Property and equipment consisted of the following as of March 31, 2026 and 2025 (in thousands):
March 31,
20262025
Computer equipment, software, and domain names$3,039 $4,067 
Warehouse machinery and equipment21,603 18,613 
Furniture and fixtures846 2,415 
Leasehold improvements19,782 19,782 
Construction in process13 153 
Total property and equipment45,283 45,030 
Less: accumulated depreciation(28,100)(23,555)
Property and equipment—net
$17,183 $21,475 
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Historical Timeline

Fiscal YearFiled
2026Jun 10, 2026Showing above
2025Jun 4, 2025
2024Jun 3, 2024
2023Jun 1, 2023
2022May 31, 2022

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.