Kidpik Corp. (“KIDPIK” or the “Company”), an online clothing
subscription-based e-commerce company, today reported its financial
results for the fourth quarter and fiscal year 2023 ended December
30, 2023.
Fourth Quarter 2023
Highlights:
- Revenue, net: was $3.4 million, a year over year
decrease of 28.9%
- Gross margin: was negative 16.2%, which was the result
of a one-time inventory write-down of $2.9 million (without the
adjustment gross margin was 69.5%) from 58.9% in the fourth quarter
of 2022
- Shipped items: were 285,000 items, compared to 374,000
shipped items in the fourth quarter of 2022
- Average shipment keep rate: increased to 66.2%, compared
to 65.3% in the fourth quarter of 2022
- Net Loss: was $4.0 million or $2.14 per share
- Adjusted EBITDA: was a loss of $3.9 million (see
“Non-GAAP Financial Measures”, below)
Full Year 2023 Financial
Highlights:
- Revenue, net: was $14.2 million, a year over year
decrease of 13.6%
- Gross margin: was 42.2%, a year-over-year decrease of
17.7 basis points from 59.9% in 2022
- Shipped items: were 1.2 million items, compared to 1.5
million shipped items in 2022
- Average shipment keep rate: increased to 72.8%, compared
to 68.3% last year
- Net Loss: was $9.9 million, or $6.04 per share
- Adjusted EBITDA: was a loss of $8.8 million (see
“Non-GAAP Financial Measures”, below)
“During the 4th quarter of 2023, we continued to execute our
plan to reduce inventory levels, and ceased purchasing new
inventory,” commented Ezra Dabah, CEO of Kidpik, who continued, “As
discussed in greater detail in the press release we released on
April 1, 2024, on March 29, 2024, we entered into an Agreement and
Plan of Merger and Reorganization (the “Merger Agreement”) with
Nina Footwear Corp., a Delaware corporation (“Nina Footwear”), and
Kidpik Merger Sub, Inc., a Delaware corporation and wholly-owned
subsidiary of Kidpik (“Merger Sub”), whereby Nina Footwear will
merge with and into Merger Sub, with Nina Footwear continuing as
the surviving entity (the “Merger”). Pursuant to the Merger, Nina
Footwear will become a wholly-owned subsidiary of Kidpik. We are
extremely excited about the prospects of the Merger which is
expected to increase Kidpik’s revenue, cashflow and prospects,
while also strengthening Kidpik’s balance sheet and significantly
increasing stockholder value.”
The closing of the Merger is subject to customary closing
conditions, including the preparation and mailing of a proxy
statement by Kidpik, and the receipt of required stockholder
approvals from Kidpik and Nina Footwear stockholders, and is
expected to close in the third quarter of 2024.
Revenue by Subscription- For year ended
2023
Active Subscriptions (recurring boxes): decreased by
20.0% to $8.8 million
New Subscriptions (first boxes): decreased by 12.5% to
$1.6 million
Total Subscriptions: decreased 18.9% to $10.4 million or
73.2% of total revenue
Balance Sheet and Cash
Flow
- Cash at the end of the fourth quarter totaled $0.2 million
compared to $0.6 million last year.
- Net cash used in operating activities decreased to $0.3 million
in 2023, compared to $6.6 million of cash used in operating
activities in 2022.
- As of December 30, 2023, we had $6.0 million in total current
assets, $5.3 million in total current liabilities and a working
capital of $0.7 million.
Kidpik will not be holding an earnings call to discuss fourth
quarter 2023 or year-end 2023 results, as the Company moves forward
with the Merger.
About Kidpik Corp.
Founded in 2016, KIDPIK (Nasdaq:PIK) is an online clothing
subscription box for kids, offering mix & match, expertly
styled outfits that are curated based on each member’s style
preferences. KIDPIK delivers a surprise box monthly or seasonally,
providing an effortless shopping experience for parents and a fun
discovery for kids. Each seasonal collection is designed in-house
by a team with decades of experience designing childrenswear.
KIDPIK combines the expertise of fashion stylists with proprietary
data and technology to translate kids’ unique style preferences
into surprise boxes of curated outfits. We also sell our branded
clothing and footwear through our e-commerce website,
shop.kidpik.com. For more information, visit www.kidpik.com.
Non-GAAP Financial Measures
We report our financial results in accordance with generally
accepted accounting principles in the United States (“GAAP”).
However, management believes that certain non-GAAP financial
measures provide users of our financial information with additional
useful information in evaluating our performance. We believe that
adjusted EBITDA is frequently used by investors and securities
analysts in their evaluations of companies, and that this
supplemental measure facilitates comparisons between companies.
This non-GAAP financial measure may be different than similarly
titled measures used by other companies.
Our non-GAAP financial measure should not be considered in
isolation from, or as substitutes for, financial information
prepared in accordance with GAAP. Adjusted EBITDA has limitations
as an analytical tool, and you should not consider it in isolation
or as a substitute for analysis of our results as reported under
GAAP. Some of these limitations are:
- Although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future, and Adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, our working capital needs;
- Adjusted EBITDA does not consider the potentially dilutive
impact of equity-based compensation;
- Adjusted EBITDA does not reflect tax payments that may
represent a reduction in cash available to us;
- Adjusted EBITDA does not reflect certain non-routine items that
may represent a reduction in cash available to us; and
- Other companies, including companies in our industry, may
calculate Adjusted EBITDA differently, which reduces its usefulness
as a comparative measure.
We compensate for these limitations by providing a
reconciliation of this non-GAAP measure to the most comparable GAAP
measure. We encourage investors and others to review our business,
results of operations, and financial information in their entirety,
not to rely on any single financial measure, and to view this
non-GAAP measure in conjunction with the most directly comparable
GAAP financial measure. For more information on these non-GAAP
financial measure, please see the section titled “Unaudited
Reconciliation of Net Loss to Adjusted Earnings before Interest,
Taxes, Depreciation and Amortization (EBITDA)”, included at the end
of this release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release regarding
matters that are not historical facts, are forward-looking
statements within the meaning of Section 21E of the Securities and
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995 (the “PSLRA”). These include, but are
not limited to, statements regarding the anticipated completion and
effects of the proposed Merger, projections and estimates of
Kidpik’s corporate strategies, future operations and plans,
including the costs thereof; and other statements regarding
management’s intentions, plans, beliefs, expectations or forecasts
for the future. No forward-looking statement can be guaranteed, and
actual results may differ materially from those projected. Kidpik
and Nina Footwear undertake no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise, except to the extent required by law.
We use words such as “anticipates,” “believes,” “plans,” “expects,”
“projects,” “future,” “intends,” “may,” “will,” “should,” “could,”
“estimates,” “predicts,” “potential,” “continue,” “guidance,” and
similar expressions to identify these forward-looking statements
that are intended to be covered by the safe-harbor provisions of
the PSLRA. Such forward-looking statements are based on our
expectations and involve risks and uncertainties; consequently,
actual results may differ materially from those expressed or
implied in the statements due to a number of factors, including,
but not limited to, the outcome of any legal proceedings that may
be instituted against Nina Footwear or Kidpik following the
announcement of the Merger; the inability to complete the Merger,
including due to the failure to obtain approval of the stockholders
of Kidpik or Nina Footwear; delays in obtaining, adverse conditions
contained in, or the inability to obtain necessary regulatory
approvals or complete regular reviews required to complete the
Merger, if any; the inability to recognize the anticipated benefits
of the Merger, which may be affected by, among other things,
competition, the ability of the combined company to grow and
successfully execute on its business plan; costs related to the
Merger; changes in the applicable laws or regulations; the
possibility that the combined company may be adversely affected by
other economic, business, and/or competitive factors; the combined
company’s ability to manage future growth; the combined company’s
ability to raise funding; the complexity of numerous regulatory and
legal requirements that the combined company needs to comply with
to operate its business; the reliance on the combined company’s
management; the prior experience and successes of the combined
company’s management team are not indicative of any future success;
Kidpik’s and the combined company’s ability to meet Nasdaq’s
continued listing requirements; Kidpik and the combined company’s
ability to maintain the listing of their common stock on Nasdaq;
the ability to obtain additional funding, the terms of such funding
and potential dilution caused thereby; the continuing effect of
rising interest rates and inflation on Kidpik’s and the combined
company’s operations, sales, and market for their products;
deterioration of the global economic environment; rising interest
rates and inflation and Kidpik’s and the combined company’s ability
to control costs, including employee wages and benefits and other
operating expenses; Kidpik’s decision to cease manufacturing new
products; Kidpik’s history of losses; Kidpik’s and the combined
company’s ability to maintain current members and customers and
grow members and customers; risks associated with the effect of
global pandemics, and governmental responses thereto on Kidpik’s
and the combined company’s operations, those of Kidpik’s and the
combined company’s vendors, Kidpik’s and the combined company’s
customers and members and the economy in general; risks associated
with Kidpik’s and the combined company’s supply chain and
third-party service providers, interruptions in the supply of raw
materials and merchandise; increased costs of raw materials,
products and shipping costs due to inflation; disruptions at
Kidpik’s and the combined company’s warehouse facility and/or of
their data or information services, Kidpik’s and the combined
company’s ability to locate warehouse and distribution facilities
and the lease terms of any such facilities; issues affecting our
shipping providers; disruptions to the internet; risks that effect
our ability to successfully market Kidpik’s and the combined
company’s products to key demographics; the effect of data security
breaches, malicious code and/or hackers; increased competition and
our ability to maintain and strengthen Kidpik’s and the combined
company’s brand name; changes in consumer tastes and preferences
and changing fashion trends; material changes and/or terminations
of Kidpik’s and the combined company’s relationships with key
vendors; significant product returns from customers, excess
inventory and Kidpik’s and the combined company’s ability to manage
our inventory; the effect of trade restrictions and tariffs,
increased costs associated therewith and/or decreased availability
of products; Kidpik’s and the combined company’s ability to
innovate, expand their offerings and compete against competitors
which may have greater resources; the fact that Kidpik’s Chief
Executive Officer has majority voting control over Kidpik and will
have majority control over the combined company; if the use of
“cookie” tracking technologies is further restricted, regulated, or
blocked, or if changes in technology cause cookies to become less
reliable or acceptable as a means of tracking consumer behavior;
Kidpik’s and the combined company’s ability to comply with the
covenants of future loan and lending agreements and covenants;
Kidpik’s and the combined company’s ability to prevent credit card
and payment fraud; the risk of unauthorized access to confidential
information; Kidpik’s and the combined company’s ability to protect
intellectual property and trade secrets, claims from third-parties
that Kidpik and/or the combined company have violated their
intellectual property or trade secrets and potential lawsuits in
connection therewith; Kidpik’s and the combined company’s ability
to comply with changing regulations and laws, penalties associated
with any non-compliance (inadvertent or otherwise), the effect of
new laws or regulations, and Kidpik’s and the combined company’s
ability to comply with such new laws or regulations; changes in tax
rates; Kidpik’s and the combined company’s reliance and retention
of management; the outcome of future lawsuits, litigation,
regulatory matters or claims; the fact that Kidpik and the combined
company have a limited operating history; the effect of future
acquisitions on Kidpik’s and the combined company’s operations and
expenses; and others that are included from time to time in filings
made by Kidpik with the Securities and Exchange Commission, many of
which are beyond the control of Kidpik and the combined company,
including, but not limited to, in the “Cautionary Note Regarding
Forward-Looking Statements” and “Risk Factors” sections in Kidpik’s
Form 10-Ks and Form 10-Qs and in its Form 8-Ks, which it has filed,
and files from time to time, with the Securities and Exchange
Commission, including, but not limited to its Annual Report on Form
10-K for the year ended December 30, 2023. These reports are
available at www.sec.gov and on Kidpik’s website at
https://investor.kidpik.com/sec-filings. Kidpik cautions that the
foregoing list of important factors is not complete. All subsequent
written and oral forward-looking statements attributable to Kidpik
or any person acting on behalf of Kidpik are expressly qualified in
their entirety by the cautionary statements referenced above. Other
unknown or unpredictable factors also could have material adverse
effects on Kidpik’s and the combined company’s future results
and/or could cause their actual results and financial condition to
differ materially from those indicated in the forward-looking
statements. The forward-looking statements included in this press
release are made only as of the date hereof. Kidpik cannot
guarantee future results, levels of activity, performance or
achievements. Accordingly, you should not place undue reliance on
these forward-looking statements. Except as required by law,
neither Nina Footwear nor Kidpik undertakes any obligation to
update publicly any forward-looking statements for any reason after
the date of this press release to conform these statements to
actual results or to changes in their expectations. If they update
one or more forward-looking statements, no inference should be
drawn that they will make additional updates with respect to those
or other forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed Merger, Kidpik intends to file a
proxy statement with the Securities and Exchange Commission (the
“Proxy Statement”), that will be distributed to holders of Kidpik’s
common stock in connection with its solicitation of proxies for the
vote by Kidpik’s stockholders with respect to the proposed Merger
and other matters as may be described in the Proxy Statement. The
Proxy Statement, when it is filed and mailed to stockholders, will
contain important information about the proposed Merger and the
other matters to be voted upon at a meeting of Kidpik’s
stockholders to be held to approve the proposed Merger and other
matters (the “Merger Meeting”). Kidpik may also file other
documents with the SEC regarding the proposed Merger. Kidpik
stockholders and other interested persons are advised to read, when
available, the Proxy Statement, as well as any amendments or
supplements thereto, because they will contain important
information about the proposed Merger. When available, the
definitive Proxy Statement will be mailed to Kidpik stockholders as
of a record date to be established for voting on the proposed
Merger and the other matters to be voted upon at the Merger
Meeting.
Kidpik’s stockholders may obtain copies of the aforementioned
documents and other documents filed by Kidpik with the SEC, without
charge, once available, at the SEC’s web site at www.sec.gov, on
Kidpik’s website at https://investor.kidpik.com/sec-filings or,
alternatively, by directing a request by mail, email or telephone
to Kidpik at 200 Park Avenue South, 3rd Floor, New York, New York
10003; ir@kidpik.com; or (212) 399-2323, respectively.
Participants in the Solicitation
Kidpik, Nina Footwear, and their respective directors, executive
officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies from
Kidpik’s stockholders with respect to the proposed Merger.
Information regarding the persons who may be deemed participants in
the solicitation of proxies from Kidpik’s stockholders in
connection with the proposed Merger will be contained in the Proxy
Statement relating to the proposed Merger, when available, which
will be filed with the SEC. Additionally, information about
Kidpik’s directors and executive officers and their ownership of
Kidpik is available in Kidpik’s Definitive Information Statement on
Schedule 14A, as filed with the Securities and Exchange Commission
on May 1, 2023 (the “Annual Meeting Proxy Statement”) and the
Current Report on Form 8-K filed with the SEC on December 8, 2023.
To the extent holdings of securities by potential participants (or
the identity of such participants) have changed since the
information printed in the Annual Meeting Proxy Statement, such
information has been or will be reflected on Kidpik’s Statements of
Change in Ownership on Forms 3 and 4 filed with the SEC. You may
obtain free copies of these documents using the sources indicated
above.
Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the Proxy Statement and other relevant materials to be filed with
the SEC regarding the Merger Agreement when they become available.
Investors should read the Proxy Statement carefully when it becomes
available before making any voting or investment decisions. You may
obtain free copies of these documents from Kidpik using the sources
indicated above.
Non-Solicitation
This communication is for informational purposes only and is not
intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to
any securities or in respect of the Merger Agreement and is not
intended to and shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy or subscribe for any securities or a solicitation of any vote
of approval, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.
Kidpik Corp.
Statements of
Operations
Years Ended December 30, 2023
and December 31, 2022
For the 13 weeks ended
For the 52 weeks ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Revenues, net
$
3,373,144
$
4,743,852
$
14,240,724
$
16,477,984
Cost of goods sold
3,918,985
1,950,455
8,228,458
6,600,007
Gross profit
(545,841
)
2,793,397
6,012,266
9,877,977
Operating expenses
Shipping and handling
1,136,631
1,201,517
4,308,265
4,334,928
Payroll, related costs
778,158
1,139,224
3,974,438
5,276,719
General and administrative
1,597,997
2,211,759
7,586,540
8,061,825
Depreciation and amortization
12,503
7,925
48,119
27,914
Total operating expenses
3,525,289
4,560,425
15,917,362
17,701,386
Operating loss
(4,071,130
)
(1,767,028
)
(9,905,096
)
(7,823,409
)
Other (income) expenses
Interest expense
(71,036
)
27,162
686
78,646
Other income
-
-
-
(286,794
)
Total other (income) expenses
(71,036)
27,162
686
(208,148
)
Loss before provision for income taxes
(4,000,094
)
(1,794,190
)
(9,905,782
)
(7,615,261
)
Provision for income taxes
-
-
-
-
Net loss
$
(4,000,094
)
$
(1,794,190
)
$
(9,905,782
)
$
(7,615,261
)
Net loss per share attributable to common
stockholders:
Basic
$
(2.14
)
$
(1.17
)
$
(6.04
)
$
(4.97
)
Diluted
$
(2.14
)
$
(1.17
)
$
(6.04
)
$
(4.97
)
Weighted average common shares
outstanding:
Basic
1,872,433
1,537,639
1,640,191
1,532,498
Diluted
1,872,433
1,537,639
1,640,191
1,532,498
Kidpik Corp.
Balance Sheets
December 30, 2023 and December
31, 2022
2023
2022
Assets
Current assets
Cash
$
194,515
$
600,595
Restricted cash
4,618
4,618
Accounts receivable
211,739
336,468
Inventory
4,854,641
12,625,948
Prepaid expenses and other current
assets
761,969
1,043,095
Total current assets
6,027,482
14,610,724
Leasehold improvements and equipment,
net
97,136
67,957
Operating lease right-of-use assets
992,396
1,469,665
Total assets
$
7,117,014
$
16,148,346
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$
1,862,266
$
2,153,389
Accounts payable, related party
1,868,411
1,107,665
Accrued expenses and other current
liabilities
438,034
587,112
Operating lease liabilities
281,225
438,957
Short-term debt, related party
850,000
2,050,000
Total current liabilities
5,299,936
6,337,123
Operating lease liabilities, net of
current portion
780,244
1,061,469
Total liabilities
6,080,180
7,398,592
Commitments and contingencies
Stockholders’ equity
Preferred stock, par value $0.001,
25,000,000 shares authorized, of which no shares are issued and
outstanding as of December 30, 2023 and December 31, 2022,
respectively
-
-
Common stock, par value $0.001, 75,000,000
shares authorized, of which 1,872,433 and 1,537,639 shares are
issued and outstanding as of December 30, 2023 and December 31,
2022, respectively
1,872
1,537
Additional paid-in capital
52,475,189
50,282,662
Accumulated deficit
(51,440,227
)
(41,534,445
)
Total stockholders’ equity
1,036,834
8,749,754
Total liabilities and stockholders’
equity
$
7,117,014
$
16,148,346
Kidpik Corp.
Statements of Cash
Flows
Years Ended December 30, 2023
and December 31, 2022
2023
2022
Cash flows from operating activities
Net loss
$
(9,905,782
)
$
(7,615,261
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
48,119
27,914
Equity-based compensation
999,309
1,651,048
Inventory write-down
2,891,120
-
Bad debt expense
301,102
742,037
Changes in operating assets and
liabilities:
Accounts receivable
(176,373
)
(736,231
)
Inventory
4,880,187
(1,007,351
)
Prepaid expenses and other current
assets
281,126
683,421
Operating lease right-of-use assets and
liabilities
38,312
30,761
Accounts payable
(291,126
)
(406,972
)
Accounts payable, related parties
760,747
193,957
Accrued expenses and other current
liabilities
(149,075
)
(213,860
)
Net cash flows used in operating
activities
(332,334
)
(6,650,537
)
Cash flows from investing activities
Purchases of leasehold improvements and
equipment
(77,299
)
(48,903
)
Net cash used in investing activities
(77,299
)
(48,903
)
Cash flows from financing activities
Net repayments from loan related party
-
(150,000
)
Net repayments from advance payable
-
(932,155
)
Cash used to settle net share equity
awards
(6,447
)
(33,692
)
Net cash (used in) provided by financing
activities
(6,447
)
(1,115,847
)
Net (decrease) increase in cash
(406,080
)
(7,815,287
)
Cash and restricted cash, beginning of
year
605,213
8,420,500
Cash and restricted cash, end of year
$
199,133
$
605,213
Supplemental disclosure of cash flow
data:
Interest paid
$
-
$
38,607
Taxes paid
$
-
$
-
Supplemental disclosure of noncash
investing and financing activities:
Record right-of use asset and operating
lease liabilities
-
1,857,925
Conversion of shareholder debt
$
1,200,000
$
-
RESULTS OF OPERATIONS
The Company’s revenue, net is disaggregated based on the
following categories:
For the 13 weeks ended
For the 52 weeks ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Subscription boxes
$
2,421,594
$
3,534,962
$
10,428,319
$
12,861,293
3rd party websites sales
416,545
593,446
1,771,608
2,170,858
Online website sales
535,005
615,444
2,040,797
1,445,833
Total revenue
$
3,373,144
$
4,743,852
$
14,240,724
$
16,477,984
Gross Margin
Gross profit is equal to our net sales (revenues, net) less cost
of goods sold. Gross profit as a percentage of our net sales is
referred to as gross margin. Cost of sales consists of the purchase
price of merchandise sold to customers and includes import duties
and other taxes, freight in, defective merchandise returned from
customers, receiving costs, inventory write-offs, and other
miscellaneous shrinkage.
For the 13 weeks ended
For the 52 weeks ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Gross Margin
(16.2
)%
58.9
%
42.2
%
59.9
%
Shipped Items
We define shipped items as the total number of items shipped in
a given period to our customers through our active subscription,
Amazon and online website sales.
For the 13 weeks ended
For the 52 weeks ended
(In thousands)
(In thousands)
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Shipped Items
285
374
1,208
1,457
Average Shipment Keep Rate
Average shipment keep rate is calculated as the total number of
items kept by our customers divided by total number of shipped
items in a given period.
For the 13 weeks ended
For the 52 weeks ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Average Shipment Keep Rate
66.2
%
65.3
%
72.8
%
68.3
%
Revenue by Channel
13 weeks ended December 30,
2023
13 weeks ended December 31,
2022
Change ($)
Change (%)
Revenue by channel
Subscription boxes
$
2,421,594
$
3,534,962
(1,113,368
)
(31.5
)%
3rd party websites sales
416,545
593,446
(176,901
)
(29.8
)%
Online website sales
535,005
615,444
(80,439
)
(13.1
)%
Total revenue
$
3,373,144
$
4,743,852
$
(1,370,708
)
(28.9
)%
52 weeks ended December 30,
2023
52 weeks ended December 31,
2022
Change ($)
Change (%)
Revenue by channel
Subscription boxes
$
10,428,319
$
12,861,293
$
(2,432,974
)
(18.9
)%
3rd party websites sales
1,771,608
2,170,858
(399,250
)
(18.4
)%
Online website sales
2,040,797
1,445,833
594,964
41.2
%
Total revenue
$
14,240,724
$
16,477,984
$
(2,237,260
)
(13.6
)%
Subscription Boxes Revenue
13 weeks ended December 30,
2023
13 weeks ended December 31,
2022
Change ($)
Change (%)
Subscription boxes revenue from
Active subscriptions – recurring boxes
$
2,256,926
$
2,923,413
$
(666,487
)
(22.8
)%
New subscriptions - first box
164,668
611,549
(446,881
)
(73.1
)%
Total Subscription boxes revenue
$
2,421,594
$
3,534,962
$
(1,113,368
)
(31.5
)%
52 weeks ended December 30,
2023
52 weeks ended December 31,
2022
Change ($)
Change (%)
Subscription boxes revenue from
Active subscriptions – recurring boxes
$
8,806,473
$
11,007,517
$
(2,201,044
)
(20.0
)%
New subscriptions - first box
1,621,846
1,853,776
(231,930
)
(12.5
)%
Total Subscription boxes revenue
$
10,428,319
$
12,861,293
$
(2,432,974
)
(18.9
)%
Revenue by Product Line
13 weeks ended December 30,
2023
13 weeks ended December 31,
2022
Change ($)
Change (%)
Revenue by product line
Girls’ apparel
$
2,559,807
$
3,499,888
$
(940,081
)
(26.9
)%
Boys’ apparel
690,717
988,939
(298,222
)
(30.2
)%
Toddlers’ apparel
122,620
255,025
(132,405
)
(51.9
)%
Total revenue
$
3,373,144
$
4,743,852
$
(1,370,708
)
(28.9
)%
52 weeks ended December 30,
2023
52 weeks ended December 31,
2022
Change ($)
Change (%)
Revenue by product line
Girls’ apparel
$
10,844,289
$
12,211,914
$
(1,367,625
)
(11.2
)%
Boys’ apparel
2,760,864
3,437,117
(676,253
)
(19.7
)%
Toddlers’ apparel
635,571
828,953
(193,382
)
(23.3
)%
Total revenue
$
14,240,724
$
16,477,984
$
(2,237,260
)
(13.6
)%
Unaudited Reconciliation of Net Loss to Adjusted Earnings
before Interest, Taxes, Depreciation and Amortization
(EBITDA)
We define adjusted EBITDA as net loss excluding interest
income/expense, other (income) expense, net, provision for income
taxes, depreciation and amortization, and equity-based compensation
expense, and certain non-routine items. The following table
presents a reconciliation of net loss, the most comparable GAAP
financial measure, to adjusted EBITDA for each of the periods
presented:
For the 13 weeks ended
For the 52 weeks ended
December 30, 2023
December 31, 2022
December 30, 2023
December 31, 2022
Net loss
$
(4,000,094
)
$
(1,794,190
)
$
(9,905,782
)
$
(7,615,261
)
Add (deduct)
Interest expense
(71,036
)
27,161
686
78,646
Other income
-
-
-
(286,794
)
Provision for income taxes
-
-
-
-
Depreciation and amortization
12,503
7,925
48,119
27,914
Equity based compensation
160,337
295,980
999,309
1,651,048
Adjusted EBITDA
$
(3,898,290
)
$
(1,463,124
)
$
(8,857,668
)
$
(6,144,447
)
See also “Non-GAAP Financial Measures”, above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240410504774/en/
Investor Relations: ir@kidpik.com
Media: press@kidpik.com
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