Financial Data and Key Metrics Changes - For Q1 2025, revenue totaled $71.3 million, an increase of 10.5% year over year [23] - Adjusted EBITDA was $3.8 million, or 5.3% of revenue, doubling adjusted EBITDA dollars versus last year [25] - Gross margin was 79.1%, a 100 basis point decrease compared to the same quarter last year [25] - Active buyers grew to 1.4 million, up 5.7% year over year, with orders up 16.1% [24] Business Line Data and Key Metrics Changes - New buyer acquisition increased by 95% year over year, marking the strongest quarter for new buyer acquisition in the company's history [24] - Premium items sold contributed margins that are 60% higher than regular items sold, indicating a shift towards higher-value goods [17] Market Data and Key Metrics Changes - The company noted that the closure of the de minimis loophole and potential tariff impacts could enhance the value proposition for used clothing [9][10] - The advertising market is becoming less competitive, which may lead to lower customer acquisition costs [10] Company Strategy and Development Direction - The company aims to maintain gross margin and bottom line efficiency while reinvesting in acquiring new buyers and sellers [6] - The strategy includes expanding the seller experience and optimizing the marketplace to drive growth [16] - The company is focusing on AI-driven product experiences to enhance customer engagement and conversion rates [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's ability to sustain growth despite macroeconomic uncertainties [36] - The company is cautious but optimistic about the consumer environment, expecting continued positive trends [27] - Management highlighted that the business was accelerating before recent trade disruptions, indicating resilience [10] Other Important Information - The company generated $2.6 million in cash during Q1, with free cash flow reaching a record level of $3.9 million [26] - The company plans to raise its revenue guidance for the full year of 2025, reflecting positive trends observed in Q1 [27] Q&A Session Summary Question: What is driving the buyer and revenue outperformance? - Management noted that the momentum seen in Q4 continued into Q1, driven by new buyer acquisition and supply-side improvements [36] Question: Are there expectations for Q3 to accelerate from Q2 in revenue? - Management confirmed that they expect revenue to accelerate from Q2 to Q3, with Q3 projected to be the high point for EBITDA margin [39] Question: What demographics are being targeted for new customers? - The company is attracting slightly more middle to upper-income customers, consistent with trends observed post-pandemic [46] Question: How does the company plan to maintain marketing momentum? - Management indicated that they will continue to invest in marketing as long as paybacks remain attractive, benefiting from reduced competition in advertising [47] Question: What trends are seen on the seller side of the business? - The company is experiencing good momentum in the seller side, particularly in the consignment premium offering, which has better contribution margins [78] Question: Is there any pricing pressure observed? - Management clarified that the decline in average revenue per order is due to the mix of new buyers versus existing buyers, not due to pricing pressure [79]

Group 1 - Technip Energies has been awarded a Detailed Engineering Design contract by Larsen & Toubro Limited for the North Field Production Sustainability Offshore Compression Project of QatarEnergy LNG [1][2] - The contract involves the design of two offshore compression complexes, including large offshore platforms and associated structures [2] - The contract is classified as "significant," representing revenue between €50 million and €250 million, recorded in Q1 2025 [3] Group 2 - Technip Energies is a global technology and engineering company with expertise in LNG, hydrogen, and sustainable chemistry [4] - The company generated revenues of €6.9 billion in 2024 and operates in 34 countries with over 17,000 employees [5]

Core Insights - ReGen III Corp. is focused on upcycling used motor oil into high-value Group III base oils, positioning itself to capitalize on the evolving base oils and lubricants industry [1][3] - The company aims to deliver significant updates in 2025 that will positively influence its market trajectory [3] Industry Overview - The Group III market is expected to grow robustly, driven by demand for synthetic oils from OEMs and consumers, which provide superior engine protection and improved fuel economy [5] - There is a notable industry shift towards sustainability and circular re-refined base oils (RRBOs) to reduce carbon footprints, with major oil and gas companies investing in re-refineries [5] Company Initiatives - ReGen III has prioritized commercial engagement, expanding its network of potential off-takers through proactive outreach and participation in industry conferences [5] - The company is actively pursuing strategic partnerships to accelerate market entry, with potential off-takers showing interest in forming strategic relationships [5] - Kirk McNamara has joined as a consultant, bringing over 15 years of experience in the base oils industry, which will enhance ReGen III's commercial strategy [5] Environmental Impact - The ReGen™ process is expected to reduce CO2e emissions by 82% compared to virgin crude-derived base oils [7] - ReGen III aims to become the world's largest producer of sustainable re-refined Group III base oil, operating in an underserved segment of the market [8]