New York, New York – Bed-in-a-box company Casper generated $127.7m sales in the first quarter of 2021, up 13.0% on the same period last year.
Casper’s losses shrink in Q1 2021
Adjusted EBITDA across the business reflected a loss of $10.6m in the first quarter of 2021. This compares with a loss of $22.9m in the first quarter of 2020.
CEO Philip Krim said that the first quarter results exceeded expectations. ‘Momentum has continued into the second quarter,’ he said. ‘Our third-party manufacturing model is enabling us to navigate industry-wide supply chain challenges as we meet growing demand.'
The company's sales in North America grew by 20% between the first quarter of 2020 and 2021. This leads Krim to believe that Casper will achieve adjusted EBITDA profitability in the second half of 2021.
Looking ahead to the rest of 2021, the company predicts revenue will be between $580m and $610m by the end of the year. It also expects the adjusted EBITDA loss to reduce further, to $7m, by the end of the second quarter.