Friday, February 28, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q4 results. The company reported Q4 revenue of $15.9 million, largely in line with our estimate of $16.2 million and up 12.4%, year-over-year. Adj. EBITDA of $0.25 million was below our estimate of $0.91 million, due primarily to lower-than-expected gross margins. This was likely due to the increased proportion of lower-margin B2C revenue as a share of total revenue.
Total Addressable Market (TAM) expansion. In our view, the company is poised to drive favorable revenue growth through expansion into untapped markets. For example, the emergence of its Skincare AI service allows it to reach new categories of clients. Through the recent Wannaby acquisition, the company also expanded its virtual try-on service offering to include additional fashion categories.
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