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Blue Apron Holdings Inc.(APRN), a leading meal kit delivery se rvice, has announced its financial results for the first quarter of 2023. The company reported a net loss of $17.0 million for the quarter, reflecting a challenging operating environment. Despite the loss, Blue Apron's revenue remained steady, reaching $113.1 million in Q1 2023.
Consolidated Balance Sheets
The company's consolidated balance sheets as of March 31, 2023, revealed total assets of $159.7 million, a decrease from $171.1 million reported at the end of December 2022. Current assets, including cash and cash equivalents, accounts receivable, inventories, and prepaid expenses, amounted to $72.5 million, reflecting a decline compared to the previous quarter.
Consolidated Statements of Operations
Blue Apron reported net revenue of $113.1 million for the first quarter of 2023, down from $117.8 million in the same period last year. The company's operating expenses amounted to $127.3 million, with cost of goods sold, marketing, and product-related expenses contributing to the majority of the total. The loss from operations was reported at $14.2 million, a reduction from the $39.1 million loss in Q1 2022.
The net loss for Q1 2023 amounted to $17.0 million, compared to a net loss of $38.7 million in the same period last year. Basic and diluted net income (loss) per share attributable to Class A and Class B common stockholders was reported as ($0.26) for both metrics, reflecting a decrease from ($1.20) in Q1 2022.
The stockholders' equity as of March 31, 2023, stood at $34.5 million, compared to $33.7 million at the end of December 2022. The issuance of common stock from public equity offerings contributed to the increase in additional paid-in capital.
Blue Apron reported net cash used in operating activities of $9.5 million in Q1 2023, a decrease from the $28.8 million reported in the same period last year. The company invested $1.2 million in purchasing property and equipment and received proceeds from the sale of property and equipment amounting to $57,000. Financing activities generated a net cash inflow of $8.8 million, primarily driven by proceeds from equity and warrant issuances.
Despite the challenging operating environment, Blue Apron Holdings Inc. maintained steady revenue in the first quarter of 2023, reporting $113.1 million. The company's focus on managing expenses and capitalizing on financing opportunities contributed to its financial performance. Blue Apron continues to navigate the evolving landscape of the meal kit delivery industry and adapt its strategies accordingly.