Record Revenue Growth
Q2 revenue increased 23% year-over-year to $163 million, with a 26% increase in marketplace revenue. Gross margin reached 40.1%, a record for the company.
Marketplace Gross Margin Expansion
Marketplace gross margin increased to a record 35.4%, up 190 basis points year-over-year, driven by improvements in AI pricing and selection algorithms.
Strong Active Buyer Growth
Active buyers increased 22% year-over-year to 74,777, with a net addition of 3,323 active buyers.
International Revenue Growth
International revenue growth accelerated to 31% year-over-year, with strong expansion in Europe.
Improved Adjusted EBITDA
Adjusted EBITDA was $3.9 million, an improvement of $6.6 million year-over-year, driven by revenue growth and operating efficiencies.
AI and Technology Advancements
Significant advancements in AI and technology, including instant quoting, mobile app improvements, and Teamspace launch in Europe, driving operational leverage.
Convertible Debt Refinancing
Completed refinancing of convertible debt, improving financial terms and extending maturity to 2030, enhancing financial flexibility.