Rent The Runway, Inc. ( RENT ) shares are skyrocketing in the premarket session on Thursday.

Yesterday, after the closing bell, the firm reported its fourth-quarter financial results, where the company registered quarterly losses of $(7.02) per share, which missed the analyst consensus estimate of a loss of $(6.53) by 7.5%.

Read More: Rent The Runway Stock Soars On Mixed Q4 Results

Gross Profit was $29.9 million, representing a decrease of 10.2% year over year. Gross margin contracted to 39.4% from 44.2% in the year-ago period.

Quarterly sales clocked in at $75.8 million, which beat the analyst consensus estimate of $74.1 million. 

The quarterly adjusted EBITDA jumped to $11.2 million from $7.1 million. Adjusted EBITDA margin expanded to 14.8% from 9.4% a year ago.

As of January 31, 2024, cash and cash equivalents was $84.0 million.

Rent the Runway ( RENT ) sees first-quarter revenue between $73 million and $75 million (consensus $74.95 million).

The company expects fiscal year 2024 revenue growth of between 1% and 6% compared to fiscal year 2023.

According to Benzinga Pro, RENT stock has lost over 88% in the past year. 

Price Action: RENT shares are trading higher by 33.8% to $9.90 premarket on the last check Thursday.