Operationally, we continue to identify areas to bring greater efficiencies into the business to better optimize our cost basis as we drive towards profitability and scale. Average Order Value remained above $70 while per-customer metrics, including Average Revenue per Customer, grew substantially year-over-year. Together, these efforts have helped strengthen our key customer engagement metrics in the quarter. In marketing, we delivered a 50% reduction in cost per acquisition and improved conversion on reduced levels of marketing spend. Linda Findley, Blue Apron’s President and Chief Executive Officer, commented, “During the first quarter of 2023, we saw success in our efforts to continue driving efficiencies across the business. The company is actively pursuing one or more financing opportunities and/or other strategic transactions, including significant commercial partnerships, which need to close prior to the middle of June 2023 in order to meet its near-term obligations the company does not have a definitive agreement for any such transactions at this time Net loss of $17.0 million in 1Q23, a decrease of $21.7 million compared to a net loss of $38.7 million in the first quarter of 2022 (1Q22)Īdjusted EBITDA loss of $8.7 million in 1Q23, a $22.7 million year-over-year improvement over an Adjusted EBITDA loss of $31.4 million in 1Q22, reflecting continued improvement towards the company’s profitability goalĭisciplined cash management drove improvements in net cash used in operating activities of 67% year-over-year and 59% sequentially, and free cash flow improvements of 64% year-over-year and 57% sequentially Net revenue of $113.1 million in 1Q23, a 5.9% sequential increase and a 4.0% year-over-year decline, impacted by growth in customers and increased order volume in the quarterĬontinued strength in customer engagement metricsĪverage Order Value rose 11.6% year-over-year and declined 3.9% sequentially to $70.27, due to the price increase introduced in the second quarter of 2022 (2Q22) and increased promotional spend in 1Q23, respectivelyĪverage Revenue per Customer increased 7.9% year-over-year and declined 3.4% sequentially to $346, primarily due to the price increase initiated in 2Q22Ĭash and cash equivalents were $31.6 million as of March 31, 2023 Company Reduces Cash Burn by 64% Year-over-Year Actively Pursuing Financing and/or Other Cash-Generating Opportunities to Meet Its Near-Term Obligationsīlue Apron (NYSE: APRN) today announced financial results for the first quarter (1Q23) ended March 31, 2023.

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