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Marley Spoon (MMM) investor relations material

Marley Spoon Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary31 Jul, 2024

Executive summary

  • Q2 2024 net revenue reached €86.8m, up 0.9% year-over-year, with margin expansion and positive Operating EBITDA for the third consecutive quarter.

  • Revenue growth was driven by the acquisition of bistroMD and improved retention and LTV from higher quality customer cohorts and lower discounts.

  • Order frequency increased 5% YoY, and average order value rose 15% in constant currency, mainly due to bistroMD and expanded offerings.

Financial highlights

  • Gross profit for Q2 2024 was €37.5m (48.7% of revenue), up from €40.6m (47.3%) YoY.

  • Contribution margin expanded to 34.6%, up 2.8 points YoY; Operating EBITDA was €1.1m, down €1.4m YoY due to prior year one-off transaction costs.

  • Operating cash flow was €(5.0)m in Q2 2024; quarter-end cash balance stood at €16.6m.

  • Marketing expenses increased 18% YoY, while G&A expenses decreased 12% YoY due to cost reduction programs.

Outlook and guidance

  • Full-year 2024 guidance reaffirmed: single-digit net revenue growth (constant currency), contribution margin in line with prior year, and mid-single-digit positive Operating EBITDA.

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Frequently asked questions

Marley Spoon SE is a meal-kit delivery company that offers recipes and pre-portioned ingredients for home cooking. It operates multiple brands across various countries, serving consumers through subscription-based online platforms. Marley Spoon focuses on the consumer goods and food services sectors, emphasizing convenience and meal preparation. The company is headquartered in Berlin, Germany, and its shares are listed on the ASX.

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