Platform Partnerships And Service BreadthDeep partnerships with platform leaders and a full-suite service model create a durable competitive moat. This grants broad marketplace access, recurring service fees, cross-selling of tech/logistics, and long-term client stickiness supporting sustainable revenue streams.
Improving Gross MarginRising gross margins reflect structural improvements in cost-to-serve (fulfillment, sourcing, tech). Sustained higher gross margins provide margin buffer to absorb SG&A or invest in platform capabilities, supporting longer-term path to profitability if maintained.
Moderate Balance-sheet ImprovementIncremental deleveraging and a stable equity ratio enhance financial flexibility. A moderately healthier balance sheet supports longer-term investments in technology and logistics, and provides some resilience against industry cyclicality and execution risks.