BARK Inc reported QQ3 2025 revenue of USD 126.449 million, up marginally year-over-year (YoY) by 1.10% and 0.27% quarter-over-quarter (QoQ). Gross profit reached USD 79.26 million, yielding a gross margin of 62.68%, a modest YoY improvement of 2.61% and QoQ improvement of 4.14%. However, the company remains unprofitable at the operating level with an operating loss of USD -11.25 million and an EBITDA of USD -12.25 million, translating to an EBITDAR of -9.68%. Net income in QQ3 2025 was USD -11.51 million with an EPS of USD -0.0655, reflecting continued investment in growth initiatives and higher SG&A/marketing spend relative to revenue.
From a liquidity and balance sheet perspective, BARK carries a solid cash cushion: cash and cash equivalents of USD 115.26 million (USD ~120 million reported end of period), total assets of USD 292.19 million, and net debt of USD -28.82 million. The current ratio stands at 1.63 and the quick ratio at 0.99, indicating adequate near-term liquidity but a working-capital intensity typical of a consumer-direct retailer investing in growth. Free cash flow remained negative at USD -1.96 million, driven by negative operating cash flow of USD -1.39 million and moderate capital expenditures.
Strategically, Bark continues to advance its multi-brand, dog-centric platform through Direct-to-Consumer and Commerce segments, with ongoing investments in BarkBox/Super Chewer, Bark Home, and Bark Bright initiatives designed to broaden higher-margin product lines and improve customer lifetime value. The company’s sizable cash position provides optionality to fund marketing, product development, and potential acquisitions or partnerships while navigating a challenging profitability runway. Investors should monitor unit economics, CAC/LTV dynamics, subscription growth, and the cadence of cost containment as near-term profitability remains a work in progress.