Not a buying opportunityīlue Apron doesn't appear ready to course correct, meaning it will tap the balance sheet that Meyers referenced in his buy recommendation. Year to date, the company has a net loss of almost $62 million. But it's not paying off with more customers. However, the company has now renewed spending to stimulate growth. But it also said to expect heavier spending in the first and fourth quarters compared to the second and third quarters.Īs previously noted, Blue Apron almost reached breakeven on an operating basis by slashing marketing spend. In the conference call to discuss Q2 results, management pointed out a 22% drop in spend from the first quarter. So far in 2022, the company has spent nearly $50 million on marketing, up 37% compared to the comparable period of 2021. The gravity of recent customer losses is magnified when looking through the lens of Blue Apron's marketing spend. And as of the end of the second quarter of 2022, it only had 349,000 - down 7% year over year and down 5% quarter over quarter. However, Blue Apron's $700-million plan is contingent on having more than 500,000 customers.
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