Financial Performance - Gross margin for Q3 2025 was 54.6%, up from 51.2% in Q3 2024, while the nine-month gross margin increased to 53.6% from 52.5%[96] - Adjusted EBITDA for Q3 2025 reached $25,347,000, compared to $17,503,000 in Q3 2024, with a nine-month total of $67,533,000 versus $51,244,000[96] - Free cash flow for the nine months ended September 30, 2025, was $59,038,000, significantly higher than $16,174,000 for the same period in 2024, indicating a strong improvement in liquidity[111] - Net income for the three months ended September 30, 2025, was $21.2 million, compared to $10.8 million for the same period in 2024[146] - For the nine months ended September 30, 2025, net sales rose by $65.1 million, or 7.8%, to $901.3 million compared to $836.2 million in 2024[156] Customer Metrics - Active customers increased to 2,747,000 in Q3 2025, up from 2,628,000 in Q3 2024, with total orders placed rising to 2,300,000 from 2,200,000[96] - Active customers increased during the period ended September 30, 2025, compared to the same period in 2024, driven by enhanced engagement and new customer acquisition[113] - Total orders placed increased in the three and nine months ended September 30, 2025, compared to the same periods in 2024, reflecting successful sales and marketing efforts[115] Sales and Marketing - REVOLVE segment net sales increased by 4.6% to $254.6 million for the three months ended September 30, 2025, and by 8.2% to $777.5 million for the nine months ended September 30, 2025[131] - FWRD segment net sales increased by 3.2% to $41.0 million for the three months ended September 30, 2025, and by 5.3% to $123.8 million for the nine months ended September 30, 2025[132] - Net sales to customers in the United States increased by 3.9% to $231.4 million for the three months ended September 30, 2025, and by 6.8% to $712.3 million for the nine months ended September 30, 2025[133] - Net sales to customers outside of the United States increased by 6.1% to $64.2 million for the three months ended September 30, 2025, and by 11.6% to $189.0 million for the nine months ended September 30, 2025[134] - Total net sales for the three months ended September 30, 2025, were $295.6 million, compared to $283.1 million for the same period in 2024[146] Cost and Expenses - Operating expenses for the three months ended September 30, 2025, totaled $140.5 million, an increase from $130.6 million in the same period in 2024[146] - Marketing expenses increased to $40.4 million for the three months ended September 30, 2025, from $39.5 million in the same period in 2024[146] - General and administrative expenses for the three months ended September 30, 2025, rose by $4.6 million, or 13.7%, to $38.6 million, increasing as a percentage of net sales from 12.0% to 13.0%[154] Economic and Market Conditions - The company faced a total tariff rate of 37.5% on goods imported from China, which may adversely impact gross margins and customer demand if sustained[118] - The overall economic environment, including tariffs and inflation, significantly affects consumer behavior and spending patterns, which may impact future sales[117] - The company is monitoring inflation impacts and may adjust pricing strategies to mitigate effects, which could influence demand for products[181] Strategic Initiatives - The company has successfully expanded internationally with limited investment, offering products on platforms like Tmall Global and Nykaa Fashion[94] - The logistics infrastructure supports free shipping and returns in the U.S., optimized by proprietary algorithms to reduce costs and improve efficiency[93] - The company plans to continue investing in international markets while maintaining a focus on the core U.S. market[94] - The company emphasizes the importance of customer acquisition and retention, with a focus on cost-effective marketing strategies to drive growth[121] - The company is implementing strategies to mitigate the impact of heightened tariffs, including diversifying manufacturing sources and optimizing supply chains[120] Cash Flow and Financing - Cash and cash equivalents increased to $315.427 million as of September 30, 2025, from $256.600 million as of December 31, 2024, reflecting a growth of 23%[166] - Net cash provided by operating activities surged to $69.583 million for the nine months ended September 30, 2025, compared to $22.774 million in 2024, marking an increase of 206%[173] - The company has a line of credit providing up to $75 million in revolver borrowings, with no borrowings outstanding as of September 30, 2025[169] - A stock repurchase program of up to $100 million was authorized in August 2023, with repurchases based on market conditions[172] Taxation - The effective tax rate for the three months ended September 30, 2025, decreased to 25.2% from 25.6% in the same period in 2024[155] - The effective tax rate rose to 27.8% for the nine months ended September 30, 2025, up from 25.7% in 2024, primarily due to an increase in valuation allowance against deferred income tax assets[165]

Q3 2025 Financial Highlights November 4, 2025 PAGE 2 Note on Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of U.S. federal securities laws. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," or similar expres ...

Financial Performance - Net sales for Q3 2025 were $295.6 million, representing a 4% year-over-year increase from $283.1 million in Q3 2024[2]. - Gross profit increased by 11% year-over-year to $161.5 million, with a gross margin of 54.6%, up 347 basis points from 51.2%[2][7]. - Net income for Q3 2025 was $21.2 million, a significant increase of 97% compared to $10.8 million in Q3 2024[2][7]. - Adjusted EBITDA reached $25.3 million, reflecting a 45% year-over-year increase, driven by higher net sales and gross profit[2][7]. - Free cash flow for Q3 2025 was $6.6 million, a 7% increase year-over-year, with a nine-month total of $59.0 million, up 265%[13]. - Operating expenses for the three months ended September 30, 2025, totaled $140,525,000, up from $130,614,000 in the same period of 2024, indicating a rise of 7.4%[33]. - Net income attributable to Revolve Group, Inc. stockholders for the nine months ended September 30, 2025, was $43,159,000, compared to $37,221,000 for the same period in 2024, an increase of 15.5%[33]. Customer Metrics - Active customers grew to 2.75 million, a 5% increase from 2.63 million in the previous year[3][7]. - The number of active customers is a key growth indicator, with the company emphasizing its importance in measuring consumer awareness and brand value[26]. - Active customers increased to 2,747 in Q3 2025, up from 2,628 in Q3 2024, indicating a growth of 4.5%[41]. Sales and Orders - Total net sales for Q3 2025 reached $295.6 million, a 4.4% increase from $283.1 million in Q3 2024[39]. - Total orders placed in Q3 2025 were 2,300, an increase from 2,200 in Q3 2024[41]. - Net sales in the United States for Q3 2025 were $231.4 million, up from $222.7 million in Q3 2024, representing a growth of 3.4%[39]. - Total net sales for the nine months ended September 30, 2025, were $901.3 million, a 7.8% increase from $836.2 million in the same period of 2024[39]. Cash and Liquidity - Cash and cash equivalents as of September 30, 2025, were $315.4 million, a 25% increase from $252.8 million a year earlier[13]. - Cash and cash equivalents increased to $315,427,000 as of September 30, 2025, up from $256,600,000 at the end of 2024, marking a significant liquidity improvement[35]. - The company reported net cash provided by operating activities of $69,583,000 for the nine months ended September 30, 2025, compared to $22,774,000 for the same period in 2024, showcasing improved operational efficiency[37]. Future Outlook and Investments - The company plans to invest in international expansion, new owned brands, and AI technology to enhance market share and growth[4]. - The updated FY 2025 outlook projects a gross margin of 53.5%, an increase from the previous estimate of 52.1% to 52.6%[15].

Core Viewpoint - Revolve Renewable Power Corp. has increased the size of its brokered private placement due to strong investor demand, aiming to raise up to $3,039,973 through the issuance of up to 15,999,857 units at a price of $0.19 per unit [1] Offering Details - The offering consists of units, each comprising one common share and one common share purchase warrant, with warrants exercisable at $0.40 for 24 months [1] - The offering is expected to close on or about November 6, 2025, subject to regulatory approvals [4] Use of Proceeds - Net proceeds from the offering are intended for advancing late-stage projects in the company's portfolio and for working capital purposes [3] Company Overview - Revolve was established in 2012 to meet the growing demand for renewable energy, focusing on utility-scale wind, solar, hydro, and battery storage projects across North America [6] - The company has developed and sold over 1,550 MW of renewable energy projects and is targeting 5,000 MW of utility-scale projects under development [7] Regulatory Compliance - The units will be offered under applicable exemptions from prospectus requirements in Canada and the United States [2]

Group 1: Optimist Fund Performance - Optimist Fund achieved a return of +9.1% in Q3 2025, outperforming the benchmark return of 7.9% [1] - The fund is focusing on cyclical holdings that have been in multi-year downswings while also paying attention to developments in AI [1] Group 2: Revolve Group, Inc. Overview - Revolve Group, Inc. (NYSE:RVLV) is an online fashion retailer targeting millennial and Generation Z consumers [2] - The stock had a one-month return of 2.32% but experienced an 8.29% decline over the last 52 weeks, closing at $22.89 per share with a market capitalization of $1.632 billion on October 30, 2025 [2] Group 3: Optimist Fund's Position on Revolve Group - Optimist Fund exited its position in Revolve Group, citing tempered confidence in the company's ability to achieve 20% revenue growth [3] - The fund lowered its base-case estimates for Revolve, reducing the expected five-year annualized investment return to approximately 15%, which is below the 20% internal rate of return hurdle rate [3] Group 4: Market Sentiment and Sales Performance - Revolve Group generated net sales of $309 million in Q2 2025, reflecting a year-over-year increase of 9% [4] - Despite recognizing the potential of Revolve Group, the sentiment is that certain AI stocks present greater upside potential and lower downside risk [4]

Core Viewpoint - Revolve Renewable Power Corp. has announced a brokered private placement to raise up to $2,000,130 through the issuance of up to 10,527,000 units at a price of $0.19 per unit, with each unit consisting of one common share and one warrant [1][4]. Group 1: Offering Details - The offering includes an option for the agent to sell an additional 1,579,000 units for proceeds of $300,010 [2]. - The units will be offered under exemptions from prospectus requirements in Canada and the U.S. [3]. - The net proceeds will be used for advancing late-stage projects and for working capital [4]. Group 2: Company Overview - Revolve was established in 2012 to meet the growing demand for renewable energy, focusing on utility-scale wind, solar, hydro, and battery storage projects across North America [6]. - The company has developed and sold over 1,550 MW of renewable energy projects to date [6]. - Revolve currently operates 12 MW of assets under long-term power purchase agreements and has a development portfolio exceeding 3,000 MW [7]. Group 3: Future Goals - The company aims to develop 5,000 MW of utility-scale projects in the U.S., Canada, and Mexico while expanding its revenue-generating distributed generation assets [8].

Core Insights - Revolve Renewable Power Corp. reported its financial results for the fiscal year ending June 30, 2025 [1] Financial Performance - The company is a North American owner, operator, and developer of renewable energy projects [1] - Detailed financial statements and management discussions are available on the company's website and SEDAR+ [1]

Core Insights - Revolve Group, Inc. has launched a new in-house brand, SRG, designed by Sofia Richie Grainge, aimed at Millennial and Gen Z consumers, reflecting a polished yet effortless style [1][2][4] Brand Overview - SRG is founded on the belief that true style is instinctive and personal, with a focus on timelessness and quality [7] - The collection emphasizes intentional design, featuring carefully considered details and durable fabrics [3][7] Collection Details - The debut SRG collection includes ready-to-wear staples such as suiting, elevated outerwear, silk shirting, and versatile dresses, priced between $250 and $1,850, available in sizes XXS to XL [5] - The collection is characterized by neutral palettes with subtle seasonal highlights, promoting effortless sophistication [5] Strategic Partnership - The collaboration between Sofia Richie Grainge and Revolve is positioned as a natural fit, leveraging Revolve's expertise and platform to reach a wider audience [4][8] - This partnership is seen as a significant expansion of Revolve's in-house brand portfolio, reinforcing its position as a leading fashion destination [4][8]

Core Insights - Revolve Group, Inc. will release its financial results for Q3 2025 on November 4, 2025, after market close, followed by a conference call at 1:30 PM PT / 4:30 PM ET on the same day [1] Company Overview - Revolve Group, Inc. is a next-generation fashion retailer targeting Millennial and Generation Z consumers, offering a curated selection of apparel, footwear, accessories, beauty, and home products [2][3] - The company operates through two segments: REVOLVE, which features premium brands, and FWRD, which focuses on luxury brands [3] Conference Call Details - The conference call can be accessed via a toll-free number for domestic callers (888) 596-4144 and a direct dial number for international callers (646) 968-2525, with a conference ID of 2756104 [2] - A replay of the conference call will be available approximately one hour after its completion until November 11, 2025 [2]

M&A Activity & Market Sentiment - Digital asset M&A is experiencing unprecedented levels of activity [1][2] - There's significant market demand for crypto-related businesses [2] Acquisition Details - Rezolve Ai (RVLV) acquires Subsquid [1] - Rezolve is focusing on AI commerce [1] - Subsquid's data engine enhances blockchain data searchability for AI agents [1] - Rezolve connects data, intelligence, and payments for AI commerce [1] Token & Ecosystem - SQD token is up over 150% in recent days and will be rebranded [1] - Rezolve intends to acquire SQD tokens equivalent to at least 1% of annual revenues [1] - This aligns long-term participation with ecosystem growth [1]