A sequential shocker and well down on consensus adjusted EBITDA for FY24, over 10m miss.
Revenue down 24% on Q3.
At mid-point of Q4 adjusted EBITDA guidance (1.45m), margin collapsed from 2.33% (Q3) to .77%. Remember, the Q3 margin was already deeply disappointing as INCLUDING Q3 the 9 months YTD margin was about 6%.
The company might not even make an adjusted EBITDA positive outcome q4.
The "adjusted EBITDA" profitability of the company has basically evaporated; the GAAP position of the company is now loss making in Q4.
As myself and may others have pointed out, the company has only one lever to pull: price. Maybe competition dulls in the coming months, but it highlights that the business really doesn't have any competitive advantages and its only as good as a google search showing its products as the cheapest, and being in front of the consumer to communicate that constantly is very expensive.
A sequential shocker and well down on consensus adjusted EBITDA...
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