0001573221-25-000078
SEC filingQ3营收增17.5%至$173.6M，亏损扩大至$54.1M，主因warrant公允价值变动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $173.6M | $147.8M | +17.5% |
| Gross Profit | $128.9M | $110.7M | +16.4% |
| Gross Margin | 74.3% | 74.9% | -60bps |
| Operating Income | -$7.6M | -$14.6M | +48.3% |
| Operating Margin | -4.3% | -9.9% | +560bps |
| Net Income | -$54.1M | -$17.9M | -201.3% |
| Diluted EPS | -$0.49 | -$0.17 | -188.2% |
| Adjusted EBITDA | $9.3M | $2.3M | +$7.0M |
| Operating Cash Flow | -$12.5M | -$1.1M | -$11.4M |
| Free Cash Flow | -$34.8M | -$17.9M | -$16.9M |
增长驱动：Q3营收增长17.5%，主要由GMV增长20%驱动，其中AOV提升12%至$584，订单量增长7%至890K。Consignment revenue增长15%，但take rate下降70bps至37.9%，因销售结构转向高价值商品。Direct revenue大增47%，反映高价值库存销售强劲。
利润率：Gross margin下降60bps至74.3%，主要受shipping services margin下降438bps拖累（carrier成本上升），但consignment margin提升75bps、direct margin提升366bps部分抵消。Operating margin改善560bps至-4.3%，得益于运营杠杆和费用率下降。
盈利质量：Net loss扩大至$54.1M，主因warrant liability公允价值变动损失$43.9M（非现金、非经常性）。剔除该影响及债务清偿收益$3.7M后，调整后净亏损约$14M，较去年同期改善。Adjusted EBITDA转正至$9.3M，显示核心运营盈利能力持续改善。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Consignment | $134.4M | +15% | — | — | GMV增长，take rate下降 |
| Direct | $22.9M | +47% | — | — | 高价值库存销售强劲 |
| Shipping services | $16.2M | +7% | — | — | 订单量增长，carrier成本上升 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & cash equivalents | $108.4M | -$63.8M |
| Total Debt (principal) | $382.1M | -$36.7M |
| Inventory | $29.7M | +$6.1M |
| Operating Cash Flow | -$12.5M | -$11.4M |
| Capex | $24.6M | +$7.4M |
| Free Cash Flow | -$34.8M | -$16.9M |
Net Debt = $382.1M - $108.4M = $273.7M，EBITDA（TTM）约$20M，Net Debt/EBITDA约13.7x，杠杆水平较高。
资本配置：2025年完成两次Note Exchange，将$232.8M的2028 Notes转换为$190.1M的2031 Notes，显著延长债务期限。2025 Notes于6月到期，已全额偿还$26.7M。无回购、无分红。
前瞻指引：未提供具体财务指引。
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