Reorganization costs and other expenses related to SSU’s reverse SPAC merger sent the bottom line deep into the red, with a net loss of €165.0 million ($188.6 mm) in the fiscal first quarter ended Dec. 31 against a loss of €1.4 million prior, as revenues grew 11% to €212.6 million ($243.0 mm) from €192.2 million. Excluding the deal related charges and other items, adjusted EBITDA loss was €11.7 million against income of €9.6 million. Excluding full-bikes, Q1 revenues would have been up 15%, and the tennis and outdoor verticals contributed solid gains, growing 43% and 20%, respectively.

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