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Gross Profit was $33.3 million, representing an increase of 42% from $23.5 million in the fourth quarter of 2021.

171,998 ending Total Subscribers, representing an increase of 8% year-over-year from 159,544 at the end of the fiscal year 2021.

130,476 Average Active Subscribers, representing an increase of 12% year-over-year from 116,037 at the end of the fourth quarter of 2021.

141,205 Active Subscribers as of April 8, 2023, reaching record high.

126,712 ending Active Subscribers, representing an increase of 10% year-over-year from 115,240 at the end of the fiscal year 2021.

Revenue was $75.4 million, an 18% increase year-over-year from $64.1 million in the fourth quarter of fiscal year 2021.

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Combined with the $25 million in annualized fixed cost savings we expect from our Q2 2022 restructuring, we believe we are set up for strong Adjusted EBITDA and significantly lower cash consumption in fiscal 2023, on our path to achieve free cash flow breakeven."įourth Quarter 2022 Key Metrics and Financial Highlights We kicked off our customer-centric strategy in 2023 by changing all of our subscription programs to include an additional item in every shipment, which has already improved retention and rejoin rates, and contributed to our record high active subscriber count of 141,205 as of April 8, 2023."ĬFO Scarlett O’Sullivan stated, “The fulfillment and product spend efficiencies we have driven in fiscal year 2022 have enabled us to provide an additional item in our subscription programs with minimal anticipated impact to our gross margins. "We believe we’ve built the financial foundation and infrastructure to capture the vast opportunity ahead and have conviction that we’ll continue to grow and become a profitable business by delivering meaningful value and innovation to the customer.

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These efforts drove progress on our path to FCF profitability, as we posted our first full year and third consecutive quarter of positive Adjusted EBITDA ahead of the timeline we outlined at IPO," said Jennifer Hyman, CEO and Co-Founder of Rent the Runway.

"I'm proud that in fiscal 2022, we achieved 46% Revenue growth and completed a significant financial transformation, doubling our gross margins compared to 2019, right-sizing our fixed cost base, improving the capital efficiency of our product acquisition and restructuring our debt. (“Rent the Runway” or "RTR") (NASDAQ: RENT), the world’s first and largest shared designer closet platform, today reported financial results for the fiscal quarter and fiscal year 2022 ended January 31, 2023. NEW YORK, Ap(GLOBE NEWSWIRE) - Rent the Runway, Inc. SVP, FP&A Sid Thacker Appointed as Successor Scarlett O’Sullivan to Transition Out of CFO Role Positive Adjusted EBITDA for First Full Year & Third Consecutive QuarterĪnticipates YoY Reduction in Cash Consumption by Almost 50% in FY 2023

Q4 2022 and FY 2022 Net Losses Narrowed Significantly YoY Record Annual Revenue of $ 296.4 M in FY 2022, up 46% YoY Guiding to More than 25% Active Subscriber Growth for Year-End 2023įY 2023 Growth Strategy Focuses on Continuously Delivering More Value to the Customer Record High 141,205 Active Subscribers as of April 8, 2023