“As of the end of February, in comparison to last quarter, we cut our Cost Per Acquisition by about half and are seeing conversion improvements of more than 25%. These actions are already resulting in a positive impact in 2023. We adjusted late last year by adding new talent to our leadership and dramatically reducing costs. At times, we were not as nimble as we needed to be, but 2022 is not indicative of what we are seeing so far in 2023.
Our team was tasked with managing through macroeconomic headwinds, continued inflation, funding delays and higher marketing costs as we simultaneously looked for the best pathways to preserve capital. Linda Findley, Blue Apron’s President and Chief Executive Officer, commented, “2022 was a challenging year for our business.
On March 15, 2023, the company amended its debt agreement requiring, among other things, the accelerated paydown of its outstanding $30 million aggregate principal amount of Senior Secured Notes due in 2027, which, upon expected completion in the second quarter of 2023 (2Q23), would eliminate the company’s debt and related covenants Record high Average Revenue per Customer of $358 in 4Q22, an increase of 12.4% year-over-year and 5.4% sequentiallyĬash and cash equivalents were $33.5 million as of Decemand $46.3 million as of February 28, 2023Ĭost reductions executed in 4Q22 are expected to drive up to $50 million in annualized savings, and have resulted in an over 50% year-over-year reduction in cash burn as of February 28, 2023Ĭompleted an at-the-market offering in the first quarter of 2023 (1Q23), which was launched in November 2022, resulting in approximately $29 million of net proceeds, and subsequently launched a new $70 million at-the-market offering for use as needed for the business Record high Average Order Value of $73.15 in 4Q22, an increase of 14.7% year-over-year and 3.3% sequentially, due to a price increase introduced in FY22, expanded product offerings and upsell Net revenue of approximately $107 million in 4Q22, flat to the prior year period and down 3% sequentially, impacted by a seasonal decrease in volume Blue Apron (NYSE: APRN) today announced financial results for the fourth quarter (4Q22) and full year (FY22) ended December 31, 2022.
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