KASPIEN HOLDINGS INC - KSPN STOCK NEWS

Kaspien Holdings Inc. reports Q2 2023 financial results with improved gross profit margins and lower operating expenses driving a $2.5 million improvement in operating income. Net revenue decreased by 2.3% due to the sale of the company's agency business. Gross profit increased to $7.3 million, with a gross profit margin of 22.1%. SG&A expenses decreased by 19.1%. Loss from operations decreased to $0.9 million. Net loss was $1.2 million. Adjusted EBITDA loss was $0.8 million. The company had $0.3 million in cash and cash equivalents and $26.1 million in inventory as of July 29, 2023. Net revenue for the first half of 2023 increased by 0.6%, with a gross profit margin of 22.4%. SG&A expenses decreased by 18.1%. Loss from operations was $2.2 million. Net loss was $3.3 million. Adjusted EBITDA loss was $1.8 million. Cash used in operations was $0.8 million.

Kaspien Holdings Inc. has announced its decision to voluntarily delist its common stock from The Nasdaq Capital Market and file a Form 25 with the SEC. The delisting is expected to become effective on June 12, 2023. The company received notices from Nasdaq regarding non-compliance with minimum bid price and minimum stockholders' equity requirements.

Kaspien Holdings Inc. (KSPN) reported a 9.4% decline in net revenue, totaling $29.1 million for Q3 2022, compared to $32.2 million the previous year. The decrease is attributed to reduced sales in the FBAUS segment. Despite this, the gross margin improved to 22.6%, up from 19.8% in Q2 2022. The company reported a net loss of $3.6 million or $0.92 per diluted share. Cash used in operations rose to $6.3 million. Management emphasized focusing on inventory and cash flow management as they prepare for fiscal 2023.

Kaspien Holdings Inc. (NASDAQ: KSPN) announced it will release its fiscal third-quarter 2022 financial results and business outlook on December 13, 2022. Alongside this, the company will file its quarterly Form 10-Q, which will be accessible via the Investor Relations section of Kaspien's website. Kaspien, a leading e-commerce marketplace growth platform, focuses on assisting brands in optimizing their online sales across various marketplaces, leveraging proprietary technologies for growth and brand protection.

Kaspien Holdings Inc. (NASDAQ: KSPN) reported a net revenue decline of 3% for Q2 2022, totaling $33.9 million, primarily due to decreased Fulfillment by Amazon (FBA) sales. Despite this, gross merchandise value (GMV) rose 14% to $72.4 million, with subscription revenue up 36.4%. The net loss for the quarter was $4.4 million, or $1.69 per diluted share, compared to net income of $82,000 the previous year. The company reduced operational cash outflow significantly, achieving $0.1 million versus $5.7 million in Q1 2022. Kaspien intends to use $7.1 million from a recent equity offering for working capital.

Kaspien Holdings Inc. (NASDAQ: KSPN) will release its fiscal second-quarter 2022 financial results on September 13, 2022. The announcement will include a business outlook and additional updates, as well as the company's quarterly Form 10-Q filing. This information will be accessible via the Investor Relations section of Kaspien's website. Kaspien, a leading e-commerce marketplace growth platform, specializes in providing software and services to enhance brand growth across various online marketplaces.

Kaspien Holdings Inc. (NASDAQ:KSPN) announced that Aegis Capital Corp. acted as Exclusive Placement Agent for an $8 Million Registered Direct and Private Placement Offering, priced at-the-market under Nasdaq rules. Kaspien, previously known as Trans World Entertainment Corporation, specializes in e-commerce acceleration via AI-driven software for brands on major online marketplaces. With over a decade of experience, Kaspien has served over 4,000 brands across 20 countries, optimizing supply chains and marketing strategies to drive growth.