non-D2C sources (nearly double last year). Adjusted EBITDA was positive, improving by $2 million year-over-year.
- D2C revenue of $89.2 million included $2.3 million from BARK Air (300% YoY growth). Super Chewer subscribers now account for 2/3 of new customers, driving AOV and D2C gross margin to 67% (up 250bps YoY).
- Launched SPARK brand initiative and BARK in the Belly consumables line, with all kibble profits donated to dogs in need. Commerce segment revenue grew 50% YoY to $14 million, expanding retail partnerships with Amazon, Chewy, Walmart, and Target.

**【CFO Financial Commentary】**
- Total revenue of $102.9 million exceeded guidance, with D2C gross margin at 69.3% (up 400bps YoY) and Commerce gross margin at 31.7% (temporarily impacted by legacy inventory and tariffs).
- Marketing spend reduced 25% YoY to $15.2 million, G&A expenses down 12% to $25.5 million, and cash balance of $85 million.
- Q2 guidance: Revenue $102-105 million, adjusted EBITDA -$2 million to +$2 million, with Commerce expected to represent 25-30% of revenue.

**【Q&A Key Highlights】**
- **EBITDA Guidance Range**: Tariff timing and operating expense variability could swing Q2 EBITDA between -$2 million and +$2 million.
- **G&A Reductions**: Achieved $5 million annualized savings through consultancy and professional services cuts, with ongoing cost discipline.
- **Subscriber Momentum**: Shift to Super Chewer and higher-quality customers drove 38% D2C marketing spend reduction, with cross-sell opportunities via Shopify platform.
- **Future Growth**: Commerce to reach 30%+ of revenue within two years, BARK Air to contribute 2-3% of revenue in FY2026, and BARK in the Belly launching Q3 2025.

BARK, Inc. (BARK) Q1 2026 Earnings Call Transcript

- **First-Ever Profit Milestone**: 2025 marks first year of positive adjusted EBITDA ($5.4M) after $58M loss in 2022. 
- **Tariff Mitigation Success**: 63.6% Q4 gross margin despite 145% China tariffs; shifting 2/3 toy production out of China by 2026. 
- **Diversification Payoff**: BARK Air launched in 2024 with $6M first-year revenue; commerce segment now 14% of revenue. 
- **Q1 2026 Warning**: Revenue expected to drop 14% YoY to $99-101M, but EBITDA to improve $1.8M YoY to -$1M to +$1M. 
- **Aggressive Share Buybacks**: $18.5M spent in FY25; balance between M&A and maintaining liquidity for 2026 disruptions.

**【CEO Key Takeaways】**
- **First-Ever Adjusted EBITDA Positive Year**: Q4 2025 delivered $5.2M in adjusted EBITDA, with full year $5.4M, marking a $16M improvement from 2024. Commerce segment grew 27% YoY to $68.3M, and gross margin reached 63.6% in Q4, highest ever.
- **Commitment to Sustained Profitability**: 3 strategies include cost-saving customer experience updates (e.g., AI-driven BarkBox themes), supply chain tariff mitigation, and accelerated diversification into new products/services (e.g., BARK Air, consumables).
- **Accelerated Revenue Diversification**: Shifting 85% of revenue from subscriptions to new channels like BARK Air (launched in 2024 with $6M in first-year revenue) and Amazon/Chewy commerce. 2025 marketing pullback reflects focus on high-quality customer retention over acquisition.

**【CFO Financial Highlights】**
- **Revenue & Profitability**: Q4 2025 revenue $115.4M, full year $484.2M (-1.2% YoY). Adjusted EBITDA $5.2M (Q4) and $5.4M (FY), up $3M and $16M YoY. Gross margin 62.4% FY25 (+70bps YoY). 
- **Cost Management**: G&A expenses down $14M YoY; marketing spend $83.8M FY25 (+$4.5M YoY but cautious in Q4). Tariff-related costs $4M expected in H1 FY26. 
- **Tariff Mitigation & Growth**: 2/3 of toys sourced from China face 145% tariffs. Shifting production to other geographies (e.g., Vietnam, Mexico) to diversify by FY26. BARK Air revenue $6M in FY25, growing to $1.8M in Q4 2025. 
- **Q1 2026 Outlook**: Revenue $99-101M (-14% YoY midpoint), adjusted EBITDA -$1M to +$1M (vs. -$1.8M YoY). Inventory build in Q1 to offset H1 tariff impacts. 

**【Q&A Key Themes】**
- **Supply Chain Diversification**: 100% China manufacturing exit possible by FY26 end; testing Vietnam, Mexico. 
- **Platform Migration Success**: Full migration to Shopify completed; Q4 2025 DTC performance stable despite marketing pullback. 
- **Commerce Resilience**: 27% YoY growth despite Q4 pullback; 1/3 of revenue target in 2-3 years. 
- **Cash Management**: Aggressive share buybacks ($18.5M FY25) balanced with M&A and new product investments. 
- **Tariff Volatility**: 30% tariffs now vs. 145% peak; cautious but optimistic on 2026 recovery.

BARK, Inc. (BARK) Q4 2025 Earnings Call Transcript

- **Revenue Turnaround**: Q3 FY2025 marks second consecutive quarter of year-over-year growth (1%), with EBITDA improving by $4.9 million YoY.
- **Segment Strength**: Commerce segment grows 43% YoY (Chewy SKUs expand to 150+, Amazon revenue +70% YoY). BARK Air delivers $2M in revenue with positive gross margin in 7 months.
- **Platform Efficiency**: Shopify migration drives 11% YoY new subscriptions at lower CAC, with 43% of checkouts via Shop Pay.
- **Profitability Milestone**: On track for first EBITDA-positive year in company history, with FY2026 targeting mid- to high single-digit revenue growth.
- **Tariff Resilience**: 1/3 of volumes tariff-free; productivity improvements offset 10% tariffs on remaining goods, with no margin impact.


**【CEO Summary Section】**
- **Revenue Growth and Profitability**: Achieved 1% year-over-year revenue growth in Q3 FY2025, marking the second consecutive quarter of growth after 8 quarters of decline. Adjusted EBITDA improved by $4.9 million YoY, with the company on track for its first EBITDA-positive year in history.
- **Segment Performance**: 
  - **DTC Segment**: New subscriptions grew 11% YoY at lower acquisition costs, driven by the migration to Shopify platform. BARK Air contributed $2 million in revenue with positive gross margin in its first 7 months.
  - **Commerce Segment**: Revenue grew 43% YoY, fueled by new partnerships (e.g., Chewy with 150+ SKUs) and Amazon expansion (70% YoY growth). International launches on Amazon Europe and Fressnapf in Europe are underway.
- **Strategic Initiatives**: 
  - Transitioned all paid media to Shopify, achieving 43% of checkouts via Shop Pay. 
  - Shifted marketing focus to brand-building, reducing reliance on discounts.
  - Expect mid- to high single-digit revenue growth in FY2026, driven by Commerce and BARK Air expansion.

**【CFO Financial Commentary】**
- **Q3 FY2025 Financials**: 
  - Total revenue: $126.4 million (1% YoY growth). 
  - Adjusted EBITDA: -$1.6 million (vs. -$6.5 million YoY). 
  - Free cash flow: -$2 million (Q3) and -$1.2 million (YTD). 
  - Gross margin: 62.7% (up 90bps YoY). 
  - G&A expenses: $27.5 million (down $3.2 million YoY). 
  - Marketing expenses: $27.4 million (up $2.3 million YoY). 
- **Tariff Mitigation**: 1/3 of volumes are tariff-free (domestic consumables). Productivity improvements with suppliers offset 10% tariffs on remaining 2/3 of goods.
- **FY2025 Guidance**: 
  - Revenue: $490-500 million (flat to +2% YoY). 
  - Adjusted EBITDA: $1-5 million (vs. -$13 million YoY). 
  - Free cash flow: Near breakeven for the year.

**【Q&A Highlights】**
- **DTC Segment Outlook**: Stabilization in FY2026, with growth driven by Shopify platform optimization and reduced supply chain disruptions.
- **BARK Air Strategy**: Asset-light model with partners; testing new routes (e.g., NY-Florida at $1,000/ticket) to expand demand. No plans to purchase aircraft.
- **Chewy Performance**: 150+ SKUs launched, with Chewy becoming a top pet toy supplier on its platform.
- **International Expansion**: Amazon Europe and Fressnapf launches, with focus on consumables (larger TAM) in FY2026.
- **Tariff Impact**: No material margin impact; leveraging scale and gross margin flexibility to maintain profitability.


BARK (BARK)-5 Feb 25-2025 Q3 Earnings call transcript

BARK (BARK)-7 Nov 24-2025 Q2 Earnings call transcript

BARK Inc - Ordinary Shares (BARK)-7 Aug 24-2025 Q1 Earnings call transcript

BARK Inc - Ordinary Shares (BARK)-3 Jun 24-2024 Q4 Earnings call transcript

- **Revenue Beat**: Q3 revenue of $125M exceeded high-end guidance, driven by 2-year high customer acquisition. 
- **Gross Margin Expansion**: 210bps YoY improvement to 61.8%, with further gains expected in FY25. 
- **Retail Growth**: New treat line in 2,400+ doors and Girl Scouts partnership to drive consumables expansion. 
- **Cash Flow Strength**: $13M free cash flow, $131M cash balance post $45M note buyback. 
- **FY25 Outlook**: Targeting full-year profitability with focus on gross margin, cost control, and marketing efficiency.

**【CEO Summary】**
- **Revenue Performance**: Delivered $125 million in Q3, exceeding the high end of guidance, driven by the strongest customer acquisition in 2 years across BarkBox and Super Chewer. 
- **Gross Margin Expansion**: Consolidated gross margin improved 210 basis points year-over-year to 61.8%, with further improvements expected in Q4 and FY25. 
- **Cash Flow Strength**: Generated $13 million in free cash flow, ending the quarter with $131 million in cash after repurchasing $45 million of convertible notes. 
- **Strategic Wins**: Secured retail commitments for new treat line in over 2,400 doors and expanded partnership with Girl Scouts, with potential to double orders. 
- **FY25 Outlook**: Aiming for full-year profitability, with focus on gross margin expansion, cost control, and marketing efficiency. 

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Direct-to-consumer ($111M, -7.6% YoY), Commerce ($14M, flat YoY). 
- **Cost Efficiency**: Other G&A down $8.3 million YoY, shipping/fulfillment down $5.8 million YoY. 
- **Profitability**: Adjusted EBITDA loss of $6.4 million (50% improvement YoY), with Q4 guidance for $3M-$1M positive. 
- **Cash Flow**: $17M trailing 12-month free cash flow, with Q4 expected to be negative due to timing benefits reversal. 

**【Q&A Highlights】**
- **Customer Acquisition Sustainability**: Cautiously optimistic about reorganized creative teams and AI-driven ad testing, but 1 quarter of strong performance not yet a trend. 
- **Retail Expansion Impact**: New treat line in 2,400+ doors expected to boost brand awareness and consumables sales, with Girl Scouts partnership targeting annual cookie program inclusion. 
- **D2C Growth**: Consumables revenue up 30% YoY to $15M, with unified platform launch in FY25 to enhance cross-selling. 
- **Valuation Perspective**: $130M cash balance and strong cash flow generation support opportunistic share buybacks, with FY25 profitability as key inflection point.

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