Back in 2021, the business reported a net profit of $13.6m, representing a fall of 97% in just four years.
Revenue has fallen substantially from $219.2m in 2021, dropping by $101.4m or 46%.
The Herald has approached HelloFresh for comment.
The company was founded by Dominik Richter and Thomas Griesel in Germany in 2011.
It has since expanded to operate in 18 countries globally, with the meal kit provider launching in New Zealand in 2018.
Commerce Commission fine
The result comes just weeks after the Commerce Commission fined HelloFresh $845,000 at the Auckland District Court after the company admitted to five charges of misleading customers.
The Commerce Commission said the company misled consumers to reactivate cancelled food delivery services, activating “subscription traps”.
For the commission, lawyer Danielle Houghton sought a penalty of $1.5m-$1.6m but HelloFresh counsel Peter Hunt said the business was not in a financial position to pay such a fine.
After the hearing, HelloFresh Australia and New Zealand chief executive Tom Rutledge said the company accepted the decision.
“We unreservedly apologise to our customers, partners, employees and the wider community for the shortcomings in our past customer service practices,” Rutledge said.
“The events in question occurred between November 2022 and June 2023, and we take full responsibility for them.”
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.