Peloton’s issues have reached the accounting department.
The company is delaying its annual 10-K filing with the Securities and Exchange Commission as it irons out details related to its ongoing restructuring effort.
- The comprehensive annual filing, which typically contains details not included in a company’s annual report, is required by the SEC within 60 days of the end of a fiscal year.
- Peloton, which ended its fourth quarter on June 30, filed a form with the SEC on Monday explaining that its filing will be late.
- Peloton cited its “recent announcement to exit its last-mile warehouses” and the need to assess its financial reporting related to that move.
- Accounting firm Ernst & Young also needs to complete audits regarding that change.
Peloton’s stock dropped 8.4% on Tuesday and has fallen more than 22% since its fourth-quarter earnings release last week. The beleaguered connected fitness company has lost over 90% of its value in the last 12 months.
Peloton is laying off staff and instituting cost-cutting measures following a Q4 in which its revenue fell 28% year-over-year to $678.7 million.
Since February, Peloton has announced 3,584 job cuts, store closures, and a redesign that will allow customers to assemble its bikes on their own.