Gross Margin ImprovementA sustained gross margin near 46% improves unit economics and provides a structural cushion against discounting, FX swings and higher fulfillment costs. Higher gross margin supports long-term profitability even if top-line growth is muted, enabling reinvestment in customer retention.
Adjusted EBITDA Turned PositiveTransitioning to positive adjusted EBITDA on a last-12-month basis shows operating leverage and cost discipline. This indicates the business model can reach breakeven with modest NMV stability, reducing reliance on financing and improving the likelihood of sustainable profitability.
Solid Liquidity BufferA healthy cash and pro forma net cash position provides runway to execute strategic initiatives, fund working capital needs, and manage regional turnarounds without immediate refinancing. Strong liquidity materially lowers solvency risk and supports multi-quarter operational restructuring.