Blue Apron Holdings (NYSE: APRN) posted a wider loss in the first quarter of 2020 with a year-over-year drop in revenue. The New York-based meal kit provider’s loss expanded to $20.1 million or $1.51 per share in the just-concluded quarter from a loss of $5.28 million or $0.41 per share in the year-ago quarter. Revenue dropped 28% to $101.9 million. APRN stock was down more than 15% in the before-market session.
Blue Apron said that demand for meal kits increased in the latter part of Q1 as a result of changes to consumer behavior following the implementation of stay-at-home and restaurant restriction orders throughout much of the United States in response to the COVID-19 pandemic.
For the second quarter, the company expects revenue to grow annually in high single digits percentage to about $130 million and a net loss of no more than $6 million. Blue Apron also expects to deliver a positive adjusted EBITDA of at least $5 million and a positive operating cash flow of at least $10 million in Q2.