Blue Apron Expects To Reach Adjusted EBITDA Profit In Q2 2024

(RTTNews) - Blue Apron (APRN) Tuesday announced that it expects to achieve adjusted EBITDA profitability in the second quarter of 2024.

The company said that it will be able to reach profitability with the closing of the FreshRealm transaction as well as with additional planned streamlining efforts that it previously identified and will continue to implement in the third quarter of 2023.

Linda Findley, Blue Apron's President and Chief Executive Officer, commented: "We believe the closing of the transaction with FreshRealm and the payoff of our debt opened up a clearer path to long-term Adjusted EBITDA profitability. In parallel, with the shift to an asset-light model, we continue to reduce year-over-year cash burn, as disclosed on our first quarter earnings call, and we expect to continue to see year-over-year reduced cash burn following the closing of the FreshRealm transaction."

"In 2022, we shared our plan for achieving long-term, sustainable growth and reaching profitability through 'The Next Course.' Part of this three-year strategy included targeting Adjusted EBITDA profitability, by, among other things, building an ecosystem of partners and relationships that furthers our vision of Better Living Through Better Food. We believe that moving to an asset-light model via the FreshRealm transaction was the right next step to help us execute this strategy."