Executive Summary

Q4 2024 net revenue was $7.21M, up 167% year over year (vs. $2.75M in Q4 2023) and up versus $6.54M in Q3 2024; gross margin expanded to 61% (from 38% YoY), while GAAP diluted EPS was $(0.66) (vs. $(0.21) YoY and $(0.41) in Q3) .
Management guided FY 2025 revenue to >100% YoY growth (implying >$46M) with operating expenses lower than 2024, citing benefits from late‑2024 restructuring and FinTech ramp .
FinTech execution accelerated: signed annualized payments GMV surpassed $2.5B as of March 13, 2025 (more than double since year‑end), ACH processing launched with a $200M+ client, and an LOI for an asset‑backed lending facility/work‑cap line is expected to reduce cost of capital ~50% .
EveryLife (Brands) continued to scale with 276% YoY revenue growth, first month of positive EBITDA in 2024, and a focus on expanding into feminine care; Marketplace recorded its highest month ever in December and plans to focus on Made‑in‑America assortment in 2025 .
Wall Street consensus (S&P Global) for Q4 2024 was unavailable at query time; no vs‑estimate comparisons could be made due to a data access limit from the source. See Estimates Context section.

What Went Well and What Went Wrong

What Went Well

Strong top-line growth and margin expansion: Q4 revenue rose 167% YoY to $7.21M and gross margin improved to 61% (from 38%); FY 2024 revenue grew 308% to $23.2M and FY gross margin reached 61% (from 33%) .
FinTech momentum and capital efficiency: Signed payments GMV exceeded $2.5B by March 13, 2025; ACH processing launched with a $200M+ client; LOI for an ABL/working‑cap facility expected to cut cost of capital ~50% .
EveryLife and Marketplace traction: EveryLife revenue +276% YoY with first month of positive EBITDA; December was Marketplace’s best month ever; management reiterated “more than double” 2025 revenue and lower opex: “We expect 2025 revenue to more than double compared to 2024 and our operating expense to decrease” .

What Went Wrong

Losses and dilution remain headwinds: Q4 GAAP operating loss was $(12.08)M and GAAP net loss was $(20.74)M (EPS $(0.66)), impacted by opex and fair value changes; sequential EPS worsened from Q3 $(0.41) .
Operating expense intensity still high into Q4: Q4 G&A was $9.77M (vs. $7.77M YoY); sales & marketing were $4.39M; management expects 2025 opex to decline, but realization is ahead .
Commercialization risk on payments GMV: Merchant agreements are terminable at will; merchants may fail to utilize services at expected volumes, underscoring execution risk on converting signed GMV to revenue .

Financial Results

Income statement snapshot and margins

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Revenue ($M)	$2.75	$5.99	$6.54	$7.21
Gross Margin %	38%	67%	64%	61%
GAAP Operating Income ($M)	$(13.64)	$(14.03)	$(14.69)	$(12.08)
GAAP Diluted EPS	$(0.21)	$(0.36)	$(0.41)	$(0.66)

Notes: Q4 2024 revenue +167% YoY (as disclosed) .

Non‑GAAP performance

Metric	Q4 2023	Q4 2024
Non‑GAAP Operating Loss ($M)	$(6.12)	$(2.99)

Adjustments include corporate costs not allocated to segments, share‑based compensation, D&A, and transaction costs, among others .

Segment revenue – Q4 2024

Segment	Q4 2024 Revenue ($M)
Financial Technology	$3.5
Marketplace	$0.6
Brands (EveryLife, net of returns & discounts)	$3.1

FY 2024 composition

Metric	FY 2024
Revenue ($M)	$23.2
FinTech Revenue ($M)	$10.1 (Mar 13–Dec 31)
FinTech Pro Forma ($M, as if 1/1/24)	$13.0
Marketplace Revenue ($M)	$2.9
Brands Revenue ($M)	$10.2
Pro Forma Total Revenue ($M)	$26.1
Gross Margin %	61% (vs. 33% in 2023)

Balance sheet and liquidity (as of 12/31/24)

Metric	Value
Cash & Cash Equivalents ($M)	$36.3
Restricted Cash ($M)	$0.3
Revolver Outstanding ($M)	$3.8 on $10.0 facility
Shares Outstanding (A/C)	39,575,499 A; 3,213,678 C

KPIs and operating metrics

KPI	Period	Value
Signed Payments GMV (annualized)	Q3 2024	>$1.0B
Signed Payments GMV (annualized)	3/13/2025 (post‑Q4 update)	>$2.5B
BNPL Average Order Value	FY 2024	$1,194
BNPL Credit Quality	FY 2024	Delinquencies −29% YoY; charge‑offs −27% YoY
Marketplace Holiday Trend	Nov–Dec 2024	Orders +34% YoY; conversion >2x
EveryLife Scaling	2024	Revenue +276% YoY; subs +76% YoY; >1,300 ambassadors; first positive EBITDA month; first $1M+ monthly sales late‑2024

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue Growth	FY 2025	N/A	>100% YoY (>$46M)	New
Operating Expenses (G&A, S&M, R&D)	FY 2025	N/A	Lower than 2024	New
FinTech Revenue Mix (payments vs. credit)	FY 2025	N/A	Roughly 50/50; payments ramp from Q2 onward	New
Cost of Capital	2025	N/A	LOI for ABL/work‑cap line expected to reduce ~50%	New
Product/Category Expansion (EveryLife)	2025	Eden 1H: shifted	Feminine care launch “in coming months”	Updated timing

No EPS/margin/tax rate guidance was provided in ranges; management emphasized opex declines and revenue growth.

Earnings Call Themes & Trends

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q4 2024)	Trend
Payments GMV ramp	Q2: >$200M under contract; line of sight to $1B by holiday . Q3: Signed >$1.0B; first $100M+ merchant onboarded .	>$2.5B signed by 3/13/25; onboarding concentrated in Q1–Q2 2025 .	Strong acceleration; execution moves to onboarding.
Cost of capital	Not highlighted in Q2; Q3 focus on growth financing (convertible note/PIPE) .	LOI for ABL/work‑cap facility; ~50% reduction in cost of capital expected .	Improving funding economics.
BNPL credit performance	Q3: ~$3.2M net revenue; 200k+ applications YTD .	2024 AOV $1,194; delinquencies −29% YoY; charge‑offs −27% YoY; AI‑driven underwriting (Credit 2.0) emphasized .	Disciplined growth with better risk metrics.
Marketplace strategy	Q2: Marketplace optimization, B2B/B2C SaaS tie‑ins . Q3: restructure, affiliate fee‑based approach .	“Made in America” focus; build Affiliate/Ambassador programs; cross‑sell payments to Marketplace merchants .	Sharper positioning; ecosystem cross‑sell.
Opex discipline	Q3: ~35% workforce reduction, ~$11M annualized savings targeted .	2025 opex lower than 2024; benefits of late‑2024 changes expected in 2025 .	Cost base normalizing vs growth.
Macro/tariffs	Not explicit in Q2/Q3.	Tariffs/de‑globalization seen as tailwinds for Made‑in‑America positioning .	Potential demand catalyst.
Product launches	Q2: ACH/payments launch planned; EveryLife expansions; Eden 1Q25 .	ACH launched with $200M+ client; feminine care “coming months” .	Execution on roadmap.

Management Commentary

“We expect 2025 revenue to more than double compared to 2024 and our operating expense to decrease, showing the power of the investments and organizational changes we made in 2024” .
“We are already at over $2.5 billion in signed payments GMV, more than doubling where we exited 2024 only 10 weeks ago” .
“We signed a letter of intent for a new asset-backed lending facility and a working capital line of credit... We expect these moves will reduce our cost of capital by approximately 50%” .
“Made in America will actually become the primary differentiating factor of our Marketplace... we will exclusively showcase Made in America products in our shopping experience” .
“In EveryLife, we experienced our first month of positive EBITDA in 2024” .

Q&A Highlights

Payments GMV composition and onboarding timeline: Merchant mix spans firearms, travel, consumer products; signed GMV expected to onboard mainly in Q1–Q2 2025, with revenue impact ramping from Q2 forward .
Marketplace‑to‑FinTech conversion: Actively courting Marketplace merchants; early demand strong; bundling BNPL with payments enables more competitive processing rates .
2025 revenue mix: FinTech roughly split 50/50 between payments and credit, with credit strength in 2H 2025 as “Credit 2.0” rolls out .
Path to FCF breakeven: Management aims for positive unit economics across divisions; sees ability to breakeven in 2025 but will balance growth vs. near‑term profitability given pipeline .
Margin drivers: BNPL nearly 100% margin; payments margin expected to improve over time; revenue take from GMV estimated at 1.9%–2.3% .

Estimates Context

S&P Global consensus for Q4 2024 was unavailable at time of query due to a temporary data access limit, so we cannot provide vs‑consensus revenue/EPS comparisons. The company did not guide quarterly EPS; FY 2025 revenue guidance is >100% YoY (>$46M) with lower opex .
Given signed payments GMV acceleration, ACH launch, and expected opex declines, we would expect upward bias to 2025 revenue estimates and potentially to medium‑term margin trajectories if conversion and onboarding remain on plan; however, lack of current consensus prevents quantification .

Key Takeaways for Investors

Revenue/GM trend intact: Q4 revenue rose to $7.21M with 61% GM; FY GM expanded to 61%—evidence that pricing/mix and restructuring are working .
2025 guide is aggressive and catalytic: >100% YoY revenue growth and lower opex set a high bar; execution on onboarding and mix will drive sentiment .
FinTech flywheel building: >$2.5B signed payments GMV, ACH launch, and BNPL bundling for pricing leverage support sustained top‑line growth and improving unit economics .
Balance sheet improved; cost of capital poised to fall: $36.3M cash at year‑end and an LOI indicating ~50% cost‑of‑capital reduction could accelerate credit economics and scaling .
Watch commercialization risk: Merchant agreements are terminable at will; conversion of signed GMV to realized volume—and payments margin maturation—remain key swing factors .
Brands/Marketplace provide optionality: EveryLife’s profitable month and product expansion plus Made‑in‑America Marketplace positioning can augment FinTech and support cross‑sell .
Near‑term stock catalysts: Evidence of GMV onboarding translating to revenue in Q2 2025+, confirmation of opex downshift vs 2024, and progress on ABL/work‑cap facility could drive re‑rating .

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