Bark, Inc.BARK

Bark, Inc. Segments Disclosure

10-KFiled Jun 4, 20252 min read
SEGMENTS
The Company applies ASC 280, Segment Reporting, in determining reportable segments for its financial statement disclosure. The Company operates and manages the business across multiple operating segments which are aggregated based on similar qualitative an economic characteristics into two reportable segments: Direct to Consumer and Commerce. The Direct to Consumer segment derives revenue from the sale of toys & accessories and consumables through BarkBox, Super Chewer, and the Company’s consumables website, Bark.co. The Commerce
segment derives revenue primarily from the sale of individual toys through major retailers and online marketplaces. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. There are no internal revenue transactions between the Company’s segments.
The Company’s Chief Executive Officer is the chief operating decision maker ("CODM") and manages and allocates resources between the Direct to Consumer and Commerce segments. Consistent with this decision-making process, the CODM uses financial information disaggregated between the Direct to Consumer and Commerce segment for purposes of evaluating performance, forecasting future period financial results, allocating resources and setting incentive targets. The CODM evaluates segment business performance based primarily on gross profit. The CODM considers budget-to-actual variances on a monthly basis when making decisions about allocating capital and personnel to the segments and also uses segment gross profit for evaluating product pricing. The Company does not allocate assets at the reportable segment level as these are managed on an entity-wide group basis and, accordingly, the Company does not report asset information by segments. Foreign sales were immaterial for the fiscal years ended March 31, 2025, 2024 and 2023.
All intercompany transactions between the segments have been eliminated.
Segment information is as follows (in thousands):
Fiscal Year Ended March 31
202520242023
Direct to Consumer:
Revenue$415,837 $436,446 $471,994 
Cost of revenue145,011 157,578 186,666 
Gross profit270,826 278,868 285,328 
Commerce:
Revenue68,345 53,738 63,321 
Cost of revenue37,183 30,454 40,534 
Gross profit31,162 23,284 22,787 
Consolidated:
Revenue484,182 490,184 535,315 
Cost of revenue182,194 188,032 227,200 
Gross profit$301,988 $302,152 $308,115 
Reconciliation:
Fiscal Year Ended March 31
202520242023
Total gross profit$301,988 $302,152 $308,115 
Less:
Advertising and marketing expenses83,756 79,282 68,807 
General and administrative expenses253,380 268,390 303,139 
Loss from operations(35,148)(45,520)(63,831)
Less:
Interest income4,926 7,533 1,056 
Interest expense(2,788)(4,351)(5,428)
Other income - net132 5,328 6,684 
Net loss before income taxes$(32,878)$(37,010)$(61,519)

Historical Timeline

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

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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