If Blue Apron receives the $69.4 million, it will be able to operate for the next 12 months. 30.Įarlier this year, the meal delivery service company inked two agreements to receive $69.4 million in capital. 29, Blue Apron only had $32.1 million in cash and cash equivalents, while debt totaled $27.4 million as of Sept. Furthermore, the proceeds will be used to help alleviate the company’s going concern risks. Proceeds for the $15 million ATM offering will be used toward working capital and general corporate purposes. Still, Blue Apron’s growth targets for 2022 are under pressure and will depend on additional bulk orders from the large customer. That customer is now expected to contribute $30 million of revenue during Q4, which includes the shifted order.
The lowered forecast is due to a large enterprise customer shifting their bulk order from Q3 to Q4.
Meanwhile, analysts were expecting $129.6 million in revenue. Q3 revenue is now expected to be between $109 million and $112 million, down from previous estimates of between $125 million to $131 million. All Rights Reserved.Shares of Blue Apron (NYSE: APRN) are down more than 40% after the company forecasted third-quarter sales below analyst estimates and announced a $15 million Class A stock at-the-market (ATM) offering. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2019 and/or its affiliates.
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