Improved Liquidity and Cash Position
Ended FY2025 with $62 million in cash, an almost 20% increase versus the end of 2024, providing flexibility to invest and navigate industry headwinds.
Positive Adjusted EBITDA and Tight Cost Control
Delivered $40 million of adjusted EBITDA for FY2025 (versus $43 million in 2024), demonstrating profitability on a non-GAAP basis and the ability to self-fund operations despite revenue pressure.
Q4 Results at or Above Guidance
Fourth-quarter revenue of $43 million came in at the top end of prior guidance and adjusted EBITDA for the quarter exceeded guidance, indicating operational execution against expectations.
Discipline in Operating Expenses
Full-year total operating expenses increased modestly by 2% to $174 million. Sales & marketing declined by $2 million and product development declined by $8 million vs. 2024 due to restructuring and headcount reductions.
Early Momentum in New Markets
Encouraging growth in newer markets such as New York and Ohio; New York client count nearly doubled year-over-year. Average paying clients for the full year were 5,190, up ~2% versus 2024.
Strategic Product Investments
Company is investing in product updates to enable product-first discovery and more e-commerce-like shopping journeys, aimed at improving marketplace engagement and long-term growth prospects.