0001820953-25-000080
SEC filingFY25 营收增 39% 至 $3.22B，首次实现 GAAP 净利润 $52.2M，经营亏损大幅收窄 86%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $3.22B | $2.32B | +39% |
| Gross Profit | $3.22B | $2.32B | +39% |
| Gross Margin | 100% | 100% | — |
| Operating Income | -$87.3M | -$615.8M | +86% |
| Operating Margin | -2.7% | -26.5% | +2380 bps |
| Net Income | $52.2M | -$517.8M | +110% |
| Diluted EPS | $0.15 | -$1.67 | — |
| Operating Cash Flow | $793.9M | $450.1M | +76% |
| Free Cash Flow | $601.7M | $290.8M | +107% |
FY25 营收增长 39% 至 $3.22B，主要由 GMV 增长 38% 至 $36.7B 驱动，其中 Interest income 增 34% 至 $1.61B，Gain on sales of loans 增 94% 至 $381.6M。经营亏损大幅收窄 86% 至 -$87.3M，主要得益于 Sales and marketing 费用下降 25%（Amazon warrant 费用减少 $135.2M）以及收入规模效应。
盈利质量方面，公司首次实现 GAAP 净利润 $52.2M，主要受 $82.4M 债务清偿收益提振。剔除该一次性收益后，核心盈利能力仍显著改善，经营现金流 $793.9M 同比 +76%，反映业务现金创造能力增强。
公司作为单一经营分部管理，未披露分部数据。
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2.23B | +$81M |
| Total Debt | $7.61B | +$1.13B |
| Loans held for investment, net | $6.63B | +$1.27B |
| Operating Cash Flow | $793.9M | +$343.8M |
| Capex | $192.2M | +$32.9M |
| Free Cash Flow | $601.7M | +$310.9M |