Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation August 6, 2026 | 2Q26 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 Pre sen tation. The information in this Presentation is of a general nature and does not purport to be complete
Slide 3: 2Q26 Snapshot
2Q26 Snapshot World’s Top Fintech Companies 2026 America’s Best Online Platforms 2026 2026 Best Companies to Work For 2Q26 Results FY2026 Updated Guidance Gross Merchandise Volume May Guidance August Guidance (GMV) Growth (YoY) 37.9 % Total Revenue Growth 30 % – 35 % 35 % Total Revenue Growth (YoY)
Slide 4: Marketing Investment Fueling Subscriber Growth
Marketing Investment Fueling Subscriber Growth 76.4 % 8 ≥ 31X 39 % YoY Growth in Active Subscribers More Orders from Subscribers Top 10% Anywhere Subscribers In- store Orders as % of Total for 2Q26 vs. Non - Subscribers on Average 5 90 - days Frequency 1 Anywhere Orders 2 in 2Q26 MODS 3 Marketing St
Slide 5: More Places to Shop, More Reasons to Engage
More Places to Shop, More Reasons to Engage New Enterprise Merchants Retention & Engagement Card - Linked Rewards virtual card spending at partner merchants Offers Cashback Expands cashback offers through Expansion new partners Converts existing engagement Monetization into revenue without adding fr
Slide 6: A Consistent Pace of Innovation
A Consistent Pace of Innovation 1Q26 2Q26 3Q26 Canada 2 3 Enhanced Long - SezzleCash Sezzle Send Pay - in- 5 1 Virtual Card Sezzle Mobile Term Lending (June Roll - out) (Launch in August) Cash advance for Instant money transfers On AT&T’s network, eligible Sezzle Long - term lending 4 through Pay -
Slide 7: Evolving Beyond Payments Through SezzleCash and Sezzle Send
Evolving Beyond Payments Through SezzleCash and Sezzle Send 1 2 SezzleCash Sezzle Send (June Roll - out) (Launch in August) Cash advance product, addressing A P2P product, allowing senders Pay - consumers' short - term liquidity needs in- Five or Pay - in- Full while recipients receive the full amou
Slide 8: AI, Embedded Across the Platform
AI, Embedded Across the Platform Enhancing the Consumer Experience Driving Efficiency Across Sezzle Teams Proprietary AI Tools Impact Description Engineering Team AI Coding Assistants 88% Of new code AI developed Code Merge Of merged code now receives an Review 30% added AI review layer Developer Mo
Slide 9: YoY Engagement Metrics
YoY Engagement Metrics Monthly On - Demand & Subscribers (MODS 1) Quarterly Purchase Frequency (Average) 2Q26 982,000 +31.3% 2Q26 7.2x +1.1x YoY YoY 2Q25 748,000 2Q25 6.1x Active 2 Consumers Repeat Usage as a % of Total Orders (Cumulative) 2Q26 3,160,000 +10.5% 2Q26 97.2% +80 Bps YoY YoY 2Q25 2,860,
Slide 10: YoY Progression Overview
YoY Progression Overview 2Q25 2Q26 YoY Change Total Revenue $98.7M $149.7M 51.7% Net Income $27.6M $40.8M 47.7% Adjusted Net Income 1 $24.8M $39.3M 58.4% Adjusted EBITDA Margin 2 38.9% 38.8% - 0.1 Pts Total Revenue Less Transaction Related Costs 3 as a % of Total Revenue 61.1% 63.5% +2.4 Pts Non - T
Slide 11: Gross Merchandise Volume (GMV)
Gross Merchandise Volume (GMV) +37.9% YoY $1,278.5 $1,157.5 $1,110.4 $1,047.3 $927.0 Gross Merchandise 2Q25 3Q25 4Q25 GMV ($ in millions) 1Q26 2Q26 Volume (GMV) Total Revenue 12.2% & Total Revenue 10.6% 11.2% 11.2% 11.7% 12.0% 10.0% 8.0% $200.0 6.0% $149.7 4.0% $135.5 2.0% $150.0 $116.8 $129.9 0.0%
Slide 12: Transaction Related Costs
As a % of GMV $100.0 4.1% 5.1% 4.0% 4.3% 3.2% 4.0% $90.0 2.0% $80.0 0.0% $70.0 $53.5 $54.6 -2.0% $60.0 $46.3 -4.0% $50.0 $38.4 $35.2 -6.0% -8.0% $40.0 -10.0% -12.0% $30.0 -14.0% $20.0 -16.0% $10.0 -18.0% $0.0 -20.0% 2Q25 3Q25 4Q25 1Q26 2Q26 Transaction Transaction Related Costs ($ in millions) % of
Slide 13: Transaction Related Costs
Transaction Related Costs 1 Transaction Expense Provision for Credit Losses Net Interest Expense FY2026 Guidance of 2.5% – 3.0% $50.0 3.0% $50.0 4.0% $50.0 3.1% 3.0% 2.5% 2.2% 2.0% 2.4% 2.0% 1.5% $40.0 $40.0 1.2% 1.0% $40.0 $32.2 2.0% $30.6 0.0% 1.7% 1.7% 1.0% $30.0 1.5% 1.6% 1.6% 1.5% $30.0 -1.0% $
Slide 14: Total Revenue Less Transaction Related Costs
As a % of GMV 9.0% $180.0 10.0% $160.0 6.5% 6.0% 7.2% 7.4% 5.0% $140.0 $120.0 $100.3 $95.1 0.0% $100.0 $83.5 $80.0 $60.3 $63.3 -5.0% $60.0 -10.0% $40.0 -15.0% $20.0 $0.0 -20.0% 2Q25 3Q25 4Q25 1Q26 2Q26 Total Revenue Total Revenue Less Transaction Related Costs ($ in millions) % of GMV Less Transacti
Slide 15: Non-Transaction Related Operating Expenses
% of Total Revenue 30.0% 29.0% 28.1% 27.1% $60.0 24.6% 25.3% 25.0% $50.0 $43.4 $34.3 20.0% $40.0 $31.6 $32.0 $30.0 $27.7 15.0% 10.0% $20.0 5.0% $10.0 Non - Transaction $0.0 0.0% 2Q25 3Q25 4Q25 1Q26 2Q26 Corporate Strategic Project Costs ($ in millions) 2 Related Operating $0.4M $1.3M $1.3M $0.3M $0.
Slide 16: Net Income, Adjusted Net Income, & Adjusted EBITDA
Net Income, Adjusted Net Income, & Adjusted EBITDA Net Income Adjusted Net Income 1 Non - GAAP Adjusted EBITDA 2 $100.0 $100.0 $98.0 $100.0 $98.0 52.5% 50.0% 37.9% $96.0 40.0% $96.0 40.0% $94.0 $92.0 $94.0 $92.0 36.9% $90.0 44.9% 32.9% 33.0% 35.0% 35.0% 38.9% 38.8% $90.0 $90.0 $88.0 $88.0 40.0% $86.
Slide 17: Select Balance Sheet & Cash Flow Metrics
Select Balance Sheet & Cash Flow Metrics Balance Sheet ($ in thousands) Jun 30, 2025 Jun 30, 2026 Key Assets Cash and cash equivalents 1 $88,943 $79,757 Restricted cash $31,026 $32,292 Total cash $119,969 $112,049 Notes receivable, net $184,940 $289,159 Key Liabilities Merchant accounts payable $60,
Slide 18: 2026 Guidance
2026 Guidance Updated 2026 Guidance 2026 Guidance 2026 Guidance 2026 Guidance (November 2025) (February 2026) (May 2026) (August 2026) Total Revenue Growth Not Provided 25% – 30% 30% – 35% 35% Adjusted Net Income 1 Not Provided $170.0M $180.0M $185.0M Adjusted Net Income Per $4.35 $4.70 $5.10 $5.25
Slide 19: Appendix I: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix I: 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) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Operating income $ 54,961
Slide 20: Appendix II: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix II: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Operating Expenses to Transaction Related Costs For the three months ended (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Operating expenses $ 94,722 $ 66,503 $ 74
Slide 21: Appendix III: Reconciliation of GAAP to Non-GAAP Financial Measures
Appendix III: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Net Income to Adjusted Net Income 1 For the three months ended (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income $ 40,765 $ 51,303 $ 42,691 $ 26,671 $ 27,
Slide 22: Appendix IV: Restated Consolidated Statements of Cash Flows
Appendix IV: Restated Consolidated Statements of Cash Flows For the six months ended June 30, 2025 (in $ thousands) As previously reported Restatement impact As restated Discount on notes receivable $ - $ (782) $ (782) Notes receivable (53,796) 53,796 - Net cash provided from operating activities $
Slide 23: Appendix V: Reclassification of Total Revenue
Appendix V: Reclassification of Total Revenue Reclassification of Total Revenue For the three months ended (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Lending-based income Merchant- and partner-derived 10,898 10,111 13,552 12,704 12,707 Consumer-d
Slide 24: 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 25: 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 26: | 2Q26 Presentation
| 2Q26 Presentation 26