Blue Apron Holdings reported a loss in its first quarterly report as a public company, as the meal kit delivery service spent heavily on developing its technology to attract more customers.
The company on Thursday reported a net loss of $31.6 million in the second quarter ended June 30, compared with a net income of $5.5 million a year earlier.
On a per-share basis, Blue Apron posted a loss of 47 cents in the latest quarter.
Revenue climbed nearly 18% to $238.1 million.
Blue Apron (APRN) went public on the New York Stock Exchange in late June, but its shares have since languished, falling nearly 40% amid concerns over e-commerce giant Amazon’s recent moves in the grocery and meal-kit segments.
Amazon’s (AMZN) moves include its industry-altering deal to buy upscale grocer Whole Foods Market (WFM) and a trademark it registered last month for a possible meal-kit service.