0001130713-26-000038 | 10-Q | XBRL Viewer

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BORROWINGS (Details) - BMO bank - Line of Credit - Revolving Credit Facility - USD ($)	1 Months Ended
	Oct. 31, 2024	Mar. 31, 2026
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000.0
Debt instrument, term	1 year
Debt instrument, interest period	1 month
Debt instrument, basis spread on variable rate	1.00%
Letters of credit outstanding		$ 9,500,000
Line of credit outstanding		$ 15,500,000

FAIR VALUE MEASUREMENT

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

3. FAIR VALUE MEASUREMENT

The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands):


	Fair Value Measurements at March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	22,920	$	22,920	$	—	$	—
Equity securities, at fair value	25,382		8,307		—		17,075
Available-for-sale debt securities (1)	24,786		—		—		24,786
Debt securities, at fair value (1)	44,157		—		44,157		—

Total assets	$	117,245	$	31,227	$	44,157	$	41,861


	Fair Value Measurements at December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	22,717	$	22,717	$	—	$	—
Equity securities, at fair value	26,903		9,828		—		17,075
Available-for-sale debt securities (1)	18,417		—		—		18,417
Debt securities, at fair value (1)	23,977		—		23,977		—

Total assets	$	92,014	$	32,545	$	23,977	$	35,492
Liabilities:
Loan commitments, at fair value (2)	$	2,766	$	—	$	—	$	2,766

Total liabilities	$	2,766	$	—	$	—	$	2,766

___________________________________________

(1) Included in Other long-term assets, net in the consolidated balance sheets.

(2) Included in Other long-term liabilities in the consolidated balance sheets.

The following table provides activity for the Company's Level 3 investments (in thousands):


	Amount
Level 3 investments at December 31, 2024	$	47,439
Increase due to purchases of Level 3 investments	16,266
Transfers out of Level 3 investments	(20,046)
Decrease in fair value of Level 3 investments	(8,711)
Accrued interest on Level 3 investments	544
Level 3 investments at December 31, 2025	35,492
Increase due to purchases of Level 3 investments	6,168


Accrued interest, net on Level 3 investments	201
Level 3 investments at March 31, 2026	$	41,861

The following table provides activity for the Company's Level 3 liabilities (in thousands):


	Amount
Level 3 liabilities at December 31, 2024	$	—
Fair value of Level 3 liabilities assumed	2,766
Level 3 liabilities at December 31, 2025	2,766
Derecognition of Level 3 liabilities assumed	(2,766)
Level 3 liabilities at March 31, 2026	$	—

During the three months ended March 31, 2026, an additional $20.0 million was drawn under the Delayed Draw Term Loan Commitments, which resulted in the derecognition of the loan commitment as all available balance had been drawn.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company has prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been omitted in accordance with the rules and regulations of the SEC. These financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to the Company's significant accounting policies disclosed in Note 2—Accounting Policies and Supplemental Disclosures, included in Part II, Item 8, Financial Statements and Supplementary Data, of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, except as disclosed below. The accompanying unaudited consolidated financial statements include the Company's accounts and the accounts of the Company's wholly-owned subsidiaries and other subsidiaries for which the Company exercises control, and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the Company's opinion, necessary for a fair presentation of results for the interim periods presented. All intercompany account balances and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for any future period or the full fiscal year, due to seasonality and other factors. Use of estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the Company's consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, receivables valuation, revenue recognition, loyalty program reward point and gift card breakage, sales returns, inventory valuation, asset useful lives, equity and debt securities valuation, income taxes, stock-based compensation, performance-based compensation, self-funded health insurance liabilities, and contingencies. Although these estimates are based on the Company's best knowledge of current events and actions that the Company may undertake in the future, the accounting of these estimates may change from period to period. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected. Debt securities carried at fair value On May 7, 2025, the Company entered into an Amended and Restated Term Loan Credit Agreement (the "Amended and Restated Credit Agreement"), which amended and restated the secured Term Loan Credit Agreement ("Existing Credit Agreement") entered on October 21, 2024 and pursuant to which the Company provided The Brand House Collective, Inc. (formerly known as Kirkland's Inc.) ("The Brand House Collective") with an additional term loan in an approximate aggregate original principal amount of $5.2 million (the "Additional Term Loan") and obligations arising under the Existing Credit Agreement in the aggregate amount of $8.5 million were rolled into the Amended and Restated Credit Agreement as obligations thereunder (collectively, the "Notes"). On September 15, 2025, the Company entered into Amendment No. 1 to the Amended and Restated Credit Agreement (such amendment, the "First Amendment"). Pursuant to the terms of the First Amendment, new delayed-draw term loan commitments in an aggregate original principal amount of $20.0 million (the "Delayed Draw Term Loan Commitments") were established. On November 24, 2025, the Company entered into Amendment No. 2 to the Amended and Restated Credit Agreement (such amendment, the "Second Amendment" and the Amended and Restated Credit Agreement, as amended by the First Amendment and the Second Amendment, the "Amended Credit Agreement") pursuant to which the Company agreed to increase the Delayed Draw Term Loan Commitments by $10.0 million, to an aggregated principal amount of $30.0 million. As of March 31, 2026, an aggregate of $30.0 million had been drawn under the Delayed Draw Term Loan Commitments (the "Delayed Draw Notes"). In connection with the TBHC Merger (as defined below), The Brand House Collective's senior lender, Bank of America, N.A. entered into a consent to the TBHC Merger (the "BoA Consent"). The terms of the BoA Consent render inapplicable the previously-disclosed (i) limitations on the Company's ownership of The Brand House Collective stock and (ii) Amended Credit Agreement provisions whereby the Company may convert into equity the obligations owing to the Company pursuant to the Notes. The Company has elected to present the Notes and Delayed Draw Notes at fair value, which totaled $44.2 million and $24.0 million at March 31, 2026 and December 31, 2025, respectively. The balance of the Notes and Delayed Draw Notes are included in Other long-term assets, net on the Company's consolidated balance sheets. Noncontrolling interests In April 2025, the Company's controlled subsidiary, Commercial Strategies, Inc. ("Commercial Strategies"), launched a crowdfunding offering (the "token offering") of the right to acquire a tokenized digital security linked to Overstock intellectual property and eligible for future dividends, if any, from the licensing revenue that Commercial Strategies earns from the Overstock intellectual property. The token offering closed on May 16, 2025, and Commercial Strategies issued the tokenized digital security in the form of Series A Preferred Stock. The holders of the preferred shares will be entitled to receive, out of funds and assets legally available for such purpose, an annual dividend that is derived from the royalty fee paid by Bed Bath & Beyond, Inc. to Commercial Strategies for licensing of the Overstock intellectual property. The holders of the preferred stock have no voting rights. In May 2025, the Company's controlled subsidiary, Zion Peaks, Inc. ("Zion Peaks"), launched a crowdfunding offering (the "token offering") of the right to acquire a tokenized digital security linked to buybuy BABY intellectual property and eligible for future dividends, if any, from the licensing revenue that Zion Peaks earns from the buybuy BABY intellectual property. The token offering closed on August 11, 2025, and Zion Peaks issued the tokenized digital security in the form of Series A Preferred Stock. The holders of the preferred shares will be entitled to receive, out of funds and assets legally available for such purpose, an annual dividend that is derived from the royalty fee paid by Bed Bath & Beyond, Inc. to Zion Peaks for licensing of the buybuy BABY intellectual property. As a result of these transactions in the second and third quarters of 2025, the Company recognized the amounts of contributions attributable to the noncontrolling interests on the Company's consolidated balance sheets. At March 31, 2026 and December 31, 2025, the Company's equity attributable to noncontrolling interests totaled $0.4 million for both periods presented. For the three months ended March 31, 2026 and 2025, there was no activity attributable to noncontrolling interests. Recently issued accounting standards In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose disaggregated information about certain income statement line items in the notes to the financial statements. For public entities, ASU 2024-03 is required to be adopted for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU will result in the Company including the additional required disclosures when adopted and does not otherwise have a material impact on the Company's consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software, which clarified and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages throughout Subtopic 350-40 and clarify the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. This ASU will result in the Company adopting the new threshold to apply to begin capitalizing costs and does not otherwise have a material impact on the Company's consolidated financial statements.

NET LOSS PER SHARE - Income & Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss attributable to common stockholders	$ (16,398)	$ (39,912)
Denominator:
Basic (in shares)	69,049,000	53,661,000
Diluted (in shares)	69,049,000	53,661,000
Net loss per share of common stock:
Basic (in dollars per share)	$ (0.24)	$ (0.74)
Diluted (in dollars per share)	$ (0.24)	$ (0.74)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

LEASES - Narrative (Details)	Mar. 31, 2026
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	7 years

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

8. LEASES

The Company has operating leases for office space and a data center. The Company's leases have remaining lease terms of one year to seven years, some of which may include options to extend the leases perpetually, and some of which may include options to terminate the leases within one year. Variable lease costs include executory costs, such as taxes, insurance, and maintenance.

The components of lease expenses were as follows (in thousands):


	Three months ended March 31,
	2026		2025
Operating lease cost	$	318	$	912

Variable lease cost	12		309

The following table provides a summary of other information related to leases (in thousands):


	Three months ended March 31,
	2026		2025

Cash payments included in operating cash flows from lease arrangements	$	321	$	851

The following table provides supplemental balance sheet information related to leases:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term—operating leases	6.63 years		6.76 years
Weighted-average discount rate—operating leases	7	%	7	%

Maturity of lease liabilities under non-cancellable operating leases as of March 31, 2026, are as follows (in thousands):


Payments due by period	Amount
2026 (Remainder)	$	961
2027	1,148
2028	1,099
2029	1,132
2030	1,040
Thereafter	2,457
Total lease payments	7,837
Less interest	1,487
Present value of lease liabilities	$	6,350

FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis using the following levels of inputs (in thousands):


	Fair Value Measurements at March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	22,920	$	22,920	$	—	$	—
Equity securities, at fair value	25,382		8,307		—		17,075
Available-for-sale debt securities (1)	24,786		—		—		24,786
Debt securities, at fair value (1)	44,157		—		44,157		—

Total assets	$	117,245	$	31,227	$	44,157	$	41,861


	Fair Value Measurements at December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents—Money market funds	$	22,717	$	22,717	$	—	$	—
Equity securities, at fair value	26,903		9,828		—		17,075
Available-for-sale debt securities (1)	18,417		—		—		18,417
Debt securities, at fair value (1)	23,977		—		23,977		—

Total assets	$	92,014	$	32,545	$	23,977	$	35,492
Liabilities:
Loan commitments, at fair value (2)	$	2,766	$	—	$	—	$	2,766

Total liabilities	$	2,766	$	—	$	—	$	2,766

___________________________________________

(1) Included in Other long-term assets, net in the consolidated balance sheets.

(2) Included in Other long-term liabilities in the consolidated balance sheets.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides activity for the Company's Level 3 investments (in thousands):


	Amount
Level 3 investments at December 31, 2024	$	47,439
Increase due to purchases of Level 3 investments	16,266
Transfers out of Level 3 investments	(20,046)
Decrease in fair value of Level 3 investments	(8,711)
Accrued interest on Level 3 investments	544
Level 3 investments at December 31, 2025	35,492
Increase due to purchases of Level 3 investments	6,168


Accrued interest, net on Level 3 investments	201
Level 3 investments at March 31, 2026	$	41,861

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides activity for the Company's Level 3 liabilities (in thousands):


	Amount
Level 3 liabilities at December 31, 2024	$	—
Fair value of Level 3 liabilities assumed	2,766
Level 3 liabilities at December 31, 2025	2,766
Derecognition of Level 3 liabilities assumed	(2,766)
Level 3 liabilities at March 31, 2026	$	—

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

STOCK-BASED AWARDS (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock Based Compensation

Stock-based compensation expense is classified within the corresponding operating expense categories on the consolidated statements of operations as follows (in thousands):


	Three months ended March 31,
	2026		2025
Cost of goods sold	$	—	$	1
Sales and marketing	70		103
Technology	354		57
General and administrative	1,108		933
Customer service and merchant fees	1		—
Total stock-based compensation	$	1,533	$	1,094

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes restricted stock unit and PSU award activity (in thousands, except per share data):


	Three months ended March 31, 2026
	Units	Weighted Average Grant Date Fair Value
Outstanding—beginning of year	3,037	$	8.21
Granted at fair value	219	4.87
Vested	(620)	9.65
Forfeited	(498)	8.59
Outstanding—end of period	2,138	$	7.27

Share-Based Payment Arrangement, Option, Activity

The following table summarizes Share Options award activity for the three months ended March 31, 2026 (in thousands, except fair value data and remaining contractual term):


	Units	Weighted Average Exercise Price Per Share		Weighted Average Contractual Term Remaining (Years)	Aggregate Intrinsic Value
Outstanding—beginning of year	2,250	$	53.33
Granted at fair value	—	—
Vested	—	—
Forfeited	(500)	45.00
Outstanding—end of period	1,750	$	55.71	1.46	$	—
Vested and expected to vest as of March 31, 2026	1,750	$	55.71	1.46	$	—
Vested and exercisable as of March 31, 2026	—	$	—	—	$	—

EQUITY SECURITIES - Summary Of Equity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Equity securities accounted for under the equity method under ASC 323	$ 38,854	$ 39,738
Equity securities accounted for under the fair value option	25,382	26,903
Total equity securities	$ 64,236	$ 66,641

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

FAIR VALUE MEASUREMENT - Assets and Liabilities Measured At Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Cash equivalents—Money market funds	$ 22,920	$ 22,717
Equity securities, at fair value	25,382	26,903
Available-for-sale debt securities	24,786	18,417
Debt securities, at fair value	44,157	23,977
Total assets	117,245	92,014
Liabilities:
Loan commitments, at fair value	0	2,766
Total liabilities		2,766
Level 1
Assets:
Cash equivalents—Money market funds	22,920	22,717
Equity securities, at fair value	8,307	9,828
Available-for-sale debt securities	0	0
Debt securities, at fair value	0	0
Total assets	31,227	32,545
Liabilities:
Loan commitments, at fair value		0
Total liabilities		0
Level 2
Assets:
Cash equivalents—Money market funds	0	0
Equity securities, at fair value	0	0
Available-for-sale debt securities	0	0
Debt securities, at fair value	44,157	23,977
Total assets	44,157	23,977
Liabilities:
Loan commitments, at fair value		0
Total liabilities		0
Level 3
Assets:
Cash equivalents—Money market funds	0	0
Equity securities, at fair value	17,075	17,075
Available-for-sale debt securities	24,786	18,417
Debt securities, at fair value	0	0
Total assets	$ 41,861	35,492
Liabilities:
Loan commitments, at fair value		2,766
Total liabilities		$ 2,766

PROPERTY AND EQUIPMENT, NET - Capitalized Software & Website Development (Details) - Software Development - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Capitalized internal-use software and website development	$ 1,373	$ 1,348
Depreciation of internal-use software and website development	$ 2,722	$ 3,389

FAIR VALUE MEASUREMENT - Level 3 Liability Activity (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability, beginning balance	$ 2,766	$ 0
Fair value of Level 3 liabilities assumed		2,766
Derecognition of Level 3 liabilities assumed	(2,766)
Liability, ending balance	$ 0	$ 2,766

FAIR VALUE MEASUREMENT - Level 3 Investment Activity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Transfers out of Level 3 investments		$ (20,046)
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 35,492	47,439
Increase due to purchases of Level 3 investments	6,168	16,266
Decrease in fair value of Level 3 investments		(8,711)
Accrued interest, net on Level 3 investments	201	544
Ending balance	$ 41,861	$ 35,492

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net [Abstract]

PROPERTY AND EQUIPMENT, NET

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Computer hardware and software, including internal-use software and website development	$	187,407	$	186,022


Furniture and equipment	1,731		1,630


Leasehold improvements	1,140		1,159

	190,278		188,811
Less: accumulated depreciation	(177,692)		(175,099)
Total property and equipment, net	$	12,586	$	13,712

Capitalized costs associated with internal-use software and website development, both developed internally and acquired externally, and depreciation of costs for the same periods associated with internal-use software and website development consist of the following (in thousands):


	Three months ended March 31,
	2026		2025
Capitalized internal-use software and website development	$	1,373	$	1,348
Depreciation of internal-use software and website development	2,722		3,389

Depreciation expense is classified within the corresponding operating expense categories on the consolidated statements of operations as follows (in thousands):


	Three months ended March 31,
	2026		2025
Cost of goods sold	$	—	$	73
Technology	2,953		4,463

General and administrative	89		89
Total depreciation	$	3,042	$	4,625

NET LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated (in thousands, except per share data):


	Three months ended March 31,
	2026		2025
Numerator:










Net loss attributable to common stockholders	$	(16,398)	$	(39,912)

Denominator:
Weighted average shares of common stock outstanding—basic	69,049		53,661


Weighted average shares of common stock outstanding—diluted	69,049		53,661








Net loss per share of common stock:
Basic	$	(0.24)	$	(0.74)
Diluted	$	(0.24)	$	(0.74)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands):


	Three months ended March 31,
	2026	2025
Restricted stock units, PSUs, and Share Options	3,091	2,579
Employee Stock Purchase Plan	211	405
Warrants	6,884	—

PROPERTY AND EQUIPMENT, NET - Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Total depreciation	$ 3,042	$ 4,625
Cost of goods sold
Property, Plant and Equipment [Line Items]
Total depreciation	0	73
Technology
Property, Plant and Equipment [Line Items]
Total depreciation	2,953	4,463
General and administrative
Property, Plant and Equipment [Line Items]
Total depreciation	$ 89	$ 89

EQUITY SECURITIES - Net Gain (Loss) Recognized On Equity Method Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Net gain (loss) recognized on our proportionate share of the net assets of our equity method securities	$ (884)	$ (4,205)
Increase (decrease) in fair value of equity method securities held under fair value option	$ (1,521)	$ (12,868)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Components of Lease Costs and Other Operating Lease Information

The components of lease expenses were as follows (in thousands):


	Three months ended March 31,
	2026		2025
Operating lease cost	$	318	$	912

Variable lease cost	12		309

Other Lease Information

The following table provides a summary of other information related to leases (in thousands):


	Three months ended March 31,
	2026		2025

Cash payments included in operating cash flows from lease arrangements	$	321	$	851

Leases, Additional Financial Information

The following table provides supplemental balance sheet information related to leases:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term—operating leases	6.63 years		6.76 years
Weighted-average discount rate—operating leases	7	%	7	%

Lessee, Operating Lease, Liability, to be Paid, Maturity

Maturity of lease liabilities under non-cancellable operating leases as of March 31, 2026, are as follows (in thousands):


Payments due by period	Amount
2026 (Remainder)	$	961
2027	1,148
2028	1,099
2029	1,132
2030	1,040
Thereafter	2,457
Total lease payments	7,837
Less interest	1,487
Present value of lease liabilities	$	6,350

REVENUE AND CONTRACT LIABILITY - Sales Returns Allowance (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 7,722	$ 9,526
Additions to the allowance	18,647	87,835
Deductions from the allowance	(20,327)	(89,639)
Ending balance	$ 6,042	$ 7,722

BUSINESS SEGMENTS - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net revenue	$ 247,755	$ 231,748
Cost of goods sold	188,557	173,616
Sales and marketing	32,310	31,290
Technology	21,214	26,718
General and administrative	14,863	14,314
Customer service and merchant fees	9,018	9,357
Operating loss	(18,207)	(23,211)
Reportable Segment
Segment Reporting Information [Line Items]
Net revenue	247,755	231,748
Cost of goods sold	188,557	173,432
Sales and marketing	32,223	31,107
Technology	17,113	19,836
General and administrative	8,705	11,249
Customer service and merchant fees	9,017	9,357
Other segment items	10,347	9,978
Operating loss	$ (18,207)	$ (23,211)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The Company has prepared the accompanying unaudited consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("GAAP") have been omitted in accordance with the rules and regulations of the SEC. These financial statements should be read in conjunction with the audited annual consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to the Company's significant accounting policies disclosed in Note 2—Accounting Policies and Supplemental Disclosures, included in Part II, Item 8, Financial Statements and Supplementary Data, of the Company's Annual Report on Form 10-K for the year ended December 31, 2025, except as disclosed below. The accompanying unaudited consolidated financial statements include the Company's accounts and the accounts of the Company's wholly-owned subsidiaries and other subsidiaries for which the Company exercises control, and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the Company's opinion, necessary for a fair presentation of results for the interim periods presented. All intercompany account balances and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for any future period or the full fiscal year, due to seasonality and other factors.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent liabilities in the Company's consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, receivables valuation, revenue recognition, loyalty program reward point and gift card breakage, sales returns, inventory valuation, asset useful lives, equity and debt securities valuation, income taxes, stock-based compensation, performance-based compensation, self-funded health insurance liabilities, and contingencies. Although these estimates are based on the Company's best knowledge of current events and actions that the Company may undertake in the future, the accounting of these estimates may change from period to period. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected.
Debt securities carried at fair value	Debt securities carried at fair value On May 7, 2025, the Company entered into an Amended and Restated Term Loan Credit Agreement (the "Amended and Restated Credit Agreement"), which amended and restated the secured Term Loan Credit Agreement ("Existing Credit Agreement") entered on October 21, 2024 and pursuant to which the Company provided The Brand House Collective, Inc. (formerly known as Kirkland's Inc.) ("The Brand House Collective") with an additional term loan in an approximate aggregate original principal amount of $5.2 million (the "Additional Term Loan") and obligations arising under the Existing Credit Agreement in the aggregate amount of $8.5 million were rolled into the Amended and Restated Credit Agreement as obligations thereunder (collectively, the "Notes"). On September 15, 2025, the Company entered into Amendment No. 1 to the Amended and Restated Credit Agreement (such amendment, the "First Amendment"). Pursuant to the terms of the First Amendment, new delayed-draw term loan commitments in an aggregate original principal amount of $20.0 million (the "Delayed Draw Term Loan Commitments") were established. On November 24, 2025, the Company entered into Amendment No. 2 to the Amended and Restated Credit Agreement (such amendment, the "Second Amendment" and the Amended and Restated Credit Agreement, as amended by the First Amendment and the Second Amendment, the "Amended Credit Agreement") pursuant to which the Company agreed to increase the Delayed Draw Term Loan Commitments by $10.0 million, to an aggregated principal amount of $30.0 million. As of March 31, 2026, an aggregate of $30.0 million had been drawn under the Delayed Draw Term Loan Commitments (the "Delayed Draw Notes"). In connection with the TBHC Merger (as defined below), The Brand House Collective's senior lender, Bank of America, N.A. entered into a consent to the TBHC Merger (the "BoA Consent"). The terms of the BoA Consent render inapplicable the previously-disclosed (i) limitations on the Company's ownership of The Brand House Collective stock and (ii) Amended Credit Agreement provisions whereby the Company may convert into equity the obligations owing to the Company pursuant to the Notes. The Company has elected to present the Notes and Delayed Draw Notes at fair value, which totaled $44.2 million and $24.0 million at March 31, 2026 and December 31, 2025, respectively. The balance of the Notes and Delayed Draw Notes are included in Other long-term assets, net on the Company's consolidated balance sheets.
Recently issued accounting standards	Recently issued accounting standards In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires public entities to disclose disaggregated information about certain income statement line items in the notes to the financial statements. For public entities, ASU 2024-03 is required to be adopted for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. This ASU will result in the Company including the additional required disclosures when adopted and does not otherwise have a material impact on the Company's consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40), Targeted Improvements to the Accounting for Internal-Use Software, which clarified and modernizes the accounting for costs related to internal-use software. The amendments in ASU 2025-06 remove all references to project stages throughout Subtopic 350-40 and clarify the threshold entities apply to begin capitalizing costs. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. This ASU will result in the Company adopting the new threshold to apply to begin capitalizing costs and does not otherwise have a material impact on the Company's consolidated financial statements.
Noncontrolling interests	Noncontrolling interests In April 2025, the Company's controlled subsidiary, Commercial Strategies, Inc. ("Commercial Strategies"), launched a crowdfunding offering (the "token offering") of the right to acquire a tokenized digital security linked to Overstock intellectual property and eligible for future dividends, if any, from the licensing revenue that Commercial Strategies earns from the Overstock intellectual property. The token offering closed on May 16, 2025, and Commercial Strategies issued the tokenized digital security in the form of Series A Preferred Stock. The holders of the preferred shares will be entitled to receive, out of funds and assets legally available for such purpose, an annual dividend that is derived from the royalty fee paid by Bed Bath & Beyond, Inc. to Commercial Strategies for licensing of the Overstock intellectual property. The holders of the preferred stock have no voting rights. In May 2025, the Company's controlled subsidiary, Zion Peaks, Inc. ("Zion Peaks"), launched a crowdfunding offering (the "token offering") of the right to acquire a tokenized digital security linked to buybuy BABY intellectual property and eligible for future dividends, if any, from the licensing revenue that Zion Peaks earns from the buybuy BABY intellectual property. The token offering closed on August 11, 2025, and Zion Peaks issued the tokenized digital security in the form of Series A Preferred Stock. The holders of the preferred shares will be entitled to receive, out of funds and assets legally available for such purpose, an annual dividend that is derived from the royalty fee paid by Bed Bath & Beyond, Inc. to Zion Peaks for licensing of the buybuy BABY intellectual property. As a result of these transactions in the second and third quarters of 2025, the Company recognized the amounts of contributions attributable to the noncontrolling interests on the Company's consolidated balance sheets. At March 31, 2026 and December 31, 2025, the Company's equity attributable to noncontrolling interests totaled $0.4 million for both periods presented. For the three months ended March 31, 2026 and 2025, there was no activity attributable to noncontrolling interests.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 6
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 190,278	$ 188,811
Less: accumulated depreciation	(177,692)	(175,099)
Total property and equipment, net	12,586	13,712
Computer hardware and software, including internal-use software and website development
Property, Plant and Equipment [Line Items]
Property and equipment, gross	187,407	186,022
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,731	1,630
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,140	$ 1,159

NET LOSS PER SHARE - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restricted stock units, PSUs, and Share Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	3,091	2,579
Employee Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	211	405
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	6,884	0

LEASES - Other Information Related To Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash payments included in operating cash flows from lease arrangements	$ 321	$ 851

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2026
Equity [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS' EQUITY Common Stock Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends declared by the Board of Directors out of funds legally available, subject to prior rights of holders of all classes of stock outstanding having priority rights as to dividends. JonesTrading Sales Agreement The Company entered into a Capital on DemandTM Sales Agreement (the "Sales Agreement") dated June 10, 2024 with JonesTrading Institutional Services LLC ("JonesTrading"), under which the Company has conducted and may in the future conduct "at the market" public offerings of its common stock. Under the Sales Agreement, JonesTrading, acting as the Company's sales agent or principal, may offer the Company's common stock in the market on a daily basis or otherwise as the Company requests from time to time. The Company has no obligation to sell shares under the Sales Agreement, but it may do so from time to time. For the three months ended March 31, 2026, the Company did not sell any shares of its common stock pursuant to the Sales Agreement. For the three months ended March 31, 2025, the Company sold 3,486,895 shares of its common stock pursuant to the Sales Agreement and has recognized $19.5 million in proceeds, net of $0.4 million of offering costs, including commissions paid to JonesTrading. As of March 31, 2026, the Company had $16.0 million remaining available under its "at the market" sales program. Warrants On September 22, 2025, the Company announced that its Board of Directors had declared a warrant dividend distribution (the "Warrant Distribution") to the record holders of the Company's common stock (the "Common Stock"), in the form of warrants to purchase Common Stock (the "Warrants"). Holders of Common Stock at the close of business on October 2, 2025 (the "Record Date") received one warrant for each ten shares of Common Stock then owned, rounded down to the nearest whole number. The Warrants were distributed to holders of Common Stock on the terms and conditions described in the Warrant Agreement, dated as of October 7, 2025, between the Company, Computershare, Inc., a Delaware corporation, and its affiliate, Computershare Trust Company, N.A., as Warrant Agent. The Warrants have a cash exercise price of $15.50, and will expire on October 7, 2026, unless the Early Expiration Price Condition (as defined in the Warrant Agreement) is met. For the three months ended March 31, 2026, 163 warrants were exercised. As of March 31, 2026, 6.9 million Warrants remained outstanding.

- Definition

The entire disclosure for equity.

+ References

+ Details

EQUITY SECURITIES - Equity Securities accounted for Under Equity Method and Related Ownership Interest (Details)	3 Months Ended
	Mar. 31, 2026
tZERO Group, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	26.00%
The Brand House Collective, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	40.00%
Zulily Newco
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	25.00%
Medici Ventures, L.P.
Schedule of Equity Method Investments [Line Items]
Limited partner, ownership interest	99.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

STOCK-BASED AWARDS - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) $ / shares shares
Units
Outstanding-beginning of year (in shares) \| shares	2,250
Options granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(500)
Outstanding-end of period (in shares) \| shares	1,750
Vested and expected to vest (in shares) \| shares	1,750
Vested and exercisable (in shares) \| shares	0
Weighted Average Exercise Price Per Share
Outstanding, beginning of year (in shares) \| $ / shares	$ 53.33
Granted at fair value (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	45.00
Outstanding, end of year (in shares) \| $ / shares	55.71
Vested and expected to vest (in dollars per share) \| $ / shares	55.71
Exercise price (in dollars per share) \| $ / shares	$ 0
Additional Disclosures
Outstanding, weighted average contractual term remaining	1 year 5 months 15 days
Vested and expected to vest, weighted average contractual term remaining	1 year 5 months 15 days
Outstanding, intrinsic value \| $	$ 0
Vested and expected to vest, intrinsic value \| $	0
Vested and exercisable, intrinsic value \| $	$ 0

STOCKHOLDERS' EQUITY - Common Stock (Details)	Mar. 31, 2026 vote
Equity [Abstract]
Common stock, number of votes	1

STOCK-BASED AWARDS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Stock-Based Awards
Options granted (in shares)	0
Stock issued during period, employee stock purchase plan (in shares)	67,219	90,921
Average price per share (in dollars per share)	$ 4.53	$ 5.43
Restricted Stock Units (RSUs) \| Minimum
Stock-Based Awards
Vesting period	3 years
Restricted Stock Units (RSUs) \| Maximum
Stock-Based Awards
Vesting period	4 years
Performance Shares
Stock-Based Awards
Employee benefits and share-based compensation expense (credit)	$ (600)	$ (2,100)
Performance Shares \| First year
Stock-Based Awards
Award vesting percent	33.30%
Performance Shares \| Second year
Stock-Based Awards
Award vesting percent	33.30%
Performance Shares \| Third year
Stock-Based Awards
Award vesting percent	33.30%
Performance Share Options
Stock-Based Awards
Employee benefits and share-based compensation expense (credit)	$ 600	1,000
Employee Stock
Stock-Based Awards
Employee benefits and share-based compensation expense (credit)	$ 200	$ 200
Number of shares available under plan (in shares)	2,500,000

LEASES - Operating Lease Maturities and Future Minimum Payments (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity
2026 (Remainder)	$ 961
2027	1,148
2028	1,099
2029	1,132
2030	1,040
Thereafter	2,457
Total lease payments	7,837
Less interest	1,487
Present value of lease liabilities	$ 6,350

INDEMNIFICATIONS AND GUARANTEES	3 Months Ended
INDEMNIFICATIONS AND GUARANTEES	Mar. 31, 2026
Guarantees and Product Warranties [Abstract]
INDEMNIFICATIONS AND GUARANTEES	10. INDEMNIFICATIONS AND GUARANTEES During the normal course of business, the Company has made certain indemnities, commitments, and guarantees under which the Company may be required to make payments in relation to certain transactions. These indemnities include, but are not limited to, indemnities to various lessors in connection with facility leases for certain claims arising from such facility or lease, the environmental indemnity the Company entered into in favor of the lenders under its prior loan agreements, customary indemnification arrangements in underwriting agreements and similar agreements, and indemnities to its directors and officers to the maximum extent permitted under the laws of the State of Delaware. The duration of these indemnities, commitments, and guarantees varies, and in certain cases, is indefinite. In addition, the majority of these indemnities, commitments, and guarantees do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. As such, the Company is unable to estimate with any reasonableness its potential exposure under these items. The Company has not recorded any liability for these indemnities, commitments, and guarantees in the accompanying consolidated balance sheets. The Company does, however, accrue losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is both probable and reasonably estimable.

- Definition

The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Paragraph 4
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-URI https://asc.fasb.org/460/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 24, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41850
Entity Registrant Name	BED BATH & BEYOND, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0634302
Entity Address, Address Line One	433 W. Ascension Way, 3rd Floor
Entity Address, City or Town	Murray,
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84123
City Area Code	801
Local Phone Number	947-3100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,938,495
Entity Central Index Key	0001130713
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	BBBY
Security Exchange Name	NYSE
Warrants to Purchase Shares of Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Warrants to Purchase Shares of Common Stock
Trading Symbol	BBBY WS
Security Exchange Name	NYSE

LEASES - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lease, Cost [Abstract]
Operating lease cost	$ 318	$ 912
Variable lease cost	$ 12	$ 309

REVENUE AND CONTRACT LIABILITY

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE AND CONTRACT LIABILITY

13. REVENUE AND CONTRACT LIABILITY

Unearned Revenue

The following table provides information about unearned revenue from contracts with customers, including significant changes in unearned revenue balances during the periods presented (in thousands):


	Amount
Unearned revenue at December 31, 2024	$	43,095
Increase due to deferral of revenue at period end, net	24,725
Decrease due to beginning contract liabilities recognized as revenue	(33,391)
Unearned revenue at December 31, 2025	34,429
Increase due to deferral of revenue at period end, net	18,517
Decrease due to beginning contract liabilities recognized as revenue	(18,307)
Unearned revenue at March 31, 2026	$	34,639

The Company's total unearned revenue related to outstanding loyalty program rewards was $3.9 million and $4.1 million at March 31, 2026 and December 31, 2025, respectively. Breakage income related to loyalty program rewards and gift cards is recognized in Net revenue in the consolidated statements of operations. Breakage included in revenue was $0.9 million and $6.6 million for the three months ended March 31, 2026 and 2025, respectively. The timing of revenue recognition of these reward dollars is driven by actual customer activities, such as redemptions and expirations. At March 31, 2026 and December 31, 2025, the Company had an additional $2.4 million and $2.4 million, respectively, of unearned contract revenue classified within Other long-term liabilities on the consolidated balance sheets.

Sales returns allowance

The following table provides additions to and deductions from the sales returns allowance, which is included in the Accrued liabilities balance in the consolidated balance sheets (in thousands):


	Amount
Allowance for returns at December 31, 2024	$	9,526
Additions to the allowance	87,835
Deductions from the allowance	(89,639)
Allowance for returns at December 31, 2025	7,722
Additions to the allowance	18,647
Deductions from the allowance	(20,327)
Allowance for returns at March 31, 2026	$	6,042

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

LEASES - Supplemental Balance Sheet Information (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term—operating leases	6 years 7 months 17 days	6 years 9 months 3 days
Weighted-average discount rate—operating leases	7.00%	7.00%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Joanna C. Burkey [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 5, 2026, Joanna C. Burkey, a director of the Company, adopted a trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) to sell 9,943 shares of Bed Bath & Beyond, Inc. common stock on June 4, 2026, subject to the terms and conditions of such arrangement.
Name	Joanna C. Burkey
Title	director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 5, 2026
Expiration Date	June 4, 2026
Arrangement Duration	91 days
Aggregate Available	9,943

INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	3 Months Ended
INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets subject to amortization, gross	$ 5,645	$ 5,645
Less: accumulated amortization of intangible assets	(3,974)	(3,813)
Intangible assets subject to amortization, net	1,671	1,832
Intangible assets not subject to amortization	43,408	43,308
Intangible assets, net	$ 45,079	$ 45,140
Weighted average remaining useful life (in years)	2 years 1 month 6 days

EQUITY SECURITIES - Narrative (Details) - USD ($) $ in Thousands	Apr. 02, 2026	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Total equity securities		$ 64,236	$ 66,641
Equity securities, at fair value		25,382	26,903
Equity method investments		$ 38,854	$ 39,738
The Brand House Collective, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		40.00%
Equity method investments		$ 8,300
The Brand House Collective, Inc. \| Subsequent Event
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	100.00%
Fair Value, Recurring
Schedule of Equity Method Investments [Line Items]
Equity securities, at fair value		$ 25,400

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NET LOSS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

NET LOSS PER SHARE

14. NET LOSS PER SHARE

The following table sets forth the computation of basic and diluted net loss per common share for the periods indicated (in thousands, except per share data):


	Three months ended March 31,
	2026		2025
Numerator:










Net loss attributable to common stockholders	$	(16,398)	$	(39,912)

Denominator:
Weighted average shares of common stock outstanding—basic	69,049		53,661


Weighted average shares of common stock outstanding—diluted	69,049		53,661








Net loss per share of common stock:
Basic	$	(0.24)	$	(0.74)
Diluted	$	(0.24)	$	(0.74)

The following shares were excluded from the calculation of diluted shares outstanding as their effect would have been anti-dilutive (in thousands):


	Three months ended March 31,
	2026	2025
Restricted stock units, PSUs, and Share Options	3,091	2,579
Employee Stock Purchase Plan	211	405
Warrants	6,884	—

REVENUE AND CONTRACT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Deferred Revenues

The following table provides information about unearned revenue from contracts with customers, including significant changes in unearned revenue balances during the periods presented (in thousands):


	Amount
Unearned revenue at December 31, 2024	$	43,095
Increase due to deferral of revenue at period end, net	24,725
Decrease due to beginning contract liabilities recognized as revenue	(33,391)
Unearned revenue at December 31, 2025	34,429
Increase due to deferral of revenue at period end, net	18,517
Decrease due to beginning contract liabilities recognized as revenue	(18,307)
Unearned revenue at March 31, 2026	$	34,639

Schedule of Sales Returns, Reserve For Sales Returns

The following table provides additions to and deductions from the sales returns allowance, which is included in the Accrued liabilities balance in the consolidated balance sheets (in thousands):


	Amount
Allowance for returns at December 31, 2024	$	9,526
Additions to the allowance	87,835
Deductions from the allowance	(89,639)
Allowance for returns at December 31, 2025	7,722
Additions to the allowance	18,647
Deductions from the allowance	(20,327)
Allowance for returns at March 31, 2026	$	6,042

EQUITY SECURITIES

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

EQUITY SECURITIES

6. EQUITY SECURITIES

Equity securities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Equity securities accounted for under the equity method under ASC 323	$	38,854	$	39,738
Equity securities accounted for under the fair value option	25,382		26,903

Total equity securities	$	64,236	$	66,641

The Company's equity securities accounted for under the equity method under ASC 323 and fair value option include equity securities in which the Company can exercise significant influence, but not control, over these entities through holding more than a 20% voting interest in the entity.

The following table includes the Company's equity securities and related ownership interest as of March 31, 2026:


			Ownership interest
Medici Ventures, L.P.			99%
tZERO Group, Inc.			26%

The Brand House Collective, Inc.			40%
Zulily Newco			25%

On April 2, 2026, we completed the previously announced acquisition of The Brand House Collective, Inc. and now effectively own 100% of The Brand House Collective's outstanding shares of common stock. See Note 16—Subsequent Events for further information.

The carrying amount of the Company's equity method securities was $64.2 million at March 31, 2026, which is included in Equity securities on the consolidated balance sheets, of which $25.4 million was valued under the fair value option (tZERO, The Brand House Collective, and Zulily Newco). Equity securities in The Brand House Collective are carried at fair value based on Level 1 inputs. The aggregate fair value of the equity securities in The Brand House Collective at March 31, 2026, was $8.3 million. For the equity method investments, there was no difference in the carrying amount of the assets and liabilities and the maximum exposure to loss, and there was no difference between the carrying amount of the investment in Medici Ventures, L.P., and the amount of underlying equity the Company has in the entity's net assets.

The following table summarizes the net loss recognized on equity method securities recorded in Other income (expense), net in the consolidated statements of operations (in thousands):


	Three months ended March 31,
	2026		2025
Net loss recognized on our proportionate share of the net assets of our equity method securities	$	(884)	$	(4,205)
Decrease in fair value of equity method securities held under fair value option	(1,521)		(12,868)

Regulation S-X Rule 10-01(b)(1)

In accordance with Rule 10-01(b)(1) of Regulation S-X, which applies to interim reports on Form 10-Q, the Company must determine if its equity method investees are considered "significant subsidiaries". Summarized income statement information of an equity method investee is required in an interim report if the significance criteria are met as defined under SEC guidance. For the periods ended March 31, 2026 and 2025, none of the Company's equity method investees met the significance criteria.

BUSINESS SEGMENTS - Narrative (Details)	3 Months Ended
BUSINESS SEGMENTS - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
	Nov. 24, 2025	Sep. 15, 2025	Nov. 30, 2025	Mar. 31, 2026	Dec. 31, 2025
Other Commitments [Line Items]
Loan commitments, at fair value				$ 0	$ 2,766
The Brand House Collective, Inc.
Other Commitments [Line Items]
Loan commitment	$ 30,000	$ 20,000	$ 30,000	30,000
Note receivable				30,000	10,000
Loan commitment, amount available to draw				0	20,000
Loan commitments, at fair value				$ 0	$ 2,800

SUBSEQUENT EVENTS (Details) $ / shares in Units, shares in Millions, $ in Millions	Apr. 08, 2026 USD ($) $ / shares shares	Apr. 06, 2026 USD ($)	Apr. 02, 2026 USD ($) $ / shares	Mar. 31, 2026 $ / shares	Dec. 31, 2025 $ / shares
Subsequent Event [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.0001	$ 0.0001
tZERO Group, Inc.
Subsequent Event [Line Items]
Indirect ownership percentage				49.40%
Subsequent Event \| tZERO Group, Inc.
Subsequent Event [Line Items]
Loan commitment		$ 10.0
Subsequent Event \| tZERO Group, Inc.
Subsequent Event [Line Items]
Indirect ownership percentage		34.30%
Subsequent Event \| TCS Merger
Subsequent Event [Line Items]
Merger, expected price			$ 150.0
Line of credit facility, maximum borrowing capacity			30.0
Subsequent Event \| TCS Merger \| Convertible Debt
Subsequent Event [Line Items]
Principal amount			$ 54.0
Subsequent Event \| The Brand House Collective, Inc.
Subsequent Event [Line Items]
Equity consideration, conversion ratio			0.1993
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Equity consideration, fractional shares (in dollars per share) \| $ / shares			4.66
Equity consideration, exercise price (in dollars per share) \| $ / shares			$ 0.94
Subsequent Event \| F9 Brands, Inc
Subsequent Event [Line Items]
Merger, expected price	$ 150.0
Merger, expected price, cash	$ 37.0
Merger, equity interest issuable (in shares) \| shares	16.0
Merger, price per share (in dollars per share) \| $ / shares	$ 7.00
Merger, expected price, equity	$ 107.0
Business Combination, Contingent Consideration, Liability	$ 25.0

STOCKHOLDERS' EQUITY - JonesTrading (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction	0	3,486,895
Consideration received on transaction		$ 19.5
Stock issuance costs		$ 0.4
Jones Trading Institutional Services LLC \| Common Stock \| At The Market Sales Program
Class of Stock [Line Items]
Outstanding amount available under sales program	$ 16.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

STOCKHOLDERS' EQUITY - Warrants (Details) - $ / shares	3 Months Ended
STOCKHOLDERS' EQUITY - Warrants (Details) - $ / shares	Mar. 31, 2026	Oct. 02, 2025
Class of Stock [Line Items]
Number of securities called by each warrant (in shares)		10
Warrant, exercise price (in dollars per share)		$ 15.50
Warrants exercised (in shares)	163
Warrants outstanding (in shares)	6,900,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 135,829	$ 175,295
Restricted cash	26,673	26,924
Accounts receivable, net of allowance for credit losses of $2,752 and $3,377	24,005	20,829
Inventories	496	5,162
Prepaids and other current assets	9,713	11,905
Total current assets	196,716	240,115
Property and equipment, net	12,586	13,712
Intangible assets, net	45,079	45,140
Goodwill	6,160	6,160
Equity securities, including securities measured at fair value of $25,382 and $26,903	64,236	66,641
Operating lease right-of-use assets	4,937	5,156
Other long-term assets, net, including securities measured at fair value of $68,943 and $42,394	74,740	48,554
Total assets	404,454	425,478
Current liabilities:
Accounts payable	91,532	89,992
Accrued liabilities	47,480	51,297
Unearned revenue	34,639	34,429
Operating lease liabilities, current	946	928
Short-term debt, net	15,500	15,500
Total current liabilities	190,097	192,146
Operating lease liabilities, non-current	5,404	5,643
Other long-term liabilities, including commitments measured at fair value of $0 and $2,766	6,500	9,745
Total liabilities	202,001	207,534
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value, authorized shares - 5,000, issued and outstanding - none	0	0
Common stock, $0.0001 par value, authorized shares - 100,000	8	8
Additional paid-in capital	1,241,225	1,239,338
Accumulated deficit	(859,109)	(842,711)
Accumulated other comprehensive loss	(2,574)	(2,574)
Treasury stock at cost - 7,690 and 7,495	(177,458)	(176,478)
Equity attributable to stockholders of Bed Bath & Beyond, Inc.	202,092	217,583
Equity attributable to noncontrolling interests	361	361
Total stockholders' equity	202,453	217,944
Total liabilities and stockholders' equity	$ 404,454	$ 425,478

STOCK-BASED AWARDS - Restricted stock unit, PSU, and Performance Share Option Award Activity (Details) - Restricted stock units, PSUs, and Share Options shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Units
Outstanding-beginning of year (in shares) \| shares	3,037
Granted at fair value (in shares) \| shares	219
Vested (in shares) \| shares	(620)
Forfeited (in shares) \| shares	(498)
Outstanding-end of period (in shares) \| shares	2,138
Weighted Average Grant Date Fair Value
Outstanding-beginning of year (in dollars per share) \| $ / shares	$ 8.21
Granted at fair value (in dollars per share) \| $ / shares	4.87
Vested (in dollars per share) \| $ / shares	9.65
Forfeited (in dollars per share) \| $ / shares	8.59
Outstanding-end of period (in dollars per share) \| $ / shares	$ 7.27

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net revenue	$ 247,755	$ 231,748
Cost of goods sold	188,557	173,616
Gross profit	59,198	58,132
Operating expenses
Sales and marketing	32,310	31,290
Technology	21,214	26,718
General and administrative	14,863	14,314
Customer service and merchant fees	9,018	9,357
Other operating income, net	0	(336)
Total operating expenses	77,405	81,343
Operating loss	(18,207)	(23,211)
Interest income, net	1,729	762
Other income (expense), net	329	(17,269)
Loss before income taxes	(16,149)	(39,718)
Provision for income taxes	249	194
Net loss	$ (16,398)	$ (39,912)
Net loss per share of common stock:
Basic (in dollars per share)	$ (0.24)	$ (0.74)
Diluted (in dollars per share)	$ (0.24)	$ (0.74)
Weighted average shares of common stock outstanding:
Basic (in shares)	69,049,000	53,661,000
Diluted (in shares)	69,049,000	53,661,000

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Legal proceedings and contingencies From time to time, the Company is involved in litigation concerning consumer protection, employment, intellectual property, claims under the securities laws, and other commercial matters related to the conduct and operation of the business and the sale of products on the Company's websites. In connection with such litigation, the Company has been in the past and may be in the future subject to judgments requiring the Company to pay significant damages or associated costs. In some instances, other parties may have contractual indemnification obligations to the Company. However, such contractual obligations may prove unenforceable or non-collectible, and if the Company cannot enforce or collect on indemnification obligations, the Company may bear the full responsibility for damages, fees, and costs resulting from such litigation. As a result of such litigation, the Company may also be subject to penalties and equitable remedies that could force the Company to alter important business practices. Such litigation could be costly and time consuming and could divert or distract the Company's management and key personnel from the business operations. Due to the uncertainty of litigation and depending on the amount and the timing, an unfavorable resolution of some or all of such matters could materially affect the Company's business, results of operations, financial position, or cash flows. The Company establishes liabilities when a particular contingency is probable and estimable which are included in Accrued liabilities on the consolidated balance sheets. At March 31, 2026 and December 31, 2025, the Company's established liabilities were not material. Delayed Draw Term Loan Commitments In September 2025, and subsequently amended in November 2025 pursuant to the Second Amendment, the Company extended delayed-draw term loan commitments (the "Delayed Draw Term Loan Commitments") in the aggregate original principal amount of $30.0 million to The Brand House Collective, Inc. Any loans extended pursuant to the Delayed Draw Term Loan Commitments are convertible by the Company into equity of The Brand House Collective, on the terms set forth in, and subject to further conditions specified in the Amended Credit Agreement. The Delayed Draw Term Loan Commitments require the Company to originate a loan at a floating interest rate plus an agreed margin upon request from the borrower, so long as the conditions specified in the Amended Credit Agreement with respect to the origination of such loan are satisfied. At March 31, 2026, the Delayed Draw Term Loan Commitments had $30.0 million outstanding with $0 available to draw. At December 31, 2025, the Delayed Draw Term Loan Commitments had $10.0 million outstanding with $20.0 million available to draw. At the end of both periods, the Delayed Draw Term Loan Commitment was a total of $30.0 million. We have elected to record the Delayed Draw Term Loan Commitments at fair value. The fair value of the Delayed Draw Term Loan Commitments is a net liability of $0 at March 31, 2026 and $2.8 million at December 31, 2025, respectively, and is included in the Other long-term liabilities line of our consolidated balance sheets.

BORROWINGS	3 Months Ended
BORROWINGS	Mar. 31, 2026
Debt Disclosure [Abstract]
BORROWINGS	7. BORROWINGS In October 2024, the Company entered into a Loan and Security Agreement (the "Loan Agreement") with BMO Bank N.A. (in such capacity, "BMO"), pursuant to which BMO agrees to lend the Company up to $25.0 million on a one-year revolving line of credit to aid the Company in securing strategic ventures. In connection with the Loan Agreement, BMO issued a revolving line of credit promissory note (the "Revolving Note") and granted a lien on the cash collateral account specified in the Loan Agreement (the "Cash Collateral Account"). The revolving line of credit bears interest on the unpaid principal balance at an annual rate equal to the Secured Overnight Financing Rate, or SOFR rate, for a one-month interest period plus 1.00%, established by the Federal Reserve Bank of New York. The Company is obligated to pay certain commitment fees on undrawn amounts under the Loan Agreement in amounts specified in the Loan Agreement. The Loan Agreement and Revolving Note was originally scheduled to terminate on October 18, 2025, and loans thereunder may be borrowed, repaid, and reborrowed up to such date. In September 2025, the Company and BMO extended the term of the Loan Agreement and Revolving Note for an additional year, which will now terminate in October 2026. As of March 31, 2026, the Company had $9.5 million of outstanding standby letter of credits under the Revolving Note. As of March 31, 2026, the outstanding balance on the line of credit was $15.5 million. The total outstanding debt on the line of credit is included in Short-term debt, net on the consolidated balance sheets. The Loan Agreement is subject to limited affirmative covenants and negative covenants, including the requirement that the Company maintain cash in the Cash Collateral Account in an amount that is three percent greater than BMO's aggregate commitments under the Loan Agreement. As of March 31, 2026, the Company was in compliance with its debt covenants and continues to monitor ongoing compliance with the debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
-Subparagraph (b)
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+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Merger Agreement with The Container Store Holdings, LLC On April 2, 2026 (the “Effective Date”), the Company entered into an Agreement and Plan of Merger (the “TCS Merger Agreement”) by and among the Company, Falcon Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“TCS Merger Sub”) and The Container Store Holdings, LLC, a Delaware limited liability company (“TCS”), pursuant to which, subject to the terms and conditions set forth therein, TCS Merger Sub will merge with and into TCS (the “TCS Merger”), with TCS surviving such TCS Merger as a wholly owned subsidiary of the Company (the “Surviving Entity”). Pursuant to the terms of the TCS Merger Agreement, the aggregate consideration to be delivered at closing is expected to be approximately $150 million (the “Purchase Price”), subject to certain adjustments and structural considerations as set forth in the TCS Merger Agreement. The consideration will consist of a combination of (i) senior convertible notes of the Company with an aggregate principal amount of at least $54.0 million, subject to adjustment, and (ii) shares of the Company’s common stock, subject to certain limitations, including an equity issuance cap. To the extent such equity issuance cap is exceeded, additional consideration will be delivered in the form of senior convertible notes. The TCS merger consideration (as defined in the TCS Merger Agreement) may be paid to TCS equityholders or, under certain circumstances, to TCS lenders in satisfaction of outstanding indebtedness. The completion of the TCS Merger is subject to customary closing conditions, including, among others, (i) the absence of legal restraints, (ii) receipt of required lender approvals or the completion of an alternative restructuring transaction, (iii) the receipt of specified financing, (iv) the delivery of audited financial statements of TCS, and (v) the accuracy of representations and warranties and compliance with covenants by the parties. In connection with the TCS Merger Agreement, the Company also entered into related agreements, including a transaction support agreement with certain equityholders and lenders of TCS, a put agreement with certain lenders, and commitments to provide, from time to time, incremental term loans to TCS in an aggregate amount not to exceed $30.0 million, subject to the conditions of the TCS Merger Agreement. In no event shall the Company be required to provide any such loans until an aggregate principal amount of $30.0 million of 2026-2 Priming Super Senior Term Loans shall have been funded by the Term Loan Creditors. The TCS Merger Agreement may be terminated under certain circumstances, including by either party if the transaction has not been completed by July 31, 2026 (subject to extension in certain circumstances), or upon certain breaches, mutual consent, or the occurrence of legal restraints. The transaction is expected to close in the third quarter of 2026. Completion of the Acquisition of The Brand House Collective, Inc. On April 2, 2026, the Company completed the previously announced acquisition of The Brand House Collective, Inc. (“TBHC”) pursuant to the Agreement and Plan of Merger, dated as of November 24, 2025 (the “TBHC Merger Agreement”), by and among the Company, Knight Merger Sub II, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Knight Merger Sub”), and TBHC. Pursuant to the TBHC Merger Agreement, upon the terms and subject to the conditions set forth therein, Knight Merger Sub merged with and into TBHC, with TBHC surviving as a wholly owned subsidiary of the Company. The acquisition of TBHC strengthens the Company's presence in key categories of home décor and seasonal merchandise, while providing a flexible store base that can be integrated into the Company's broader platform. Under the TBHC Merger Agreement, consideration includes conversion of each share of common stock, no par value, of TBHC (the "TBHC Common Stock") that was issued and outstanding immediately prior to the effective time of the TBHC Merger (the "TBHC Merger Effective Time") converted into the right to receive 0.1993 shares of a fully paid and non-assessable share of common stock, par value $0.0001 per share, of the Company ("BBBY Common Stock"). Each TBHC shareholder who would otherwise have been entitled to receive in the TBHC Merger a fractional share of TBHC Common Stock pursuant to the TBHC Merger Agreement was, in lieu of such fractional share and upon surrender of such holder's certificates representing shares of TBHC Common Stock outstanding prior to the TBHC Merger Effective Time, paid in cash the dollar amount (rounded to the nearest whole cent) without interest and subject to any required tax withholding, determined by multiplying such fraction by $4.66, the closing price of the BBBY Common Stock on the New York Stock Exchange on April 1, 2026, the trading day immediately prior to the TBHC Merger Effective Time. At the TBHC Merger Effective Time, subject to and in accordance with the terms of TBHC's Amended and Restated 2002 Equity Incentive Plan (the “TBHC Incentive Plan”), each option to purchase shares of TBHC Common Stock (“Option”) that was outstanding as of immediately prior to the TBHC Merger Effective Time was automatically cancelled and converted into the right to receive, without interest and subject to applicable withholding taxes, a number of validly issued, fully paid and nonassessable shares of BBBY Common Stock equal to (i) the Net Option Share Amount (as defined in the TBHC Merger Agreement) multiplied by (ii) the Exchange Ratio, plus any Fractional Share Cash Consideration. Any Option with an exercise price equal to or in excess of $0.94, the closing price of TBHC Common Stock on April 1, 2026, the trading day immediately prior to the closing of the TBHC Merger, was cancelled and will have no further force or effect by virtue of the TBHC Merger, without any action on the part of the holder thereof and without any payment to the holder thereof. Subject to and in accordance with the terms of the TBHC Incentive Plan, each TBHC restricted stock unit (“RSU”) that was outstanding as of immediately prior to the TBHC Merger Effective Time, whether vested or unvested, automatically, without any action on the part of BBBY, Knight Merger Sub, TBHC or the holder thereof, fully vested and was converted into the right to receive, without interest and subject to applicable withholding taxes, a number of validly issued, fully paid and nonassessable shares of BBBY Common Stock equal to (i) the number of shares of TBHC Common Stock subject to such RSU immediately prior to the TBHC Merger Effective Time multiplied by (ii) the Exchange Ratio, plus any Fractional Share Cash Consideration. Due to the proximity of the acquisition date to the issuance of these financial statements, the initial accounting for the business combination is incomplete. The Company has not yet completed the purchase price allocation for this transaction nor the corresponding unaudited pro forma condensed combined financial statements as the financial information has not been finalized. Disclosures related to the identification and measurement of identifiable assets acquired and liabilities assumed, including the allocation of the purchase price and the determination of goodwill, along with the unaudited pro forma financial information, will be provided in the second quarter of 2026. Acquisition of F9 Brands, Inc. On April 8, 2026, the Company announced that it signed a preliminary non-binding Letter of Intent to acquire the equity interests and substantially all of the assets of F9 Brands, Inc., a provider of cabinetry, flooring, and home improvement products and services. The contemplated transaction, if completed, would have an aggregate purchase price of nearly $150.0 million, consisting of $37.0 million in cash and approximately 16.0 million shares of the Company's common stock at $7.00 per share, representing a transaction value of $107.0 million at the then current market price, as well as potential contingent considerations of up to $25.0 million based on the future performance of the acquired business. In addition, certain existing indebtedness of the target is expected to be assumed or refinanced as part of the transaction. The completion of the proposed transaction is subject to the negotiation and execution of definitive agreements, completion of due diligence, and other customary closing conditions. Accordingly, there can be no assurance that the transaction will be completed on the terms currently contemplated or at all. TZROP Conversion On April 6, 2026, and subsequently updated on April 16, 2026, tZERO Group, Inc. ("tZERO"), an investee of the Company in which the Company is the largest shareholder, announced a proposed amendment to the terms of its TZROP security tokens. The proposal would permit the conversion of each outstanding TZROP token into three shares of tZERO's Series B preferred stock and eight shares of tZERO's common stock, subject to approval by the holders of TZROP, Series B preferred stock, and common stock. The Company expects that, if consummated, the transaction could affect the valuation of its investment in tZERO due to changes in the investee's capital structure, investor rights, and future capital-raising flexibility. The Company's current combined direct and indirect ownership in tZERO, excluding the incremental shares of Series B preferred stock and common stock that would be received from the conversion of TZROP tokens, would decrease from approximately 49.4% to 34.3%. As of the date of issuance of these financial statements, the proposal has not been approved, and the Company has not adjusted the carrying value of its investment. The Company is unable to estimate the potential impact on the fair value of its investment at this time. In connection with the proposed conversion, the Company entered into a non-binding Letter of Intent with tZERO pursuant to which the Company has indicated its intent to lead up to $10.0 million in additional financing through a convertible note financing. The proposed financing is expected to be funded in tranches subject to the achievement of specified operational and financial milestones. The consummation of this financing is subject to, among other things, completion of the proposed TZROP conversion and the execution of definitive agreements. The Company will continue to monitor developments related to this proposal and the potential financing in future reporting periods.

REVENUE AND CONTRACT LIABILITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Unearned revenue	$ 34,639		$ 34,429
Gift card and club o rewards breakage	900	$ 6,600
Unearned contract revenue	2,400		2,400
Club O Reward Points
Disaggregation of Revenue [Line Items]
Unearned revenue	$ 3,900		$ 4,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

FAIR VALUE MEASUREMENT - Narrative (Details) $ in Millions	3 Months Ended
FAIR VALUE MEASUREMENT - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($)
Delayed Draw Term Loan Commitments \| Line of Credit
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 20.0

- Definition

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
	Nov. 24, 2025	Sep. 15, 2025	Nov. 30, 2025	Mar. 31, 2026	Dec. 31, 2025	May 07, 2025
Debt Instrument [Line Items]
Debt securities, at fair value				$ 44,157	$ 23,977
Equity attributable to noncontrolling interests				361	361
The Brand House Collective, Inc.
Debt Instrument [Line Items]
Note receivable				30,000	$ 10,000
Loan commitment	$ 30,000	$ 20,000	$ 30,000	$ 30,000
Loan commitment, increase	$ 10,000
The Brand House Collective, Inc. \| Additional Term Loan
Debt Instrument [Line Items]
Note receivable						$ 5,200
The Brand House Collective, Inc. \| Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Note receivable						$ 8,500

- Definition

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+ Details

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REVENUE AND CONTRACT LIABILITY - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 34,429	$ 43,095
Increase due to deferral of revenue at period end, net	18,517	24,725
Decrease due to beginning contract liabilities recognized as revenue	(18,307)	(33,391)
Ending balance	$ 34,639	$ 34,429

INTANGIBLE ASSETS, NET

3 Months Ended

Mar. 31, 2026

Intangible Assets, Net (Excluding Goodwill) [Abstract]

INTANGIBLE ASSETS, NET

5. INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Intangible assets subject to amortization, gross (1)	$	5,645	$	5,645
Less: accumulated amortization of intangible assets	(3,974)		(3,813)
Intangible assets subject to amortization, net	1,671		1,832
Intangible assets not subject to amortization	43,408		43,308
Total intangible assets, net	$	45,079	$	45,140

___________________________________________

(1) At March 31, 2026, the weighted average remaining useful life for intangible assets subject to amortization, gross was 2.1 years.

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Bed Bath & Beyond, Inc. is an e-commerce-focused retailer with an affinity model that owns or has ownership interests in various brands, offering a comprehensive array of products and services that enable its customers to enhance everyday life through quality, style, and value. The Company currently owns Bed Bath & Beyond, Overstock, buybuy BABY, and now the Kirkland's and Kirkland's Home brands, as well as other related brands and websites and a blockchain asset portfolio inclusive of tZERO, GrainChain, and other assets. As used herein, "Bed Bath & Beyond," "the Company," "we," "our" and similar terms include Bed Bath & Beyond, Inc. and its controlled subsidiaries, unless the context indicates otherwise.

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Consolidated net loss	$ (16,398)	$ (39,912)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	3,204	4,844
Non-cash operating lease cost	219	727
Stock-based compensation to employees and directors	1,533	1,094
Loss from equity method securities	2,405	17,073
Other non-cash adjustments	(3,055)	(136)
Changes in operating assets and liabilities:
Accounts receivable, net	(3,176)	(2,225)
Inventories	4,666	(13,042)
Prepaids and other current assets	2,518	2,167
Other long-term assets, net	22	(125)
Accounts payable	640	(4,087)
Accrued liabilities	(3,810)	(14,302)
Unearned revenue	210	(2,288)
Operating lease liabilities	(221)	(662)
Other long-term liabilities	(553)	(47)
Net cash used in operating activities	(11,796)	(50,921)
Cash flows from investing activities:
Disbursement for notes receivable	(26,168)	0
Expenditures for property and equipment	(1,027)	(1,181)
Purchase of intangible assets	(100)	(5,214)
Purchase of equity securities	0	(8,000)
Proceeds from the sale of intangible assets	0	1,250
Net cash used in investing activities	(27,295)	(13,145)
Cash flows from financing activities:
Proceeds from sale of common stock, net of offering costs	0	19,472
Payments of taxes withheld upon vesting of employee stock awards	(980)	(527)
Other financing activities, net	354	509
Net cash (used in) provided by financing activities	(626)	19,454
Net decrease in cash, cash equivalents, and restricted cash	(39,717)	(44,612)
Cash, cash equivalents, and restricted cash, beginning of period	202,219	186,093
Cash, cash equivalents, and restricted cash, end of period	$ 162,502	$ 141,481

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 2,752	$ 3,377
Equity securities, fair value	25,382	26,903
Debt securities, fair value	68,943	42,394
Loan commitments, at fair value	$ 0	$ 2,766
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	77,045,000	76,358,000
Common stock, shares outstanding (in shares)	69,355,000	68,863,000
Treasury stock (in shares)	7,690,000	7,495,000

EQUITY SECURITIES (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Equity Securities

Equity securities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Equity securities accounted for under the equity method under ASC 323	$	38,854	$	39,738
Equity securities accounted for under the fair value option	25,382		26,903

Total equity securities	$	64,236	$	66,641

Equity Securities Ownership Interest

The following table includes the Company's equity securities and related ownership interest as of March 31, 2026:


			Ownership interest
Medici Ventures, L.P.			99%
tZERO Group, Inc.			26%

The Brand House Collective, Inc.			40%
Zulily Newco			25%

Equity Method Investments

The following table summarizes the net loss recognized on equity method securities recorded in Other income (expense), net in the consolidated statements of operations (in thousands):


	Three months ended March 31,
	2026		2025
Net loss recognized on our proportionate share of the net assets of our equity method securities	$	(884)	$	(4,205)
Decrease in fair value of equity method securities held under fair value option	(1,521)		(12,868)

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment

Property and equipment, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Computer hardware and software, including internal-use software and website development	$	187,407	$	186,022


Furniture and equipment	1,731		1,630


Leasehold improvements	1,140		1,159

	190,278		188,811
Less: accumulated depreciation	(177,692)		(175,099)
Total property and equipment, net	$	12,586	$	13,712

Schedule of Capitalized Computer Software


	Three months ended March 31,
	2026		2025
Capitalized internal-use software and website development	$	1,373	$	1,348
Depreciation of internal-use software and website development	2,722		3,389

Schedule of Depreciation and Amortization by Operating Expense Category

Depreciation expense is classified within the corresponding operating expense categories on the consolidated statements of operations as follows (in thousands):


	Three months ended March 31,
	2026		2025
Cost of goods sold	$	—	$	73
Technology	2,953		4,463

General and administrative	89		89
Total depreciation	$	3,042	$	4,625

STOCK-BASED AWARDS

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED AWARDS

12. STOCK-BASED AWARDS

The Company has equity incentive and compensatory plans that provide for the grant of stock-based awards, including restricted stock and performance shares to employees and board members, and provide employees the ability to purchase shares of its common stock through an employee stock purchase plan. Employee accounting applies to equity incentives and compensation granted by the Company to its own employees. When an award is forfeited prior to the vesting date, the Company recognizes an adjustment for the previously recognized expense in the period of the forfeiture.

Stock-based compensation expense is classified within the corresponding operating expense categories on the consolidated statements of operations as follows (in thousands):


	Three months ended March 31,
	2026		2025
Cost of goods sold	$	—	$	1
Sales and marketing	70		103
Technology	354		57
General and administrative	1,108		933
Customer service and merchant fees	1		—
Total stock-based compensation	$	1,533	$	1,094

Restricted stock unit awards

The Company's Amended and Restated 2005 Equity Incentive Plan (the "Plan") provides for the grant of restricted stock units and other types of equity awards to employees and directors of the Company. The Compensation Committee of the Board of Directors approves grants of restricted stock unit awards to the Company's officers, board members, and employees. These restricted stock unit awards generally vest over a period of three years to four years, subject to the recipient's continuing service to us.

The cost of restricted stock units is determined using the fair value of the Company's common stock on the date of the grant and compensation expense is either recognized on a straight-line basis over the vesting schedule or on an accelerated schedule when vesting of restricted stock awards exceeds a straight-line basis. The cumulative amount of compensation expense recognized at any point in time is at least equal to the portion of the grant date fair value of the award that is vested at that date.

Performance Shares

Performance-based shares ("PSUs") granted to the Company's executive management team under the Plan are eligible to vest based on achieving specific performance metrics. To the extent any of the PSUs become earned based on the Company's achievement of the aforementioned performance metrics, such earned PSUs will vest as to one-third of the earned PSUs on each of the first, second, and third anniversaries of the grant date, subject to the recipient’s continued service through the vesting date. To be eligible to vest in any tranche of the PSUs, the Company must meet the threshold performance metrics established for the performance period. Expense is recognized as compensation cost based on the fair value on the date of grant over the performance period, taking into account the probability that the Company will satisfy the performance goals.

Stock-based compensation related to the PSUs is included in the stock-based compensation expense table above combined with the expense associated with the Company's restricted stock units, performance share options, and employee stock purchase plan. Stock-based compensation related to the PSUs were credits of $0.6 million and $2.1 million due to staff-related reductions for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes restricted stock unit and PSU award activity (in thousands, except per share data):


	Three months ended March 31, 2026
	Units	Weighted Average Grant Date Fair Value
Outstanding—beginning of year	3,037	$	8.21
Granted at fair value	219	4.87
Vested	(620)	9.65
Forfeited	(498)	8.59
Outstanding—end of period	2,138	$	7.27

Share Options

Stock-based compensation related to the Performance Share Option is included in stock-based compensation expense table above combined with the expense associated with the Company's restricted stock units, PSUs, and employee stock purchase plan. Stock-based compensation related to the performance share options was $0.6 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes Share Options award activity for the three months ended March 31, 2026 (in thousands, except fair value data and remaining contractual term):


	Units	Weighted Average Exercise Price Per Share		Weighted Average Contractual Term Remaining (Years)	Aggregate Intrinsic Value
Outstanding—beginning of year	2,250	$	53.33
Granted at fair value	—	—
Vested	—	—
Forfeited	(500)	45.00
Outstanding—end of period	1,750	$	55.71	1.46	$	—
Vested and expected to vest as of March 31, 2026	1,750	$	55.71	1.46	$	—
Vested and exercisable as of March 31, 2026	—	$	—	—	$	—

Employee Stock Purchase Plan

Purchases under the 2021 Employee Stock Purchase Plan (the "ESPP") during the three months ended March 31, 2026 and 2025 were 67,219 shares and 90,921 shares, respectively, at an average purchase price per share of $4.53 and $5.43, respectively. At March 31, 2026, approximately 2.5 million shares of common stock remained available under the ESPP.

Stock-based compensation related to the ESPP is included in the stock-based compensation expense table above combined with the expense associated with the Company's restricted stock units, PSUs, and performance share options. Stock-based compensation related to the ESPP was $0.2 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

INTANGIBLE ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Intangible assets subject to amortization, gross (1)	$	5,645	$	5,645
Less: accumulated amortization of intangible assets	(3,974)		(3,813)
Intangible assets subject to amortization, net	1,671		1,832
Intangible assets not subject to amortization	43,408		43,308
Total intangible assets, net	$	45,079	$	45,140

___________________________________________

(1) At March 31, 2026, the weighted average remaining useful life for intangible assets subject to amortization, gross was 2.1 years.

Schedule of Indefinite-Lived Intangible Assets

Intangible assets, net consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Intangible assets subject to amortization, gross (1)	$	5,645	$	5,645
Less: accumulated amortization of intangible assets	(3,974)		(3,813)
Intangible assets subject to amortization, net	1,671		1,832
Intangible assets not subject to amortization	43,408		43,308
Total intangible assets, net	$	45,079	$	45,140

___________________________________________

(1) At March 31, 2026, the weighted average remaining useful life for intangible assets subject to amortization, gross was 2.1 years.

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Parent	Common stock	Treasury stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest
Beginning balance (in shares) at Dec. 31, 2024			59,560
Increase (Decrease) in Stockholders' Equity
Common stock issued upon vesting of restricted stock (in shares)			275
Common stock issued for ESPP purchases (in shares)			91
Common stock sold through offerings (in shares)			3,487
Ending balance (in shares) at Mar. 31, 2025			63,413
Beginning balance, treasury stock (in shares) at Dec. 31, 2024				6,491
Increase (Decrease) in Stockholders' Equity
Tax withholding upon vesting of employee stock awards (in shares)				90
Ending balance, treasury stock (in shares) at Mar. 31, 2025				6,581
Beginning balance at Dec. 31, 2024			$ 5	$ (169,676)	$ 1,072,869	$ (740,466)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation to employees and directors					1,094
Common stock issued for ESPP purchases					509
Common stock sold through offerings			1		19,471
Consolidated net loss	$ (39,912)					(39,912)
Tax withholding upon vesting of employee stock awards				(527)
Ending balance at Mar. 31, 2025	$ 143,368	$ 143,368	$ 6	$ (170,203)	1,093,943	(780,378)	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)			56,832
Common stock, shares outstanding (in shares)	68,863
Beginning balance (in shares) at Dec. 31, 2025			76,358
Increase (Decrease) in Stockholders' Equity
Common stock issued upon vesting of restricted stock (in shares)			620
Common stock issued for ESPP purchases (in shares)			67
Common stock sold through offerings (in shares)			0
Ending balance (in shares) at Mar. 31, 2026			77,045
Beginning balance, treasury stock (in shares) at Dec. 31, 2025	7,495			7,495
Increase (Decrease) in Stockholders' Equity
Tax withholding upon vesting of employee stock awards (in shares)				195
Ending balance, treasury stock (in shares) at Mar. 31, 2026	7,690			7,690
Beginning balance at Dec. 31, 2025	$ 217,944		$ 8	$ (176,478)	1,239,338	(842,711)
Increase (Decrease) in Stockholders' Equity
Stock-based compensation to employees and directors					1,533
Common stock issued for ESPP purchases					354
Common stock sold through offerings			0		0
Consolidated net loss	(16,398)					(16,398)
Tax withholding upon vesting of employee stock awards				(980)
Ending balance at Mar. 31, 2026	$ 202,453	$ 202,092	$ 8	$ (177,458)	$ 1,241,225	$ (859,109)	$ (2,574)	$ 361
Increase (Decrease) in Stockholders' Equity
Common stock, shares outstanding (in shares)	69,355		69,355

BUSINESS SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table summarizes the Company's segment revenue, significant segment expenses, other segment items, and segment loss (in thousands):


	Three months ended March 31,
	2026		2025
Net revenue	$	247,755	$	231,748
Less:
Cost of goods sold (as adjusted) (1)	188,557		173,432


Sales and marketing expense (as adjusted) (1)	32,223		31,107
Technology expense (as adjusted) (1)	17,113		19,836
General and administrative (as adjusted) (1)	8,705		11,249
Customer service and merchant fees (as adjusted) (1)	9,017		9,357
Other segment items (2)	10,347		9,978
Operating loss	$	(18,207)	$	(23,211)

___________________________________________

(1) Significant segment expense categories are adjusted to exclude costs related to depreciation and amortization, stock-based compensation, acquisition-related costs, and brand integration and restructuring costs which are included in the Other segment items line.

(2) Other segment items includes other operating income, net, depreciation and amortization, stock-based compensation, acquisition-related costs, and brand integration and restructuring costs.

STOCK-BASED AWARDS - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1,533	$ 1,094
Cost of goods sold
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	0	1
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	70	103
Technology
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	354	57
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,108	933
Customer service and merchant fees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 1	$ 0

BUSINESS SEGMENTS

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENTS

15. BUSINESS SEGMENTS

Segment Operations: The Company currently has one reportable segment, which is its Retail business. The reportable segment is comprised of the Company's Bed Bath & Beyond operating segment and Overstock.com operating segment which primarily sells home goods products to customers. Across each operating segment, the Company offers customers similar products, source from overlapping suppliers, the same customer type, have similar distribution methods, and operate under the same regulatory environment. The Company has determined that each of its operating segments share similar economic characteristics and business activities and are aggregated into a single reportable Retail segment. The Bed Bath & Beyond operating segment includes results from its buybuy BABY brand, which are not material to the business and are not separately reviewed by the Chief Operating Decision Maker. The Retail segment primarily derives revenues from e-commerce sales of home furnishing merchandise through its suite of websites and mobile applications.

The accounting policies of the Retail segment are the same as those described in the summary of significant accounting policies. The Chief Operating Decision Maker (CODM), who is the Company's Principal Executive Officer, assesses performance for the Retail segment and decides how to allocate resources based on Operating Income (loss) that also is reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheet as Cash and Cash Equivalents.

The CODM uses Operating Income (Loss) to evaluate income generated from segment resources in deciding whether to reinvest profits into the Retail segment or for other uses, such as to make acquisitions or investments. The CODM also uses Operating Income (Loss) to monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing bonus metrics.

The following table summarizes the Company's segment revenue, significant segment expenses, other segment items, and segment loss (in thousands):


	Three months ended March 31,
	2026		2025
Net revenue	$	247,755	$	231,748
Less:
Cost of goods sold (as adjusted) (1)	188,557		173,432


Sales and marketing expense (as adjusted) (1)	32,223		31,107
Technology expense (as adjusted) (1)	17,113		19,836
General and administrative (as adjusted) (1)	8,705		11,249
Customer service and merchant fees (as adjusted) (1)	9,017		9,357
Other segment items (2)	10,347		9,978
Operating loss	$	(18,207)	$	(23,211)

___________________________________________

(2) Other segment items includes other operating income, net, depreciation and amortization, stock-based compensation, acquisition-related costs, and brand integration and restructuring costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details