Kaspien Holdings slides despite strong operating momentum, improved financial metric and KPI for Q1

Jun. 11, 2021 10:31 AM ETKaspien Holdings Inc. (KSPN)By: Pranav Ghumatkar, SA News Editor2 Comments
  • Kaspien Holdings (KSPN -2.5%) reports Q1 revenue growth of 28.5% Y/Y to $40.6M beating consensus by $5.22M, which was primarily attributable to continued strength on Amazon International, Walmart, Target and other marketplaces.
  • Gross profit increased 24% Y/Y to $9.8M, which was primarily attributable to an increase in net revenue and an increase in the merchandise margin rate to 46.7% from 46.2% in the comparable year-ago period.
  • Gross merchandise value increased 48% Y/Y to $63.4M; Subscription GMV increased 105% Y/Y to $20.9M.
  • GMV per active partner increased 37% Y/Y to $75K; Total active partner count for period ending May 1st, 2021 was ~845, including 708 retail partners and 137 subscription partners.
  • Adj. EBITDA loss improved to $258K, compared to an adj. EBITDA loss of $4.7M in the comparable year-ago period.
  • As of May 1, 2021, the Co. had $5M in cash, and raised ~$13.5M in gross proceeds which were used to pay back $6.3M in short term borrowings, among other expenditures.
  • The Co. had no borrowings under its credit facility and had $10.9M available for borrowing.
  • “Kaspien remains well-positioned to capitalize on the continued global acceleration of e-commerce adoption and expanding market opportunities over the long-term.” said CEO Kunal Chopra.
  • Previously: Kaspien Holdings EPS misses by $0.02, beats on revenue (June 10)

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