BARK Inc (BARK)

BARK Reports Fiscal Fourth Quarter and Full Year 2026 ResultsJune 9, 2026 4:05 PM
Business Wire Announces Authorization of $40 Million Share Repurchase Program to be Funded by Ongoing Free Cash Flow BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading global omnichannel dog brand with a mission to make all dogs happy, today announced its financial results for the fiscal fourth quarter and full year ended March 31, 2026. Fiscal Fourth Quarter 2026 Highlights Revenue was $86.6 million, down 25.0% year-over-year, reflecting a deliberate $4.7 million reduction in marketing investment as the Company prioritized bottom-line durability over near-term subscriber growth. Direct to Consumer (“DTC”) revenue was $74.0 million, a 26.0% decrease year-over-year. The decrease is related to the dynamic described above. Included in this revenue is $3.1 million of revenue from BARK Air. Commerce revenue was $12.5 million, an 18.3% decrease year-over-year, largely due to timing differences of retail shipments. Commerce revenue grew as a share of total revenue, advancing the Company's diversification strategy. Gross profit was $54.3 million, a 26.0% decrease year-over-year. Gross margin was 62.7%, as compared to 63.6% in the same period last year. The year-over-year decline is largely related to increased tariffs, and Commerce representing a greater share of total revenue. Advertising and marketing expenses were $12.6 million as compared to $17.3 million in the same period last year. General and administrative ("G&A") expenses were $53.9 million, as compared to $62.7 million last year. This decrease was largely driven by a reduction in headcount. Net loss was $(12.7) million, as compared to $(6.1) million in the same period in the previous year. Adjusted EBITDA was $3.2 million, as compared to $5.2 million in the same period last year. Net cash used in operating activities was $(1.4) million. Free cash flow, defined as net cash used in operating activities less capital expenditures, was $(2.1) million. Full Year 2026 Highlights Revenue was $394.8 million, an 18.5% decrease year-over-year, reflecting a deliberate $24.5 million reduction in marketing investment as the Company prioritized bottom-line durability over subscriber growth volume in light of historic tariff levels and macroeconomic uncertainty. Direct to Consumer (“DTC”) revenue was $324.9 million, a 21.9% decrease compared to the prior year, largely related to the item described above. Included in this revenue is $12.4 million of revenue from BARK Air. Commerce revenue was $69.9 million, a 2.3% increase compared to the prior year. Gross profit was $241.9 million, a 19.9% decrease year-over-year. Gross margin was 61.3%, as compared to 62.4% in the prior year. The year-over-year decline is largely related to increased tariffs, and Commerce representing a greater share of total revenue. DTC gross margin expanded 230 basis points year-over-year to 68.4% (excluding BARK Air), reflecting the improved quality of the subscriber base following the deliberate reduction of lower ROI acquisition spending described above. Advertising and marketing expenses were $59.2 million as compared to $83.8 million in the prior year. General and administrative ("G&A") expenses were $222.9 million, as compared to $253.4 million in the prior year. The reduction is largely the result of reduced headcount. Net loss was $(39.0) million, as compared to $(32.9) million in the prior year. Adjusted EBITDA was $0.2 million, compared to $5.4 million in the prior year. Net cash used in operating activities was $(23.2) million. Free cash flow, defined as net cash used in operating activities less capital expenditures, was $(26.6) million. Executive Commentary – Matt Meeker, Co-Founder and Chief Executive Officer "We set out to do a few important things in fiscal 2026: manage our net loss despite declining revenue, sustain positive adjusted EBITDA amidst historic tariff and macroeconomic volatility, and accelerate the diversification of our revenue to build a more resilient business. As our results demonstrate, we believe we have delivered on each. This is our second consecutive year of positive adjusted EBITDA and Commerce and BARK Air collectively represented 21% of total revenue, up from 15% last year, reducing our reliance on any single channel." "We made a conscious decision to stop spending on subscribers we couldn't retain profitably. The subscriber base we enter fiscal 2027 with is smaller but meaningfully stronger, and as we reinvest in marketing this year, we expect to see DTC revenue return to growth in the second half of the fiscal year.  We also made the decision to exit our kibble and toppers lines, a category where scale economics favors players far larger than us, so we can concentrate fully on the toys, treats, and experiences that we believe represent BARK's genuine competitive advantage." "We began fiscal 2027 debt-free, with a leaner cost structure and a clearer strategy. Over the past decade we've built an exceptional supply chain and direct customer relationships that few consumer companies of our scale can claim — and we're more excited about this business than we have been in years. That conviction is reflected in the share repurchase program authorized by our Board of Directors." Balance Sheet Highlights The Company’s cash and cash equivalents balance as of March 31, 2026 was $19.3 million. The Company's inventory balance as of March 31, 2026 was $75.5 million, a $12.6 million decrease compared to the prior year. Share Repurchase Program The Company today announced that its Board of Directors has authorized a share repurchase program of up to $40 million of the Company's common stock to be funded by ongoing free cash flow. Repurchases may be made from time to time through open market transactions, privately negotiated transactions, or other means, in accordance with applicable securities laws and regulations. The timing, price, and volume of repurchases will be determined by management and depend on a number of factors, including but not limited to, stock price, trading volume, and general market conditions, along with the Company's financial position, available cash on hand and any available surplus, working capital requirements, general business conditions and other factors. The repurchase program does not obligate the Company to repurchase any specific dollar amount or number of shares and may be modified, suspended, or discontinued at any time. Throughout the execution of this program, the Company is committed to retaining the financial flexibility it needs to invest in its core operations. “Our debt-free balance sheet and improving free cash flow profile give us the flexibility to invest in the business and return capital to shareholders simultaneously,” added Meeker. “This authorization reflects the Board's conviction in the long-term value of BARK and our confidence in the path ahead.” Fiscal First Quarter and Full Year 2027 Financial Outlook Based on current market conditions as of June 9, 2026, BARK is providing guidance for revenue and Adjusted EBITDA, which is a Non-GAAP financial measure, as follows. For the first quarter of fiscal 2027, the Company expects: Total revenue of $77.0 million to $79.0 million, as compared to $102.9 million last year. The year-over-year decline is largely due to the Company carrying fewer DTC subscribers into the year, as it reduced marketing spend in fiscal 2026 in light of tariffs and macroeconomic uncertainty. Adjusted EBITDA of $0.0 million to $1.0 million, versus $0.1 million last year. For the full year of fiscal 2027, the Company expects: Total revenue of $325.0 million to $340.0 million, as compared to $394.8 million last year. The year-over-year decline primarily reflects the smaller DTC subscriber base entering fiscal 2027 following the deliberate marketing pullback in fiscal 2026. Commerce and BARK Air are expected to collectively represent over $100 million of revenue, with Commerce growing as a percentage of total revenue as the Company expands across wholesale and marketplace channels. Adjusted EBITDA of $7.0 million to $10.0 million, as compared to $0.2 million in fiscal 2026. We do not provide guidance for Net Loss due to the uncertainty and potential variability of certain items, including stock-based compensation expenses and related tax effects, which are the reconciling items between Net Loss and Adjusted EBITDA. Because such items cannot be calculated or predicted without unreasonable efforts, we are unable to provide a reconciliation of Adjusted EBITDA to Net Loss. However, such items could have a significant impact on Net Loss. The guidance provided above constitutes forward looking statements and actual results may differ materially. Please refer to the “Forward Looking Statements” section below for information on the factors that could cause our actual results to differ materially from these forward looking statements and “Non-GAAP Financial Measures” for additional important information regarding Adjusted EBITDA. Conference Call Information A conference call to discuss the Company's fiscal fourth quarter and full year 2026 results will be held today, June 9, 2026, at 4:30 p.m. ET. During the conference call, the Company may make comments concerning business and financial developments, trends and other business or financial matters. The Company's comments, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed. The conference call can be accessed by dialing 1-888-596-4144 for U.S. participants and 1-646-968-2525 for international participants. The conference call passcode is 5515653. A live audio webcast of the call will be available at https://investors.bark.co/events-and-presentations/ and will be archived for one year. About BARK BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, and dog-first experiences that foster the health and happiness of dogs everywhere. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information. Forward Looking Statements This press release contains forward-looking statements relating to, among other things, the future performance of BARK that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating results, including our strategies, plans, expectations, commitments, objectives and goals, or the use of the stock repurchase program. Actual results could differ materially from those predicted or implied and reported results should not be considered an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, risks relating to the uncertainty of the projected financial information with respect to BARK; spending on pets not increasing at projected rates; customers not increasing their spending with BARK; BARK’s ability to continue to convert social media followers and contacts into customers; BARK’s ability to successfully expand its product lines and services and channel distribution; competition and the uncertain effects of global or macroeconomic events or challenges, in particular the imposition of tariffs. More information about factors that could affect BARK's operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements. Definitions of Key Performance Indicators Total Orders We define Total Orders as the total number of Direct to Consumer orders shipped in a given period. These include all orders across all of our product categories, regardless of whether they are purchased on a subscription, auto-ship, or one-off basis. Total Orders excludes orders from BARK Air. We use Total Orders as an indicator of customer interest and demand. Average Order Value Average Order Value (“AOV”) is Direct to Consumer revenue for the period divided by Total Orders for the same period. AOV excludes Direct to Consumer revenue from BARK Air. We use AOV to provide insight into customer spending patterns. Key Performance Indicators   Three Months Ended March 31,   Fiscal Year Ended
March 31,         2026       2025       2026       2025   Total Orders (in thousands)   2,270       3,166       10,060       13,210   Average Order Value $ 31.25     $ 31.05     $ 31.06     $ 31.04   Direct to Consumer Gross Profit (in thousands)(1) $ 49,188     $ 66,085     $ 213,620     $ 271,012   Direct to Consumer Gross Margin (1)   69.3 %     67.2 %     68.4 %     66.1 % (1) Direct to Consumer Gross Profit and Direct to Consumer Gross Margin do not include the revenue or cost of goods sold from BARK Air. BARK, Inc. CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands)     Three Months Ended   Fiscal Year Ended   March 31,   March 31,     2026       2025       2026       2025   REVENUE $ 86,565     $ 115,410     $ 394,843     $ 484,182   COST OF REVENUE   32,280       42,060       152,958       182,194   Gross profit   54,285       73,350       241,885       301,988   OPERATING EXPENSES:               General and administrative   53,907       62,671       222,850       253,380   Advertising and marketing   12,572       17,296       59,213       83,756   Total operating expenses   66,479       79,967       282,063       337,136   LOSS FROM OPERATIONS   (12,194 )     (6,617 )     (40,178 )     (35,148 )                 INTEREST INCOME   102       915       1,880       4,926   INTEREST EXPENSE   (20 )     (714 )     (1,856 )     (2,788 ) OTHER INCOME (EXPENSE)—NET   (549 )     349       1,146       132   NET LOSS BEFORE INCOME TAXES   (12,661 )     (6,067 )     (39,008 )     (32,878 ) PROVISION FOR INCOME TAXES   —       —       —       —   NET LOSS AND COMPREHENSIVE LOSS $ (12,661 )   $ (6,067 )   $ (39,008 )   $ (32,878 ) DISAGGREGATED REVENUE (In thousands)     Fiscal Year Ended     March 31,     2026     2025     2024 Revenue           Direct to Consumer:           Toys & Accessories(1) $ 189,399   $ 262,307   $ 284,676 Consumables(1)   123,129     147,683     151,770 Other(2)   12,399     5,847     — Total Direct to Consumer $ 324,927   $ 415,837   $ 436,446 Commerce   69,916     68,345     53,738 Revenue $ 394,843   $ 484,182   $ 490,184 (1) The allocation between Toys & Accessories and Consumables includes estimates and was determined utilizing data on stand-alone selling prices that the Company charges for similar offerings, and also reflects historical pricing practices. (2) Other Direct to Consumer revenue is derived from BARK Air. GROSS PROFIT BY SEGMENT (In thousands)     Three Months Ended   Fiscal Year Ended   March 31,   March 31,     2026     2025     2026     2025 Direct to Consumer:(1)               Revenue $ 74,023   $ 100,060   $ 324,927   $ 415,837 Cost of revenue   24,829     34,081     111,186     145,011 Gross profit   49,194     65,979     213,741     270,826 Commerce:               Revenue   12,542     15,350     69,916     68,345 Cost of revenue   7,451     7,979     41,772     37,183 Gross profit   5,091     7,371     28,144     31,162 Consolidated:               Revenue   86,565     115,410     394,843     484,182 Cost of revenue   32,280     42,060     152,958     182,194 Gross profit $ 54,285   $ 73,350   $ 241,885   $ 301,988 (1) Direct to Consumer segment gross profit includes revenue and cost of revenue from BARK Air. BARK, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)   March 31,   March 31,   2026       2025   ASSETS       CURRENT ASSETS:       Cash and cash equivalents $ 19,282     $ 94,022   Accounts receivable—net   12,318       9,453   Prepaid expenses and other current assets   14,599       10,036   Inventory   75,545       88,126   Total current assets   121,744       201,637   PROPERTY AND EQUIPMENT—NET   17,183       21,475   INTANGIBLE ASSETS—NET   1,569       5,426   OPERATING LEASE RIGHT-OF-USE ASSETS   24,799       28,277   OTHER NONCURRENT ASSETS   4,695       3,820   TOTAL ASSETS $ 169,990     $ 260,635   LIABILITIES AND STOCKHOLDERS’ EQUITY       CURRENT LIABILITIES:       Accounts payable $ 17,130     $ 20,364   Operating lease liabilities, current   5,211       5,798   Accrued and other current liabilities   20,834       34,054   Deferred revenue   22,223       21,251   Current portion of long-term debt   —       42,573   Total current liabilities   65,398       124,040   OPERATING LEASE LIABILITIES   32,466       36,802   OTHER LONG-TERM LIABILITIES   108       267   Total liabilities   97,972       161,109   COMMITMENTS AND CONTINGENCIES       STOCKHOLDERS’ EQUITY:       Common stock, par value $0.0001 per share—500,000,000 shares authorized; 8,683,336 shares issued and outstanding as of March 31, 2026 and 500,000,000 shares authorized; 8,486,645 shares issued and outstanding as of March 31, 2025(1)   1       1   Treasury stock, at cost, 865,161 and 799,630 shares, respectively(1)   (26,500 )     (24,730 ) Additional paid-in capital   517,372       504,022   Accumulated deficit   (418,855 )     (379,767 ) Total stockholders’ equity   72,018       99,526   TOTAL LIABILITIES, AND STOCKHOLDERS’ EQUITY $ 169,990     $ 260,635     (1) Share amounts in this press release have been retroactively adjusted to reflect the 1-for-20 reverse stock split that became effective on April 1, 2026. BARK, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)     Fiscal Year ended   March 31,   March 31,     2026       2025   CASH FLOWS FROM OPERATING ACTIVITIES:       Net loss $ (39,008 )   $ (32,878 ) Adjustments to reconcile net loss to cash used in operating activities:       Depreciation & amortization   9,102       11,222   Impairment of assets   1,065       3,599   Amortization of deferred financing fees and debt discount   307       412   Bad debt expense   74       —   Stock-based compensation expense   14,351       12,735   Loss on disposal of assets   534       23   Provision for inventory obsolescence   1,470       1,587   Change in fair value of warrant liabilities and derivatives   (913 )     521   Paid in kind interest on convertible notes   —       2,235   Non-cash lease expense   4,271       4,516   Changes in operating assets and liabilities:       Accounts receivable   (2,940 )     (1,756 ) Inventory   11,110       (5,535 ) Prepaid expenses and other current assets   (1,577 )     (986 ) Other assets   (629 )     (1,547 ) Accounts payable and accrued expenses   (13,389 )     11,691   Deferred revenue   977       (4,707 ) Operating lease liabilities   (5,717 )     (5,294 ) Other liabilities   (2,246 )     (2,917 ) Net cash used in operating activities   (23,158 )     (7,079 )         CASH FLOWS FROM INVESTING ACTIVITIES:       Capital expenditures   (3,416 )     (6,157 ) Net cash used in investing activities   (3,416 )     (6,157 )         CASH FLOWS FROM FINANCING ACTIVITIES:       Payment of restricted stock units held for taxes   (1,454 )     (2,867 ) Payment of finance lease obligations   (59 )     (225 ) Proceeds from the exercise of stock options   74       1,358   Proceeds from issuance of common stock under ESPP   359       425   Payments to repurchase common stock   (1,770 )     (18,505 ) Excise tax from stock repurchases   20       (56 ) Payments of long-term debt   (42,880 )     —   Net cash used in financing activities   (45,710 )     (19,870 )         Effect of exchange rate changes on cash   (81 )     (69 )         NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   (72,365 )     (33,174 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH—BEGINNING OF PERIOD   97,531       130,705   CASH, CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD $ 25,166     $ 97,531                   RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:       Cash and cash equivalents   19,282       94,022   Restricted cash—prepaid expenses and other current assets, other noncurrent assets   5,884       3,509   Total cash, cash equivalents and restricted cash $ 25,166     $ 97,531           SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:       Cash paid for interest $ 2,833     $ 100   NON-CASH INVESTING AND FINANCING ACTIVITIES:       Purchases of property and equipment included in accounts payable and accrued liabilities $ —     $ 182   Establishment of operating lease $ 794     $ —   Non-GAAP Financial Measures We report our financial results in accordance with U.S. GAAP. However, management believes that Adjusted Net Loss, Adjusted Net Income (Loss) Margin, Adjusted Net Income (Loss) Per Common Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, all non-GAAP financial measures (together the “Non-GAAP Measures”), provide investors with additional useful information in evaluating our performance. We calculate Adjusted Net Income (Loss) as net loss, adjusted to exclude: (1) stock-based compensation expense, (2) change in fair value of warrants and derivatives, (3) sales and use tax income, (4) restructuring charges related to reduction in force payments, (5) gain on extinguishment of debt, (6) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (7) warehouse restructuring costs, (8) non-cash impairment of previously capitalized software and cloud computing implementation costs, (9) technology modernization costs, (10) product line exit costs, (11) transaction costs, (12) headquarters transition costs and (13) other items (as defined below). We calculate Adjusted Net Income (Loss) Margin by dividing Adjusted Net Income (Loss) for the period by Revenue for the period. We calculate Adjusted Net Income (Loss) Per Common Share by dividing Adjusted Net Income (Loss) for the period by weighted average common shares used to compute net loss per share attributable to common stockholders for the period. We calculate Adjusted EBITDA as net loss, adjusted to exclude: (1) interest income, (2) interest expense (3) depreciation and amortization expense, (4) stock-based compensation expense, (5) change in fair value of warrants and derivatives, (6) capitalized cloud computing amortization, (7) sales and use tax income, (8) restructuring charges related to reduction in force payments, (9) gain on extinguishment of debt, (10) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (11) warehouse restructuring costs, (12) non-cash impairment of previously capitalized software and cloud computing implementation costs, (13) technology modernization costs, (14) product line exit costs, (15) transaction costs, (16) headquarters transition costs and (17) other items (as defined below). We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA for the period by revenue for the period. We calculate Free Cash Flow as net cash provided by (used in) operating activities less capital expenditures. The Non-GAAP Measures are financial measures that are not required by, or presented in accordance with U.S. GAAP. We believe that the Non-GAAP Measures, when taken together with our financial results presented in accordance with U.S. GAAP, provide meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of the Non-GAAP Measures are helpful to our investors as they is measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes. The Non-GAAP Measures are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of the Non-GAAP Measures include that (1) the measures do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of stock-based compensation expense, which is an ongoing expense for our company, (4) Adjusted EBITDA and Adjusted EBITDA Margin do not reflect other non-operating expenses, including interest expense, and (5) Free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments. In addition, our use of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies because they may not calculate the Non-GAAP Measures in the same manner, limiting their usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider the Non-GAAP Measures alongside other financial measures, including our net loss and other results stated in accordance with U.S. GAAP. Adjusted Net Income (Loss)     Three Months Ended
March 31,   Fiscal Year Ended
March 31,     2026       2025       2026       2025     (in thousands, except per share data) Net loss $ (12,661 )   $ (6,067 )   $ (39,008 )   $ (32,878 ) Stock-based compensation expense   3,471       2,964       14,351       12,735   Change in fair value of warrants and derivatives   —       (130 )     (913 )     521   Sales and use tax income (1)   —       (418 )     (950 )     (2,417 ) Restructuring   3,316       1,215       3,835       3,829   Litigation expenses (2)   523       733       1,168       1,839   Warehouse restructuring costs   518       1,448       2,522       4,738   Impairment of assets   14       1,457       1,079       3,599   Technology modernization (3)   463       650       1,521       2,400   Product line exit costs (4)   2,774       —       2,774       —   Strategic transaction costs (5)   1,666       —       1,666       —   Headquarters transition (6)   534       —       534       —   Other items (7)   —       488       317       1,316   Adjusted net income (loss) $ 618     $ 2,340     $ (11,104 )   $ (4,318 ) Net loss margin   (14.63 )%     (5.26 )%     (9.88 )%     (6.79 )% Adjusted net income (loss) margin   0.71 %     2.03 %     (2.81 )%     (0.89 )% Adjusted net income (loss) per common share - basic and diluted $ 0.07     $ 0.01     $ (1.30 )   $ (0.02 ) Weighted average common shares used to compute adjusted net loss per share attributable to common stockholders - basic and diluted   8,678,034       8,690,648       8,542,502       8,719,978   The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin and Adjusted EBITDA margin for the periods presented: Adjusted EBITDA     Three Months Ended
March 31,   Fiscal Year Ended
March 31,     2026       2025       2026       2025     (in thousands)   (in thousands) Net loss $ (12,661 )   $ (6,067 )   $ (39,008 )   $ (32,878 ) Interest income   (102 )     (915 )     (1,880 )     (4,926 ) Interest expense   20       714       1,856       2,788   Depreciation and amortization expense   1,904       2,838       9,102       11,222   Stock-based compensation expense   3,471       2,964       14,351       12,735   Change in fair value of warrants and derivatives   —       (130 )     (913 )     521   Cloud computing amortization   728       248       2,237       594   Sales and use tax income (1)   —       (418 )     (950 )     (2,417 ) Restructuring   3,316       1,215       3,835       3,829   Litigation expenses (2)   523       733       1,168       1,839   Warehouse restructuring costs   518       1,448       2,522       4,738   Impairment of assets   14       1,457       1,079       3,599   Technology modernization (3)   463       650       1,521       2,400   Product line exit costs (4)   2,774       —       2,774       —   Strategic transaction costs (5)   1,666       —       1,666       —   Headquarters transition (6)   534       —       534       —   Other items (7)   —       488       317       1,316   Adjusted EBITDA $ 3,168     $ 5,225     $ 211     $ 5,360   Net loss margin   (14.63 )%     (5.26 )%     (9.88 )%     (6.79 )% Adjusted EBITDA margin   3.66 %     4.53 %     0.05 %     1.11 % (1) Sales and use tax income relates to recording a liability for sales and use tax we did not collect from our customers. Historically, we had collected state or local sales, use, or other similar taxes in certain jurisdictions in which we only had physical presence. On June 21, 2018, the U.S. Supreme Court decided, in South Dakota v. Wayfair, Inc. that state and local jurisdictions may, at least in certain circumstances, enforce a sales and use tax collection obligation on remote vendors that have no physical presence in such jurisdiction. A number of states have positioned themselves to require sales and use tax collection by remote vendors and/or by online marketplaces. The details and effective dates of these collection requirements vary from state to state and accordingly, we recorded a liability in those periods in which we created economic nexus based on each state’s requirements. Accordingly, we now collect, remit, and report sales tax in all states that impose a sales tax. Subsequently, as certain of these liabilities are waived by tax authorities or the applicable statute of limitations expires, the related accrued liability is reversed.   (2) Litigation expenses related to a shareholder class action complaint, see Item 3. Legal Proceedings.   (3) Includes consulting fees related to technology transformation activities, and payroll costs for employees that dedicate significant time to this project. We believe that these costs are discrete and non-recurring in nature, as they relate to a one-time unification of our product offerings on our new commerce platform. As such, they are not normal, recurring operating expenses and are not reflective of ongoing trends in the cost of doing business.   (4) In January of 2026, we made the decision to discontinue all kibble products as well as certain dental and treat products. The decision was made to streamline focus to prioritize our core toy identity while improving operational efficiency and our profitability profile. Accordingly, we believe that these costs are discrete and non-recurring in nature. Exit costs of $2.8 million were recorded in cost of revenues in the consolidated statement of operations.   (5) Represents strategic transaction costs, which include investment banking fees, legal due diligence and related documentation costs, and finance and accounting diligence and documentation costs.   (6) In February of 2026, we relocated our corporate headquarters. As part of the relocation we recorded a $0.5 million loss on the disposal of furniture and fixtures, and other equipment. We believe this loss is discrete and non-recurring in nature, as it relates to a one-time headquarters transition and not reflective of ongoing trends in the cost of doing business.   (7) For the three months ended March 31, 2025, other items is comprised of executive transition costs including recruiting costs of $0.4 million, costs associated with the share repurchase program of $0.1 million, and duplicate headquarters rent of less than $0.1 million. For the fiscal year ended March 31, 2026, other items is comprised of executive transition costs of $0.3 million, and costs associated with the share repurchase program of less than $0.1 million. For the fiscal year ended March 31, 2025, other items is comprised of executive transition costs of $0.8 million, costs associated with the share repurchase program of $0.4 million, and duplicate headquarters rent of less than $0.1 million. For the fiscal year ended March 31, 2024, other items comprised of non-recurring retention payments to management of $1.4 million, executive transition costs of $1.3 million, tax penalties of less than $0.1 million, and duplicate headquarters rent of less than $0.1 million. The following table presents a reconciliation of Free Cash Flow to Net cash used in operating activities, the most directly comparable financial measure prepared in accordance with U.S. GAAP, for each of the periods indicated: Free Cash Flow     Three Months Ended
March 31,   Fiscal Year Ended
March 31,     2026       2025       2026       2025   Free cash flow reconciliation:               Net cash used in operating activities $ (1,351 )   $ (10,258 )   $ (23,158 )   $ (7,079 ) Capital expenditures   (713 )     (1,729 )     (3,416 )     (6,157 ) Free cash flow $ (2,064 )   $ (11,987 )   $ (26,574 )   $ (13,236 )   View source version on businesswire.com: https://www.businesswire.com/news/home/20260609274754/en/ Investors:
Michael Mougias
investors@barkbox.com Media:
Garland Harwood
press@barkbox.com Original: BARK Reports Fiscal Fourth Quarter and Full Year 2026 Results

BARK to Announce Fiscal Fourth Quarter and Full Year 2026 Financial Results on June 9, 2026May 14, 2026 4:56 PM
Business Wire BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading global omnichannel brand with a mission to make all dogs happy, today announced it will report its fiscal fourth quarter and full year 2026 financial results after market close on Tuesday, June 9, 2026. Management will host a live conference call and webcast to discuss the Company’s financial results at 4:30 p.m. ET the same day. The conference call can be accessed by dialing 1-888-596-4144 for U.S. participants and 1-646-968-2525 for international participants. The conference call passcode is 5515653. A live audio webcast of the call will be available at https://investors.bark.co/ and will be archived for one year. About BARK
BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514566975/en/ Investors:
Michael Mougias
investors@barkbox.com Media:
Garland Harwood
press@barkbox.com Original: BARK to Announce Fiscal Fourth Quarter and Full Year 2026 Financial Results on June 9, 2026

BARK to Announce Fiscal Fourth Quarter and Full Year 2026 Financial Results on June 9, 2025May 14, 2026 4:05 PM
Business Wire BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading global omnichannel brand with a mission to make all dogs happy, today announced it will report its fiscal fourth quarter and full year 2026 financial results after market close on Tuesday, June 9, 2026. Management will host a live conference call and webcast to discuss the Company’s financial results at 4:30 p.m. ET the same day. The conference call can be accessed by dialing 1-888-596-4144 for U.S. participants and 1-646-968-2525 for international participants. The conference call passcode is 5515653. A live audio webcast of the call will be available at https://investors.bark.co/ and will be archived for one year. About BARK
BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260514566975/en/ Investors:
Michael Mougias
investors@barkbox.com Media:
Garland Harwood
press@barkbox.com Original: BARK to Announce Fiscal Fourth Quarter and Full Year 2026 Financial Results on June 9, 2025

BARK Announces Appointment of James Gagne to Board of DirectorsMay 4, 2026 4:05 PM
Business Wire Mr. Gagne brings over 30 Years of Global Supply Chain, Logistics and Operations Leadership to BARK BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading dog brand with a mission to make all dogs happy, today announced that James Gagne has joined the Company’s Board of Directors (the “Board”), effective immediately. Mr. Gagne is a seasoned executive with over 30 years of leadership in global supply chain and logistics. He recently founded, and is Chief Executive Officer of KYNTRX Logistics, a next generation, asset-light logistics platform designed to serve critical infrastructure and regulated industries including defense, space, semiconductor/AI, and energy transition. Mr. Gagne also serves as a Board Trustee and member of the Strategic Committee at the Foreign Policy Research Institute, where he brings his experience on linkages between policy, the global economy and supply chains to various industries. From 2017 until 2024, he served as President and Chief Executive Officer of SEKO Logistics, a leading global supply chain logistics company, where he architected and led its global expansion from operations in three countries and around $400M in revenue to a global enterprise spanning 60 countries and $2.4B in revenue. “James brings deep experience across global supply chain operations while growing revenue,” said Matt Meeker, Chief Executive Officer. “Having served as CEO at SEKO Logistics and scaled their business in a manner that substantially increased their topline, we’re excited to work with him at BARK. Collectively, his expertise in operations architecture in supply chain and logistics is incredibly valuable, and I am thrilled to welcome him to our Board.” “I’m excited to join BARK’s Board,” said Mr. Gagne. “I look forward to supporting the development of a differentiated, scalable supply chain that can unlock both operational and strategic value.” About James Gagne
James Gagne is a global transportation and logistics executive, entrepreneur, and investor with more than 30 years of experience building, scaling, and transforming asset-light supply chain platforms across North America, Europe, and Asia. He spent over 20 years living and operating in China and Hong Kong, holding senior executive and CEO roles with Agility, BAX Global / Schenker, and A.P. Moller–Maersk, developing deep expertise across air, ocean, ground transportation, contract logistics, and compliance-intensive supply chains. Mr. Gagne has led and supported over forty acquisitions and joint ventures throughout his career. He holds a B.S. from the U.S. Merchant Marine Academy and speaks Mandarin Chinese. About BARK
BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information. Forward-Looking Statements
This press release contains forward-looking statements that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Actual results and outcomes could differ materially from any results or outcomes made or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and information included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements except as required by law. View source version on businesswire.com: https://www.businesswire.com/news/home/20260504352682/en/ Investors:
investors@barkbox.com Media:
press@barkbox.com Original: BARK Announces Appointment of James Gagne to Board of Directors

BARK...$10.60...🥳

georgie18

Re: None

Wednesday, April 15, 2026 11:31:41 AM

Post#
21
of 21
BARK...$10.01...🥳...in on the Bullish Psar flip...

BARK...$10.01...🥳...in on the Bullish Psar flip...

BARK Announces Annual Meeting Results and Alignment with Continued Operational Progress and Long-Term Stockholder ValueMarch 26, 2026 4:05 PM
Business Wire
BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading dog brand with a mission to make all dogs happy, today announced the results of its Annual Meeting of Stockholders held March 25, 2026, including the approval of a proposal to implement a 1-for-20 reverse stock split of the Company’s common stock (“Reverse Stock Split”).


The Reverse Stock Split is intended to increase the per-share trading price of the Company’s common stock in order to regain compliance with the New York Stock Exchange (“NYSE”) minimum bid price requirement and is anticipated to become effective on April 1, 2026, with trading on a split-adjusted basis to commence at market open on April 1, 2026. The Company believes that maintaining its listing on the NYSE is important to support liquidity, price transparency and access to a broad base of investors.


In addition, the Company believes that increasing the per-share trading price of its common stock through the Reverse Stock Split may improve its marketability to, and acceptance by, institutional investors and other members of the investing public.


Additional information regarding the Reverse Stock Split will be included in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.


Alignment with Continued Operational Progress and Long-Term Stockholder Value


Today’s announcement follows BARK’s recent operational updates, including actions taken to streamline the Company’s cost structure and improve profitability and cash generation. As disclosed on March 23, 2026, these initiatives are expected to result in up to $28 million in annualized cost savings and position the Company to operate more efficiently while continuing to invest in growth.


In addition, BARK disclosed on March 23, 2026 that it has paid approximately $15.4 million in incremental tariffs to date, with $10.5 million allocated to cost of goods sold for the Company’s projected fiscal year ending March 31, 2026.


The Board and management team remain focused on driving sustainable value creation through disciplined execution and capital allocation.


About BARK

BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.


Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding anticipated benefits of the Reverse Stock Split and potential cost savings and potential tariff refunds, that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Actual results and outcomes could differ materially from any results or outcomes made or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and information included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326045138/en/
Investors:

investors@barkbox.com
Media:

press@barkbox.com
Jim Golden / Ed Hammond / Quinn Conway

Collected Strategies

BARK-CS@collectedstrategies.com


Original: BARK Announces Annual Meeting Results and Alignment with Continued Operational Progress and Long-Term Stockholder Value

BARK Announces Up To $28 million in Annual Savings Due to Cost Reduction Initiatives and Potential for Approximately $15 million in IEEPA Tariff RefundsMarch 23, 2026 4:05 PM
Business Wire
BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading dog brand with a mission to make all dogs happy, today provided an update on the Company’s recent cost reduction initiatives and the status of potential refunds of tariffs previously paid under the International Emergency Economic Powers Act (“IEEPA”).


Cost Reduction Initiatives

BARK has completed a series of cost reduction initiatives during the fourth quarter of fiscal year 2026 as part of a broader effort to improve operating efficiency, and drive profitability and free cash flow of the business. The measures are designed to align the Company’s cost structure with current business needs. The Company expects these actions to result in up to $28 million of annualized cost savings, consisting of:



Approximately $26 million from workforce, operating efficiencies across sales & marketing and general & administrative, through:


Targeted headcount reductions and attrition



Increased use of automation, including Artificial Intelligence tools



Streamlined utilization of external and offshore partners






Approximately $2 million from a reduction in corporate office footprint



The Company remains focused on executing its mission and strategic goals, continuing to strengthen its profitability and cash generation, and investing in revenue growth.


“Over the past few months, we conducted a comprehensive review of the business with the goal of streamlining our cost structure that leverages our investments in Artificial Intelligence technologies and key strategic relationships,” said Matt Meeker, Chief Executive Officer of BARK. “These changes are focused on improving our operational effectiveness and further strengthening our bottom line. While the workforce reductions were difficult because they impact our colleagues and friends, who have worked hard to support BARK and its customers, we believe these changes position BARK to operate more efficiently and improve cash generation going forward. We remain focused on executing against our core priorities and strengthening the business over the long term.”


Potential IEEPA Tariff Refunds

On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under IEEPA were not legally authorized. The matter was remanded to the U.S. Court of International Trade, which subsequently ordered IEEPA tariff refunds to be paid. U.S. Customs and Border Protection has announced plans to implement a system to process these refunds, with a target launch date of late April 2026.


To date, BARK has paid approximately $15.4 million in incremental tariffs, with $10.5 million allocated to cost of goods sold for the Company’s fiscal year ending March 31, 2026.


The timing and amount of any IEEPA tariff refunds remain uncertain and are subject to administrative implementation, including the development and deployment of the refund processing system, as well as the potential for further legal proceedings or appeals. The Company intends to maintain all legal and administrative rights to the recovery of IEEPA tariffs paid, however, there is no assurance as to the timing or amount of any recovery.


About BARK

BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.


Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding anticipated cost savings and timing and amount of potential tariff refunds, that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Actual results and outcomes could differ materially from any results or outcomes made or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and information included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260323657903/en/
Investors:

investors@barkbox.com


Media:

press@barkbox.com


Original: BARK Announces Up To $28 million in Annual Savings Due to Cost Reduction Initiatives and Potential for Approximately $15 million in IEEPA Tariff Refunds

BARK Determines Not to Pursue Transaction Following Review of Previously Disclosed ProposalsMarch 20, 2026 8:55 AM
Business Wire
BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”) today provided an update regarding previously disclosed preliminary non-binding indicative proposals involving the Company.


As previously disclosed, on January 9, 2026, the Company received an unsolicited preliminary non-binding indicative proposal from Great Dane Ventures, LLC (“Great Dane”), an entity formed by certain of the Company’s stockholders, to acquire all of the outstanding shares of the Company’s common stock not already beneficially owned by Great Dane. That proposal has since been withdrawn.


Also as previously disclosed, on January 14, 2026, the Company received an unsolicited preliminary non-binding indicative proposal from GNK Holdings LLC and Marcus Lemonis (collectively, the “GNK/Lemonis Group”) to acquire all of the outstanding shares of the Company’s common stock not already beneficially owned by the GNK/Lemonis Group. The Special Committee of the Board of Directors, consistent with its fiduciary duties and in consultation with its independent legal and financial advisors, carefully evaluated the proposal and determined that it did not adequately reflect the value of the Company. Based on this evaluation, the Special Committee has determined not to pursue a transaction with the GNK/Lemonis Group.


While the Company remains open to evaluating strategic opportunities that would further enhance stockholder value, the Special Committee has decided that it is in the best interests of stockholders to conclude the current review process. The Special Committee believes that continuing to execute the Company’s existing standalone strategy represents the best path to maximize long-term stockholder value.


The Company remains focused on disciplined execution, driving sustainable growth and profitability, and enhancing long-term stockholder value.


About BARK


BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.


Forward-Looking Statements


This press release contains forward-looking statements that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Actual results and outcomes could differ materially from any results or outcomes made or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and information included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s quarterly report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260319122646/en/
Investors:

investors@barkbox.com


Media:

press@barkbox.com


Jim Golden / Ed Hammond / Quinn Conway

Collected Strategies

BARK-CS@collectedstrategies.com


Original: BARK Determines Not to Pursue Transaction Following Review of Previously Disclosed Proposals

BARK................................https://stockcharts.com/sc3/ui/?s=BARK&p=w&b=5&g=0&id=p86431144783

BARK Confirms CEO’s Decision to Withdraw from Great DaneMarch 3, 2026 4:05 PM
Business Wire
CEO Matt Meeker to Transition Focus Exclusively to Operational Leadership Amid Special Committee’s Review Process


BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading global omnichannel dog brand with a mission to make all dogs happy, today announced that after discussion with the Special Committee of the Company’s Board of Directors, Matt Meeker, the Company’s Chief Executive Officer and Executive Chair of the Board, has voluntarily withdrawn as a member and equity holder in Great Dane Ventures, LLC, an entity formed by certain of the Company’s stockholders to submit a preliminary non-binding proposal to acquire the Company.


As previously disclosed, the Special Committee is focused on maximizing value for all BARK stockholders, and will review any proposal to acquire the Company as well as evaluating the Company’s standalone value with the assistance of its independent financial and legal advisors. The Company supports Mr. Meeker’s decision.


Mr. Meeker will continue to serve as Chief Executive Officer and remains fully committed to executing BARK’s strategy and delivering value for shareholders.


There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposals or that any proposed transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the proposals received or any other transaction or proposal, except as required under applicable law.


About BARK


BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.


Forward-Looking Statements


This press release contains forward-looking statements that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Actual results and outcomes could differ materially from any results or outcomes made or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and information included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2025, filed with the SEC on February 5, 2026, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260302567424/en/
Investors:

Michael Mougias

investors@barkbox.com


Media:

Garland Harwood

press@barkbox.com


Jim Golden / Ed Hammond / Quinn Conway

Collected Strategies

BARK-CS@collectedstrategies.com


Original: BARK Confirms CEO’s Decision to Withdraw from Great Dane

The Special Committee of BARK Provides Update on ProcessFebruary 13, 2026 5:25 PM
Business Wire
BARK, Inc. (NYSE: BARK) (“BARK” or the “Company”), a leading global omnichannel dog brand with a mission to make all dogs happy, today announced that the special committee (the “Special Committee”) of the Company’s Board of Directors has provided clear guidance to parties interested in acquiring BARK.


The Special Committee, consisting of independent and disinterested directors, is focused on maximizing value for all BARK stockholders, and is reviewing all proposals as well as evaluating the Company’s standalone value with the assistance of its independent financial and legal advisors. The Special Committee is committed to managing an orderly process that does not disrupt or harm the business and that protects the value of the Company’s proprietary information.


Regarding its process, the Special Committee noted:


- It is evaluating all proposals in totality, including the conditionality of any potential transaction and availability of committed debt and equity financing;

- In order to receive any non-public diligence information, any party will be required to enter into confidentiality agreements with market-standard provisions, including a customary standstill; and

- The Special Committee will take the appropriate time to properly assess all proposals and strategic alternatives and to conduct a thorough and deliberate process focused on maximizing value for all BARK stockholders.


There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the proposals or that any proposed transaction or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to the proposals received or any other transaction or proposal, except as required under applicable law.


Preliminary, Non-Binding Proposals


As previously disclosed, on January 9, 2026, the Company received a preliminary non-binding indicative proposal from Great Dane Ventures, LLC (“Great Dane”), comprised of a group of the Company’s current stockholders, including Matt Meeker, the Company’s Chief Executive Officer and Executive Chairman of the Board, RRE Ventures, Resolute Ventures, Founders Circle Capital and Ironbound Partners Fund (collectively, the “Great Dane Group”). The Great Dane Group letter proposes that Great Dane would acquire all of the outstanding shares of the Company’s common stock not already beneficially owned by the Great Dane Group or their affiliates, in an all-cash transaction, for $0.90 per share.


On January 14, 2026, the Company received a preliminary non-binding indicative proposal letter from GNK Holdings LLC and Marcus Lemonis (collectively, the “GNK/Lemonis Group”). The GNK/Lemonis Group letter proposes that the GNK/Lemonis Group would acquire all of the outstanding shares of the Company’s common stock not already beneficially owned by the GNK/Lemonis Group, in an all-cash transaction, for $1.10 per share.


The Special Committee has requested meetings with the principals of both the Great Dane Group and GNK / Lemonis Group.


Moelis & Company LLC is acting as financial advisor and Sidley Austin LLP is serving as legal advisor to the Special Committee.


About BARK


BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.


Forward-Looking Statements


This press release contains forward-looking statements that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Actual results and outcomes could differ materially from any results or outcomes made or implied in such forward-looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks and information included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2025, filed with the SEC on November 10, 2025, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260213762621/en/
Investors:

Michael Mougias

investors@barkbox.com


Media:

Garland Harwood

press@barkbox.com


Jim Golden / Ed Hammond / Quinn Conway

Collected Strategies

BARK-CS@collectedstrategies.com


Original: The Special Committee of BARK Provides Update on Process

BARK Reports Third Quarter Fiscal Year 2026 ResultsFebruary 5, 2026 4:05 PM
Business Wire
BARK, Inc. (NYSE:BARK):


Third Quarter Fiscal Year 2026 Highlights Versus Prior Year



Fully repaid the Company's outstanding 2025 Convertible Notes in cash, making BARK debt free.



Total revenue was $98.4 million, below guidance, as the Company reduced marketing spend to focus on profitability.



Direct-to-Consumer gross margin was 66.4%, up 10 basis points.



Commerce gross margin was 46.3%, up 230 basis points.



Net loss was $(8.6) million, versus $(11.5) million last year.



Adjusted EBITDA was $(1.6) million, within the Company's guidance range.



“As we approach the end of fiscal 2026, our priorities remain—running the business with discipline, protecting profitability, and continuing to diversify the ways we serve dog parents,” said Matt Meeker, Co-Founder and Chief Executive Officer of BARK. “This quarter reflected that focus. We delivered adjusted EBITDA toward the high-end of our guidance range, generated positive free cash flow as inventory began to normalize, and continued to make progress across both Commerce and BARK Air, which now represent a meaningful and growing portion of our revenue mix. While revenue was impacted by a deliberate pullback in marketing spend, we’re seeing encouraging signs in customer quality, margin performance, and operational efficiency. Taken together, we believe these actions position BARK to exit the fiscal year as a leaner, more resilient, and more diversified company.”


Fiscal Third Quarter 2026 Highlights



Revenue was $98.4 million, with Commerce and BARK Air representing 22.5% of total revenue. The Company also delivered its lowest customer acquisition cost quarter in nearly three years. Total revenue declined 22.1% year-over-year, primarily reflecting fewer total orders in the current period due to carrying fewer subscriptions into the quarter compared to the prior year. The Company also reduced its marketing investment by 41.3% versus last year, as it prioritized profitability in the current period.



Direct to Consumer (“DTC”) revenue was $79.6 million, a 25.0% decrease year-over-year, primarily due to carrying fewer subscriptions into the quarter compared to the prior year.



Commerce revenue was $18.9 million, a 7.2% decrease year-over-year, partly related to timing of retail shipments.



Gross profit was $61.6 million, a 22.3% decrease compared to last year.



Gross margin was 62.5%, compared to 62.7% in the same period last year. The lower consolidated gross margin is driven by revenue mix. Both DTC and Commerce gross margin improved sequentially, and year-over-year.



Advertising and marketing expenses were $16.1 million, compared to $27.4 million in the previous year.



General and administrative ("G&A") expenses were $54.5 million, compared to $64.1 million in the prior year, partly driven by lower volumes and partly from the continuing trend of strong cost management.



Net loss was $(8.6) million, compared to a net loss of $(11.5) million in the previous year.



Adjusted EBITDA was $(1.6) million, was within the Company's guidance range of $(5.0) million to $(1.0) million, and in-line with last year, notwithstanding lighter revenue in the current period.



Net cash provided by operating activities was $1.7 million. Free cash flow, defined as net cash used in operating activities less capital expenditures, was $1.6 million.



Balance Sheet Highlights



The Company’s cash and cash equivalents balance as of December 31, 2025 was $21.7 million reflecting the full repayment of the Company's $45 million 2025 Convertible Notes.



The Company's inventory balance as of December 31, 2025 was $91.4 million, down $9.7 million in the quarter.



Debt Repayment


On November 6, 2025, the Company repurchased the remaining $42.9 million of outstanding aggregate principal amount, and $2.2 million of accrued interest, of the 5.50% Convertible Secured Notes due 2025 (the “2025 Convertible Notes”) from entities affiliated with Magnetar Financial, LLC (collectively, the “Holders”), pursuant to the terms and conditions of a negotiated notes purchase agreement (the “Agreement”) among the Company and the Holders. See Note 4 in the Company's 10Q for the period ended December 31, 2025, "Debt", for additional details.


Line of Credit


On January 30, 2026, the Company extended its long-standing line of credit with Western Alliance Bank for $35 million (the "Credit Facility"). This line of credit provides the Company with added operational flexibility. The maturity date of the Credit Facility is March 2, 2026. The Company intends to enter in to a longer term renewal of the Credit Facility.


Financial Outlook


In light of the review and evaluation by the Special Committee of the Board of Directors of the previously disclosed preliminary non-binding indicative proposal letters the Company has received, the Company will not be providing fourth quarter guidance.


Conference Call Information


A conference call to discuss the Company's third quarter fiscal year 2026 results will be held today, February 5, 2026, at 4:30 p.m. ET. During the conference call, the Company may make comments concerning business and financial developments, trends and other business or financial matters. The Company's comments, as well as other matters discussed during the conference call, may contain or constitute information that has not been previously disclosed.


In light of the review and evaluation by the Special Committee of the Board of Directors of the previously disclosed preliminary non-binding indicative proposal letters the Company has received, the Company will not be holding a Q&A session following today's prepared remarks.


The conference call can be accessed by dialing 1-888-596-4144 for U.S. participants and 1-646-968-2525 for international participants. The conference call passcode is 5515653. A live audio webcast of the call will be available at https://investors.bark.co/ and will be archived for 1 year.


About BARK


BARK is the world’s most dog-centric company, devoted to making all dogs happy with the best products, food, services, and content. BARK’s dog-obsessed team leverages its unique, data-driven understanding of what makes each dog special to design playstyle-specific toys, wildly satisfying treats, dog-first experiences that foster the health and happiness of dogs everywhere, and more. Founded in 2011, BARK loyally serves millions of dogs nationwide with BarkBox and Super Chewer, its themed toys and treats subscriptions; custom product collections through its retail partner network, including Target, Chewy, and Amazon; BARK in the Belly, a premium dog food and consumables line that donates 100% of food profits to fight canine hunger; and BARK Air, the first air travel experience designed specifically for dogs first. At BARK, we want to make dogs as happy as they make us because dogs and humans are better together. Sniff around at bark.co for more information.


Forward Looking Statements


This press release contains forward-looking statements relating to, among other things, the future performance of BARK that are based on the Company’s current expectations, forecasts and assumptions and involve risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” "anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. These statements include, but are not limited to, statements about future operating results, including our strategies, plans, commitments, objectives and goals. Actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of future performance. Other factors that could cause or contribute to such differences include, but are not limited to, risks relating to the uncertainty of the projected financial information with respect to BARK; the risk that spending on pets may not increase at projected rates; that BARK subscriptions may not increase their spending with BARK; BARK’s ability to continue to convert social media followers and contacts into customers; BARK’s ability to successfully expand its product lines and channel distribution; competition; the uncertain effects of global or macroeconomic events or challenges, and the effect of the previously disclosed preliminary non-binding indicative proposal letters the Company has received.


More information about factors that could affect BARK's operating results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2025, copies of which may be obtained by visiting the Company’s Investor Relations website at https://investors.bark.co/ or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to the Company on the date hereof. The Company assumes no obligation to update such statements.


Definitions of Key Performance Indicators


Total Orders


We define Total Orders as the total number of Direct to Consumer orders shipped in a given period. These include all orders across all of our product categories, regardless of whether they are purchased on a subscription, auto-ship, or one-off basis. Total Orders excludes orders from BARK Air. We use Total Orders as an indicator of customer interest and demand.


Average Order Value


We define Total Orders as the total number of Direct to Consumer orders shipped in a given period. These include all orders across all of our product categories, regardless of whether they are purchased on a subscription, auto-ship, or one-off basis. Total Orders excludes orders from BARK Air. We use Total Orders as an indicator of customer interest and demand.


Key Performance Indicators




 







Three Months Ended




December 31,






 






Nine Months Ended




December 31,








 







 








 







 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Total Orders (in thousands)







 






2,427






 






 






 






3,332






 






 






 






7,790






 






 






 






10,044






 








Average Order Value







$






31.41






 






 






$






31.25






 






 






$






31.01






 






 






$






31.03






 








Direct to Consumer Gross Profit (in thousands)(1)







$






52,711






 






 






$






70,154






 






 






$






164,433






 






 






$






204,927






 








Direct to Consumer Gross Margin (1)







 






69.2






%






 






 






67.4






%






 






 






68.1






%






 






 






65.7






%








(1) Direct to Consumer Gross Profit and Direct to Consumer Gross Margin does not include revenue or cost of goods sold from BARK Air.









BARK, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS




(In thousands)











 



 







Three Months Ended






 






Nine Months Ended








 







December 31,






 






December 31,






 






December 31,






 






December 31,








 







 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








REVENUE







$






98,447






 






 






$






126,449






 






 






$






308,277






 






 






$






368,772






 








COST OF REVENUE







 






36,885






 






 






 






47,189






 






 






 






120,679






 






 






 






140,134






 








Gross profit







 






61,562






 






 






 






79,260






 






 






 






187,598






 






 






 






228,638






 








OPERATING EXPENSES:







 






 






 






 






 






 






 








General and administrative







 






54,479






 






 






 






64,141






 






 






 






168,949






 






 






 






190,709






 








Advertising and marketing







 






16,067






 






 






 






27,364






 






 






 






46,643






 






 






 






66,460






 








Total operating expenses







 






70,546






 






 






 






91,505






 






 






 






215,592






 






 






 






257,169






 








LOSS FROM OPERATIONS







 






(8,984






)






 






 






(12,245






)






 






 






(27,994






)






 






 






(28,531






)








INTEREST INCOME







 






292






 






 






 






1,179






 






 






 






1,779






 






 






 






4,011






 








INTEREST EXPENSE







 






(415






)






 






 






(677






)






 






 






(1,836






)






 






 






(2,074






)








OTHER INCOME (EXPENSE)—NET







 






461






 






 






 






234






 






 






 






1,704






 






 






 






(217






)








NET LOSS BEFORE INCOME TAXES







 






(8,646






)






 






 






(11,509






)






 






 






(26,347






)






 






 






(26,811






)








PROVISION FOR INCOME TAXES







 






—






 






 






 






—






 






 






 






—






 






 






 






—






 








NET LOSS AND COMPREHENSIVE LOSS







$






(8,646






)






 






$






(11,509






)






 






$






(26,347






)






 






$






(26,811






)









DISAGGREGATED REVENUE




(In thousands)








 






 






 






 






 






 






 








 






 






Three Months Ended






 






Nine Months Ended








 






 






December 31,






 






December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Revenue







 







 






 







 






 







 






 









Direct to Consumer:







 







 






 







 






 







 






 









Toys & Accessories(1)







$






46,049







 






$






64,348







 






$






145,930







 






$






201,799









Consumables(1)







 






30,168







 






 






39,808







 






 






95,648







 






 






109,909









Other(2)







 






3,363







 






 






1,963







 






 






9,326







 






 






4,069









Total Direct to Consumer







$






79,580







 






$






106,119







 






$






250,904







 






$






315,777









Commerce







 






18,867







 






 






20,330







 






 






57,373







 






 






52,995









Revenue







$






98,447







 






$






126,449







 






$






308,277







 






$






368,772









(1) The allocation between Toys & Accessories and Consumables includes estimates and was determined utilizing data on stand-alone selling prices that the Company charges for similar offerings, and also reflects historical pricing practices.









(2) Other Direct to Consumer revenue is derived from BARK Air.










GROSS PROFIT BY SEGMENT




(In thousands)








 






 






 






 






 






 






 








 






 






Three Months Ended




December 31,






 






Nine Months Ended




December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Direct to Consumer(1):







 







 






 







 






 







 






 









Revenue







$






79,580







 






$






106,119







 






$






250,904







 






$






315,777









Cost of revenue







 






26,749







 






 






35,796







 






 






86,357







 






 






110,930









Gross profit







 






52,831







 






 






70,323







 






 






164,547







 






 






204,847









Commerce:







 







 






 







 






 







 






 









Revenue







 






18,867







 






 






20,330







 






 






57,373







 






 






52,995









Cost of revenue







 






10,136







 






 






11,393







 






 






34,322







 






 






29,204









Gross profit







 






8,731







 






 






8,937







 






 






23,051







 






 






23,791









Consolidated:







 







 






 







 






 







 






 









Revenue







 






98,447







 






 






126,449







 






 






308,277







 






 






368,772









Cost of revenue







 






36,885







 






 






47,189







 






 






120,679







 






 






140,134









Gross profit







$






61,562







 






$






79,260







 






$






187,598







 






$






228,638









(1) Direct to Consumer segment gross profit includes revenue and cost of revenue from BARK Air.









BARK, INC.




CONDENSED CONSOLIDATED BALANCE SHEETS




(In thousands, except share and per share data)











 



 







December 31,






 






March 31,








 







 






2025






 






 






 






2025






 








ASSETS







 






 






 








CURRENT ASSETS:







 






 






 








Cash and cash equivalents







$






21,683






 






 






$






94,022






 








Accounts receivable—net







 






12,126






 






 






 






9,453






 








Prepaid expenses and other current assets







 






12,708






 






 






 






10,036






 








Inventory







 






91,361






 






 






 






88,126






 








Total current assets







 






137,878






 






 






 






201,637






 








PROPERTY AND EQUIPMENT—NET







 






18,874






 






 






 






21,475






 








INTANGIBLE ASSETS—NET







 






1,768






 






 






 






5,426






 








OPERATING LEASE RIGHT-OF-USE ASSETS







 






25,133






 






 






 






28,277






 








OTHER NONCURRENT ASSETS







 






5,017






 






 






 






3,820






 








TOTAL ASSETS







$






188,670






 






 






$






260,635






 








LIABILITIES, AND STOCKHOLDERS’ EQUITY







 






 






 








CURRENT LIABILITIES:







 






 






 








Accounts payable







$






22,444






 






 






$






20,364






 








Operating lease liabilities, current







 






5,380






 






 






 






5,798






 








Accrued and other current liabilities







 






24,373






 






 






 






34,054






 








Deferred revenue







 






22,162






 






 






 






21,251






 








Current portion of long-term debt







 






—






 






 






 






42,573






 








Total current liabilities







 






74,359






 






 






 






124,040






 








OPERATING LEASE LIABILITIES







 






32,926






 






 






 






36,802






 








OTHER LONG-TERM LIABILITIES







 






140






 






 






 






267






 








Total liabilities







 






107,425






 






 






 






161,109






 








COMMITMENTS AND CONTINGENCIES







 






 






 








STOCKHOLDERS’ EQUITY







 






 






 








Common stock, par value $0.0001 per share—500,000,000 shares authorized; 172,807,204 and 169,732,895 shares issued and outstanding







 






1






 






 






 






1






 








Treasury stock, at cost, 17,303,225 and 15,992,598 shares, respectively







 






(26,500






)






 






 






(24,730






)








Additional paid-in capital







 






513,964






 






 






 






504,022






 








Accumulated deficit







 






(406,220






)






 






 






(379,767






)








Total stockholders’ equity







 






81,245






 






 






 






99,526






 








TOTAL LIABILITIES, AND STOCKHOLDERS’ EQUITY







$






188,670






 






 






$






260,635






 









BARK, INC.




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS




(In thousands)








 






 






 








 






 






Nine Months Ended








 






 






December 31,






 






December 31,








 






 






 






2025






 






 






 






2024






 








CASH FLOWS FROM OPERATING ACTIVITIES:







 






 






 








Net loss







$






(26,347






)






 






$






(26,811






)








Adjustments to reconcile net loss to cash (used in) provided by operating activities:







 






 






 








Depreciation & amortization







 






7,198






 






 






 






8,383






 








Impairment of assets







 






1,065






 






 






 






2,142






 








Non-cash lease expense







 






3,144






 






 






 






3,510






 








Amortization of deferred financing fees and debt discount







 






310






 






 






 






299






 








Bad debt expense







 






74






 






 






 






—






 








Stock-based compensation expense







 






10,881






 






 






 






9,771






 








Provision for inventory obsolescence







 






706






 






 






 






1,072






 








Change in fair value of warrant liabilities and derivatives







 






(913






)






 






 






652






 








Paid in kind interest on convertible notes







 






—






 






 






 






2,235






 








Changes in operating assets and liabilities:







 






 






 








Accounts receivable







 






(2,748






)






 






 






(3,719






)








Inventory







 






(3,942






)






 






 






(7,255






)








Prepaid expenses and other current assets







 






(102






)






 






 






(2,105






)








Other noncurrent assets







 






(947






)






 






 






(1,733






)








Accounts payable and accrued expenses







 






(4,297






)






 






 






26,696






 








Deferred revenue







 






912






 






 






 






(2,433






)








Operating lease liabilities.







 






(4,293






)






 






 






(3,919






)








Other liabilities







 






(2,508






)






 






 






(3,606






)








Net cash (used in) provided by operating activities.







 






(21,807






)






 






 






3,179






 








 







 






 






 








CASH FLOWS FROM INVESTING ACTIVITIES:







 






 






 








Capital expenditures







 






(2,703






)






 






 






(4,428






)








Net cash used in investing activities







 






(2,703






)






 






 






(4,428






)








 







 






 






 








CASH FLOWS FROM FINANCING ACTIVITIES:







 






 






 








Payment of finance lease obligations







 






(174






)






 






 






(165






)








Proceeds from the exercise of stock options







 






66






 






 






 






554






 








Proceeds from issuance of common stock under ESPP







 






359






 






 






 






425






 








Tax payments related to the issuance of common stock







 






(1,384






)






 






 






(2,181






)








Excise tax from stock repurchases







 






20






 






 






 






(43






)








Payments to repurchase common stock







 






(1,770






)






 






 






(8,023






)








Payments of long-term debt







 






(42,880






)






 






 






—






 








Net cash used in financing activities







 






(45,763






)






 






 






(9,433






)








 







 






 






 








Effect of exchange rate changes on cash







 






(106






)






 






 






(37






)








 







 






 






 








NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH







 






(70,379






)






 






 






(10,719






)








CASH, CASH EQUIVALENTS AND RESTRICTED CASH—BEGINNING OF PERIOD







 






97,531






 






 






 






130,704






 








CASH, CASH EQUIVALENTS AND RESTRICTED CASH—END OF PERIOD







$






27,152






 






 






$






119,985






 








 







 






 






 








RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:







 






 






 








Cash and cash equivalents







 






21,683






 






 






 






115,259






 








Restricted cash - prepaid expenses and other current assets, other noncurrent assets







 






5,469






 






 






 






4,726






 








Total cash, cash equivalents and restricted cash







$






27,152






 






 






$






119,985






 








 







 






 






 








SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:







 






 






 








Purchases of property and equipment included in accounts payable and accrued liabilities







$






168






 






 






$






189






 








Cash paid for interest







$






2,351






 






 






$






88






 







Non-GAAP Financial Measures


We report our financial results in accordance with U.S. GAAP. However, management believes that Adjusted Net Loss, Adjusted Net Loss Margin, Adjusted Net Loss Per Common Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, all non-GAAP financial measures (together the “Non-GAAP Measures”), provide investors with additional useful information in evaluating our performance.


We calculate Adjusted Net Loss as net loss, adjusted to exclude: (1) stock-based compensation expense, (2) change in fair value of warrants and derivatives, (3) sales and use tax income, (4) restructuring charges related to reduction in force payments, (5) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (6) warehouse restructuring costs, (7) non-cash impairment of previously capitalized software and cloud computing implementation costs, (8) technology modernization costs, and (9) other items (as defined below).


We calculate Adjusted Net Loss Margin by dividing Adjusted Net Loss for the period by Revenue for the period.


We calculate Adjusted Net Loss Per Common Share by dividing Adjusted Net Loss for the period by weighted average common shares used to compute net loss per share attributable to common stockholders for the period.


We calculate Adjusted EBITDA as net loss, adjusted to exclude: (1) interest income, (2) interest expense, (3) depreciation and amortization, (4) stock-based compensation expense, (5) change in fair value of warrants and derivatives, (6) capitalized cloud computing amortization, (7) sales and use tax income, (8) restructuring charges related to reduction in force payments, (9) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (10) warehouse restructuring costs, (11) non-cash impairment of previously capitalized software and cloud computing implementation costs, (12) technology modernization costs, and (13) other items (as defined below).


We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA for the period by revenue for the period.


We calculate Free Cash Flow as net cash provided by (used in) operating activities less capital expenditures.


The Non-GAAP Measures are financial measures that are not required by, or presented in accordance with U.S. GAAP. We believe that the Non-GAAP Measures, when taken together with our financial results presented in accordance with U.S. GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of the Non-GAAP Measures are helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.


The Non-GAAP Measures are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of the Non-GAAP Measures include that (1) the measures do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of stock-based compensation expense, which is an ongoing expense for our company, (4) Adjusted EBITDA and Adjusted EBITDA Margin, and (5) Free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments and other non-operating expenses, including interest expense. In addition, our use of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies because they may not calculate the Non-GAAP Measures in the same manner, limiting their usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider the Non-GAAP Measures alongside other financial measures, including our net income (loss) and other results stated in accordance with U.S. GAAP.


The following table presents a reconciliation of Adjusted Net Loss to Net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin, Adjusted Net Loss Margin and Adjusted Net Loss Per Common Share for the periods presented:


Adjusted Net Loss




 







Three Months Ended




December 31,






 






Nine Months Ended




December 31,








 







 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 







(in thousands, except per share data)








Net Loss







$






(8,646






)






 






$






(11,509






)






 






$






(26,347






)






 






$






(26,811






)








Stock compensation expense







 






3,571






 






 






 






3,873






 






 






 






10,881






 






 






 






9,771






 








Change in fair value of warrants and derivatives







 






(261






)






 






 






(261






)






 






 






(913






)






 






 






652






 








Sales and use tax income (1)







 






(623






)






 






 






(450






)






 






 






(950






)






 






 






(1,999






)








Restructuring







 






93






 






 






 






924






 






 






 






516






 






 






 






2,624






 








Litigation expenses (2)







 






358






 






 






 






468






 






 






 






645






 






 






 






1,106






 








Warehouse restructuring costs







 






336






 






 






 






2,391






 






 






 






2,004






 






 






 






3,289






 








Impairment of assets







 






296






 






 






 






—






 






 






 






1,065






 






 






 






2,142






 








Technology modernization (3)







 






336






 






 






 






545






 






 






 






1,059






 






 






 






1,750






 








Other items (4)







 






120






 






 






 






88






 






 






 






320






 






 






 






827






 








Adjusted net loss







$






(4,420






)






 






$






(3,931






)






 






$






(11,720






)






 






$






(6,649






)








Net loss margin







 






(8.78






)%






 






 






(9.10






)%






 






 






(8.55






)%






 






 






(7.27






)%








Adjusted net loss margin







 






(4.49






)%






 






 






(3.11






)%






 






 






(3.80






)%






 






 






(1.80






)%










 






 






 






 






 






 






 








Adjusted net loss per common share - basic and diluted







$






(0.03






)






 






$






(0.02






)






 






$






(0.07






)






 






$






(0.04






)








Weighted average common shares used to compute adjusted net loss per share attributable to common stockholders - basic and diluted







 






172,446,917






 






 






 






175,589,759






 






 






 






170,811,789






 






 






 






175,404,510






 







The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin and Adjusted EBITDA margin for the periods presented:


Adjusted EBITDA




 







Three Months Ended




December 31,






 






Nine Months Ended




December 31,








 







 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 







(in thousands)






 






(in thousands)








Net Loss







$






(8,646






)






 






$






(11,509






)






 






$






(26,347






)






 






$






(26,811






)








Interest income







 






(292






)






 






 






(1,179






)






 






 






(1,779






)






 






 






(4,011






)








Interest expense







 






415






 






 






 






677






 






 






 






1,836






 






 






 






2,074






 








Depreciation and amortization expense







 






2,094






 






 






 






2,704






 






 






 






7,198






 






 






 






8,383






 








Stock compensation expense







 






3,571






 






 






 






3,873






 






 






 






10,881






 






 






 






9,771






 








Change in fair value of warrants and derivatives







 






(261






)






 






 






(261






)






 






 






(913






)






 






 






652






 








Cloud computing amortization







 






595






 






 






 






174






 






 






 






1,509






 






 






 






346






 








Sales and use tax income (1)







 






(623






)






 






 






(450






)






 






 






(950






)






 






 






(1,999






)








Restructuring







 






93






 






 






 






924






 






 






 






516






 






 






 






2,624






 








Litigation expenses (2)







 






358






 






 






 






468






 






 






 






645






 






 






 






1,106






 








Warehouse restructuring costs







 






336






 






 






 






2,391






 






 






 






2,004






 






 






 






3,289






 








Impairment of assets







 






296






 






 






 






—






 






 






 






1,065






 






 






 






2,142






 








Technology modernization (3)







 






336






 






 






 






545






 






 






 






1,059






 






 






 






1,750






 








Other items (4)







 






120






 






 






 






88






 






 






 






320






 






 






 






827






 








Adjusted EBITDA







$






(1,608






)






 






$






(1,555






)






 






$






(2,956






)






 






$






143






 








Net loss margin







 






(8.78






)%






 






 






(9.10






)%






 






 






(8.55






)%






 






 






(7.27






)%








Adjusted EBITDA margin







 






(1.63






)%






 






 






(1.23






)%






 






 






(0.96






)%






 






 






0.04






%









(1)






 






Sales and use tax expense relates to recording a liability for sales and use tax we did not collect from our customers. Historically, we had collected state or local sales, use, or other similar taxes in certain jurisdictions in which we only had physical presence. On June 21, 2018, the U.S. Supreme Court decided, in South Dakota v. Wayfair, Inc., that state and local jurisdictions may, at least in certain circumstances, enforce a sales and use tax collection obligation on remote vendors that have no physical presence in such jurisdiction. A number of states have positioned themselves to require sales and use tax collection by remote vendors and/or by online marketplaces. The details and effective dates of these collection requirements vary from state to state and accordingly, we recorded a liability in those periods in which we created economic nexus based on each state’s requirements. Accordingly, we now collect, remit, and report sales tax in all states that impose a sales tax. Subsequently, as certain of these liabilities are waived by tax authorities or the applicable statute of limitations expires, the related accrued liability is reversed.








(2)






 






Litigation expenses related to a shareholder class action complaint, see Item 1. Legal Proceedings.








(3)






 






Includes consulting fees related to technology transformation activities, and payroll costs for employees that dedicate significant time to this project. We believe that these costs are discrete and non-recurring in nature, as they mainly relate to a one-time unification of our product offerings on our new commerce platform. As such, they are not normal, recurring operating expenses and are not reflective of ongoing trends in the cost of doing business.








(4)






 






For the three months ended December 31, 2025, other items is comprised of executive transition costs including recruiting costs of $0.1 million. For the three months ended December 31, 2024, other items is comprised of executive transition costs including recruiting costs of less than $0.1 million, costs associated with the stock repurchase program of less than $0.1 million, and duplicate headquarters rent of less than $0.1 million. For the nine months ended December 31, 2025, other items is comprised of executive transition costs including recruiting costs of $0.3 million and costs associated with the stock repurchase program of less than $0.1 million. For the nine months ended December 31, 2024, other items is comprised of executive transition costs including recruiting costs of $0.5 million, costs associated with the stock repurchase program of $0.3 million, and duplicate headquarters rent of less than $0.1 million.







The following table presents a reconciliation of Free Cash Flow to Net cash used in operating activities, the most directly comparable financial measure prepared in accordance with U.S. GAAP, for each of the periods indicated:


Free Cash Flow




 







Three Months Ended




December 31,






 






Nine Months Ended




December 31,








 







 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








Free cash flow reconciliation:







 






 






 






 






 






 






 








Net cash (used in) provided by operating activities







$






1,705






 






 






$






(1,387






)






 






$






(21,807






)






 






$






3,179






 








Capital expenditures







 






(143






)






 






 






(577






)






 






 






(2,703






)






 






 






(4,428






)








Free cash flow







$






1,562






 






 






$






(1,964






)






 






$






(24,510






)






 






$






(1,249






)







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260205453777/en/
Investors:

Michael Mougias

investors@barkbox.com


Media:

Garland Harwood

press@barkbox.com


Original: BARK Reports Third Quarter Fiscal Year 2026 Results