APRN - Blue Apron slides to all-time low after another unprofitable quarter pulled guidance

Blue Apron Holdings ( NYSE: APRN ) hit a new low in the premarket session on Monday after the meal-kit delivery platform reported a larger Q3 loss than anticipated and and pulled its revenue growth target for the year.

Execs also issued a financial warning, saying if the company does not receive the private placement or gift card funds in a timely manner and is unable to reduce a sufficient amount of costs, raise alternative funds or negotiate covenant relief from its lenders, the company expects that it will breach its minimum liquidity covenant as early as later this month. Blue Apron ( APRN ) said it is working with financial advisors to evaluate financing and other alternatives, in addition to being in discussions with its lenders.

Despite withdrawing its previously announced revenue growth target of 7% to 13% for the full year, Blue Apron ( APRN ) said it remains focused on achieving adjusted EBITDA profitability in the future. For now, investors seem skeptical.

Shares of Blue Apron ( APRN ) fell 15.95% premarket to $1.74 following the earnings update.

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