Marley Spoon: Q3 2022 Results Media Alert
BERLIN & SYDNEY–(BUSINESS WIRE)–Marley Spoon AG (“Marley Spoon” or the “Company” ASX: MMM), a leading global subscription-based meal kit provider, is pleased to share with investors its highlights from the quarter ended 30 September 2022 (“Q3 2022”).
Management will present a business update to investors on a conference call at 5:30 pm AEDT on 27 October, the details of which have been released separately to ASX.
- Q3 2022 net revenue of €100m, +26% growth year-over-year (+13% growth in constant currency)
- Global Contribution Margin (CM) in Q3 at 28.8%, up 160 basis points (bp) vs. the previous quarter and 70 bps better than the previous corresponding period (PCP)
- Q3 Operating EBITDA loss of €(1.0)m1, an improvement compared to the previous quarter (€(3)m) and the PCP (€(13)m)
- US and Australia both delivered positive Operating EBITDA in the quarter; initiatives under way to turn EU to profitability
- Operating Cash Flow at €3m, including foreign currency tailwinds, and quarter end cash balance of ~€22m
- On track to deliver full year 2022 guidance
- Q4 22 Operating EBITDA expected to be profitable, €2-4m
Marley Spoon CEO, Fabian Siegel, highlighted, “Marley Spoon delivered an improved Operating EBITDA result, in line with our expectations, and good year-over-year growth despite volatile market conditions and inflationary pressures. We are carefully managing our marketing investment to deliver results in the second half in-line with our internal plan and 2022 guidance. Achieving our growth goals while carefully managing costs underscores the reliability of our business model.
As the business continues to grow healthily, we were also able to expand margins by 160 basis points quarter-over-quarter in an inflationary environment, driven by operational improvements in the US and our ability to pass on cost inflation through the pricing power our brands enjoy.
A review is being conducted of the European business and initiatives are underway to improve the performance and turn the business to profitability. As part of this turnaround plan, the Company has made some leadership changes, including hiring, among others, a new Head of European Production to strengthen the European operations leadership team. In addition, Ebony Morczinek has stepped down as CEO of the EU region, which will now be led by myself directly until further notice.
The increased scale and improved margin led to a sequential improvement of Operating EBITDA both quarter-over-quarter as well as year-over-year, reducing our Q3 2022 Operating EBITDA loss to €(1.0)m.”
For the full Q3 2022 report and results visit https://tinyurl.com/ye23nbya.
About Marley Spoon
Marley Spoon (MMM:ASX, GICS: Internet & Direct Marketing Retail) is a global direct-to-consumer brand company that is solving everyday recurring problems in delightful and sustainable ways. Founded in 2014, Marley Spoon currently operates in three primary regions: Australia, United States and Europe (Austria, Belgium, Germany, Denmark, Sweden and the Netherlands).
With Marley Spoon’s meal-kits, you decide what to eat, when to eat, and leave behind the hassle of grocery shopping. To help make weeknights easier and dinners more delicious, our meal kits contain step-by-step recipes and pre-portioned seasonal ingredients to cook better, healthy meals for your loved ones.
As consumer behaviour moves towards valuing the convenience aspect of online ordering, Marley Spoon’s global mission through its various brands, such as Marley Spoon, Martha Stewart & Marley Spoon, Dinnerly, and Chefgood is to help millions of people to enjoy easier, smarter and more sustainable lives.
1 Q3 2022 Operating EBITDA excludes the impact of one-time charges stemming from a) €56k in severance costs and b) €1.3m for a historical sales tax correction in the US
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