Key financial performance measures of the segments including revenue, cost of revenue, and gross profit are as follows (in thousands):


	Three Months Ended June 30,
	2025		2024
Direct to Consumer(1):
Revenue	$	89,176	$	107,059
Cost of revenue	29,431		38,051
Gross profit	59,745		69,008
Commerce:
Revenue	13,685		9,153
Cost of revenue	9,353		4,895
Gross profit	4,332		4,258
Consolidated:
Revenue	102,861		116,212
Cost of revenue	38,784		42,946
Gross profit	$	64,077	$	73,266
(1) Direct to Consumer includes revenue from BARK Air

Reconciliation:


	Three Months Ended June 30,
	2025		2024
Total gross profit	$	64,077	$	73,266
Less:
Advertising and marketing expenses	15,178		20,432
General and administrative expenses	57,252		63,426
Loss from operations	(8,353)		(10,592)
Less:
Interest income	809		1,479
Interest expense	(709)		(711)
Other income - net	1,223		(215)
Net loss before income taxes	$	(7,030)	$	(10,039)