Overstock.com Inc. (OSTK) stock gains by 8.19% in the current market after OSTK has announced it’s first-quarter 2021 financial results.Overstock.com is a Salt Lake City-based online retailer and technology firm. Its top e-commerce platform offers a wide variety of new home items at low prices, like furniture, décor, area rugs, bedding and bath, home renovation, and more.
On April 29, 2021, OSTK has released its first-quarter 2021 financial results that has caused the OSTK stock price to rise. Following are the highlights of the financial results:
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- For the Q1 2021 gross net revenue was $660 million which is an increase of 94% from the previous year.
- The gross profit for Q1 2021 was $154 million, or 23.3% of overall net sales, up 141 basis points from the previous year.
- The income from continuing operations was $26 million, up $40 million from the previous year.
- The diluted earnings per share was $0.56, a rise of $0.90 from the previous year.
- Adjusted EBITDA (non-GAAP) was $34 million, up $40 million from the previous year.
- Operating activities produced $74 million in net cash so far this year, up $76 million from the previous year.
- Year-to-date free cash flow (non-GAAP) increased by $76 million.
- Cash and cash equivalents totaled $535 million at the end of the first quarter.
Overstock completed its blockchain fund transaction with Pelion Venture Partners, a third-party venture capital company with an established reputation of successfully participating in early-stage businesses, on April 23, 2021, ahead of schedule. Pelion Venture Partners will manage Medici Ventures’ blockchain properties. Medici Ventures, Overstock’s wholly-owned blockchain-focused subsidiary, was changed to a limited partnership as part of the agreement (the “Fund”). Overstock is the Fund’s primary limited partner, and Pelion is the Fund’s general partner. Pelion now has exclusive jurisdiction and responsibility for the Fund’s investment decisions, as well as the exercise of all shareholder rights in the portfolio companies.