Revenue GrowthDespite better-than-expected FY1Q CF subscriber and revenue performance, FY25 topline guidance ranges were unchanged, suggesting continued pressure on the subscriber base and an unclear path back towards growth for the company.
Subscriber BaseA declining sub base and LTV/CAC below targets make it unclear how PTON can return to long-term profitable growth.
Valuation ConcernsLong-term valuation and free cash flow concerns persist, making it difficult to justify the current valuation despite positive near-term catalysts.