Slide 1: 2Q 2025 Earnings Call
2Q 2025 Earnings Call July 29, 2025
Slide 2: Forward-Looking Statements
2Q 25 Earnings Call | July 2025 Forward-Looking Statements Forward-Looking Statements The information presented herein may contain forward-looking statements within the meaning of the federal securities laws. Such forward-looking statements include without limitation all statements other than statem
Slide 3: Financial Update
Financial Update
Slide 4: 2Q 2025 Financial Results
2Q 25 Earnings Call | July 2025 Financial Update 2Q 2025 Financial Results Revenue Gross Margin G&A and Tech Expense $282.3 Million 23.7% $37.3 Million -29.1% vs. 2Q 24 +360 bps vs. 2Q 24 -8.6M / -18.7% vs. 2Q 24 Diluted EPS Adjusted EBITDA1 -$0.34 Ending Cash & Inventory -$8.1 Million Adjusted Dilu
Slide 5: Revenue
2Q 25 Earnings Call | July 2025 Financial Update Revenue Revenue 2Q 25 Dynamics ($M) $500 • Revenue of $282M • -$116M / -29% vs. 2Q 24 $422 $398 $400 • YoY influenced by: • Rationalized channel management and customer $311 $303 acquisition investments $300 $282 $232 • QoQ influenced by: • Improved s
Slide 6: Gross Margin
2Q 25 Earnings Call | July 2025 Financial Update Gross Margin Gross Margin Gross Margin 2Q 25 Dynamics ($M) (%) $200 30% • Gross margin of 23.7% • +360 bps vs. 2Q 24 25.5% 25.1% 23.7% 25% 23.0% • Gross margin influenced by: $150 21.2% • Disciplined pricing and 20% merchandising actions 20.1% • Impro
Slide 7: Sales & Marketing Expense
2Q 25 Earnings Call | July 2025 Financial Update Sales & Marketing Expense Sales & Marketing Expense Sales & Marketing Expense 2Q 25 Dynamics ($M) (% of Revenue) $200 20% • Sales & Marketing Expense of 17.3% $38M or 13.5% 16.7% 16.7% • -$28M / -320 bps vs. 2Q 24 $150 15% 13.5% • Sales & Marketing Ex
Slide 8: G&A and Tech Expense
2Q 25 Earnings Call | July 2025 Financial Update G&A and Tech Expense G&A and Tech Expense 2Q 25 Dynamics ($M) $75 • G&A and Tech Expense of $37M • -$9M / -19% vs. 2Q 24 • -$1M / -3% vs. adjusted 1Q 251 $49 • $150M annual G&A and Tech $50 $48 $46 $45 Expense run rate as committed $41 $37 $381 $25 $0
Slide 9: Adjusted EBITDA
2Q 25 Earnings Call | July 2025 Financial Update Adjusted EBITDA Adjusted EBITDA 2Q 25 Dynamics ($M) $20 • Adj. EBITDA of -$8M • +$28M vs. 2Q 24 $8 $0 • 6th consecutive quarter of narrowing adjusted EBITDA ($8) loss ($13) ($20) ($28) ($32) ($40) ($36) ($60) 2Q 23 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 Note:
Slide 10: LTM Orders and Average Order Value
2Q 25 Earnings Call | July 2025 Financial Update LTM Orders and Average Order Value Orders Delivered (LTM) Average Order Value 2Q 25 Dynamics (M) ($) 25 $250 $234 • Average order value of $219 $219 • +7.2% vs. 2Q 24 $204 $194 $199 20 $200 $181 • Orders delivered (LTM) of 5.7M • -33.8% / -2.9M vs. 2Q
Slide 11: Active Customers and Order Frequency
2Q 25 Earnings Call | July 2025 Financial Update Active Customers and Order Frequency Active Customers (LTM) Order per Active Customer 2Q 25 Dynamics (M) (LTM) 14 2.0 • Order frequency of 1.32 • -5.4% vs. 2Q 24 12 1.56 1.39 1.39 1.5 • Active customers (LTM) of 1.37 1.34 10 1.32 4.4M • -30.0% / -1.9M
Slide 12: Operations Update
Operations Update
Slide 13: Restoring the Core
2Q 25 Earnings Call | July 2025 Operations Update Restoring the Core Beyond Consolidated Sales & Marketing as % of Revenue Investor Event Focus Areas: 18% 18% 17% 17% 17% 12% 12% 15% 14% 14% Increase ROAS 1. Marketing Efficiency Focused ad spend using enriched Committed Target: 12% customer data 1Q
Slide 14: Appendix
Appendix
Slide 15: Adjusted EBITDA Reconciliation
2Q 25 Earnings Call | July 2025 Reconciliation Adjusted EBITDA Reconciliation Three months ended in thousands, except per share data 6/30/2023 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 Net Revenue $ 422,211 $ 398,104 $ 311,428 $ 303,151 $ 231,748 $ 282,251 Net loss $ (73,493) $ (42,578) $ (
Slide 16: Adjusted G&A and Technology Expense Reconciliation
2Q 25 Earnings Call | July 2025 Reconciliation Adjusted G&A and Technology Expense Reconciliation Three months ended in thousands, except per share data 3/31/2025 G&A and Technology Expense $ 41,032 Brand integration and related costs — Restructuring costs 2,787 Special legal charges and other — Adj