Polished.com Inc.: auditor change — Polished.com restates FY2021, reports FY2022 net loss of $126M, provides Q1 2023 results and lowered guidance

Polished.com Inc.

2023-Q2 EPS reported -$0.02 revenue$183,200,000

Restated FY2021 net loss $7.6M vs. previously reported net income $7.7M; revenue reduced by $16.6M.
FY2022 net loss $126M ($1.18/diluted share) driven by $109.1M impairment; net sales $534.5M.
Q1 2023 net sales $95.4M (down 36% YoY), net loss $2.8M ($0.03/share), adjusted EBITDA $1.9M.
Q2 2023 guidance: net sales $85-90M, low-single-digit EBITDA margins; full year net sales $375-400M.
Amended credit agreement requires loan repayment by Aug 31, 2024; cash $8.7M, debt $102.8M as of June 30.

item 4.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Polished.com Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

the Company’s previously issued financial statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021, and Quarterly Report on Form 10-Q for the period ended March 31, 2022 (the “Affected Periods)” should no longer be relied upon

View on SEC.gov

Browse all auditor changes →

Source: SEC EDGAR

accession 0001213900-23-061363

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.