# Bark, Inc. (BARK)

Informational only - not investment advice.

CIK: 0001819574
SIC: 5990 Retail-Retail Stores, NEC
SIC breadcrumb: [Retail Trade](/division/G/) > [Miscellaneous Retail](/major-group/59/) > [SIC 5990 Retail-Retail Stores, NEC](/industry/5990/)
Latest 10-K filed: 2026-06-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1819574
Filing source: https://www.sec.gov/Archives/edgar/data/1819574/000162828026042242/bark-20260331.htm

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 394843000 | USD | 2026 | 2026-06-10 |
| Net income | -39008000 | USD | 2026 | 2026-06-10 |
| Assets | 169990000 | USD | 2026 | 2026-06-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001819574.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 224,335,000 | 378,604,000 | 507,406,000 | 535,315,000 | 490,184,000 | 484,182,000 | 394,843,000 |
| Net income |  | -31,368,000 | -31,391,000 | -68,299,000 | -61,519,000 | -37,010,000 | -32,878,000 | -39,008,000 |
| Operating income |  | -26,626,000 | -20,599,000 | -94,181,000 | -63,831,000 | -45,520,000 | -35,148,000 | -40,178,000 |
| Gross profit |  | 135,414,000 | 225,940,000 | 282,106,000 | 308,115,000 | 302,152,000 | 301,988,000 | 241,885,000 |
| Diluted EPS |  | -0.70 | -0.68 | -0.44 | -0.35 | -4.18 | -3.77 | -4.57 |
| Operating cash flow |  | -19,666,000 | -19,618,000 | -172,338,000 | 4,694,000 | 6,060,000 | -7,079,000 | -23,158,000 |
| Capital expenditures |  |  | 4,825,000 | 21,172,000 | 21,320,000 | 8,831,000 | 6,157,000 | 3,416,000 |
| Share buybacks |  | 0.00 | 9,000 | 0.00 | 0.00 | 6,225,000 | 18,505,000 | 1,770,000 |
| Assets |  |  | 150,863,000 | 434,061,000 | 400,420,000 | 298,588,000 | 260,635,000 | 169,990,000 |
| Liabilities |  |  | 249,846,000 | 217,000,000 | 229,883,000 | 159,205,000 | 161,109,000 | 97,972,000 |
| Stockholders' equity | -105,992,000 | -135,387,000 | -158,970,000 | 217,061,000 | 170,537,000 | 139,383,000 | 99,526,000 | 72,018,000 |
| Cash and cash equivalents |  | 9,676,000 | 38,278,000 | 199,397,000 | 177,911,000 | 125,495,000 | 94,022,000 | 19,282,000 |
| Free cash flow |  |  | -24,443,000 | -193,510,000 | -16,626,000 | -2,771,000 | -13,236,000 | -26,574,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -13.98% | -8.29% | -13.46% | -11.49% | -7.55% | -6.79% | -9.88% |
| Operating margin |  | -11.87% | -5.44% | -18.56% | -11.92% | -9.29% | -7.26% | -10.18% |
| Return on equity |  |  |  | -31.47% | -36.07% | -26.55% | -33.03% | -54.16% |
| Return on assets |  |  | -20.81% | -15.73% | -15.36% | -12.40% | -12.61% | -22.95% |
| Liabilities / equity |  |  |  | 1.00 | 1.35 | 1.14 | 1.62 | 1.36 |
| Current ratio |  |  | 1.08 | 3.39 | 3.14 | 2.94 | 1.63 | 1.86 |

## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001819574.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2021-12-31 |  |  | -0.08 | reported discrete quarter |
| 2023-Q2 | 2022-09-30 |  |  | -0.06 | reported discrete quarter |
| 2023-Q3 | 2022-12-31 |  |  | -0.12 | reported discrete quarter |
| 2024-Q1 | 2023-06-30 | 120,591,000 | -11,663,000 | -0.07 | reported discrete quarter |
| 2024-Q2 | 2023-09-30 | 123,036,000 | -10,337,000 | -0.06 | reported discrete quarter |
| 2024-Q3 | 2023-12-31 | 125,075,000 | -10,108,000 | -0.06 | reported discrete quarter |
| 2024-Q4 | 2024-03-31 | 121,484,000 | -4,902,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-06-30 | 116,212,000 | -10,039,000 | -0.06 | reported discrete quarter |
| 2025-Q2 | 2024-09-30 | 126,111,000 | -5,263,000 | -0.03 | reported discrete quarter |
| 2025-Q3 | 2024-12-31 | 126,449,000 | -11,509,000 | -0.07 | reported discrete quarter |
| 2025-Q4 | 2025-03-31 | 115,410,000 | -6,067,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-06-30 | 102,861,000 | -7,030,000 | -0.04 | reported discrete quarter |
| 2026-Q2 | 2025-09-30 | 106,970,000 | -10,672,000 | -0.06 | reported discrete quarter |
| 2026-Q3 | 2025-12-31 | 98,447,000 | -8,646,000 | -0.05 | reported discrete quarter |
| 2026-Q4 | 2026-03-31 | 86,566,000 | -12,661,000 |  | derived Q4 = FY annual - nine-month YTD |

## Macro Cross-References
- [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
- [UNRATE](/indicator/UNRATE/): Unemployment Rate
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit
- [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
- [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
- [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food
- [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy
- [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter
- [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index
- [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate
- [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate
- [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio
- [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed
- [CE16OV](/indicator/CE16OV/): Employment Level
- [ICSA](/indicator/ICSA/): Initial Claims
- [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm
- [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period
- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate
- [M2SL](/indicator/M2SL/): M2
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States
- [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States
- [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States
- [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States
- [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States
- [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized
- [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized
- [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks
- [GDP](/indicator/GDP/): Gross Domestic Product
- [GPDI](/indicator/GPDI/): Gross Private Domestic Investment
- [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment
- [PCEC](/indicator/PCEC/): Personal Consumption Expenditures
- [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services
- [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt
- [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product
- [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit
- [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts
- [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures
- [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing
- [USCONS](/indicator/USCONS/): All Employees, Construction
- [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade
- [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities
- [USGOVT](/indicator/USGOVT/): All Employees, Government
- [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private
- [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods
- [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
- [BUSINV](/indicator/BUSINV/): Total Business Inventories
- [EXPGS](/indicator/EXPGS/): Exports of Goods and Services
- [IMPGS](/indicator/IMPGS/): Imports of Goods and Services
- [IR](/indicator/IR/): Import Price Index (End Use): All Commodities
- [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1819574/000162828026005799/bark-20251231.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-02-05
Report date: 2025-12-31

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. The discussion should be read in conjunction with the unaudited condensed consolidated financial statements and notes thereto contained in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto for the year ended March 31, 2025 contained in the Annual Report on Form 10-K filed with the SEC on June 4, 2025. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” section of this Quarterly Report on Form 10-Q. Actual results may differ materially from those contained in any forward-looking statements. Unless the context otherwise requires, references to “we”, “us”, “our”, “the Company” and “BARK” are intended to mean the business and operations of BARK, Inc. and its subsidiaries. The unaudited condensed consolidated financial statements for the three and nine months ended December 31, 2025 and 2024, respectively, present the financial position and results of operations of BARK, Inc. and its wholly-owned subsidiaries.

Overview

We believe that dogs and humans are better together and we aspire to be the world’s favorite dog brand. We are a team of dog-obsessed people committed to delivering personalization at scale by satisfying each dog’s distinct personality, preferences, and needs with the best products and services. Since our founding in 2011, we have happily served millions of dogs and their people.

We are an omnichannel brand serving dogs across two key categories: toys & accessories and consumables. All of our products are designed, developed, and branded by BARK. We leverage an ever-growing collection of first-party data, customer insights, and machine learning to deliver personalized products and experiences tailored to the needs of each and every dog we serve. Our products are sold Direct-to-Consumer and through our network of retail partners, which currently spans over 50,000 doors nationwide and online marketplaces including Amazon and Chewy.

We began our journey with BarkBox – a monthly-themed subscription of toys and treats, tailored to the needs of each customer based on their dog’s size, play style, allergies, and more. By viewing each dog as an individual, and by creating magical experiences for our customers, we have been able to build lasting relationships with millions of dogs and their parents. Our customer service (“Happy Team”) proactively engages around 200,000 customers each month. We use the valuable data from these customer interactions to inform the design and development of future products, and we leverage it along with machine learning technology to recommend additional products to our customers through cross-selling and Add-to-Box (“ATB”).

In addition to being one of the largest dog toy brands in the U.S. by revenue, we also have entered exciting, and much larger categories in the consumables space, which include kibble, treats, toppers, supplements, and dental products. These categories have significantly increased our total addressable market and the number of customers we can serve. We believe that our growing first-party dataset, strong brand, and loyal customer base afford us a meaningful advantage and opportunity to win market share in these newer categories.

Certain macroeconomic and global events, conditions and challenges

Market factors or international events, such as increased inflation, war, rising tensions between the U.S. and China, and continued changes to trade policy, including the imposition of tariffs or changes in tariff rates, create uncertainty and could impact our results of operations.

Tariffs. In early 2025, new tariffs were announced on imports to the United States, including additional tariffs on goods from China, Canada, and other countries from which we source products. The scope, duration, and ultimate impact of these tariffs and related actions remain uncertain and could result in higher product costs.

The Company has implemented, and continues to execute, various mitigation strategies to manage the impact of tariffs, including negotiating lower product costs with suppliers, diversifying supply sources to alternate countries,

21

optimizing product assortment, providing Direct to Consumer subscribers with a lower-cost packaging option and implementing select pricing adjustments. Collectively, these actions have meaningfully mitigated the potential impact of tariffs on our Gross Profit. We believe our mitigation strategies will help maintain our competitiveness over the long term and, most importantly, make all dogs happy.

The ultimate impact of tariffs and related measures will depend on factors such as whether additional or incremental tariffs are imposed, the extent of retaliatory actions by other countries, and the overall effectiveness of, and consumer response to, our mitigation strategies.

Macroeconomic Conditions. Macroeconomic conditions and the related effects on levels of consumer spending impact our business as purchases of discretionary items tend to decline when disposable income is lower or when there are recessions, inflationary pressures or other economic uncertainty. Inflation, rising interest rates, higher fuel and energy costs and commodity prices, reductions in net worth based on market declines and uncertainty, home prices, credit availability and consumer debt levels, political instability due to war or or global conflicts or other geopolitical factors and other macroeconomic pressures and general uncertainty regarding the overall future economic environment have led to recession fears and created a challenging environment.

We cannot predict the duration or magnitude of such impacts. Please refer to the “Cautionary Note Regarding Forward-Looking Statements” and the “Risk Factors” in this Quarterly Report on Form 10-Q.

Key Performance Indicators

We use the following key financial and operating metrics to evaluate our business and operations, measure our performance, identify trends affecting our business, project our future performance, and make strategic decisions. These key financial and operating metrics should be read in conjunction with the following discussion of our results of operations and financial condition together with our condensed consolidated financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q. These measures may not be comparable to similarly titled performance indicators used by other companies.

Three Months Ended

December 31,

Nine Months Ended

December 31,

2025

2024

2025

2024

Total Orders (in thousands)

2,427

3,332

7,790

10,044

Average Order Value

$

31.41

$

31.25

$

31.01

$

31.03

Direct to Consumer Gross Profit (in thousands)(1)

$

52,711

$

70,154

$

164,433

$

204,927

Direct to Consumer Gross Margin (1)

69.2 

%

67.4 

%

68.1 

%

65.7 

%

(1) Direct to Consumer Gross Profit and Direct to Consumer Gross Margin does not include the revenue or cost of goods sold from BARK Air.

Total Orders

We define Total Orders as the total number of Direct to Consumer orders shipped in a given period. These include all orders across all of our product categories, regardless of whether they are purchased on a subscription, auto-ship, or one-off basis. Total Orders excludes orders from BARK Air. We use Total Orders as an indicator of customer interest and demand.

Average Order Value

Average Order Value (“AOV”) is Direct to Consumer revenue for the period divided by Total Orders for the same period. AOV excludes Direct to Consumer revenue from BARK Air. We use AOV to provide insight into customer spending patterns.

22

Components of Our Results of Operations

We operate with two reportable segments: Direct to Consumer and Commerce, to reflect the way our Chief Executive Officer, who is our CODM, reviews and assesses the performance of the business.

Revenue

The Company generates revenue through its Direct to Consumer and Commerce segments, each of which participate in the sale of the Company’s Toys & Accessories and Consumables product lines. See below for additional information.

Toys & Accessories (“toys”)—The majority of our revenue in the toys category is derived from BarkBox and Super Chewer, which are subscription products that feature monthly themed boxes of premium-quality BARK toys and treats that are delivered directly to a dog’s home. Customers have the option to subscribe to these products on a one month, three month, six month, or twelve month basis. Subscription revenue is recognized at a point in time as control is transferred to the subscriber upon delivery of each monthly box. During the life of their subscription, we offer our customers incremental products via “ATB”, which allows us to cross-sell customers across our full portfolio of products, including kibble, treats, toppers, dental and more. ATB revenue is recognized at a point in time as control is transferred to the customer upon delivery of goods to the subscriber.

We also sell toys through our Commerce segment which is a network of retail partners and online major market places. This distribution channel allows us to reach new customers and introduce them to the BARK brand. Commerce revenue derived from our retail partners is recognized net of estimates for sales returns, discounts, markdowns and allowances, after the goods are shipped, or when the retail customer picks up the goods directly from one of our distribution points and control of the goods is transferred to the customer. Online marketplaces revenue is recognized upon delivery of goods to the end customer.

Our toys category also includes revenue derived from the sale of other products such as beds, leashes, apparel, and other accessories.

Consumables—The majority of our consumables revenue today is derived from the treats and chews that are included in our BarkBox and Super Chewer boxes. Over the past several years, the Company has expanded into new and larger consumables markets such as kibble, toppers, supplements and dental products. The Company sells its consumables products both Direct to Consumer (through Bark.co) and through its retail footprint. Products sold via the Company’s website can be purchased on a recurring, auto-ship, or one-off basis. Revenue related to bark.co is recognized at a point in time, as control is transferred to the customer upon each delivery.

Treats— Includes treats and chews included in our BarkBox and Super Chewer boxes, as well as the sale of treats on Bark.co. Many of our treats feature monthly themes, similar to our toys. Today, BARK is one of the largest treat brands in the U.S. by revenue. The Company anticipates expansion of its treat offerings amongst commerce customers.

Toppers—Includes meal-enhancing sprinkles, broths and bites that are added to a dog’s meal to enhance the flavor of their food. These toppers are often single ingredient proteins that can be easily added to a dog’s existing meal plan. Toppers are particularly beneficial for picky eaters.

Supplements—Includes a variety of dog supplements such as hip and joint support, and skin and coat support. These products are often targeted at specific breeds that are prone to certain ailments.

Kibble—We sell a variety of kibble, priced to compete with the premium category. While our kibble can be purchased on an individual basis or auto-ship basis, we entered this market with a breed-based approach that recommends meal plans consisting of a mix of kibble, toppers, and supplements based on the characteristics and personalities of various dog breeds. For example, because G

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. The discussion should be read in conjunction with the audited consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K. This discussion contains forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the “Risk Factors” sections of this Annual Report on Form 10-K. Actual results may differ materially from those contained in any forward-looking statements. Unless the context otherwise requires, references to “we”, “us”, “our”, “the Company” and “BARK” are intended to mean the business and operations of BARK, Inc. and its consolidated subsidiaries. The audited consolidated financial statements as of March 31, 2026 and 2025 and for the fiscal years ended March 31, 2026, 2025 and 2024, respectively, present the financial position and results of operations and cash flows of BARK, Inc. and its wholly-owned subsidiaries.

Overview

We believe that dogs and humans are better together and we aspire to be the world’s favorite dog brand. We are a team of dog-obsessed people committed to delivering personalization at scale by satisfying each dog’s distinct personality, preferences, and needs with the best products and services. Since our founding in 2011, we have happily served millions of dogs and their people.

We are an omnichannel brand serving dogs across two key brands: BarkBox and Super Chewer. All of our products are designed, developed, and branded by BARK. We leverage an ever-growing collection of first-party data, customer insights, and artificial intelligence (“AI”) to deliver personalized products and experiences tailored to the needs of each and every dog we serve. We sell our products in two segments: Direct To Consumer (“DTC”) and Commerce through our network of retail partners, which currently spans over 50,000 doors nationwide and online marketplaces including Amazon, Chewy and TikTok.

Factors Affecting Our Performance

We believe that our performance and future success depend on several factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section of this Annual Report on Form 10-K titled “Risk Factors.”

Investments in growth

Our ability to increase the number of customers. total orders, and cross-category purchasing is a key factor in our future DTC growth and will be driven by our marketing efforts and ability to continue to expand our product offerings. As a result, we expect to continue to focus on long-term growth through investments in product offerings and the dog and dog parent experience. We are working to enhance our offerings and expand the breadth of the products. We will remain flexible, adjusting our marketing spend up or down, based on the returns.

Expansion of new offerings

Another key factor in our future performance is our ability to increase our average order value (“AOV”), which involves introducing new products into our portfolio. We expect to continue to invest in the expansion of our product offerings, as we seek to attract new customers as well as growing sales with our existing customers. This expansion may require additional financial investments in headcount, marketing, customer acquisition expenses, operational capabilities and inventory. If we are unable to generate sufficient demand for these new offerings, we may not recover the financial investments and revenue may not increase as desired.

Expansion within new and existing retail channels

Our commerce segment continues to be an important growth driver for the business and our ability to expand our product assortment within both new and existing retail partners remains a focus area. This expansion may also require increased investments in trade marketing, merchandising support, and logistics capabilities. If we are unable

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Table of Contents

to successfully grow our retail presence or maintain strong partnerships, our ability to reach new customers and drive incremental revenue may be limited.

Certain macroeconomic and global events and conditions create a challenging environment

Market factors and international events, such as continued changes to trade policy, including the imposition of tariffs or changes in tariff rates, inflation, in particular as driven by the conflict with Iran, market effects of other global conflicts, and rising tensions with China, create business uncertainty and could further exacerbate rising interest rates, higher fuel and energy costs and commodity prices, reductions in net worth based on market declines, increases in housing costs, decreases in credit availability and rising consumer debt levels, which could impact our costs of doing business and the levels of discretionary consumer spending on our products and services and our financial results.

IEEPA tariffs

On February 20, 2026, the U.S. Supreme Court held that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unconstitutional. On April 20, 2026, CBP launched its Consolidated Administration and Processing of Entries ("CAPE") portal to process refund claims.

The Company paid a total of $15.4 million in IEEPA tariffs on imported goods between February 4, 2025 and February 24, 2026. Our recovery of IEEPA tariffs represents a loss recovery. To date, the Company submitted claims that were accepted by the CAPE portal in the amount of $3.3 million and a corresponding refund receivable was recorded within accounts receivable, net in the Company's consolidated balance sheet as of March 31, 2026. Of the $3.3 million, $2.7 million, and $0.6 million were recorded as reductions of cost of revenue, and inventory, respectively. An additional $7.1 million and $5.0 million of the IEEPA tariffs paid by the Company allocable to cost of revenue and inventory, respectively, for the fiscal year ended March 31, 2026 were not recorded. These amounts are not currently eligible for submission under the CAPE portal and therefore the Company was unable to recognize any receivable or loss recovery with respect to these amounts.

None of the IEEPA tariffs paid by the Company were passed through to our customers or are owed to our vendors or suppliers. The Company will pursue all actions necessary to recover the remaining amounts of IEEPA tariffs paid by the Company.

We cannot predict the duration or magnitude of the risks and challenges discussed above. Please refer to the “Cautionary Note Regarding Forward-Looking Statements” and those factors described under “Risk Factors” in this Annual Report on Form 10-K.

Reverse Stock Split

On April 1, 2026, we effected a 1-for-20 reverse stock split of our common stock (the “Reverse Stock Split”), and our common stock began trading on a split-adjusted basis on April 1, 2026. Accordingly, all share and per share amounts presented in these consolidated financial statements and the accompanying notes have been retroactively adjusted, where applicable, to reflect the Reverse Stock Split.

As a result of the Reverse Stock Split, the number of shares of common stock outstanding and the number of shares underlying outstanding equity awards were proportionately reduced, and the corresponding exercise prices and per share amounts, as applicable, were proportionately increased. No fractional shares were issued in connection with the Reverse Stock Split.

Key Performance Indicators

We use the following key financial and operating metrics to evaluate our business and operations, measure our performance, identify trends affecting our business, project our future performance, and make strategic decisions. These key financial and operating metrics should be read in conjunction with the following discussion of our results of operations and financial condition together with our consolidated financial statements and the related notes and

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other financial information included elsewhere in this Annual Report on Form 10-K may not be comparable to similarly titled performance indicators used by other companies.

Fiscal Year Ended

March 31,

2026

2025

Total Orders (in thousands)

10,060

13,210

Average Order Value

$31.06

$31.04

Direct to Consumer Gross Profit (in thousands)(1)

$213,620

$271,012

Direct to Consumer Gross Margin (1)

68.4%

66.1%

(1) Direct to Consumer Gross Profit and Direct to Consumer Gross Margin does not include the revenue or cost of goods sold from BARK Air.

Total Orders

We define Total Orders as the total number of Direct to Consumer orders shipped in a given period. These include all orders across all of our product categories, regardless of whether they are purchased on a subscription, auto-ship, or one-off basis. Total Orders excludes orders from BARK Air. We use Total Orders as an indicator of customer interest and demand.

Average Order Value

Average Order Value (“AOV”) is Direct to Consumer revenue for the period divided by Total Orders for the same period. AOV excludes Direct to Consumer revenue from BARK Air. We use AOV to provide insight into customer spending patterns.

Components of Our Results of Operations

We operate with two reportable segments: Direct to Consumer and Commerce, to reflect the way our Chief Executive Officer, who is our Chief Operating Decision Maker (“CODM”), reviews and assesses the performance of the business.

Revenue

The Company generates revenue through its DTC and Commerce segments, through the sale of BarkBox and Super Chewer branded toys and BARK branded treats and chews.

While BarkBox and Super Chewer toys remain the primary driver of our DTC and commerce segments and fundamental to our brand identity, we are also focused on maximizing the profitability of our complementary treats and chews categories. This includes a strategic rationalization—specifically the discontinuation of kibble and topper offerings—to concentrate resources and narrow our focus. We believe this streamlined approach allows us to better support our core toy and treat business while improving our overall profitability profile.

DTC

The majority of our revenue is derived from our subscription products that feature monthly themes of premium quality BarkBox and/or Super Chewer toys and BARK-branded treats and chews that are delivered directly to a dog’s home. Customers have the option to subscribe to these products on a one-month, three-month, six-month, or twelve-month basis. During the life of their subscription, we offer our customers incremental products via Add-To-Box (“ATB”), which allows us to cross-sell customers across our full portfolio of products.

Commerce

We also sell our BarkBox and Super Chewer toys and BARK-branded treats and chews in retail stores and other e-tailers, significantly broadening our customer reach and raising awareness of the BARK brand. BARK products are currently sold in over 50,000 retail doors, including Target, Walmart, TJ Maxx, Costco and PetSmart. Additionally, we sell our products on other online platforms including Amazon, Chewy and TikTok.

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BARK Air

Announced in April 2024, BARK Air is a first-of-its kind air travel experience tailored to dogs. The Company is partnered with several charter companies offering premium flights for customers and their dogs. Interested parties can book flights at dogsflyfirst.com. Our charter partners are responsible for all aircraft, pilots, maintenance, and insurance, allowing BARK to focus on creating a great travel experience for dogs and their people worldwide. We believe this initiative exemplifies the Company’s dog-first approach to curating the best products and services.

As our flagship entry into the services category, BARK Air is part of a broader strategy to expand into premium, differentiated dog services. With new routes, expanded partnerships, and high early engagement, we believe BARK Air and future services represent a meaningful long-term growth opportunity. Revenue generated by BARK Air is currently reflected in our DTC segment.

Cost of Revenue

Cost of revenue primarily consists of the purchase price of inventory sold, duties, inbound freight costs associated with inventory, shipping supply costs, and inventory shrinkage costs.

Operating Expenses

Operating expenses consist of general and administrative and advertising and marketing expenses.

General and Administrative

General and administrative expenses consist primarily of compensation and benefit expenses, including stock-based compensation, fulfillment and shipping costs, which represent costs incurred in operating and staffing fulfillment and customer service centers, including costs attributable to receiving, inspecting, picking, packaging and preparing customer orders for shipment, outbound freight costs associated with shipping orders to customers, and responding to inquiries from customers. General and administrative expenses also include fees charged by third parties that provide payment processing services, office expense, including rent, insurance and professional service fees.

Advertising and Marketing

Advertising and marketing expense consists primarily of internet advertising, promotional items, agency fees, other marketing costs and compensation and benefits expenses, including stock-based compensation expense, for employees engaged in advertising and marketing.

Interest Income

Interest income primarily consists of income earned on our interest-bearing deposit accounts.

Interest Expense

Interest expense primarily consists of interest incurred under our 2025 Convertible Notes, and amortization of debt issuance costs.

Other Income, Net

Other income, net, primarily consists of changes in the fair value of our warrant liabilities and loss on extinguishment of debt.

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Results of Operations

We operate in two reportable segments to reflect the way our CODM reviews and assesses the performance of the business. See Note 2, “Summary of Significant Accounting Policies,” in our audited consolidated financial statements for the fiscal years ended March 31, 2026, 2025, and 2024 included elsewhere in this Annual Report on Form 10-K.

Fiscal Year Ended

 March 31,

2026

2025

2024

2026 vs 2025

2025 vs 2024

(in thousands)

Consolidated Statement of Operation Data:

Revenue

Direct to Consumer

$

324,927 

$

415,837 

$

436,446 

(21.9)

%

(4.7)

%

Commerce

69,916 

68,345 

53,738 

2.3 

%

27.2 

%

Total revenue

394,843 

484,182 

490,184 

(18.5)

%

(1.2)

%

Cost of revenue

Direct to Consumer

111,186 

145,011 

157,578 

(23.3)

%

(8.0)

%

Commerce

41,772 

37,183 

30,454 

12.3 

%

22.1 

%

Total cost of revenue

152,958 

182,194 

188,032 

(16.0)

%

(3.1)

%

Gross profit

241,885 

301,988 

302,152 

(19.9)

%

(0.1)

%

Operating expenses:

Advertising and marketing

59,213 

83,756 

79,282 

(29.3)

%

5.6 

%

General and administrative

222,850 

253,380 

268,390 

(12.0)

%

(5.6)

%

Total operating expenses

282,063 

337,136 

347,672 

(16.3)

%

(3.0)

%

Loss from operations

(40,178)

(35,148)

(45,520)

14.3 

%

(22.8)

%

Interest income

1,880 

4,926 

7,533 

(61.8)

%

N/M

Interest expense

(1,856)

(2,788)

(4,351)

(33.4)

%

(35.9)

%

Other income, net

1,146 

132 

5,328 

768.2 

%

(97.5)

%

Net loss before income taxes

(39,008)

(32,878)

(37,010)

18.6 

%

(11.2)

%

Provision for income taxes

— 

— 

— 

0.0 

%

0.0 

%

Net loss

$

(39,008)

$

(32,878)

$

(37,010)

18.6 

%

(11.2)

%

N/M means not meaningful.

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Comparison of the Fiscal Years Ended March 31, 2026 and March 31, 2025

Revenue

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Revenue

Direct to Consumer

324,927 

415,837 

(90,910)

(21.9)

%

Commerce

69,916 

68,345 

1,571 

2.3 

%

Total revenue

$

394,843 

$

484,182 

$

(89,339)

(18.5)

%

Percentage of Revenue

Direct to Consumer

82.3 

%

85.9 

%

Commerce

17.7 

%

14.1 

%

Direct to Consumer revenue decreased by $90.9 million, or 21.9%, for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. This decrease was primarily driven by a 23.8%, or 3.2 million decrease in Total Orders. The decrease was partially offset by an increase in revenue from BARK Air of $6.5 million. Total BARK Air revenue was $12.4 million or 3.8% of Direct to Consumer revenue.

Commerce revenue increased by $1.6 million, or 2.3%, for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. This increase was primarily driven by sales volume from existing and new customers.

Gross Profit

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Gross Profit

Direct to Consumer

$

213,741 

$

270,826 

$

(57,085)

(21.1)

%

Commerce

28,144 

31,162 

(3,018)

(9.7)

%

Total gross profit

$

241,885 

$

301,988 

$

(60,103)

(19.9)

%

Percentage of revenue

61.3 

%

62.4 

%

Direct to Consumer gross profit decreased by $57.1 million, and Commerce gross profit decreased by $3.0 million, for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. The decrease in Direct to Consumer gross profit is primarily attributable to a decrease in revenue and the decrease in Commerce gross profit was primarily due to a decrease in revenue due to the opportunistic sell-through of surplus inventory and customer mix.

Gross profit as a percentage of revenue decreased 110 basis points for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025.

Direct to Consumer gross margin was 65.8%, 66 basis points higher than the same period last year. Excluding the impact of BARK Air, Direct to Consumer gross margin increased 230 basis points compared to the same period last year. The increase in Direct to Consumer gross margin is primarily attributable to product cost improvements and plan mix changes.

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Commerce gross margin was 40.3%, 540 basis points lower than the same period last year. The decrease in Commerce gross margin is primarily attributable to opportunistic sell-through of surplus inventory, and changes in customer mix.

Operating Expenses

General and Administrative Expense

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Other general and administrative

103,408 

114,257 

(10,849)

(9.5)

%

Shipping and fulfillment

119,442 

139,123 

(19,681)

(14.1)

%

Total General and administrative

$

222,850 

$

253,380 

$

(30,530)

(12.0)

%

Percentage of revenue

56.4 

%

52.3 

%

General and administrative expense decreased by $30.5 million, or 12.0%, for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. This decrease during the period was primarily due to: decreased shipping and fulfillment costs of $19.7 million attributable to lower DTC volumes, decreased compensation expense of $6.5 million due to a decrease in headcount and decreased consulting expense of $1.0 million, as the business continued to manage its cost base. The remaining decrease in general and administrative costs is due to a reduction in rent, office expenses.

Advertising and Marketing

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Advertising and marketing

$

59,213 

$

83,756 

$

(24,543)

(29.3)

%

Percentage of revenue

15.0 

%

17.3 

%

Advertising and marketing expense decreased by $24.5 million, or 29.3%, for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. The decrease is attributable to a strategic decrease in DTC marketing spend.

Interest Income

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Interest income

$

1,880 

$

4,926 

$

(3,046)

(61.8)

%

Percentage of revenue

0.5 

%

1.0 

%

Interest income decreased by $3.0 million for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. The decrease in interest income is due to an overall decrease in cash in interest-bearing deposit accounts.

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Interest Expense

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Interest expense

$

(1,856)

$

(2,788)

$

932 

(33.4)

%

Percentage of revenue

(0.5)

%

(0.6)

%

Interest expense decreased by $0.9 million, or 33.4%, for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. The decrease is attributable to the timing of the 2025 Convertible Note repurchase which occurred on November 6, 2025.

Other Income, net

Fiscal Year Ended

March 31,

2026

2025

$ Change

% Change

( in thousands)

Other income, net

1,146 

132 

$

1,014 

768.2 

%

Percentage of revenue

0.3 

%

— 

%

Other income, net increased by $1.0 million for the fiscal year ended March 31, 2026 compared to the fiscal year ended March 31, 2025. The increase in other income, net, was primarily due to the decrease in the fair value of our warrant liabilities of $0.9 million, and increased sublease income of $0.6 million.

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Comparison of the Fiscal Years Ended March 31, 2025 and March 31, 2024

Revenue

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Revenue

Direct to Consumer

415,837 

436,446 

(20,609)

(4.7)

%

Commerce

68,345 

53,738 

14,607 

27.2 

%

Total revenue

$

484,182 

$

490,184 

$

(6,002)

(1.2)

%

Percentage of Revenue

Direct to Consumer

85.9 

%

89.0 

%

Commerce

14.1 

%

11.0 

%

Direct to Consumer revenue decreased by $20.6 million, or 4.7%, for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. This decrease was primarily driven by a 5.1%, or 0.7 million decrease in Total Orders, in addition to a $0.30 or 1.0% decrease in AOV. Fiscal year 2025 Direct to Consumer revenue included $5.8 million of BARK Air revenue.

Commerce revenue increased by $14.6 million, or 27.2%, for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. This increase was primarily driven by sales volume from existing and new customers.

Gross Profit

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Gross Profit

Direct to Consumer

$

270,826 

$

278,868 

$

(8,042)

(2.9)

%

Commerce

31,162 

23,284 

7,878 

33.8 

%

Total gross profit

$

301,988 

$

302,152 

$

(164)

(0.1)

%

Percentage of revenue

62.4 

%

61.6 

%

Direct to Consumer gross profit decreased by $8.0 million, and Commerce gross profit increased by $7.9 million, for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. The decrease in Direct to Consumer gross profit is primarily attributable to a decrease in revenue. The increase in Commerce gross profit is primarily attributable to an increase in revenue.

Gross profit as a percentage of revenue increased 70 basis points for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. Direct to Consumer gross margin was 65.1%, 120 basis points and Commerce gross margin was 45.6%, 230 basis points higher than the same period last year, respectively. The increase in gross margin is primarily attributable to lower inbound freight and product cost improvements.

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Operating Expenses

General and Administrative Expense

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Other general and administrative

114,257 

128,576 

(14,319)

(11.1)

%

Shipping and fulfillment

139,123 

139,814 

(691)

(0.5)

%

Total General and administrative

$

253,380 

$

268,390 

$

(15,010)

(5.6)

%

Percentage of revenue

52.3 

%

54.8 

%

General and administrative expense decreased by $15.0 million, or 5.6%, for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. This decrease during the period was primarily due to: decreased shipping and fulfillment costs of $0.7 million attributable to lower direct to consumer volumes, decreased compensation expense of $6.7 million due to a decrease in headcount and decreased consulting expense of $2.2 million, as the business continued to manage its cost base. In addition, there was a $2.4 million benefit from the release of sales tax reserves relating to tax years for which the liability has been settled or the statute of limitations has expired. The remaining decrease in general and administrative costs is due to a reduction in rent, office expenses, and other expenses.

Advertising and Marketing

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Advertising and marketing

$

83,756 

$

79,282 

$

4,474 

5.6 

%

Percentage of revenue

17.3 

%

16.2 

%

Advertising and marketing expense increased by $4.5 million, or 5.6%, for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. The increase is attributable to increased marketing spend to acquire a higher volume of new subscribers.

Interest Income

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Interest income

$

4,926 

$

7,533 

$

(2,607)

(34.6)

%

Percentage of revenue

1.0 

%

1.5 

%

Interest income decreased by $2.6 million for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. The decrease in interest income is due to an overall decrease in cash in interest-bearing deposit accounts in line with the deployment of cash for the partial debt repayment of $44.4 million during the fiscal third quarter ended December 31, 2023 and share repurchases of $24.7 million as part of the share repurchase program which began during the fiscal second quarter ended September 30, 2023.

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Interest Expense

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Interest expense

$

(2,788)

$

(4,351)

$

1,563 

(35.9)

%

Percentage of revenue

(0.6)

%

(0.9)

%

Interest expense decreased by $1.6 million, or 35.9%, for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. Interest expense for each period is derived from the Company’s 2025 Convertible Notes. The decrease is attributable to the partial debt repayment of $44.4 million during the fiscal third quarter ended December 31, 2023.

Other Income, net

Fiscal Year Ended

March 31,

2025

2024

$ Change

% Change

( in thousands)

Other income, net

132 

5,328 

$

(5,196)

(97.5)

%

Percentage of revenue

— 

%

1.1 

%

Other income, net decreased by $5.2 million for the fiscal year ended March 31, 2025 compared to the fiscal year ended March 31, 2024. The decrease in other income, net was primarily due to the gain on extinguishment of debt in prior year of $1.8 million, as well as a decrease in the change of the fair value of our warrant liabilities of $3.2 million.

Non-GAAP Financial Measures

We report our financial results in accordance with U.S. GAAP. However, management believes that Adjusted Net Loss, Adjusted Net Income (Loss) Margin, Adjusted Net Income (Loss) Per Common Share, Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow, all non-GAAP financial measures (together the “Non-GAAP Measures”), provide investors with additional useful information in evaluating our performance.

We calculate Adjusted Net Income (Loss) as net loss, adjusted to exclude: (1) stock-based compensation expense, (2) change in fair value of warrants and derivatives, (3) sales and use tax income, (4) restructuring charges related to reduction in force payments, (5) gain on extinguishment of debt, (6) litigation expenses (consisting of legal and related fees for a specific proceeding that is outside of our ordinary course of business), (7) warehouse restructuring costs, (8) non-cash impairment of previously capitalized software and cloud computing implementation costs, (9) technology modernization costs, (10) product line exit costs, (11) strategic transaction costs, (12) headquarters transition costs and (13) other items (as defined below).

We calculate Adjusted Net Income (Loss) Margin by dividing Adjusted Net Income (Loss) for the period by Revenue for the period.

We calculate Adjusted Net Income (Loss) Per Common Share by dividing Adjusted Net Income (Loss) for the period by weighted average common shares used to compute net loss per share attributable to common stockholders for the period.

We calculate Adjusted EBITDA as net loss, adjusted to exclude: (1) interest income, (2) interest expense, (3) depreciation and amortization expense, (4) stock-based compensation expense, (5) change in fair value of warrants and derivatives, (6) capitalized cloud computing amortization, (7) sales and use tax income, (8) restructuring charges related to reduction in force payments, (9) gain on extinguishment of debt, (10) litigation expenses (consisting of

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legal and related fees for a specific proceeding that is outside of our ordinary course of business), (11) warehouse restructuring costs, (12) non-cash impairment of previously capitalized software and cloud computing implementation costs, (13) technology modernization costs, (14) product line exit costs, (15) strategic transaction costs, (16) headquarters transition costs and (17) other items (as defined below).

We calculate Adjusted EBITDA Margin by dividing Adjusted EBITDA for the period by revenue for the period.

We calculate Free Cash Flow as net cash provided by (used in) operating activities less capital expenditures.

The Non-GAAP Measures are financial measures that are not required by, or presented in accordance with U.S. GAAP. We believe that the Non-GAAP Measures, when taken together with our financial results presented in accordance with U.S. GAAP, provide meaningful supplemental information regarding our operating performance and facilitate internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of the Non-GAAP Measures is helpful to our investors as they are measures used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.

The Non-GAAP Measures are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. Some of the limitations of the Non-GAAP Measures include that (1) the measures do not properly reflect capital commitments to be paid in the future, (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA and Adjusted EBITDA Margin do not reflect these capital expenditures, (3) Adjusted EBITDA and Adjusted EBITDA Margin do not consider the impact of stock-based compensation expense, which is an ongoing expense for the Company, (4) Adjusted EBITDA and Adjusted EBITDA Margin do not reflect other non-operating expenses, including interest expense, and (5) Free cash flow does not represent the total residual cash flow available for discretionary purposes and does not reflect our future contractual commitments. In addition, our use of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies because they may not calculate the Non-GAAP Measures in the same manner, limiting their usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider the Non-GAAP Measures alongside other financial measures, including our net loss and other results stated in accordance with U.S. GAAP.

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The following table presents a reconciliation of Adjusted net loss to net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin, Adjusted net loss margin and Adjusted net loss per common share for the periods presented:

Adjusted Net Loss

Fiscal Year Ended

March 31,

2026

2025

2024

Net loss

$

(39,008)

$

(32,878)

$

(37,010)

Stock-based compensation expense

14,351 

12,735 

12,931 

Change in fair value of warrants and derivatives

(913)

521 

(2,738)

Sales and use tax income (1)

(950)

(2,417)

(487)

Restructuring

3,835 

3,829 

1,660 

Gain on extinguishment of debt

— 

— 

(1,828)

Litigation expenses (2)

1,168 

1,839 

175 

Warehouse restructuring costs

2,522 

4,738 

814 

Impairment of assets

1,079 

3,599 

3,079 

Technology modernization (3)

1,521 

2,400 

684 

Product line exit costs (4)

2,774 

— 

— 

Strategic transaction costs (5)

1,666 

— 

— 

Headquarters Transition (6)

534 

— 

— 

Other items (7)

317 

1,316 

2,698 

Adjusted net loss

$

(11,104)

$

(4,318)

$

(20,022)

Net loss margin

(9.88)

%

(6.79)

%

(7.55)

%

Adjusted net loss margin

(2.81)

%

(0.89)

%

(4.08)

%

Adjusted net loss per common share - basic and diluted

$

(1.30)

$

(0.50)

$

(2.26)

Weighted average common shares used to compute adjusted net loss per share attributable to common stockholders - basic and diluted

8,542,502

8,719,978

8,863,029

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The following table presents a reconciliation of Adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with U.S. GAAP, and the calculation of net loss margin and Adjusted EBITDA margin for the periods presented:

Adjusted EBITDA

Fiscal Year Ended March 31

2026

2025

2024

(in thousands)

Net loss

$

(39,008)

$

(32,878)

$

(37,010)

Interest income

(1,880)

(4,926)

(7,533)

Interest expense

1,856 

2,788 

4,351 

Depreciation and amortization expense

9,102 

11,222 

12,602 

Stock-based compensation expense

14,351 

12,735 

12,931 

Change in fair value of warrants and derivatives

(913)

521 

(2,738)

Cloud computing amortization

2,237 

594 

— 

Sales and use tax income (1)

(950)

(2,417)

(487)

Restructuring

3,835 

3,829 

1,660 

Gain on extinguishment of debt

— 

— 

(1,828)

Litigation expenses (2)

1,168 

1,839 

175 

Warehouse restructuring costs

2,522 

4,738 

814 

Impairment of assets

1,079 

3,599 

3,079 

Technology modernization (3)

1,521 

2,400 

684 

Product line exit costs (4)

2,774 

— 

— 

Strategic transaction costs (5)

1,666 

— 

— 

Headquarters transition (6)

534 

— 

— 

Other items (7)

317 

1,316 

2,698 

Adjusted EBITDA

$

211 

$

5,360 

$

(10,602)

Net loss margin

(9.88)

%

(6.79)

%

(7.55)

%

Adjusted EBITDA margin

0.05 

%

1.11 

%

(2.16)

%

(1)Sales and use tax income relates to recording a liability for sales and use tax we did not collect from our customers. Historically, we had collected state or local sales, use, or other similar taxes in certain jurisdictions in which we only had physical presence. On June 21, 2018, the U.S. Supreme Court decided, in South Dakota v. Wayfair, Inc. that state and local jurisdictions may, at least in certain circumstances, enforce a sales and use tax collection obligation on remote vendors that have no physical presence in such jurisdiction. A number of states have positioned themselves to require sales and use tax collection by remote vendors and/or by online marketplaces. The details and effective dates of these collection requirements vary from state to state and accordingly, we recorded a liability in those periods in which we created economic nexus based on each state’s requirements. Accordingly, we now collect, remit, and report sales tax in all states that impose a sales tax. Subsequently, as certain of these liabilities are waived by tax authorities or the applicable statute of limitations expires, the related accrued liability is reversed.

(2)Litigation expenses related to a stockholder class action complaint, see Item 3. Legal Proceedings.

(3)Includes consulting fees related to technology transformation activities, and payroll costs for employees that dedicate significant time to this project. We believe that these costs are discrete and non-recurring in nature, as they relate to a one-time unification of our product offerings on our new commerce platform. As such, they are not normal, recurring operating expenses and are not reflective of ongoing trends in the cost of doing business.

(4)In January of 2026, we made the decision to discontinue all kibble products as well as dental and certain lines of treat products. The decision was made to streamline focus to prioritize our core toy identity while improving operational efficiency and our profitability profile. Accordingly, we believe that these costs are discrete and non-recurring in nature. Exit costs of $2.8 million were recorded in cost of revenues in the consolidated statement of operations.

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(5)Represents strategic transaction costs, which include investment banking fees, legal due diligence and related documentation costs, finance and accounting diligence and documentation.

(6)In February of 2026, we relocated our corporate headquarters. As part of the relocation, we recorded a $0.5 million loss on the disposal of furniture and fixtures, and other equipment. We believe this loss is discrete and non-recurring in nature, and not reflective of ongoing trends in the cost of doing business.

(7)For the fiscal year ended March 31, 2026, other items is comprised of executive transition costs of $0.3 million, and costs associated with the share repurchase program of less than $0.1 million. For the fiscal year ended March 31, 2025, other items is comprised of executive transition costs of $0.8 million, costs associated with the share repurchase program of $0.4 million, and duplicate headquarters rent of less than $0.1 million. For the fiscal year ended March 31, 2024, other items is comprised of non-recurring retention payments to management of $1.4 million, executive transition costs of $1.3 million, tax penalties of less than $0.1 million, and duplicate headquarters rent of less than $0.1 million.

The following table presents a reconciliation of Free Cash Flow to Net cash provided by (used in) operating activities, the most directly comparable financial measure prepared in accordance with U.S. GAAP, for each of the periods indicated:

Free Cash Flow

Fiscal Year Ended March 31

2026

2025

2024

Free cash flow reconciliation:

Net cash (used in) provided by operating activities

$

(23,158)

$

(7,079)

$

6,060 

Capital expenditures

(3,416)

(6,157)

(8,831)

Free cash flow

$

(26,574)

$

(13,236)

$

(2,771)

Liquidity and Capital Resources

As of March 31, 2026, we had cash and cash equivalents of approximately $19.3 million. We expect that our cash and cash equivalents, together with cash provided by our operating activities and available proceeds from borrowings (as described below), will be sufficient to fund our operations for at least the next 12 months. We are required to comply with certain financial and non-financial covenants related to our borrowing agreements, which we are in compliance with as of March 31, 2026 and expect to be in compliance with during the next 12 months.

Our material cash requirements include our lease arrangements for corporate offices, warehouses and certain equipment. As of March 31, 2026, we had fixed lease payment obligations of $37.7 million, with $5.2 million payable within 12 months.

2025 Convertible Notes

On November 27, 2020, the Company issued $75.0 million aggregate principal amount of 2025 Convertible Notes (the “2025 Convertible Notes”) to Magnetar Capital, LLC (“Magnetar”) under an indenture, dated as of November 27, 2020, between Legacy BARK and U.S. Bank National Association, as trustee and collateral agent (the “Indenture”). The Company received net proceeds of approximately $74.7 million from the sale of the 2025 Convertible Notes, after deducting fees and expenses of approximately $0.3 million. The Company recorded the expenses associated with the issuance of the 2025 Convertible Notes as a discount to the note and amortized the expenses over the term of the note.

On November 2, 2023, the Company repurchased $45.0 million of the $83.5 million of outstanding aggregate principal amount of 5.50% Convertible Secured Notes due 2025 from entities affiliated with Magnetar Financial, LLC (collectively, the “Holders”), pursuant to the terms and conditions of a negotiated notes purchase agreement (the “2023 Agreement”) among the Company and the Holders.

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Pursuant to the 2023 Agreement, the Company repurchased $45.0 million in aggregate principal amount of the 2025 Convertible Notes plus $2.2 million of accrued and unpaid interest thereon to, but excluding the repurchase date, from the Holders for a total cash purchase price of $44.4 million. In addition, $1.0 million of unamortized deferred financing fees were derecognized from the Company’s balance sheet on the date of extinguishment. The accelerated deferred financing fees were recognized as a component of gain on extinguishment of debt. The Company recognized a gain on debt extinguishment of $1.8 million in connection with the repurchase.

On November 6, 2025, the Company repurchased the remaining $42.9 million of outstanding aggregate principal amount of 5.50% Convertible Secured Notes due 2025 (the “2025 Convertible Notes”) from entities affiliated with Magnetar Financial, LLC (collectively, the “Holders”), pursuant to the terms and conditions of a negotiated notes purchase agreement (the “2025 Agreement”) among the Company and the Holders (the “Final Repurchase”).

Pursuant to the 2025 Agreement, on November 6, 2025, the Company repurchased all $42.9 million of the remaining outstanding aggregate principal amount of the 2025 Convertible Notes from the Holders for a total cash purchase price of $45.1 million (which included $2.2 million of accrued and unpaid interest, through but excluding, the repurchase date). There was no gain or loss in connection with the Final Repurchase.

Western Alliance Revolving Line of Credit

In October 2017, the Company entered into a loan and security agreement with and issued a warrant to purchase preferred stock (“Initial Western Alliance Warrant”) to Western Alliance Bank (“Western Alliance”), which provide for a revolving line of credit (as amended, the “Credit Facility”) in an aggregate principal amount of up to $35.0 million, including a $10.0 million sublimit for letters of credit of which $9.2 million has been issued. The Credit Facility is subject to borrowing base limitations derived from advance rates derived from the Company’s eligible subscription revenues and eligible accounts receivable. The Credit Facility has been amended several times, most recently in March 2026. After giving effect to this most recent amendment, the maturity date of the Credit Facility is August 29, 2026. Certain of the Company’s obligations to Western Alliance and under the Credit Facility are guaranteed by certain of its subsidiaries and secured by substantially all of their assets. The Company is evaluating alternative options or further renewal of the Credit Facility.

The interest rate for borrowings under the Credit Facility is equal to (a) the greater (i) of the prime rate that is published in the Money Rates section of The Wall Street Journal from time to time and (ii) 5.25% per annum, plus (b) 0.50%, per annum.

The Credit Facility has a borrowing base subject to an amount equal to 80.00% of the Company’s trailing three months of subscription revenue and an amount equal to 80.00% of certain of the Company’s customer accounts receivable when a collateral audit is performed and 60.00% when no such collateral audit is performed. Western Alliance has first perfected security in substantially all of the Company’s assets, including its rights to its intellectual property.

The Credit Facility requires the Company to comply with certain financial and performance covenants, including, among other things, minimum cash deposits with Western Alliance. The Credit Facility also contains affirmative and negative covenants customary for financings of this type, including, among other things, limitations or prohibitions on repurchasing common shares, declaring and paying dividends and other distributions, incurring indebtedness, making loans and investments, incurring liens, or entering into mergers, asset sales and transactions with affiliates.

As of March 31, 2026 and March 31, 2025, there were no outstanding borrowings under the Credit Facility. As of March 31, 2026 and March 31, 2025, the Company was compliant with its financial covenants.

Cash Flows

Comparison of the Fiscal Years Ended March 31, 2026, 2025 and 2024.

The following table summarizes our cash flows for the fiscal years ended March 31, 2026, 2025 and 2024:

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Fiscal Year Ended March 31

2026

2025

2024

(in thousands)

Net cash (used in) provided by operating activities

$

(23,158)

$

(7,079)

$

6,060 

Net cash used in investing activities

(3,416)

(6,157)

(8,831)

Net cash used in financing activities

(45,710)

(19,870)

(49,615)

Effect of exchange rate changes on cash

(81)

(69)

24 

Net increase (decrease) in cash and restricted cash

$

(72,365)

$

(33,174)

$

(52,362)

Cash flows (used in) provided by Operating Activities

Net cash flows in operating activities represent the cash receipts and disbursements related to our activities other than investing and financing activities.

Net cash flows used in operating activities is derived by adjusting our net loss for:

•non-cash operating items such as depreciation and amortization, stock-based compensation and other non-cash income or expenses; and

•changes in operating assets and liabilities reflect timing differences between the receipt and payment of cash associated with transactions.

For the fiscal year ended March 31, 2026, net cash used in operating activities was $23.2 million. This consisted of a net loss of $39.0 million, adjusted for non-cash charges totaling $29.5 million and a net unfavorable change of $13.7 million in operating assets and liabilities.

The non-cash charges primarily consisted of $14.4 million of stock-based compensation, $9.1 million of depreciation and amortization, $4.3 million of non-cash lease expense, and $1.1 million of asset impairment charges.

The unfavorable change in operating assets and liabilities was primarily driven by a decrease in inventory of $11.1 million and an increase in deferred revenue of $1.0 million, more than offset by an increase in accounts receivable of $2.9 million, a decrease in accounts payable and accrued expenses of $13.4 million, a $5.7 million reduction in operating lease liabilities, and a $2.3 million reduction in other liabilities.

For the fiscal year ended March 31, 2025, net cash used in operating activities was $7.1 million. This consisted of a net loss of $32.9 million, adjusted for non-cash charges totaling $36.9 million and a net favorable change of $11.1 million in operating assets and liabilities. The non-cash charges primarily consisted of $12.7 million of stock-based compensation, $11.2 million of depreciation and amortization, and $4.5 million of non-cash lease expense.

For the fiscal year ended March 31, 2024, net cash provided by operating activities was $6.1 million. This consisted of a net loss of $37.0 million, adjusted for non-cash charges totaling $30.5 million and a net favorable change of $12.5 million in operating assets and liabilities. The non-cash charges primarily consisted of $12.9 million of stock-based compensation, $12.6 million of depreciation and amortization, and $4.1 million of non-cash lease expense.

Cash flows used in Investing Activities

For the fiscal year ended March 31, 2026, net cash used in investing activities was $3.4 million, primarily due to capital expenditures for warehouse equipment and software implementation.

For the fiscal year ended March 31, 2025, net cash used in investing activities was $6.2 million, primarily due to capital expenditures.

For the fiscal year ended March 31, 2024, net cash used in investing activities was $8.8 million, primarily due to capital expenditures for warehouse machinery, leasehold improvements, equipment, and software implementations.

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Cash flows used in Financing Activities

For the fiscal year ended March 31, 2026, net cash used in financing activities was $45.7 million, primarily due to the November 6, 2025 cash repurchase of the remaining $42.9 million aggregate principal amount of our 2025 Convertible Notes (see Note 6 — Debt), $1.8 million of common stock repurchases under our Board-authorized share repurchase program, and $1.5 million of payments for restricted stock units held for taxes.

For the fiscal year ended March 31, 2025, net cash used in financing activities was $19.9 million, primarily due to payments to repurchase common stock of $18.5 million.

For the fiscal year ended March 31, 2024, net cash used in financing activities was $49.6 million, primarily due to the partial payment of long-term debt of $42.3 million and payments to repurchase common stock of $6.2 million.

Off-Balance Sheet Arrangements

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

Critical Accounting Policies and Estimates

This discussion and analysis of financial condition and results of operations is based upon our audited consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. We also make estimates and assumptions on revenue generated and reported expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Our critical accounting policies are described in greater detail in Note 2 — Summary of Significant Accounting Policies to our consolidated financial statements included in this Annual Report on Form 10-K.

Critical accounting estimates are defined as those reflective of significant judgments, estimates and uncertainties, which may result in materially different results under different assumptions and conditions. We have listed below our critical accounting estimates that we believe to have the greatest potential impact on our audited consolidated financial statements. Historically, our assumptions, judgments and estimates relative to our critical accounting estimates have not differed materially from actual results.

Revenue Recognition

Our primary sources of revenue are from sales of toys & accessories and consumables through our Direct to Consumer and Commerce segments. We recognize revenue upon delivery of products and services to our customer, as applicable. The recognition of revenue is determined through application of the following five-step model:

•Identification of the contract(s) with customers, as applicable;

•Identification of the performance obligation(s) in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligation(s) in the contract; and

•Recognition of revenue when or as the performance obligation(s) is satisfied.

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Discounts are considered fixed consideration and represent a fixed reduction to revenue for each performance obligation. The sales returns and chargebacks allowance is considered to be contingent and represents a component of variable consideration. The estimated consideration reflects potential sales returns and chargebacks as a reduction in the transaction price. We have determined that the expected value method will provide the best predictor for a refund liability associated with sales returns and chargebacks. The expected value method estimates variable consideration based on the range of possible outcomes and the probabilities of each outcome and is most appropriate when an entity has a large number of contracts that have similar characteristics. The estimate is recorded in total for sales transactions recorded in the current period and, in effect, represents a reduction in the transaction price at the time of sale.

Our contract liability represents cash collections from our customers prior to delivery of subscription products, which is recorded as deferred revenue on the consolidated balance sheets. Deferred revenue is recognized as revenue upon the delivery of the box or product.

Inventories

Inventories consist principally of finished goods, and represent products available for sale and are accounted for using the first-in, first-out (“FIFO”) method and valued at the lower of cost or net realizable value. Inventory costs consist of product, duties and inbound shipping and handling costs. We assess the valuation of inventory and periodically write down the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions. Inventory valuation requires us to make judgments, based on information available at each reporting period. Inventory valuation losses are recorded as cost of revenues.

We review current business trends and forecasts, and inventory aging to determine adjustments which we estimate will be needed to liquidate existing excess inventories and record inventories at either the lower of cost or net realizable value or the lower of cost or market, as applicable. We believe that all inventory write-downs required at March 31, 2026, have been recorded. Our historical estimates of inventory reserves have not differed materially from actual results. If market conditions were to change, including as a result of the current geopolitical conflicts and wars, supply chain and global logistics disruptions, and/or potential changes to trade policy, including the imposition of new or increased tariffs, it is possible that the required level of inventory reserves may need to be adjusted.

Recent Accounting Pronouncements

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 — Summary of Significant Accounting Policies in our audited consolidated financial statements contained in this Annual Report on Form 10-K.

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