Beyond spikes 5% after ‘active cutomers’ returned to YoY growth, revenue view

Shares are currently up 4% in after hours trading to $28.25 per share “Over the last 75 days into my tenure, we have made substantial progress laying the foundation for a high growth, differentiated business model with high customer affinity,” said Marcus Lemonis, Executive Chairman of the Board. “Active customers returned to year-over-year growth for the first time in three years, with over 700,000 customers added to our customer file. Our mandate is to grow our customer file, provide a service level that improves retention and minimizes customer returns. We believe that mandate will result in improved margins and profitability through Beyond.com and our core business. Additionally, as we review our assets and investments, we continue to be optimistic about the value of a few of those investments. As part of that review, we are assessing options related to the portfolio to ensure maximum return for our shareholders. It is our goal to achieve $2B of revenue in 2024, and a $3B revenue run rate by the end of 2025. This projected revenue improvement, coupled with improved margins and a reduced expense structure provides a clear path to profitability.” “As a team, we are dissatisfied with the Q4 results and have taken steps to grow revenue, improve margins, and reduce our fixed costs,” said Adrianne Lee, Chief Financial and Administrative Officer. “In December, we announced $25Mn of annualized cost reductions. Since that time, we have increased our target to $45Mn of annualized expense reduction, freeing up capital to exclusively invest in growth.”