Business Description

Unless otherwise expressly stated or the context otherwise requires, when we refer to “we,” “our,” “us,” “BARK,” or “the Company” in this annual report on Form 10-K, we mean BARK, Inc. and its consolidated subsidiaries. Overview Our mission is to make all dogs happy. We believe that dogs and humans are better together and we aspire to be the world’s favorite dog brand. We are a team of dog-obsessed people committed to delivering personalization at scale by satisfying each dog’s distinct personality, preferences, and needs with the best products and services. Since our founding in 2011, we have happily served millions of dogs and their people. We are an omnichannel brand that designs and develops proprietary products for dogs across two key brands: BarkBox and Super Chewer. All of our products are designed and developed in-house, and are BARK branded. We 3 Table of Contents leverage an ever-growing collection of first-party data, customer insights, and AI to deliver personalized products and experiences tailored to the needs of each and every dog we serve. We sell our products in two segments: Direct-to-Consumer (“DTC”) and Commerce, through our network of retail partners, which currently spans over 50,000 doors nationwide and online marketplaces including Amazon, Chewy and TikTok. We began our journey with a monthly-themed subscription of toys, treats, and chews, tailored to the needs of each customer based on their dog’s size, play style, allergies, and more. By viewing each dog as an individual, and by creating magical experiences for our customers, we have been able to build lasting relationships with millions of dogs and their parents. Our customer service (“Happy Team”) proactively engages around 175,000 customers each month. We use the valuable data from these customer interactions to inform the design and development of future products, and we leverage it along with AI technology to recommend additional products to our customers through cross-selling and Add-to-Box (“ATB”). As a leading U.S. dog toy brand by revenue, we continue to leverage our brand strength to compete in complementary consumable categories, such as treats and chews. These offerings support our core toy business and expand our total addressable market. To optimize profitability, BARK recently narrowed its consumables portfolio by discontinuing certain products, including kibble and dental. We believe this streamlined focus allows us to prioritize our core toy identity while improving operational efficiency and our profitability profile. Our Industry Large, growing, and resilient market for pet products: According to the American Pet Products Association (“APPA”), annual spend on pets in the U.S. was approximately $158 billion in 2025, an increase of 3.7%, compared to 2024. Dogs are the most popular pet in the U.S.: According to the APPA, dogs are the most popular pet in the U.S., with approximately 71 million households--representing 53% of all U.S. households--having a dog as a member of their family. We believe we have an opportunity to significantly expand our customer base, both in the U.S. and globally. Our Segments and Brands We operate two business segments: DTC and commerce. Our DTC and commerce segments drive the majority of our revenues, representing 82.3% and 17.7% of total revenue in fiscal 2026, respectively. BARK remains focused on diversifying its revenue across segments and brands, including BarkBox, Super Chewer, and BARK Air. DTC The majority of our revenue in the toys category is derived from our subscription products that feature monthly themes of premium-quality BarkBox and/or Super Chewer toys and BARK-branded treats and chews that are delivered directly to a dog’s home. Customers have the option to subscribe to these products on a one-month, three-month, six-month, or twelve-month basis. During the life of their subscription, we offer our customers incremental products via ATB, which allows us to cross-sell customers across our full portfolio of products. Commerce We also sell our BarkBox and Super Chewer toys and BARK-branded treats and chews in retail stores and other e-tailers, significantly broadening our customer reach and raising awareness of the BARK brand. BARK products are currently sold in over 50,000 retail doors, including Target, TJ Maxx, Costco, Walmart, and PetSmart. Additionally, we sell our products on other online platforms including Amazon, Chewy and TikTok.…