Distressed honestbee burned through US$6.3m monthly in H1 2019

EMBATTLED honestbee incurred an unaudited net loss of US$38.1 million in the first half of 2019 while burning through US$6.3 million per month on average, The Business Times understands.

The grocery startup, which is currently seeking court protection from its creditors, suffered an unaudited net loss of US$98.7 million for its full financial year in 2018.

honestbee is understood to be in a negative equity position of US$211.4 million as of end-June, with US$235.8 million in liabilities due within a year. Its tangible assets included US$14.4 million in property, plant and equipment and about US$653,000 in cash. The company has raised at least US$202 million in debt financing since its 2015 founding.