Lulu's Fashion Lounge Holdings has formed a special committee of independent directors to evaluate strategic alternatives, including a possible transaction. The announcement came as the company reported second quarter net revenue of $67.8 million, down 17% year-over-year, while gross margin expanded 330 basis points to 48.6%. Adjusted EBITDA was $1 million, up from $0.5 million a year ago, and net loss narrowed to $1.5 million from $3 million. Management reiterated full-year expectations for positive adjusted EBITDA and capital expenditures between $2 million and $2.5 million, and disclosed post-quarter financing initiatives including a credit facility amendment and a new equity line of credit for up to $4.5 million.
Lulu's Fashion Lounge Holdings IncBoard forms special committee to explore strategic alternatives, including a possible transaction, alongside mixed Q2 results and financing initiatives.
