Sezzle Inc. · NASDAQ:SEZL
Sezzle — Investor Presentation (May 2026)
45 slides from Sezzle's investor presentation, May 2026
Slide 1: Sezzle Overview May 2026
Sezzle Overview May 2026 | Sezzle Overview Presentation 1
Slide 2: Disclaimer
Disclaimer Cautionary Note Regarding Forward - Looking Statements This presentation (the “Presentation”) contains summary information about the activities of Sezzle as of the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be c omplete a
Slide 3: Sezzle at a Glance
Sezzle at a Glance | Sezzle Overview Presentation 3
Slide 4: 10 Years of Sezzle
10 Years of Sezzle Since Inception 1 2 App Store Ratings +$14B Gross Merchandise Volume +19M Completed Sign - Ups 4.9/5 Apple Store 4.5/5 Google Play As Awarded by: World’s Top America’s Best BNPL App for Top 5 America’s Best Companies Best for Best Mid - Cap Fintech Companies Best Companies Credit
Slide 5: 1Q26 Snapshot
1Q26 Snapshot 1Q26 Results FY2026 Updated Guidance Feb Guidance May Guidance GMV Growth (YoY) 37.3 % Total Revenue Growth 25 % – 30 % 30 % – 35 % Total Revenue Growth (YoY) 29.2 % Adjusted Net Income 4 $170.0 M $180.0 M 32.4% YoY 40.2% YoY Net Income $51.3 M Net Income Margin 37.9% Adjusted Net Inco
Slide 6: The Markets We Serve
The Markets We Serve | Sezzle Overview Presentation 6
Slide 7: The Nascent and Growing BNPL Market
The Nascent and Growing BNPL Market BNPL is the fastest - growing share category within North American E - Commerce North America E - Commerce Payment Mix North America E - Commerce BNPL Value % share of transaction value $2.6T 6% $3.6T 8% +12.6% CAGR ~$156B ~$288B 2025 North America E - Com. 2030 N
Slide 8: BNPL Outpacing the Payments Market
BNPL Outpacing the Payments Market Total North America E - Commerce Market Product Type CAGR Growth Rate from 2019 to 2025 CAGR Growth Rate from 2025 to 2030 BNPL 61.0% 12.6% Credit Card 11.5% 4.3% Debit Card 14.3% 3.3% North America E - Commerce Market 17.4% 6.3% BNPL North America E - Commerce Mar
Slide 9: U.S. Consumer Credit Market Snapshot
U.S. Consumer Credit Market Snapshot Younger generations struggle with below average credit scores 4 Average FICO by Age 3 U.S. FICO Score Distribution 27% 752 20% 23% 721 15% U.S. Avg: 715 702 15% 688 678 Poor Fair Good Very Exceptional 60+ 50-59 40-49 30-39 18-29 300-579 580-669 670-739 740-799 80
Slide 10: A Dual-Sided Value Engine
A Dual - Sided Value Engine Why Consumers Use Sezzle Why Merchants Use Sezzle “ We are seeing Sezzle guests come back more often – knowing “ they have that flexibility, they shop more . In- App Engagement Driven by Personalized Shopping & Financial Tools In- App Placement Product Marketplace Earn Ta
Slide 11: Robust & Expanding Product Ecosystem
Robust & Expanding Product Ecosystem | Sezzle Overview Presentation 11
Slide 12: Comprehensive Suite of Payment Options
Comprehensive Suite of Payment Options Offering a full suite of payment options , allowing consumers to choose based on their schedule and needs Pay - in- 4 1 Pay - in- 5 1 Pay - in- 2 1 Pay - in- Full Long - Term 2 Example: $100 Purchase 25% 25% 25% 25% $25 $25 $25 $25 Time of Week Week Week purcha
Slide 13: Expanding Our Ecosystem
Expanding Our Ecosystem Initial Business Model Launched in 2Q22 Launched in 2Q23 Launched in 4Q24 MODS 1 Monthly On - Demand & Subscribers Direct & Virtual Premium Anywhere On - Demand Card Integration Subscription Subscription Offers comprehensive suite of payment Access to 350+ premium Pay Later a
Slide 14: Strategic Pivot to Subscribers, Yielding Higher-Value Engagement
Strategic Pivot to Subscribers , Yielding Higher - Value Engagement 44K 9 >35 X 37 % More Orders from Subscribers Top 10% Anywhere Subscribers In- store Orders as % of Net New Subscribers in 1Q26 vs. Non - Subscribers on Average 90 - days Frequency 1 Total Anywhere Orders 2 MODS 3 Prioritize Subscri
Slide 15: Helping Consumers Build Credit History through Sezzle Up
Helping Consumers The first BNPL platform in North America to offer credit reporting optionality through Build Credit History short- term installments in the U.S. & Canada through Sezzle Up Files Sezzle Up Consumer purchase activities to all major credit bureaus in the U.S. Lower 2 nd payment failur
Slide 16: Delivering More for Consumers
Delivering More for Consumers Virtual Card Sezzle Enhanced Pay - in- 5 in Canada 1 Mobile Plan 1 Long - Term Lending 1 First closed - end BNPL virtual On AT&T’s network, offering Expanded short - term Expanding long - term lending 3 card in Canada, live with a competitively priced installment option
Slide 17: We're Building an All-in-One Services Platform
We’re Building an All- in- One Services Platform Financial Tools 01 Pay - in- 4 • Pay - in- 5 • Pay - in- 2 • Pay - in- Full • Long - Term Lending • On - Demand • Anywhere Premium • Sezzle Balance • Sezzle Up Product Roadmap Enhanced Long - Term Lending 1 Launched in May 2026 Debit & Secured Credit
Slide 18: Growing Profitably Through Strong Execution
Growing Profitably Through Strong Execution | Sezzle Overview Presentation 18
Slide 19: AI-Driven Efficiency at Scale
AI- Driven Efficiency at Scale From underwriting to support, proprietary AI is driving operating leverage while enhancing the consumer experience Consumer - Facing AI Features Internal AI Initiatives AI Chargeback Agent Faster review time, higher throughput Leveraging AI Coding Assistants Across Eng
Slide 20: Accelerating Growth with Efficient Acquisition & Stronger Retention
Accelerating Growth Acquisition with Efficient Acquisition Digital Ads · In - App Incentives · Checkout Cross - Sell Subscribers deliver higher LTV & stronger returns on marketing spend & Stronger Retention +48.4 % YoY Growth in Active Subscribers <6 months Marketing Payback Period Retention & Engag
Slide 21: Robust & Proprietary In-House Underwriting Strategy
Robust & Proprietary In- House Underwriting Strategy New Consumer Models Sezzle Model is more predictive than FICO for new Sezzle consumers’ delinquency ✓ Sezzle Proprietary & 3 rd party ML Models Sezzle Model FICO Fraud Delinquency ✓ Sezzle Baby Prophet Model Credit powered by Custom Credit Bureau
Slide 22: Superior Unit Economics Driven by Portfolio Velocity
Superior Unit Economics Driven by Portfolio Velocity The short duration product results in quick portfolio turnover, 1 64.0% LTM 1Q26 with repayment trends evident after 14 days Total Revenue Less Transaction Related Costs Type of Loan Std. Loan Tenor 63.0% as a % of Total Revenue Sezzle 42 days 3.5
Slide 23: YoY Progression Overview
YoY Progression Overview 1Q25 1Q26 YoY Change Total Revenue $104.9M $135.5M +29.2% Net Income $36.2M $51.3M +41.9% Adjusted Net Income 1 $35.3M $50.0M +41.5% Adjusted EBITDA Margin 2 49.0% 52.5% +3.5 Pts Total Revenue Less Transaction Related Costs 3 as a % of Total Revenue 70.4% 74.0% +3.6 Pts Non
Slide 24: YoY Engagement Metrics
YoY Engagement Metrics Monthly On - Demand & Subscribers (MODS) 1 Quarterly Purchase Frequency (Average) 1Q26 887,000 +229k 1Q26 7.1x +1.0x YoY YoY 1Q25 658,000 1Q25 6.1x Active 2 Consumers Repeat Usage as a % of Total Orders (Cumulative) 1Q26 3,105,000 +13.6% 1Q26 97.0% +80 Bps YoY YoY 1Q25 2,734,0
Slide 25: LTM QoQ Engagement Metrics
Last Twelve Months (LTM) QoQ Engagement Metrics Unique Merchants 2 Shopped at Quarterly Purchase Frequency (Average) Active 1 Consumers by Consumers 7.1x 3,105,000 489,000 3,049,000 2,971,000 474,000 2,860,000 463,000 6.6x 6.5x 412,000 6.1x 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26 2Q25 3Q25 4Q25 1Q26
Slide 26: Gross Merchandise Volume (GMV) & Total Revenue
Gross Merchandise Volume (GMV) & Total Revenue Gross Merchandise Volume (GMV) $3,940.4 +37.3% YoY $2,540.2 $1,807.8 $1,743.4 $1,824.3 $927.0 $1,047.3 $1,157.5 $1,110.4 $808.7 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 GMV ($ in millions) GMV ($ in millions) Total Revenue $800.0 15.0% 11.4% $7
Slide 27: Transaction Related Costs
Transaction Related Costs 1 As a % of GMV $300.0 5.6% 6.0% 4.5% 4.7% 4.3% $250.0 5.1% 4.3% 4.1% 4.0% 4.0% $200.0 3.8% 3.2% $169.3 2.0% $150.0 $101.4 $120.1 0.0% $78.8 $78.4 $53.5 $100.0 $31.0 $38.4 $46.3 $35.2 -2.0% $50.0 $0.0 -4.0% 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Transaction Relat
Slide 28: Transaction Related Costs
Transaction Related Costs 1 Transaction Expense Provision for Credit Losses Net Interest Expense $140.0 4.0% $140.0 $140.0 $120.0 3.5% $120.0 FY2026 guidance of 2.5% - 3.0% 6.0% $120.0 1.5% 3.0% $100.0 4.0% $100.0 2.5% $100.0 1.0% 1.9% 2.0% 3.1% 1.7% 1.7% 2.2% $80.0 2.0% $80.0 $80.0 1.5% 1.6% 1.5% 1
Slide 29: Total Revenue Less Transaction Related Costs
Total Revenue Less Transaction Related Costs 1 As a % of GMV 9.1% 9.0% 7.1% 7.2% 5.9% 6.5% 6.0% 4.4% $281.0 2.7% 0.7% $151.0 $47.1 $81.0 $73.9 $60.3 $63.3 $83.5 $100.3 $13.4 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Total Revenue Less Transaction Related Costs ($ in millions) % of GMV Total
Slide 30: Non-Transaction Related Operating Expenses
Non - Transaction Related Operating Expenses 1 % of Total Revenue 76.1% 75.5% 46.9% 30.4% 26.3% $118.2 28.1% 27.1% $87.4 $94.8 25.6% 24.6% 25.3% $74.8 $82.5 $26.9 $27.7 $31.6 $32.0 $34.3 2021 2022 2023 2024 2025 1Q25 2Q25 3Q25 4Q25 1Q26 Corporate Strategic Projects Costs ($ in millions) Corporate St
Slide 31: Net Income & Adjusted Net Income
Net Income & Adjusted Net Income Net Income Adjustments Adjusted Net Income 1 37.9% 36.9% 34.5% 32.9% 33.7% 33.0% 28.0% 22.8% $0.1 25.1% 21.8% $42.7 $51.3 ($0.8) ($1.2) ($1.3) $42.8 $50.0 $36.2 $27.6 ($2.8) $35.3 $26.7 $24.8 $25.4 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25
Slide 32: Net Income, Adjusted Net Income, & Adjusted EBITDA
Net Income, Adjusted Net Income, & Adjusted EBITDA Net Income & Adjusted Net Income 1 $133.1 $128.4 $78.5 $65.3 $42.7 $42.8 $51.3 $50.0 $36.2 $35.3 $27.6 $24.8 $26.7 $25.4 $7.1 $5.6 1Q25 2Q25 3Q25 4Q25 1Q26 ($38.1) ($41.2) ($75.2) ($73.1) 2021 2022 2023 2024 2025 Net Income ($ in millions) Adjusted
Slide 33: Select Balance Sheet & Cash Flow Metrics
Select Balance Sheet & Cash Flow Metrics Balance Sheet ($ in Thousands) Mar 31, 2025 Mar 31, 2026 Key Assets Cash and cash equivalents 1 $88,893 $120,448 Restricted cash $31,976 $26,938 Total cash $120,869 $147,386 Notes receivable, net $146,628 $262,967 Key Liabilities Merchant accounts payable $65
Slide 34: 2026 Guidance
2026 Guidance 2026 Guidance 2026 Guidance 2026 Updated Guidance (November 2025) (February 2026) (May 2026) Total Revenue Growth Not Provided 25% – 30% 30% – 35% Adjusted Net Income 1 Not Provided $170.0M $180.0M Adjusted Net Income Per $4.35 $4.70 $5.10 Diluted Share 1 1 Adjusted Net Income and Adju
Slide 35: Founder-Led Management Team
Founder - Led Management Team Charlie Youakim Paul Paradis Lee Brading Amin Sabzivand CEO & Co - Founder President & Co - Founder Chief Financial Officer Chief Operating Officer | Sezzle Overview Presentation 35
Slide 36: Appendices
Appendices | Sezzle Overview Presentation 36
Slide 37: Appendix I: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix I: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Operating Expenses to Transaction Related Costs For the three months ended (in $ thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Operating expenses $ 66,503 $ 74,622 $ 81
Slide 38: Appendix II: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix II: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Operating Income to Total Revenue Less Transaction Related Costs For the three months ended (in $ thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Operating income $ 69,0
Slide 39: Appendix III: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix III: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Operating Expenses to Non - Transaction Related Operating Expenses For the three months ended (in $ thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Operating expenses $
Slide 40: Appendix IV: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix IV: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Net Income to Adjusted Net Income 1 For the three months ended (in $ thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 1 Net income $ 51,303 $ 42,691 $ 26,671 $ 27,604 $ 3
Slide 41: Appendix V: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix V: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Net Income to Adjusted EBITDA 1 For the three months ended (in $ thousands) March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 Net income $ 51,303 $ 42,691 $ 26,671 $ 27,604 $ 36,164 D
Slide 42: Appendix VI: Restated Quarterly Consolidated Statements of Cash Flows
Appendix VI: Restated Quarterly Consolidated Statements of Cash Flows For the three months ended March 31, 2025 (in $ thousands) As previously reported Restatement impact As restated Discount on notes receivable $ - $ (1,224) $ (1,224) Notes receivable 5,134 (5,134) - Net cash provided from operatin
Slide 43: Non-GAAP Financial Measures
Non - GAAP Financial Measures To supplement our operating results prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), we present the following non - GAAP financial measures: Total revenue less transaction related costs; transaction related costs; non -
Slide 44: Non-GAAP Financial Measures (Cont.)
Non - GAAP Financial Measures (Cont.) Additionally, we have included these non - GAAP measures because they are key measures used by our management to evaluate our oper ating performance, guide future operating plans, and make strategic decisions, including those relating to operating expenses and t
Slide 45: Thank You
Thank You Jack Fagan Investor Relations InvestorRelations@sezzle.com Erin Foran Media Relations MediaRelations@sezzle.com | Sezzle Overview Presentation 45