Nogin reports Q2 EPS ($1.13), consensus (90c)

Reports Q2 revenue $12.74M, consensus $14.94M. “Our second quarter 2023 results reflect actions taken by our executive management team to build a stronger and more profitable business,” stated Nogin president and CEO Jonathan Huberman. “Upon assuming the CEO position, I saw an excellent franchise and exciting opportunities within both B2C and B2B e-commerce at Nogin. We have built a solid team that has worked with urgency to implement change to enhance our financial model. Lower sales and higher Adjusted EBITDA in our second quarter reflect eliminations and changes to certain business lines and relationships that we had identified as chronic underperformers. We are currently on pace to exceed our original cost reduction targets for this year and beyond, and we anticipate an inflection to Adjusted EBITDA profitability by the end of this year.”