Core Insights - The partnership with A-Premium is a key strategic element for the company, currently achieving a $35 million annual revenue run rate with a clear path to $50 million and potential to exceed $100 million without inventory or working capital burdens [1][6]. Financial Performance - In Q4, net sales decreased by 10% to $120.4 million, while gross margin improved to 33.2% and adjusted EBITDA loss narrowed to $2.2 million, attributed to warehouse consolidation and improved marketing efficiency [5][16]. - For the full year, net sales were $547.5 million, down 7% from the previous year, with gross profit declining to $179.3 million [13][14]. - The company reported a GAAP net loss of $11.6 million for Q4, an improvement from $15.4 million in the prior year, while the full-year net loss was $50.4 million [15]. Operational Improvements - The company has undergone a full cost structure reset and revamped its operating model, resulting in four consecutive quarters of improvement in contribution margin, fixed operating expenses, and adjusted EBITDA [3][7]. - Significant operational actions included warehouse consolidation and a shift to third-party business process outsourcing, which reduced fixed overhead and improved variable economics [8][10]. Marketing and Customer Engagement - Marketing efficiency improved significantly, with a nearly 300 basis point increase in efficiency from Q1 to Q4, focusing on high-intent customers and reducing spending on unprofitable transactions [11]. - The mobile app has become a significant revenue driver, with app-driven revenue increasing to over 13% of e-commerce revenue in Q4 2025, up from 7.8% in the previous year [18]. Future Outlook - The company aims to achieve free cash flow positivity by 2026, driven by contribution margin expansion and the benefits of cost actions [19]. - Management expects a continued shift towards higher contribution margin revenue streams with lower working capital requirements [21].