secwatch.observer — SEC 8-K summary
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Issuer:     Polished.com Inc. (—)
CIK:        0001810140
Form:       8-K
Filed at:   2023-07-31T23:59:59+00:00
Accession:  0001213900-23-061363
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 4.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Polished.com restates FY2021, reports FY2022 net loss of $126M, provides Q1 2023 results and lowered guidance
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1810140/000121390023061363/0001213900-23-061363-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1810140/000121390023061363/ea182620-8k_polished.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-061363

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