Overview
- Fourth-quarter revenue guidance was raised to $363–366 million, and full-year 2025 revenue guidance increased to $1.273–$1.276 billion for about 27% growth.
- Full-year 2025 adjusted EBITDA guidance rose to $273.2–$274.1 million with a 21.4%–21.5% margin, and free cash flow guidance increased to $156.9–$157.9 million.
- Initial 2026 outlook targets $1.54 billion in revenue (+21% versus the 2025 guide), $354 million in adjusted EBITDA at a 23% margin, and $209 million in free cash flow.
- Latest-quarter revenue grew 26% year over year to $337 million, with direct platform revenue reaching 75% of sales, up from 70% a year ago.
- Shares gained 7.9% after hours to $18.02, with coverage noting roughly 5x EV/EBITDA valuation and $199 million remaining under the stock repurchase program.