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BARK Reports Second Quarter Fiscal Year 2026 Results

BARK
  • BARK, Inc. announced full repayment of its $45 million convertible notes in cash on November 6, 2025, making the company debt-free.
  • The company extended its existing $35 million line of credit with Western Alliance Bank on November 3, 2025, to secure future financial flexibility.
  • For the fiscal second quarter ended September 30, 2025, total revenue reached $107.0 million, exceeding the guidance range of $102.0 million to $105.0 million.
  • Total revenue declined 15.2% year-over-year, primarily due to fewer total orders caused by carrying fewer subscriptions into the quarter compared to the prior year.
  • Commerce revenue increased 5.6% year-over-year to $24.8 million, while BARK Air revenue surged 138.0% to $3.6 million.
  • Direct to Consumer (DTC) revenue decreased 19.9% year-over-year to $82.1 million, driven by the reduction in subscriptions carried over from the previous year.
  • Gross margin decreased to 57.9% from 60.4% in the prior year, driven by higher contribution from Commerce & Air, elevated input costs including tariffs & freight, & customer mix.
  • Advertising & marketing expenses were reduced by 18% year-over-year to $15.4 million as the company focused on revenue diversification & profitability.
  • The company reported a net loss of $10.7 million for the quarter, compared to a net loss of $5.3 million in the same period last year.
  • Adjusted EBITDA was $(1.4) million, which fell within the company's guidance range of $(2.0) million to $2.0 million.
  • Free cash flow for the quarter was $(19.9) million, reflecting $3.5 million used for inventory-related purposes & $9.6 million in elevated accounts receivable.
  • Cash & cash equivalents balance was $63.4 million as of September 30, 2025, prior to the debt repayment on November 6, 2025.
  • For the third quarter of fiscal 2026, BARK expects total revenue between $101.0 million & $104.0 million.
  • Adjusted EBITDA for the third quarter of fiscal 2026 is projected to be between $(5.0) million & $(1.0) million.
  • The company will not provide full-year guidance at this time due to ongoing uncertainty surrounding tariffs & their impact on demand & operating costs.
  • A conference call to discuss these results is scheduled for November 10, 2025, at 8:30 a.m. ET.