BARK, Inc. is a vertically integrated, omnichannel brand serving dogs across two key categories: toys & accessories and consumables. The company operates in two segments: Direct to Consumer and Commerce. Its flagship product is BarkBox, a monthly subscription box of toys and treats, along with Super Chewer for aggressive chewers, ...BARK, Inc. is a vertically integrated, omnichannel brand serving dogs across two key categories: toys & accessories and consumables. The company operates in two segments: Direct to Consumer and Commerce. Its flagship product is BarkBox, a monthly subscription box of toys and treats, along with Super Chewer for aggressive chewers, and BARK Bright for health and wellness products. BARK also offers dog food under BARK Food, and in 2024 launched BARK Air, a first-of-its-kind air travel experience tailored to dogs. The company sells through its own website and retail partners. BARK was founded in 2011 (some sources say 2012) by Matt Meeker, who serves as CEO and Executive Chairman. As of 2025, the company has approximately 753 employees. Financially, BARK has a market cap of around $96.8 million, with a gross profit margin of 63.4%, but has been operating at a net loss. The company is headquartered in Brooklyn, New York, and is publicly traded on the NYSE. BARK's mission is to make all dogs happy, and it has given away over a million toys to shelter dogs through its BARK Foundation. The company is co-owned by dogs, a clever branding initiative. BARK continues to innovate in the pet space, focusing on high-quality products and customer experience.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$394.8M
-18.5%
-9.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-39.0M
-18.6%
+105.9%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+61.3%
-1.8%
+11.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-10.2%
-40.2%
+100.6%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-9.9%
-45.5%
+106.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-26.6M
-100.8%
-77.0%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-6.7%
-146.2%
-94.4%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
52.3%
-38.9%
-9.1%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.86x
+14.5%
+8.8%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by. And welcome to the BARK First Quarter Fiscal Year 27 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a Q&A session. If you would like to ask a question during that time, simply press star, then the number 1 on your telephone keypad. I would now like to turn the call over to Christina Donnelly, General Counsel. Please go ahead.
Matt Meeker: Good afternoon, everyone, and welcome to BARK's fiscal first quarter 27 earnings call. Joining me today are Matt Meeker, Co-Founder and Chief Executive Officer; and Brian Dostie, Interim Chief Financial Officer. Today's conference call is being webcast in its entirety on our website, and a replay of the webcast will be made available shortly after the call. Additionally, a press release covering the company's financial results was issued this afternoon, and can be found on our Investor Relations website. Before I pass it over to Matt, I want to remind you of the following information regarding forward looking statements. The statements made on today's call are based on management's current expectations, are subject to risks and uncertainties that could cause actual future results and outcomes to differ. Please refer to our SEC filing for more information on some of the factors that could affect our future results and outcome. We will also discuss certain non GAAP financial measures on today's call. A reconciliation of our non GAAP financial measures is contained in this afternoon's press release. And with that, let me pass it over to Matt. Thanks, Christina, and good afternoon, everyone. We are off to a good start in fiscal 27. Building on the progress we outlined last quarter. Our first quarter results reflect continued profitability alongside underlying momentum in the parts of the business we are most focused on growing, and they give us early confidence that the plan we described in June is working. After 1 quarter, we remain confident in our ability to build our top line sequentially and deliver a meaningful gain in adjusted EBITDA profitability. This quarter, we delivered $78.8 million of revenue, at the high end of our $77 million to $79 million guidance range. This was powered by strong subscriber retention better than expected sales in the retail channel, and Bark Air flights filling up. Specifically, in D2C, net revenue landed at $66.7 million for the quarter. While this is down from last year, due to a much lower entry point into the year, the forward looking indicators of the business are strong. Our subscriber retention rate improved by over 170 basis points compared to the same quarter last year. In addition, our average order value grew by $0.45 per unit versus last year. The lifetime value of a BarkBox subscriber is near its highest level for us as a public company. Turning to commerce. We delivered $12.1 million in revenue this quarter, and we continue to expand with …
