NLS - Nautilus GAAP EPS of -$1.92 misses by $1.20 revenue of $54.82M beats by $4.16M

• Nautilus press release ( NYSE: NLS ): Q1 GAAP EPS of -$1.92 misses by $1.20 .
• Revenue of $54.82M (-70.3% Y/Y) beats by $4.16M .
• Gross profit margins were 12.7% compared to 30.1% last year. The 17.4 ppt decrease in gross margins was primarily due to increased discounting (-8 ppts), unfavorable logistics overhead absorption (-8 ppts), and increased investments in JRNY (-4 ppts), offset by improvement in other costs (3 ppts).
• Reiterates FY 2022 Guidance: The company expects full year revenue of between $380 million and $460 million vs. consensus of $398.60 million .
• Gross margins for the second half of the year are expected to be in the range of 27% to 30%.
• The company expects to deliver positive Adjusted EBITDA for the 2 ^nd half of FY 2023.
• As a result, the Company expects full year Adjusted EBITDA loss of between $25 million and $35 million.
• Shares -6% .

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