Business
Rent the Runway, Inc. Announces First Quarter 2023 Results
Record High Active Subscriber Count of 145,220 as of April 30, 2023, Growing 15% Quarter Over QuarterRapid Progress on Improving the Customer Experience
About this update from Rent The Runway, Inc.
[{"type":"text","content":"Record High Active Subscriber Count of 145,220 as of April 30, 2023, Growing 15% Quarter Over QuarterRapid Progress on Improving the Customer Experience Significant Momentum on Path to Free Cash Flow Profitability: Q1 2023 Net Loss of $(30.1)M and Net Margin of (40.6)% vs. $(42.5)M and (63.3)% in Q1 2022Strong Adjusted EBITDA of $4.5M and Adjusted EBITDA Margin of 6.1% in Q1 2023, Up From $(8.8)M and (13.1)% in Q1 2022 Revenue of $74.2M in Q1 2023, up 10.6% YoY NEW YORK, June 07, 2023 (GLOBE NEWSWIRE) -- Rent the Runway, Inc. (“Rent the Runway” or \"RTR\") (NASDAQ: RENT), the world’s first and largest shared designer closet platform, today reported financial results for the fiscal quarter ended April 30, 2023. \"I’m proud of the momentum we’re continuing to drive across the business, and of our Q1 2023 financial results, where we beat on the top and bottom line,” said Jennifer Hyman, CEO and Co-Founder of Rent the Runway. “Given our financial transformation over the past several years, we believe we are in a strong position to invest the majority of resources into our strategy of improving the customer experience. Rent the Runway has always been great at three things: agility, innovation and continuous improvement, and we’ve leveraged these guiding principles to make great progress on our strategy in Q1. We look forward to delivering for our customers in the quarters to come while working towards our subscriber growth and profitability goals.” “We're pleased with the strong start to fiscal 2023. Quarter over quarter subscriber growth was strong and we exceeded both our revenue and Adjusted EBITDA guidance. Our commitment to being disciplined on cost control is reflected in our strong improvement in Adjusted EBITDA, while we invest in important customer experience improvements,” said CFO Sid Thacker. “Based on this solid foundation for progress, we’re reiterating our fiscal 2023 goals of 25%+ ending active subscriber growth and almost 50% reduction in cash consumption on our path to free cash flow breakeven.” First Quarter 2023 Key Metrics and Financial Highlights Revenue was $74.2 million, a 10.6% increase year-over-year from $67.1 million in the first quarter of fiscal year 2022.145,220 ending Active Subscribers, representing an increase of 7.6% year-over-year from 134,998 at the end of the first quarter of fiscal year 2022.135...