Peloton Interactive (NASDAQ:PTON) has released its financial results for the fourth quarter ended June 30, 2024.
The fitness company reported a modest year-over-year increase in total revenue, reaching $644 million for the quarter, a 0.2% rise driven primarily by a 2.3% growth in subscription revenue.
Amidst the slight revenue increase, the company made significant strides in reducing losses.
During the quarter, the company's GAAP net loss came in at $30 million, a substantial improvement from the $211 million loss recorded in the same period last year.
A standout achievement this quarter was the company's adjusted EBITDA, which rose dramatically to $70 million, showing an increase of $105 million year-over-year and $64 million sequentially.
While Peloton reported a $26 million free cash flow for the quarter, the company's net cash provided by operating activities saw a healthy increase to $33 million, up $21 million sequentially.
One of the quarter's highlights was the launch of the Bike+ rental program in the UK, which has exceeded initial expectations.
After the quarterly earnings announcement, Peloton's share price surged more than 20%, reaching $4.06 in early trading sessions.