Executive Summary

Q2 2025 marked Amaze’s first full quarter as a public company, delivering $0.87M in revenue (+1,134% YoY) and $0.79M gross profit on a corrected release, establishing a baseline for sequential growth into the back half of 2025 .
Operating loss of $4.29M and net loss of $5.05M reflect elevated SG&A tied to integration, reverse merger costs, and growth investments; gross margin was structurally high given platform leverage .
Management guided to sequential revenue ramp in Q3 and Q4 and expects a temporary profit in Q4 2025/Q1 2026 due to seasonality and efficiencies—key potential stock catalysts if execution and demand hold .
S&P Global consensus for Q2 2025 EPS and revenue was unavailable; coverage remains limited post-merger, increasing potential for narrative-driven moves around execution milestones ; S&P Global data unavailable for consensus (values retrieved from S&P Global).

What Went Well and What Went Wrong

What Went Well

Platform scale and engagement: surpassed 200M lifetime storefront visits and 12M active creators; launched partnerships with Picsart, Alex Caruso, Jamvana, Loaded Dice, Nutrius, and Ghost Gaming .
High structural gross margin from creator commerce: gross profit of $0.79M on $0.87M revenue, benefiting from digital/physical sales leverage; CEO emphasized “strong baseline for future growth” .
Strategic initiatives: Express Checkout, AI-driven selling tools, Roblox Digital Fits beta, Parler integration, data partnership (VisitIQ), and modernized digital payments (including stablecoin) to unlock monetization .

What Went Wrong

Losses widened: net loss increased to $5.05M (vs. $0.88M YoY) with SG&A up ~$4.0M due to personnel, professional fees tied to the reverse merger, and marketing costs to support platform growth .
Liquidity remains tight: cash of ~$0.31M at quarter-end, despite financing inflows; operating cash outflow of ~$3.90M in 1H 2025 highlights ongoing capital needs .
Corrected financial release: the company issued a “Corrected Release” to fix tables and narrative net loss/EPS figures, introducing disclosure quality risk and requiring investor vigilance .

Financial Results

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($USD)	$70,484	$60,214*	$869,884
Gross Profit ($USD)	$(43,676)	$(2,576)*	$787,512
Gross Profit Margin (%)	N/A	-4.28%*	90.53%*
Operating Loss ($USD)	$(879,569)	N/A	$(4,285,912)
Net Loss ($USD)	$(879,569)	$(2,089,208)*	$(5,048,167)
Diluted EPS ($USD)	$(1.30)	$(2.99)*	$(3.14)

Asterisk denotes values retrieved from S&P Global.

Q2 2025 vs. Wall Street consensus (S&P Global):

EPS: N/A (no consensus available; values retrieved from S&P Global)
Revenue: N/A (no consensus available; values retrieved from S&P Global)

Key KPIs (company-reported):

KPI	Q2 2025
Gross Merchandise Value (GMV) ($USD)	$3.77M
Average Order Value (AOV) ($USD)	$50.00 (1H 2025)
U.S. Conversion Rate	0.41%
Creator Lifetime Value (LTV) ($USD)	$200.00
Total Active Creators with Stores	>12M
Total Number of Active Visitors	>200M

Note: The shareholder letter references GMV of ~$3.8M, slightly above the corrected press release’s $3.77M .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q3 2025	None disclosed	Sequential ramp vs. Q2 baseline	Initiated qualitative ramp
Revenue	Q4 2025	None disclosed	Sequential ramp; historically strongest quarter	Initiated qualitative ramp
Profitability	Q4 2025 / Q1 2026	None disclosed	Temporary profit expected due to seasonality and efficiencies	Initiated qualitative profitability
Sales & Marketing Spend	2H 2025	Managed due to merger-related costs	Increase to accelerate creator acquisition and growth	Increased
Margins/Efficiencies	2H 2025	None disclosed	Expect margin expansion via organizational efficiencies	Initiated

Earnings Call Themes & Trends

No earnings call transcript located for Q2 2025; themes below are derived from the corrected press release and shareholder letter.

Topic	Previous Mentions (Q4 2024)	Previous Mentions (Q1 2025)	Current Period (Q2 2025)	Trend
AI-driven selling tools	Not available	Not available	Emphasized launch; expected to improve conversion and repeat sales	Accelerating
Payments (stablecoin/global)	Not available	Not available	Modernized global payments; stablecoin in focus	Initiated
Supply chain/logistics	Not available	Not available	Freight consolidation targeted to lift AOV; global integrations ongoing	Improving
Creator acquisition/partnerships	Not available	Not available	Partnerships (Picsart, Parler); 487k new creators YTD	Strong
Monetization/seasonality	Not available	Not available	Temporary profit targeted in Q4/Q1 via seasonal sales	Seasonal tailwind

Management Commentary

“In our first full quarter as a public company, we took important steps to position Amaze for long-term success… These innovations helped us surpass 200 million storefront visits and over 12 million active creators on the platform.” — Aaron Day, CEO .
“Financially, we generated $0.87 million in net revenue this quarter, which we view as a strong baseline for future growth… we now have improved liquidity to strategically invest in our business, which we expect to lead to accelerating topline growth and improved KPI performance through the second half of the year.” — Aaron Day, CEO .
“As we enter Q3 with an improved liquidity position, we are well positioned to increase our sales and marketing spend to accelerate growth even faster.” .
“We foresee revenue continuing to ramp sequentially in Q3 as well as into Q4… should enable us to turn a temporary profit in Q4 2025/Q1 2026.” .

Q&A Highlights

No Q2 2025 earnings call transcript was available in our document search; management communication occurred via the corrected press release and shareholder letter -.
Guidance clarifications are qualitative (sequential ramp, temporary profit in Q4/Q1) without numeric ranges; investors should monitor for subsequent updates providing quantified targets .
Tone: confident on platform scale, creator acquisition, and monetization initiatives; acknowledges capital needs and integration costs post-merger .

Estimates Context

Q2 2025: S&P Global consensus for EPS and revenue was not available; only actuals are present (EPS N/A, revenue $0.87M actual). Coverage likely limited following the reverse merger and platform pivot; we expect estimates to emerge as the company delivers more quarters and provides quantified guidance (values retrieved from S&P Global).
Forward quarters (Q4 2025, Q1 2026): No S&P Global consensus data identified; reliance on company’s qualitative guidance for sequential ramp and temporary profit (values retrieved from S&P Global).

Key Takeaways for Investors

Execution on sequential revenue ramp is critical; Q2’s $0.87M revenue baseline frames 2H trajectory, with high gross margin ($0.79M gross profit) indicating favorable unit economics if volume scales .
Losses reflect heavy SG&A and integration costs; path to temporary profitability relies on seasonal demand, efficiencies, and marketing ROI—watch opex discipline and creator acquisition funnel conversion .
Liquidity remains a central risk: ~$0.31M cash at quarter-end vs. $3.90M 1H operating cash outflow; financing activity helped, but further capital access or improved working capital is needed .
Strategic catalysts: AI selling tools, modernized payments (stablecoin), Parler/Picsart integrations, and Roblox Digital Fits beta could lift conversion and AOV—track KPI updates (GMV, conversion, LTV) .
Disclosure note: corrected press release underscores need for diligence; prioritize subsequent filings (10-Q/8-K) and IR updates for quantified guidance and consistency .
With S&P Global consensus unavailable, near-term price action may be more sensitive to company updates and narrative shifts; quantified guidance ranges would help anchor expectations (values retrieved from S&P Global).
For trading: focus on event path—Q3 update (sequential ramp evidence), Q4 holiday demand, and any numeric guidance; for thesis, monitor creator growth, margin durability, and capital structure flexibility .

AMAZE HOLDINGS, INC. (AMZE)·Q2 2025 Earnings Summary