Beyond, Inc. reported significant financial changes in its 10-Q filing for the three and nine months ended September 30, 2024. The company experienced a decline in net revenue, which fell to $311.4 million for Q3 2024, a decrease of 16.6% from $373.3 million in Q3 2023. For the nine-month period, net revenue was $1.09 billion, down 7.2% from $1.18 billion in the same period last year. This revenue decline was primarily attributed to a 19% decrease in orders delivered, although average order value increased by 3%.
Gross profit also decreased, with Q3 2024 gross profit at $66.0 million, down 20.4% from $82.9 million in Q3 2023. The gross margin for Q3 2024 was 21.2%, a slight decline from 22.2% in the prior year. For the nine months ended September 30, 2024, gross profit was $220.5 million, representing a 24.5% decrease compared to $292.2 million in 2023.
Operating expenses for Q3 2024 totaled $109.5 million, down from $123.8 million in Q3 2023, while total operating expenses for the nine months increased to $368.6 million from $345.7 million in the previous year. The company reported an operating loss of $43.6 million for Q3 2024, compared to a loss of $40.9 million in Q3 2023, and a nine-month operating loss of $148.1 million, up from $53.5 million in the prior year.
Beyond, Inc. also reported a net loss of $61.0 million for Q3 2024, slightly improved from a net loss of $63.0 million in Q3 2023. For the nine months, the net loss increased to $177.5 million from $146.8 million in the previous year. The company’s accumulated deficit grew to $(659.2 million) as of September 30, 2024.
Strategically, Beyond, Inc. has made several significant moves, including the planned sale of its corporate headquarters for $55 million, expected to close in Q4 2024. The company also acquired intellectual property from Zulily for $4.6 million and sold certain intellectual property related to the Wamsutta brand for $10.3 million. In October 2024, Beyond announced a reduction-in-force affecting approximately 20% of its workforce to streamline operations and reduce costs.
The company’s total current assets decreased to $183.1 million as of September 30, 2024, down from $350.1 million at the end of 2023, with cash and cash equivalents dropping to $140.4 million from $302.6 million. Total liabilities also decreased to $232.1 million from $276.7 million as of December 31, 2023.
About BEYOND, INC.
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