Overview

• Dog products company's fiscal Q4 revenue fell 25% yr/yr, missing analyst expectations

• Adjusted EBITDA for fiscal Q4 beat analyst expectations

• Company authorized $40 mln share repurchase program to be funded by free cash flow

Outlook

• Bark expects Q1 2027 revenue of $77 mln to $79 mln

• Company sees full-year 2027 revenue of $325 mln to $340 mln

• Bark expects full-year 2027 adj EBITDA of $7 mln to $10 mln

Result Drivers

• MARKETING PULLBACK - Co said revenue and DTC revenue declines were due to a deliberate reduction in marketing investment to prioritize bottom-line durability over near-term subscriber growth

• RETAIL SHIPMENT TIMING - Commerce revenue fell due to timing differences of retail shipments, though it grew as a share of total revenue, advancing the company's diversification strategy

• TARIFFS AND REVENUE MIX - Gross margin decline attributed to increased tariffs and Commerce representing a greater share of total revenue

Company press release: ID:nBwrlrgqa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Miss	$86.6 mln	$96.14 mln (3 Analysts)
Q4 Net Income		-$12.7 mln
Q4 Adjusted EBITDA	Beat	$3.2 mln	$814,000 (3 Analysts)
Q4 Gross Profit		$54.3 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the miscellaneous specialty retailers peer group is "buy"

• Wall Street's median 12-month price target for Bark Inc is $22.50, about 135.4% above its June 8 closing price of $9.56

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