Business Performance Report
(2024–2025)
Executive Summary
- Toys leads all categories at $179K, barely ahead of Beauty and Health in a tight top tier.
- 2025 revenue grew only 0.6% YoY despite 5.4% more units — ASP pressure compressed growth.
- Gross margin slipped 1.6pp to 62.9% as Electronics and Books drag category profitability.
TOTAL REVENUE$1.5MAll non-cancelled orders2025 REVENUE$653K↑ 0.6% vs 2024 ($649K)GROSS MARGIN63%↓ 1.6pp vs 2024 (64.5%)UNITS SOLD (2025)2.4K↑ 5.4% vs 2024 (2,248) Full-Year Margin Summary — 2024 vs. 2025
| Metric | FY 2024 | 2024 Margin | FY 2025 | 2025 Margin | YoY $ Change | YoY % |
|---|
| Net Revenue | $46M | — | $53M | — | $7.3M | +15.9% |
| Gross Profit | $23M | 51.3% | $27M | 51.4% | $3.8M | +16.1% |
| EBITDA | $7.8M | 17.2% | $9.1M | 17.2% | $1.3M | +16.3% |
| Net Income | $4.9M | 10.8% | $5.7M | 10.8% | $0.80M | +16.4% |
Key Highlights
Strong 15.9% Revenue Growth
Net Revenue grew from $45.6M to $52.8M in 2025, adding $7.25M in top-line. Every month outpaced its prior-year counterpart.
Margins Remain Rock-Solid
Gross margin, EBITDA margin, and net margin each held within 0.1 pp of 2024 levels while revenue expanded.
Q4 Seasonality Drives ~31% of Revenue
Q4 2024 generated $14.2M and Q4 2025 $16.6M—both representing roughly one-third of the year.
Fortress Balance Sheet & Growing Cash
Cash reached $24.2M at year-end 2025, while debt-to-equity compressed to 0.32×.