Enjoy Technology, Inc. (ENJY)

Enjoy's inability to raise cash by selling more stock amid a painful bear market means it now must reorganizing its debts in bankruptcy court.

Even though Enjoy has declared bankruptcy, ENJY stock rallied sharply yesterday and is jumping again today. The post Enjoy Technology (ENJY) Stock Skyrockets in Bankruptcy Frenzy appeared first on InvestorPlace.

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Enjoy Technology Inc, a Silicon Valley retailer led by former Apple Inc and JC Penney Co executive Ron Johnson, filed for bankruptcy protection on Thursday, fewer than nine months after going public through a special-purpose acquisition company (SPAC).

Enjoy Technology, a retail startup founded by former Apple and J.C. Penney exec Ron Johnson, filed for Chapter 11 bankruptcy protection on Thursday.

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (“Enjoy” or the “Company”) (NASDAQ: ENJY, ENJYW), a technology-powered service platform reinventing Commerce at Home, today announced the Company’s financial results for the quarter ended March 31, 2022. The Company additionally reported that it had secured interim financing, that its Board of Directors (“the Board”) has initiated a review of strategic alternatives for the Company and that the Company is currently engaged in confidential discussions with potential partners. First Quarter 2022 Results Q1 2022 revenue of $24.0 million Average mobile store count of 778 in North America and Europe in Q1 2022 Q1 2022 mobile store loss of $10.8 million Q1 2022 net loss of $55.2 million and adjusted EBITDA of $(51.5) million Ending cash and cash equivalents balance of $37.3 million as of March 31, 2022 Net cash used in operating activities during Q1 2022 was $47.8 million Strategic Review and Interim Financing Update The Company announced today that its Board of Directors has initiated a review of strategic alternatives, including a potential sale, merger or other strategic transaction, and of the Company’s financing strategy. As previously disclosed in its Form 10-K for the year ended December 31, 2021, the Company has experienced recurring losses from operations and negative cash flows which require that it engage in additional capital raising activities. As previously discussed on its earnings call for the fourth quarter and full year ended December 31, 2021, the Company has been exploring a variety of capital raising options including partner funding, debt financing and equity solutions. The Company has secured interim financing of $10 million from a related party to help fund its operations as it pursues strategic alternatives. The Company’s estimated cash and cash equivalents, which includes the $10 million of related party financing and $6.1 million of customer prepayments against second quarter sales, was $36.1 million as of May 12, 2022. The Company is in discussions with multiple financing sources to attempt to secure additional interim financing that is needed to fund its operations and other liquidity needs. In the absence of additional sources of liquidity, management anticipates that existing cash resources will not be sufficient to meet operating and liquidity needs beyond early June, 2022. There can be no assurances the Company will obtain additional capital in amounts sufficient to fund operations and other liquidity needs. For further details regarding the Company’s review of strategic alternatives, financing strategy, liquidity needs and the risks related thereto, please refer to Enjoy’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed today at www.sec.gov. For further details regarding the terms of the $10 million interim financing, please refer to Enjoy’s Current Report on Form 8-K filed today at www.sec.gov. The Company has retained Centerview Partners as its financial advisor to assist with the strategic review and has also engaged global consulting firm AlixPartners to advise on the Company’s finances during this review period. Enjoy is in the early stages of its strategic review and has not set a timetable for completion of the review process. The Company does not intend to disclose or comment on interim developments except to the extent required by law. There can be no assurance that the process will result in any transaction or strategic change at this time. “We have commenced the strategic evaluation process to ensure we are exploring all potential paths that we hope will maximize the value of the Company for our stakeholders,” said Ron Johnson, CEO of Enjoy. “I’m very proud of our team’s continued hard work serving our customers during this challenging time.” First Quarter Consolidated Summary of Key Performance Metrics (Unaudited) (Dollars in thousands except Daily Mobile Stores amounts) Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Change Total Revenue $ 24,024 $ 19,346 24.2 % North America $ 20,764 $ 15,515 33.8 % Europe $ 3,260 $ 3,831 (14.9 )% Daily Mobile Stores 778 579 34.4 % North America 649 427 52.0 % Europe 129 152 (15.1 )% Daily Revenue Per Mobile Store* $ 343 $ 371 (7.5 )% North America $ 355 $ 404 (12.1 )% Europe $ 281 $ 280 0.4 % Mobile Store Profit/(Loss) $ (10,786 ) $ (4,822 ) (123.7 )% Mobile Store Margin (44.9 )% (24.9 )% (20.0 ) pp Net Income/(Loss) $ (55,245 ) $ (39,466 ) (40.0 )% Adjusted EBITDA $ (51,522 ) $ (34,076 ) (51.2 )% Daily Mobile Store Count Summary (Unaudited) Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Quarterly Average 579 588 592 770 778 North America 427 438 466 650 649 Europe 152 150 126 120 129 Last Month of the Quarter Average 590 595 603 859 798 North America 438 453 477 732 666 Europe 152 142 126 127 132 About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY, ENJYW) is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with some of the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com. Conference Call As a result of today’s announcement, the Company has decided to not host a conference call in connection with this earnings release. Key Performance Metrics Management regularly reviews several metrics, including the following key metrics as noted in the table above, to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. The reasons we believe these key performance metrics are useful to investors are provided below. Daily Mobile Stores: Daily Mobile Stores represent the number of Mobile Stores we operate on a given day. This is calculated by dividing the total number of visit-serving Expert shifts in a given reporting period by the number of calendar days in that period. A visit-serving Expert shift is defined as an Expert that is scheduled to serve consumers on a given day. We believe this is the primary measure of scale and growth of our retail footprint. Daily Revenue Per Mobile Store: Daily Revenue Per Mobile Store is defined as the average daily revenue generated per Daily Mobile Store. This metric is calculated by dividing the revenue generated in a given reporting period by the product of Daily Mobile Stores and the number of days in that given reporting period. We believe growth in Daily Revenue Per Mobile Store is a key driver for increasing the Company’s profitability. Mobile Store Loss and Mobile Store Margin: Mobile Store Loss is a measure prepared in accordance with GAAP and is defined as revenue less cost of revenue. Mobile Store Margin is Mobile Store Loss as a percentage of revenue. We view this metric as an important measure of business performance as it captures Mobile Store profitability and provides comparability across reporting periods. Non-GAAP Financial Measures This release contains information, such as Adjusted EBITDA, which has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”) and should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for or superior to GAAP results. Enjoy’s management believes that Adjusted EBITDA provides relevant and useful information to management and investors to assess its performance to that of prior periods for trend analyses and for budgeting and planning purposes. Adjusted EBITDA is a supplemental measure of Enjoy’s performance that is neither required by nor presented in accordance with GAAP. This measure is limited in its usefulness and should not be considered a substitute for GAAP metrics such as loss from operations, net loss, or any other performance measures derived in accordance with GAAP and may not be comparable to similar measures used by other companies. Adjusted EBITDA is defined as net loss, adjusted for interest expense, provision for income taxes, depreciation and amortization, stock-based compensation, loss on convertible loans, one time transaction-related costs, interest income and other income, net. In addition, Adjusted EBITDA is subject to inherent limitations as it reflects the exercise of judgments by Enjoy’s management about which expense and income are excluded or included in determining this non-GAAP financial measure. In order to compensate for these limitations, Enjoy’s management presents non-GAAP financial measures in connection with GAAP results. For more information regarding the non-GAAP financial measures discussed in this release, please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below. Forward-Looking Statements This release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding Enjoy’s plans for, and timing of, the review of strategic alternatives and any additional financing opportunities, including potentially obtaining additional interim financing which Enjoy believes will be needed to fund operations and other liquidity needs by early June 2022, and the potential need to file a voluntary petition for relief under the United States Bankruptcy Code in order to implement a restructuring plan or liquidation. All statements other than statements of historical fact contained in this release, including statements regarding Enjoy’s future operating results and financial position, business strategy and plans, objectives of management for future operations are forward-looking statements. These statements are based on Enjoy’s current expectations, assumptions, estimates and projections. In some cases, you can identify forward-looking statements by terms such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” or the negative of these terms or other similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including without limitation, risks that our review of strategic alternatives and plans to improve our liquidity and financial position in response to the substantial doubt about our ability to continue as a going concern will not result in a transaction satisfactory to holders of our common stock or any change at all; risks related to our ability to obtain additional financing or capital in amounts sufficient, or on favorable terms, to fund our operations; risks that any future capital raising activities may be limited and may lead to potential dilution to our stockholders; risk that we will not be able to continue as a going concern and holders of our common stock could suffer a total loss of their investment; risks that our pursuit of the additional capital and strategic alternatives will consume a substantial portion of the time and attention of our management and require additional capital resources and may be disruptive to our business; risks related to Enjoy potentially seeking protection under the United States Bankruptcy Code; our history of net losses and our ability to achieve profitability in the future; risks related to the impact of the COVID 19 pandemic on our business, and other factors described in Enjoy’s Annual Report on Form 10-K for the year ended December 31, 2021 and Enjoy’ other filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for Enjoy to predict those events or how they may affect Enjoy. If a change to the events and circumstances reflected in Enjoy’s forward-looking statements occurs, Enjoy’s business, financial condition and operating results may vary materially from those expressed in Enjoy’s forward-looking statements. Except as required by applicable law, Enjoy does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise. Enjoy Technology, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Amounts in thousands, except share and per share amounts) (Unaudited) Three Months Ended March 31, 2022 2021 Revenue $ 24,024 $ 19,346 Operating expenses: Cost of revenue 34,810 24,168 Operations and technology 27,332 19,233 General and administrative 19,680 12,098 Total operating expenses 81,822 55,499 Loss from operations (57,798 ) (36,153 ) Loss on convertible loans — (1,865 ) Interest expense (38 ) (1,407 ) Interest income 2 2 Other income, net 2,623 134 Loss before provision for income taxes (55,211 ) (39,289 ) Provision for income taxes 34 177 Net loss $ (55,245 ) $ (39,466 ) Other comprehensive loss, net of tax Cumulative translation adjustment (202 ) (4 ) Total comprehensive loss $ (55,447 ) $ (39,470 ) Net loss per share, basic and diluted $ (0.46 ) $ (1.81 ) Weighted average shares used in computing net loss per share, basic and diluted 119,795,897 21,757,502 Enjoy Technology, Inc. Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited) March 31, 2022 December 31, 2021 ASSETS Current assets: Cash and cash equivalents $ 37,277 $ 85,836 Restricted cash 1,710 1,710 Accounts receivable, net 5,355 9,977 Prepaid expenses and other current assets 3,251 4,159 Total current assets 47,593 101,682 Property and equipment, net 16,372 15,945 Operating lease right-of-use assets 40,144 — Intangible assets, net 842 867 Other assets 6,660 6,631 Total assets $ 111,611 $ 125,125 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 5,961 $ 6,102 Accrued expenses and other current liabilities 16,420 20,110 Operating lease liabilities, current 14,467 — Total current liabilities 36,848 26,212 Operating lease liabilities, non-current 29,193 — Derivative warrant liabilities 3,915 6,577 Total liabilities 69,956 32,789 STOCKHOLDERS’ EQUITY Common stock 12 12 Additional paid-in capital 738,908 734,142 Accumulated other comprehensive income 522 724 Accumulated deficit (697,787 ) (642,542 ) Total stockholders’ equity 41,655 92,336 Total liabilities and stockholders’ equity $ 111,611 $ 125,125 Enjoy Technology, Inc. Condensed Consolidated Statements of Cash Flows (Amounts in thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Cash flows from operating activities: Net loss $ (55,245 ) $ (39,466 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 1,155 916 Stock-based compensation 5,121 878 Loss on asset disposal 13 — Accretion of debt discount — 289 Non-cash operating lease expense 4,227 — Revaluation of warrants (2,662 ) (26 ) Foreign currency transaction (gain) loss 38 (79 ) Revaluation of convertible debt — 1,865 Changes in operating assets and liabilities: Accounts receivable 4,560 (239 ) Prepaid expenses and other current assets 743 534 Other assets (207 ) (161 ) Operating lease liabilities (4,300 ) — Accounts payable (513 ) (267 ) Accrued expenses and other current liabilities (690 ) 488 Net cash used in operating activities (47,760 ) (35,268 ) Cash flows from investing activities: Purchases of property and equipment (437 ) (537 ) Net cash used in investing activities (437 ) (537 ) Cash flows from financing activities: Proceeds from convertible loan — 200 Proceeds from issuance of redeemable convertible preferred stock — 15,000 Proceeds from issuance of common stock 118 423 Payment of deferred financing costs — (695 ) Tax-related withholding of common stock (473 ) — Net cash (used in) provided by financing activities (355 ) 14,928 Effect of exchange rate on cash, cash equivalents and restricted cash (7 ) (26 ) Net decrease in cash, cash equivalents and restricted cash (48,559 ) (20,903 ) Cash, cash equivalents and restricted cash, beginning of period 87,546 63,946 Cash, cash equivalents and restricted cash, end of period $ 38,987 $ 43,043 Supplemental disclosure of cash flow information: Cash paid for interest $ 38 $ 1,083 Supplemental disclosure of non-cash operating and financing activities: Property and equipment, net included in accounts payable $ 501 $ 91 Property and equipment, net included in accrued expenses and other current liabilities $ 658 $ — Operating lease ROU assets obtained in exchange for lease obligations $ 937 $ — Non-cash interest $ — $ 325 Gain on extinguishment of convertible loan $ — $ 36,782 Deferred transaction costs included in accounts payable $ — $ 1,291 Deferred transaction costs included in accrued expenses and other current liabilities $ — $ 1,030 Enjoy Technology, Inc. Reconciliation of GAAP To Non-GAAP Financial Measures (Amounts in thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Net loss $ (55,245 ) $ (39,466 ) Add back: Interest expense 38 1,407 Provision for income taxes 34 177 Depreciation and amortization 1,155 916 Stock-based compensation 5,121 878 Loss on convertible loans — 1,865 One time transaction-related costs — 283 Deduct: Interest income (2 ) (2 ) Other income, net (2,623 ) (134 ) Adjusted EBITDA $ (51,522 ) $ (34,076 )

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (“Enjoy” or the “Company”) (Nasdaq: ENJY), a technology-powered service platform reinventing Commerce at Home, today announced that it will now report its first quarter 2022 financial results on Monday, May 16, 2022, after the financial markets close. The Company intends to report its first quarter 2022 financial results at the same time as it files the Company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022. The first quarter 2022 financial results and the quarterly report on Form 10-Q for the quarter ended March 31, 2022 will both be made available at investors.enjoy.com, and will be filed on EDGAR at sec.gov. About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY) is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com/.

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (“Enjoy” or the “Company”) (Nasdaq: ENJY), a technology-powered service platform reinventing Commerce at Home, today announced that it has changed the date of its previously announced first quarter 2022 earnings release. The Company will now report its first quarter financial results in an earnings release on Monday, May 16, 2022, before the financial markets open. The quarterly report on Form 10-Q will be filed on EDGAR at sec.gov, and will be available in the Investors section of enjoy.com. About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY) is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com/.

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (Nasdaq: ENJY), a technology-powered service platform reinventing Commerce at Home, today announced that the company will release first quarter 2022 financial results for the period ended March 31, 2022 on Wednesday, May 11, 2022 before the financial markets open. The quarterly financial statements will be made available at investors.enjoy.com, and will be filed on EDGAR at sec.gov. The Company will host a conference call that same day at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to discuss its results and current business initiatives. The call will be accessible by dialing +1 (844) 200-6205 toll-free in the U.S. and +1 (833) 950-0062 in Canada, or +1 (929) 526-1599 for all other locations, access code: 823990. A live audio webcast will also be available at investors.enjoy.com or by clicking this link. A replay of the conference call will be available until May 25, 2022, by dialing +1 (866) 813-9403 toll-free in the U.S. and +1 (226) 828-7578 in Canada or +44 (204) 525-0658 for all other locations, access code: 030985. A replay of the webcast will be available on Enjoy’s investor relations website. About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY) is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com/.

Telsey analyst Dana Telsey downgraded Enjoy Technology Inc (NASDAQ: ENJY) to Market Perform from Outperform and reduced the price target to $4.00 from $6.00, implying a 22% upside. The analyst noted that the visibility of Enjoy's near-term business trends is.

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (“Enjoy” or the “Company”) (NASDAQ: ENJY), a technology-powered service platform reinventing “Commerce at Home,” today announced that Fareed Khan, Chief Financial Officer, has decided to depart the Company to pursue other opportunities, and Cal Hoagland, an experienced CFO, will join Enjoy as Interim Chief Financial Officer. Mr. Khan will remain with Enjoy through the end of April and assist with the transition. Enjoy intends to launch a comprehensive search for a successor. “Fareed has been a valued colleague through a pivotal time in Enjoy’s development and was instrumental as we scaled our business, introduced innovative new services and became a public company,” said Ron Johnson, Enjoy Chief Executive Officer. “Fareed has decided that now is the right time to pursue other opportunities. I am so grateful for Fareed’s many contributions to Enjoy and I wish him the very best in his future endeavors.” Continued Mr. Johnson, “Our team has known Cal for some time and we are pleased he will be supporting Enjoy in this role. He brings decades of CFO experience to this position and I believe his financial acumen, accounting expertise and track record with growth-oriented companies like Enjoy will be strong assets to our team during this transition. We believe we are fortunate to have Cal step into this role and support Enjoy as we execute our plan, deliver results for our partners and continue our growth and expansion.” About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY) is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com/. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements regarding our future financial and operating performance. These statements are based on Enjoy’s current expectations, assumptions, estimates and projections. These statements involve known and unknown risks, uncertainties and other important factors that may cause Enjoy’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current expectations and assumptions regarding Enjoy’s business, the economy and other future conditions. In some cases, you can identify forward-looking statements by terms such as “intend,” “believe,” “expect,” “will,” or the negative of these terms or other similar expressions. Many factors could cause actual future events to differ materially from the forward-looking statements in this letter, including, without limitation, those factors described in Enjoy’s filings with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. New risks and uncertainties arise over time, and it is not possible for Enjoy to predict those events or how they may affect Enjoy. If a change to the events and circumstances reflected in Enjoy’s forward-looking statements occurs, Enjoy’s business, financial condition and operating results may vary materially from those expressed in Enjoy’s forward-looking statements. Except as required by applicable law, Enjoy does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

The company's fourth quarter of 2021 misses on revenue and earnings.

Enjoy Technology Inc. (ENJY) CEO Ron Johnson on Q4 2021 Results - Earnings Call Transcript

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (“Enjoy” or the “Company”) (NASDAQ: ENJY, ENJYW), a technology-powered service platform reinventing “Commerce at Home,” today announced financial results for the fourth quarter and full year ended December 31, 2021 in a shareholder letter from Chief Executive Officer Ron Johnson, available on the Investor Relations section of its website at investors.enjoy.com. As previously announced, the Company will host a conference call today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss its results and current business initiatives. The call will be accessible by dialing +1 (844) 200-6205 toll-free in the U.S. and +1 (833) 950-0062 in Canada, or +1 (929) 526-1599 for all other locations, access code: 701476. A live audio webcast will also be available at investors.enjoy.com or by clicking this link. About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY), is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com/.

PALO ALTO, Calif.--(BUSINESS WIRE)--Enjoy Technology, Inc. (“Enjoy” or the “Company”) (NASDAQ: ENJY, ENJYW), a technology-powered service platform reinventing “Commerce at Home,” today announced financial results for the fourth quarter and full year ended December 31, 2021 in a shareholder letter from Chief Executive Officer Ron Johnson, available on the Investor Relations section of its website at investors.enjoy.com. As previously announced, the Company will host a conference call today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss its results and current business initiatives. The call will be accessible by dialing +1 (844) 200-6205 toll-free in the U.S. and +1 (833) 950-0062 in Canada, or +1 (929) 526-1599 for all other locations, access code: 701476. A live audio webcast will also be available at investors.enjoy.com or by clicking this link. About Enjoy Technology Enjoy Technology, Inc. (Nasdaq: ENJY), is a technology-powered platform reinventing “Commerce at Home” to bring the best of the store directly to the customer. Enjoy has formed multi-year commercial relationships with the world’s leading consumer brands to bring the products, services and subscriptions their customers love through the door directly in the comfort and convenience of their homes. Co-founded by former Apple executive Ron Johnson, Enjoy has pioneered a new retail experience that can do everything a traditional retail experience offers, but better, through its mobile stores. Enjoy currently operates in the United States, Canada and the United Kingdom. Headquartered in Palo Alto, CA, Enjoy is leading the reinvention of “Commerce at Home.” To learn more about Enjoy, please visit: www.enjoy.com/.