Rent the Runway, Inc. surpassed revenue and adjusted EBITDA guidance in Q2 of 2024

From GlobeNewswire: 2024-09-05 16:01:00

Rent the Runway, Inc. reported exceeding revenue and adjusted EBITDA guidance for Q2 of 2024, with record low cash consumption in the first half of the year. The company raised its FY24 revenue guidance, maintaining confidence in its business trajectory and expectation of free cash flow breakeven. The second quarter of 2024 showed continued improvement in business momentum.

Key metrics for the second quarter of 2024 included $78.9 million in revenue, a 4.2% increase year-over-year, gross profit of $32.4 million, and a net loss of $(15.6) million. Rent the Runway’s ending Active Subscribers were at 129,073, representing a 6% decrease from the same period in 2023. The company’s Adjusted EBITDA was $13.7 million, with a margin of 17.4%.

Rent the Runway is focused on driving growth in its Reserve business, improving customer subscription experiences, and deepening customer engagement with marketing initiatives. Looking ahead to the rest of 2024, the company expects revenue growth of 2-6% compared to 2023 and aims for free cash flow breakeven on a full-year basis. CEO Jennifer Hyman emphasized the company’s commitment to improving revenue growth and profitability, showcasing strong business momentum.



Read more at GlobeNewswire:: Rent the Runway, Inc. Announces Second Quarter 2024