POL - Polished.com slides after Q2 prelim sales miss guidance cut on supply concerns

• Polished.com ( NYSE: POL ) reported Tuesday its preliminary estimates for Q2 2022 where sales is expected to range between $145-$150M vs. consensus of $156.75M .
• Stock is down 28% in early trading session.
• Formerly known as 1847 Goedeker, the e-commerce platform valued its major contracts in B2B at ~$4.8M with new projects in Virginia, Alabama and New York City.
• As of June 30, 2022, its cash balance stood at ~$44M.
• Lowered Outlook: The company now expects its FY 2022 net sales growth of low double-digit, compared to prior guidance of high teens to low 20s net sales growth.
• Management said, "the updated guidance reflects the expected impact of continued supply chain disruptions, material increases in transportation costs and significant inflation; However, the company continues to expect profitable growth through the remainder of fiscal year 2022 and beyond."
• Polished.com expects a delay in release of second quarter final results.
• Q1 Results Highlights: 1847 Goedeker GAAP EPS of $0.06 beats by $0.02, revenue of $152.8M beats by $0.47M

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