Rent the Runway Q2 revenue $76.5M (+64% YoY); first positive Adj. EBITDA; restructuring cuts 24% staff

Rent the Runway, Inc.

2022-Q2 EPS reported -$1.20 revenue$143,600,000

Q2 revenue $76.5M (+64% YoY); first quarter of positive Adj. EBITDA of $1.8M (vs -$1.9M prior year).
Net loss improved to $(33.9)M from $(42.4)M; gross margin up 3.4 ppts to 42.4%.
Active subscribers 124,131 (+27% YoY); total subscribers 173,321 (+37% YoY).
Restructuring plan reduces corporate workforce ~24%; expects $25-27M annualized cost savings; $2.5M severance in Q3.
FY2022 revenue guidance $285-290M; Adj. EBITDA margin (2%)-0%; Q3 revenue guided $72-74M.

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