Blue Apron Holdings, Inc. 2021 Q1 - Results - Earnings Call Presentation

The following slide deck was published by Blue Apron Holdings, Inc. in conjunction with their 2021 Q1 earnings call.

Comments

[Latin American Investor]

Surprised that market has punished so much the stock after the results. Yes, they have two months of cash runway. However:

- They should be able to improve gross margin (some one offs 1st quarters)
- 1st quarters should already reflect a bit of end of pandemic. Guidance was not negative in that aspect.
- They are still able to cut marketing expenses by a bit in case of emergency

If you compare to peers EV / sales vs comparables, looks like Hellofresh, looks like a good bargaing.

Any thoughs?

[GermanStockTrader]

@Sebastian O GM should improve a bit, yes. But they guided to a revenue loss in Q2 - both sequentially and YOY. This is really bad, especially because relative PGA costs will increase and they spend a ton on marketing, so where did this money go, if they cant even hold on to their revenues.

Hellofresh will grow ca. 50% YOY in Q2 and is profitable with 10%+ AEBITDA-margin, while APRN loses customers and revenue while beeing highly unprofitable.

I cant see how these trends can reverse, especially when you consider the far superior Hellofresh product (selection, flexibility, margins, trustpilot reviews) and APRN has no money left to invest.