After inking a deal with Northern Star Acquisition Corp. to go public, Bark on Tuesday released preliminary third quarter results.
The company reported third quarter revenue grew 78% year over year to around $105 million, according to a company press release. Subscription shipments in the period grew 47% from last year to 1.1 million, while new subscriptions grew 66% year over year to 381,000.
Bark also released results for the nine months ending Dec. 31, including net revenue of $266 million and a net loss of $24 million, a slight improvement from a net loss of $27 million the prior year.
BarkBox and Super Chewer parent Bark is set to make its public debut following a deal with special purpose acquisition company Northern Star Acquisition Corp., expected to close in the second quarter of 2021.
The brand has seemingly benefited from the increased popularity the sector has experienced since the start of the pandemic as consumers turn to their pets — and continue to spend on them — during times of uncertainty.
"Our strong revenue growth is the result of our omni-channel sales approach, data-driven platform and consistent customer engagement," Bark CEO Manish Joneja said in a statement. "Our pending merger with Northern Star will provide BARK with the resources and capital to help capture the significant growth opportunities in our new business lines and drive continued expansion as we work towards our mission of making all dogs happy."
Going public has also offered a glimpse into financial figures that aren't as rosy. The company on Tuesday said third quarter customer acquisition costs increased about 7% from last year to $60.40, further inhibiting Bark's profitability prospects. It highlights a trend that other direct-to-consumer brands, like Wayfair, Chewy and Casper, have revealed of how difficult it is to eke out a profit selling goods primarily online.
Bark also reiterated its previously announced outlooks: For the fiscal year ending March 31, the companies expect revenues of $369 million and a net loss of $21 million; for 2022, the company expects revenues of $516 million and a net loss of $41 million.