15 slides from Pattern Group Inc. - Series A's earnings presentation, Mar 5, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results March 5, 2026
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements The information presented herein may contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state s
Slide 3: Pattern's Long Term Durable Growth Financial Model
Pattern’s Long Term Durable Growth Financial Model Revenue Adj. EBITDA 3 Free Cash Flow 3 $2,501M 36% GR CA 4% $153M 10 $1,796M GR ive CA ulat 4M m 5 $101M Cu F $1 $1,366M FC $79M $991M $65M $50M $18M $27M -$2M 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 NRR 1 Net Income (Loss) 2 Ope
Slide 4: Full Year 2025 Financial Results
Full Year 2025 Financial Results ($ in millions) Revenues Net Income 2 Adj. EBITDA 3 +39% -76% +52% $2,501M $68M $153M $1,796M $101M $16M 2024 2025 2024 2025 2024 2025 NRR1 Net Income % Adj. EBITDA % 3 116% 124% 3.8% 0.6% 5.6% 6.1% 1 Net Revenue Retention (NRR) is a metric we use to measure the long
Slide 5: Full Year 2025 Operating Expenses and Disaggregated Expenses
Full Year 2025 Operating Expenses and Disaggregated Expenses (% of revenue) GAAP Operating Expenses Disaggregated Expenses SBC Expenses 1 - 4.2% 1.9% 1.4% Technology 2 1.4% Research & Dev 1.0% Sales, G&A 3 7.7% 7.8% Sales & Marketing 19.8% Marketplace 18.8% Commissions 14.4% 14.3% Ops, G&A 18.8% 20.
Slide 6: Full Year 2025 Cash Flow
Full Year 2025 Cash Flow ($ in millions) Operating Cash Flow Free Cash Flow 1 +41% +58% $99M $79M $70M $50M 2024 2025 2024 2025 Cash on Hand 2 Total Liquidity Available 3 $176M $289M $326M $439M 1 Free Cash Flow is a non-GAAP financial measure and is calculated by subtracting purchases of property a
Slide 7: 2025 Highlights
2025 Highlights $2.5B Full Year $266M International $183M Non‑Amazon Revenues Revenue Revenue +39% YoY +63% YoY +60% YoY 124% NRR 1 $153M Adjusted EBITDA 2 $16M Net Income Up from 116% in the prior year +52% YoY Inclusive of $104M IPO-related SBC $99M Op Cash Flow $79M Free Cash Flow 2 $100M Share R
Slide 8: Q4 2025 Financial Results
Q4 2025 Financial Results ($ in millions) Revenues Net Income 2 Adj. EBITDA 3 +40% +58% +59% $723M $43M $515M $29M $27M $18M Q4 ‘24 Q4’‘25 Q4 ‘24 Q4 ‘25 Q4 ‘24 Q4 ‘25 NRR 1 Net Income % Adj. EBITDA % 3 116% 124% 3.5% 4.0% 5.2% 5.9% 1 Net Revenue Retention (NRR) is a metric we use to measure the long
Slide 9: Q4 2025 Operating Expenses and Disaggregated Expenses
Q4 2025 Operating Expenses and Disaggregated Expenses (% of revenue) GAAP Operating Expenses Disaggregated Expenses SBC Expenses 1 - 1.7% Technology 2 1.3% 1.4% Research & Dev 1.0% Sales, G&A 1.4% Marketplace 7.0% Sales & Marketing 18.9% 7.0% 19.0% Commissions 14.7% 14.3% Ops, G&A 18.4% Fulfillment
Slide 10: Guidance 2026
Guidance 2026 Q1 2026 Full Year 2026 Revenues $710 - $720M $3,120 - $3,160M Adj EBITDA1 $41 - $42M $180 - $182M Adj EBITDA Margin % (midpoint) 5.8% 5.8% Note: We have not provided a reconciliation to the forward-looking GAAP equivalent measures for our non-GAAP guidance due to uncertainty regarding
Slide 11: Appendix
Appendix
Slide 12: Terms and Definitions
Terms and Definitions Existing brand partners are brand partners that have been with Pattern for more than twelve months since Pattern first generated over $1,000 in revenue attributable to such brand partner. New brand partners are all other brand partners that are not existing brand partners. Net
Slide 13: Capital Efficient Business Model with Improving Cash Conversion Cycle
Capital Efficient Business Model with Improving Cash Conversion Cycle Free Cash Flow 1 Cash Conversion Cycle 2 Days CCC DIO DPO DSO $79M 117 104 101 24 93 $50M 20 19 93 21 84 82 64 72 $27M 49 40 30 $-2M 2022 2023 2024 2025 -53 -55 -61 -63 Capital Efficiency % 3 12.6% 9.9% 8.1% 7.4% 2022 2023 2024 20
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ in millions) 2022 2023 2024 2025 Q4 2024 Q4 2025 Net income (loss) ($3) $41 $68 $16 $18 $29 Add (deduct): Depreciation and amortization 9 12 15 17 4 4 Interest income, net 1 (3) (6) (7) (2) (2) Provision for income taxes 1 15 23 (17) 6 (1) EBITDA $8 $66 $100 $9 $27
Slide 15: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) 2022 2023 2024 2025 Net cash provided by operating activities $14 $41 $70 $99 Purchases of property and equipment (16) (14) (20) (20) Free cash flow ($2) $27 $50 $79 Note: Amounts are presented in millions and rounded. As a result, subtotals and totals m