3 6 Ke·2025-09-22 23:58Core Viewpoint - Pattern Group, an e-commerce acceleration platform, recently went public on NASDAQ with an initial offering price of $14 per share, raising a total of $300 million [1][25]. Financial Performance - As of last Friday, Pattern's stock closed at $15.63, reflecting an increase of 11.64% from its initial offering price, resulting in a market capitalization of $2.751 billion [3]. - The company reported revenues of $991 million, $1.366 billion, and projected $1.796 billion for the years 2022, 2023, and 2024 respectively, with operating profits of $4.12 million, $52.79 million, and $87.18 million for the same years [15][48]. - For the first half of 2023, Pattern generated $1.139 billion in revenue, a 35.4% increase from $841 million in the same period of the previous year [17]. Business Model and Market Dependency - Pattern's business model heavily relies on sales through Amazon, with 94% of its revenue coming from Amazon sales as of the fiscal year ending December 31, 2024 [9][11]. - The company has established partnerships with various brands, including Gaia, Bosch, and Tumi, to sell products on platforms like Amazon, Walmart, and Tmall [9][13]. Risks and Challenges - The primary risk for Pattern is its dependence on Amazon, as any significant changes in Amazon's policies or operations could adversely affect Pattern's growth and financial performance [11][19]. - The CEO, David Wright, acknowledged the competitive landscape with Amazon and the potential challenges that could arise from their partnership [11]. Ownership Structure - Prior to the IPO, David Wright and associated entities held 58.7% of Series A shares and 100% of Series B shares, controlling 89.7% of the voting power [21][22]. - Post-IPO, their ownership will decrease to 48.5% of Series A shares while maintaining 100% of Series B shares, resulting in 86.5% voting power [22].