Core Insights - The company expects 2025 revenue and adjusted EBITDA results to exceed the top-end of guidance, with a 4Q25 28 DPD rate projected to be between 1.95% and 2.00%, outperforming previous guidance of below 2.10% [1][3] Financial Performance - For 4Q25, GAAP operating revenues are expected to be $164 million, a 62% increase from $101 million in 4Q24, and adjusted EBITDA is projected at $73 million, reflecting a 118% increase from $33 million in 4Q24 [2] - For the full year 2025, GAAP operating revenues are anticipated to reach $554 million, a 60% increase from $347 million in FY24, while adjusted EBITDA is expected to be $227 million, a 162% increase from $86 million in FY24 [2] Management Commentary - The CEO highlighted that 2025 concluded with a record quarter, marking the strongest year in the company's history, with Q4 representing the third consecutive quarter of over 60% revenue growth driven by member growth and product demand [4] - The company noted significant operating leverage, with full-year adjusted EBITDA growing over 160%, nearly three times the revenue growth rate, attributed to improved unit economics and member relationships [5] Industry Context - The company is monitoring a proposal to limit credit card rates to 10%, which could significantly impact credit access, particularly for non-prime consumers, potentially shifting demand to alternative products like ExtraCash [6]