Peloton is burning through cash and borrowing like crazy to stay afloat
CNN
Peloton's turnaround plan can't happen fast enough: The at-home fitness company continues to lose money — and it's quickly running out of cash.
The once-hot company reported a dismal quarterly financial report Tuesday, with sales tumbling 15% from a year ago. Peloton lost $757 million last quarter.
Peloton (PTON) said it had just $879 million in cash in the bank at the end of the quarter, which has left it "thinly capitalized," CEO Barry McCarthy said. That forced the company to borrow a significant amount of money from Wall Street to keep its operations running.
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