Blue Apron shares are crashing Thursday morning, down about 20%, after the meal-kit delivery service reported a big drop in customers.
The company said total customers fell 8.8% quarter-over-quarter and 24% versus a year ago. Revenue per customer slipped to $250 from $251 last year. Blue Apron has struggled to retain customers as Amazon, Walmart, and other players have entered the space.
"As we previously articulated, 2018 is a year of transition and building for the future," CEO Brad Dickerson said in the earnings release.
RELATED: Check out a some popular upcoming health fast-food chains:
10 up-and-coming healthy fast food chains
10 up-and-coming healthy fast food chains
Leon — a European fast food chain that's coming to the US
The London-based fast-food chain Leon offers wraps, salads, sandwiches, and bowls made from fresh ingredients.
Launched in 2004, Leon now has almost 50 restaurants in the United Kindom and Netherlands. After a $31 million funding boost in 2017, the company announced it will expand to the US market.
Leon founders John Vincent, Henry Dimbleby, and Allegra McEvedy have said that their long-term goal is to become more valuable than McDonald's.
Salad and Go — A drive-thru salad chain
Salad and Go sells 48-ounce salads for around $6, as well as soups, smoothies, and breakfast items for around $4.
The brand is trying to rival more established drive-thru chains by making the ordering experience fast and convenient, cofounder Roushan Christofellis told Business Insider.
Since launching in the fall of 2016, Salad and Go now has six locations in Arizona, with plans to open eight more by 2018 and to expand elsewhere in the US by 2020.
LYFE Kitchen — A healthy chain backed by Oprah's former personal chef
Founded in 2011 in Palo Alto, California, LYFE has 20 locations in six states (California, Colorado, Illinois, Nevada, Tennessee, and Texas).
While the chain doesn't explicitly brand itself as healthy, everything on the menu contains less than 600 calories and 1,000 mg of sodium, and the dishes are free of high-fructose corn syrup, butter, cream, trans fats, MSG, and preservatives. Most items cost less than $10.
As noted by First We Feast, LYFE is backed by Art Smith, Oprah’s former personal chef, who has also appeared on "Top Chef."
Veggie Grill — A vegan chain that claims its burger tastes better than a Big Mac
The vegan chain Veggie Grill serves burgers primarily made of pea protein, while its "chicken" sandwiches contain soy, pea, and wheat protein. Prices range from $3.50 to $11.50.
The chain has 28 locations, all of which are in California, Washington, and Oregon. In late 2016, the chain announced it will expand nationally after getting $22 million in funding from investors. By 2020, Veggie Grill plans to double in size.
"Today’s consumer is more mindful and aware that eating a diet made up primarily of veggies, fruits, grains and nuts is better for you," CEO Steve Heeley told Business Insider. (Unsurprisingly, Heeley is a vegan himself.)
Eatsa — An automated vegetarian chain
At the vegetarian chain Eatsa, customers place their orders on iPads and pick up their food from automated cubbies. Human workers prepare everything in the back.
Specializing in quinoa bowls that cost around $7, the chain's meals range from 450 to 700 calories.
Currently, Eatsa (which debuted in 2015) has four locations in San Francisco and Los Angeles. In November 2016, it added a DC location and opened its first New York City location in December.
Dig Inn — A farm-to-table eatery
With a menu that emphasizes locally sourced vegetables, Dig Inn offers items like maple and sriracha-glazed Brussels sprouts and poached wild salmon. Diners order pre-made main dishes and sides at a counter, which are placed in compostable boxes.
Since its launch in 2011, the farm-to-table chain has opened 14 locations in New York City and one in Boston. Dig Inn's CEO Adam Eskin told BI that the company plans to open more Massachusetts locations and add others in a third state by 2018.
Dig Inn forms partnerships with local farmers, which allows it to keep its prices relatively low, Eskin said. However, a plate from Dig Inn generally costs between $8-$11, which is more expensive than most food from McDonald's or Burger King. (However in New York City, where real estate prices are among the highest in the country, a McDonald's Big Mac meal costs around $8.)
The Kitchenette — A grab-and-go joint where most items cost $5
In August 2016, Kimbal Musk (yes, he's Elon's brother) launched a fast food restaurant that serves sandwiches, soups, and salads — the majority of which cost $4.95. Called the Kitchenette, it's located inside the visitor's center at Shelby Farms Park, a 4,500-acre urban park and conservancy in Memphis, Tennessee.
The grab-and-go spot is part of Musk's larger chain of restaurants, called the Kitchen, which strives to use produce and meat from local purveyors. Musk plans to launch more Kitchenette locations within Memphis and eventually nationwide, though there's no firm timeline yet.
Freshii — A plant-based chain that's been around for 10 years
Freshii, a Canadian fast food franchise founded in 2005, offers salads, wraps, and bowls, the majority of which are under 700 calories and cost $7. It boasts more than 300 locations worldwide and is one of America's most popular healthy fast food chains. In the past few years, new locations have opened inside airports, stadiums, and Target stores.
In 2015, after McDonald's announced its menu improvements, Freshii's CEO Matthew Corrin sent an open letter to McDonald's, in which he offered to partner with the fast-food giant and pushed the chain to serve healthier food.
Everytable — A chain that changes its prices based on the average income in the neighborhood where it's located
Everytable, which launched its first Los Angeles location in 2016, adjusts its prices depending on what its local customers can afford.
The South LA location (where households earn a median salary of $30,882), for example, offers salads and bowls for less than $4.50. In early 2017, Everytable opened a second location in downtown LA (where the median salary is $99,990), which offers the same items for around $8. Both stores' ingredients will be sourced from local purveyors, but the idea is that sales in wealthier neighborhoods can partially subsidize operations in lower-income areas.
Everytable's cofounders, Sam Polk and David Foster, told BI they plan to expand the chain to more LA neighborhoods and eventually to other cities around the US.
LocoL — A California eatery where everything costs $6 or less
LocoL, a fast food concept spawned by famed chefs Roy Choi and Daniel Patterson, offers a new take on traditional fast food.
The chain's dishes contain more calories than, say, a salad, but everything is made with high-quality, locally sourced, whole ingredients. In LocoL's cheeseburgers, for example, cooked grains and tofu make up 30% of the beef patties. Its chicken nuggets also contain fermented barley. Instead of soda, fruity aguas frescas are made in-house every day.
The chain, which launched in 2016, currently has three permanent locations and an array of food trucks in Los Angeles. In coming years, Choi and Patterson hope to have nine locations nationwide, including a coffee shop and a kitchen where their staff can prepare the trucks' food off-site, according to Eater.
The meal-kit maker reported a loss of $0.17 a share as revenue plunged 25% year-over-year of $179.6 million. Wall Street analysts surveyed by Bloomberg were anticipating a loss of $0.17 per share on $188.6 million of revenue.
Blue Apron shares were down 41% this year through Wednesday.