Overview

• Shares rose about 11% in extended trading after the company posted a revenue beat and issued an outlook above expectations.
• Fourth-quarter net revenue reached $311.2 million, up 4.4% year over year on an adjusted basis, with a loss of $0.07 per share versus a $0.10 loss expected and a 43.6% gross margin down 100 basis points.
• Guidance calls for first-quarter revenue of $333 million to $338 million and full-year fiscal 2026 revenue of $1.28 billion to $1.33 billion, both ahead of consensus.
• Active clients declined to 2.309 million, down 7.9% from a year earlier, while net revenue per active client rose 3% to $549.
• Adjusted EBITDA totaled $49.1 million for fiscal 2025, with fiscal 2026 projected at $30 million to $45 million as advertising holds near 9%–10% of revenue, and the company ended the year with $242.7 million in cash and no debt.