Marley Spoon Group SE reports Q3 2024 Results

EQS-News: Marley Spoon Group SE / Key word(s): Quarter Results Marley Spoon Group SE reports Q3 2024 Results 05.11.2024 / 10:19 CET/CEST The issuer is solely responsible for the content of this announcement. MARLEY SPOON GROUP REPORTS ANOTHER POSITIVE OPERATING EBITDA QUARTER IN Q3 2024; DELIVERS 8.3% NET REVENUE GROWTH YOY

Marley Spoon Group SE (“Marley Spoon” or the “Company”), a leading global subscription-based meal kit provider, reported its results for the quarter ending 30 September 2024 (“Q3 2024”).

Highlights:

●  Net revenue of €84.0m, up 8.3% year-over-year (YoY);
●  Strong margin expansion to 34.5%, up 3.1 percentage points YoY;
●  Operating EBITDA of €2.0m, up €3.7m YoY;
●  Operating Cash Flow of €(1.1)m in Q3 2024 and quarter-end cash balance of €9.5m;
●  The Company reaffirms full year 2024 net revenue and Operating EBITDA guidance, upgrades FY 2024 contribution margin guidance.

Marley Spoon’s CEO Daniel Raab, commented: “We have delivered another quarter of accelerated year- over-year net revenue growth, with the positive topline development being driven by an increase in order average value, the addition of Bistro to our portfolio and our marketing investment strategy that continues to prioritize quality over quantity. We remain encouraged by increased engagement by our base customers, demonstrated by an increase in year-over-year order frequency.

Operationally, we also saw another quarter of contribution margin improvement vs. the previous year such that we have upgraded our guidance on this KPI. The margin improvement, combined with continued cost discipline, has led to our fourth consecutive positive Operating EBITDA quarter. I would like to thank everyone at Marley Spoon for their continued focus and dedication in delivering consistently against our plans.”

Q3 2024 Business Update

Marley Spoon’s Q3 2024 net revenue landed at €84.0, 8.3% growth year-over-year, an improvement over Q2 2024’s net revenue growth of 0.9%. Average order value was up 13% vs. Q3 2023 driven in part by the Company’s Market offering, premium recipes and an increase of family portions in the plan size mix. The acquisition of bistroMD in February 2024 also contributed to the net revenue performance. Order frequency increased 11% as customer quality continued to positively evolve, owing to the Company’s previously announced adjustments to its investment strategy that reduced reliance on deep discounting to drive customer acquisitions.