Subsequent to the third quarter, strengthened balance sheet and significantly improved financial flexibility by completing an equity capital raise with gross proceeds of $78.0 million. Adjusted EBITDA was a loss of $11.7 million. Third quarter 2021 net loss was $27.6 million, inclusive of a non-cash charge of approximately $6.4 million related to the change in fair value of the warrant obligation issued to the company’s lenders. Average Order Value, Orders per Customer and Average Revenue per Customer all showed strong growth compared to the pre-pandemic third quarter of 2019, despite modest declines in those metrics from a year ago as seasonality returned. Net revenue for the third quarter 2021 decreased approximately 2% year over year to $109.7 million and increased approximately 10% compared to net revenue in the pre-pandemic third quarter of 2019.Ĭontinued year over year growth in Average Order Value, which increased over 6% to $62.30, reflecting the benefit of the company’s growth strategy.

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