High Gross Margin / Unit EconomicsA sustained ~73% gross margin points to durable unit economics in luxury consignment: authentication, pricing and merchandising capture substantial value per transaction. High gross margin gives room to invest in customer acquisition, stores and automation while enabling scalability as GMV grows.
Improving Cash GenerationTransition to positive TTM operating cash flow and free cash flow after prior negative years materially improves financial resilience. Consistent positive cash generation supports deleveraging, funds operational automation rollouts and reduces reliance on external financing, strengthening executionability over months.
Marketplace Network Effects & Buyer EngagementRising active buyers and higher average order value reflect strengthening platform engagement and demand for higher-value items. Combined with repeat consignor/buyer dynamics, this flywheel supports durable inventory supply, higher GMV and the ability to monetize scale via stores, partnerships and service features over the medium term.