Sezzle Inc. · NASDAQ:SEZL
Sezzle — FY2025 Earnings Presentation
46 slides from Sezzle's earnings presentation, March 2026
Slide 1: Sezzle Overview
Sezzle Overview March 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 Pre sen tation. The information in this Presentation is of a general nature and does not purport to be complete
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 $13B 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 Bu
Slide 5: 2025 Recap
2025 Recap 4Q25 FY2025 GMV Growth (YoY) 35.3 % 55.1% 2026 Guidance Total Revenue Growth (YoY) 32.2 % 66.1% Total Revenue Growth 25% – 30% Net Income & Net Income Margin $42.7 M 32.9% $133.1M 29.6% Adjusted Net Income 5 $170.0 M 32.4% YoY Adjusted EBITDA 1 & Adjusted EBITDA Margin $58.3 M 44.9% $187.
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 Buy Now, Pay Later (BNPL) represents ~2% Sezzle represents <2% of North America’s Total Commerce Transaction Value of North America’s Total BNPL Market Digital Wallet 19% Other In- Store Financing Cash Payment 9% Products $125.0 3% Debit Card 28% BNPL & POS Financ
Slide 8: BNPL Outpacing the Payments Market
BNPL Outpacing the Payments Market Total North America Payments Market Product Type CAGR Growth Rate from 2019 to 2024 CAGR Growth Rate from 2024 to 2030 BNPL 73.8% 12.9% Credit Card 1.8% (1.1%) Debit Card 1.3% (0.4%) North America Payments Market 3.6% 3.2% BNPL North America Total Market Share 2024
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 Browser
Slide 11: Robust & Expanding Product Ecosystem
Robust & Expanding Product Ecosystem | Sezzle Overview Presentation 11
Slide 12: Comprehensive Suite of Payment Options
Comprehensive Pay later loans are originated by WebBank or Sezzle Suite of Payment Pay - in- 4 Pay - in- 2 Long - Term 1 Options Driving consumer flexibility through offering a full suite of payment options, powered by our WebBank partnership (launched in September 2024) Benefits of the WebBank Part
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: Efficient Marketing Driving Subscriber Growth
Efficient Marketing Driving Subscriber Growth Launch of Push to On - Demand Subscription $9.3 $8.7 $8.7 Expanding Subscription Benefits to Strengthen $5.3 918,000 Engagement and Lower Churn in 4Q25 $5.3 784,000 748,000 248,000 707,000 More Orders from Subscribers vs. Non - Subscribers 190,000 658,00
Slide 15: Helping Consumers Build Credit History through Sezzle Up
Helping Consumers The first BNPL platform in North America to offer credit reporting optionality through Build Credit History short- term installments in the U.S. & Canada through Sezzle Up Files Sezzle Up Consumer purchase activities to all major credit bureaus in the U.S. Lower 2 nd payment failur
Slide 16: 2026 Path Forward
2026 Path Forward A digital financial platform building an integrated shopping and financial services ecosystem Additional Products Launched Launching Soon & Features to Launch Deposit Accounts Receipt Scanning & Rewards Debit & Secured Credit Card Post - Purchase Split Program Enhanced User Communi
Slide 17: We're Building an All-in-One Services Platform
We’re Building an Earn Shopping & Engagement Price Comparison Tab All- in- One Premium Services Platform Anywhere Sezzle Balance Financial Tools On - Sezzle Launching Soon Demand Up Product Product Market- Post - Purchase Split Program Insurance place Long Pay - in- Deposit Accounts Term 1 Full Debi
Slide 18: Growing Profitably Through Strong Execution
Growing Profitably Through Strong Execution | Sezzle Overview Presentation 18
Slide 19: Initiatives Exceeding Expectations
Initiatives Exceeding Expectations Net Income (Loss) ($ in millions) $170.0 $133.1 Adjusted $78.5 Net Income 1 $7.1 ($38.1) ($75.2) 2021 2022 2023 2024 2025 2026E • Expansion into • Workforce • Impact of 2022 • Payment streaks • Investing in high - • Deposit Accounts new markets Reduction profitabil
Slide 20: AI-Driven Efficiency Across the Sezzle Ecosystem
AI- Driven Efficiency Across the Sezzle Ecosystem Building proprietary AI capabilities to improve organizational productivity, unlock cost savings, and elevate the consumer experience Engineering Product Customer Support Other Functions AI Co ding Assistants (live) AI Shopping Assistant Proprietary
Slide 21: Marketing Optimization Driving Faster Payback Periods
Marketing Optimization Driving Faster Payback Periods AI- powered campaign testing rapidly identifies winning campaigns <6 months Marketing Payback Period Current Marketing Pathways Subscription Benefits Gamification Cashback Rewards Money IQ In- app and merchant Payment Streaks exclusive offers | S
Slide 22: Robust & Proprietary In-House Underwriting Strategy
Robust & Proprietary In- House Underwriting Strategy Sezzle Proprietary & 3 rd party ML Models 3 rd party ML Models Fraud Fraud New Existing Consumers Consumers Sezzle Proprietary Sezzle Proprietary Model Underwriting Model (4 th generation) Underwriting Sezzle Model is more predictive than FICO for
Slide 23: Superior Unit Economics Driven by Portfolio Velocity
Superior Unit Economics Driven by Portfolio Velocity 64.0% The short duration product results in quick portfolio turnover, 1 LTM 4Q25 with repayment trends evident after 14 days Total Revenue Less Transaction Related Costs 62.0% Type of Loan Std. Loan Tenor as a % of Total Revenue 60.0% Sezzle 42 da
Slide 24: YoY Progression Overview
YoY Progression Overview 4Q24 4Q25 YoY Change FY2024 FY2025 YoY Change Total Revenue $98.2M $129.9M 32.2% $271.1M $450.3M 66.1% Net Income $25.4M $42.7M 68.3% $78.5M $133.1M 69.5% Adjusted Net Income 1 $26.1M $42.8M 64.2% $65.3M $128.4M 96.6% Adjusted EBITDA Margin 2 33.1% 44.9% 11.8 Pts 32.7% 41.7%
Slide 25: YoY Engagement Metrics
YoY Engagement Metrics Monthly On - Demand & Subscribers (MODS 1) Quarterly Purchase Frequency (Average) 4Q25 918,000 +211k 4Q25 6.6x +1.1x YoY YoY 4Q24 707,000 4Q24 5.5x Active 2 Consumers Repeat Usage as a % of Total Orders (Cumulative) 4Q25 3,049,000 +11.9% 4Q25 96.8% +80 Bps YoY YoY 4Q24 2,725,0
Slide 26: 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 6.6x 6.5x 474,000 463,000 2,971,000 3,049,000 412,000 2,860,000 346,000 2,734,000 6.1x 6.1x 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25
Slide 27: Gross Merchandise Volume (GMV) & Total Revenue
Gross Merchandise Volume (GMV) & Total Revenue Gross Merchandise Volume (GMV) $3,940.4 +35.3% YoY $2,540.2 $1,807.8 $1,743.4 $1,824.3 $1,047.3 $1,157.5 $855.4 $808.7 $927.0 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 GMV ($ in millions) GMV ($ in millions) Total Revenue $600.0 10.7% 11.4% $500
Slide 28: Transaction Related Costs
Transaction Related Costs 1 As a % of GMV 5.6% 4.5% 4.3% 4.7% 4.3% $169.3 5.1% 5.1% 3.8% 4.1% 4.0% $101.4 $120.1 $78.8 $78.4 $43.9 $53.5 $46.3 $31.0 $38.4 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Transaction Related Costs ($ in millions) % of GMV Transaction Related Costs ($ in millions) %
Slide 29: Transaction Related Costs
Transaction Related Costs 1 Transaction Expense Provision for Credit Losses Net Interest Expense FY2026 guidance of 2.5% - 3.0% 1.9% 1.9% 1.7% 1.6% 2.8% 3.1% 1.5% 2.2% 2.0% 1.6% $32.2 0.4% 0.4% 0.4% 0.4% 0.3% $19.0 $24.4 $20.6 $16.1 $15.3 $14.2 $17.4 $12.8 $23.7 $3.4 $2.9 $3.5 $3.9 $3.7 4Q24 1Q25 2Q
Slide 30: Total Revenue Less Transaction Related Costs
Total Revenue Less Transaction Related Costs 1 As a % of GMV 7.1% 5.9% 4.4% $281.0 2.7% 9.1% 0.7% 6.4% 6.5% 7.2% $151.0 6.0% $81.0 $73.9 $60.3 $63.3 $83.5 $47.1 $54.3 $13.4 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Total Revenue Less Transaction Related Costs ($ in millions) % of GMV Total R
Slide 31: 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 27.4% 28.1% 27.1% $87.4 $94.8 25.6% 24.6% $74.8 $82.5 $26.9 $26.9 $27.7 $31.6 $32.0 2021 2022 2023 2024 2025 4Q24 1Q25 2Q25 3Q25 4Q25 Corporate Strategic Projects Costs ($ in millions) Corporate St
Slide 32: Net Income & Adjusted Net Income
Net Income & Adjusted Net Income Net Income Adjustments Adjusted Net Income 1 34.5% 32.9% 33.7% 33.0% 25.8% 28.0% $0.7 $0.1 26.6% 22.8% 25.1% 21.8% $36.2 $42.7 $35.3 $42.8 $25.4 $27.6 $26.7 ($0.8) ($2.8) ($1.2) $26.1 $24.8 $25.4 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4
Slide 33: Net Income & Adjusted EBITDA
Net Income & Adjusted EBITDA Net Income & Adjusted Net Income 1 $133.1 $128.4 $78.5 $65.3 $7.1 $5.6 $36.2 $35.3 $27.6 $24.8 $42.7 $42.8 $25.4 $26.1 $26.7 $25.4 ($38.1) ($41.2) ($75.2) ($73.1) 4Q24 1Q25 2Q25 3Q25 4Q25 2021 2022 2023 2024 2025 Net Income ($ in millions) Adjusted Net Income ($ in milli
Slide 34: Select Balance Sheet & Cash Flow Metrics
Select Balance Sheet & Cash Flow Metrics Balance Sheet $ in Thousands Dec 31, 2024 Sep 30, 2025 Dec 31, 2025 Key Assets Cash and cash equivalents 1 $73,185 $104,147 $64,054 Restricted cash $25,125 $30,509 $38,547 Total cash $98,310 $134,656 $102,601 Notes Receivable, net $164,562 $184,131 $254,895 K
Slide 35: 2026 Guidance
2026 Guidance 2025 Guidance 2026 Guidance 2025 Actual 2026 Guidance (November 2025) (November 2025) Total Revenue Growth 60% - 65% 66.1% Not provided 25% - 30% Adjusted Net Income 1 $120.0M $128.4M Not provided $170.0M Adjusted Net Income Per $3.38 $3.59 $4.35 $4.70 Diluted Share 1, 2 1 Adjusted Net
Slide 36: Founder-Led Management Team
Founder - Led Management Team Charlie Youakim Paul Paradis Lee Brading Amin Sabzivand Kerissa Hollis CEO & Co - Founder President & Co - Founder Chief Financial Officer Chief Operating Officer General Counsel , Chief Compliance Officer , & Secretary | Sezzle Overview Presentation 36
Slide 37: Appendices
Appendices | Sezzle Overview Presentation 37
Slide 38: 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) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Operating expenses $ 74,622 $ 81,235 $
Slide 39: 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) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Operating income $ 5
Slide 40: 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) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Operating expense
Slide 41: 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 For the three months ended (in $ thousands; except per share amounts) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income $ 42,691 $ 26,
Slide 42: 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) December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Net income $ 42,691 $ 26,671 $ 27,604 $ 36,164 $ 25,36
Slide 43: Appendix VI: Restated Quarterly Consolidated Statements of Cash Flows
Appendix VI: Restated Quarterly Consolidated Statements of Cash Flows For the twelve months ended December 31, 2024 (in $ thousands) As previously reported Restatement impact As restated Discount on notes receivable $ - $ 460 $ 460 Notes receivables (89,289) 89,289 - Net Cash Provided from Operating
Slide 44: 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 45: 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 46: Thank You
Thank You Jack Fagan Corporate Development & Investor Relations InvestorRelations@sezzle.com Erin Foran Media & PR MediaRelations@sezzle.com | Sezzle Overview Presentation 46