Financial Data and Key Metrics Changes - Revenue grew 46% year-over-year to $639.7 million, driven by both new and existing brands [5][15] - Net revenue retention (NRR) reached an all-time high of 122% [5][15] - Adjusted EBITDA increased 88% to $41.1 million, reflecting a 6.4% margin, up from 5% a year ago [5][15] Business Line Data and Key Metrics Changes - Total revenue not attributable to Amazon grew 81% year-over-year, reaching $47.1 million [6][15] - Revenue outside Amazon represented 7.4% of total revenue in Q3 2025, up from 5.9% in Q3 2024 [6] - International revenue grew 72% year-over-year to $52.9 million, representing 8.3% of total revenue, up from 7.0% a year ago [6][17] Market Data and Key Metrics Changes - Coupang revenue grew more than 150 times from the prior quarter, contributing $4.5 million in Q3 [11][15] - Walmart grew 96% and TikTok Shop grew 392% off a small base [15][65] - Europe grew 73%, APAC grew 68%, and MENA grew 222% [44] Company Strategy and Development Direction - The company focuses on investing in its intelligence layer and expanding channels and markets [10][11] - Aims to reduce brand friction through integrated technology and scalable logistics [12] - Plans to drive scale and efficiency as a strategic moat for brand partners [12][13] Management's Comments on Operating Environment and Future Outlook - Management has not seen material effects on business or decreased consumer demand despite macroeconomic challenges [23] - For Q4, the company expects revenue in the range of $680-$700 million, representing 32%-36% growth year-over-year [24] - Full-year 2025 revenue growth is anticipated at 37%, coupled with 48% adjusted EBITDA growth [25] Other Important Information - The company raised $135 million net of fees in its September IPO and had $313 million in cash and cash equivalents with zero debt as of quarter end [21][22] - GAAP net loss was $59 million, which includes IPO-related charges [19] Q&A Session Summary Question: Views on Agentic Commerce and its impact - Management believes the shift towards agentic shopping is significant, with a growing number of consumers using AI tools for product research [30][31] Question: Revenue growth from existing and new brands - Existing brand revenue growth was strong, with record NRR of 122%, driven by traffic and conversion improvements [32][39] Question: International capabilities and investments - International growth is a strong moat, with significant growth in Europe, APAC, and MENA, and investments are focused on technology and logistics [43][44] Question: Guidance for Q4 revenue and new brand contributions - Q4 guidance reflects strong growth expectations, with a focus on long-term trends rather than quarterly fluctuations [46][47] Question: Product roadmap and logistics role - The company is focused on developing its intelligence layer and improving logistics efficiency to reduce costs for brands [53][55] Question: Density in verticals and its economic impact - Increasing density in verticals enhances data advantages, improving conversion rates and overall performance for brands [61] Question: Growth from revenue outside Amazon - Revenue from non-Amazon marketplaces was up 81% year-over-year, with significant contributions from new marketplaces like Coupang [64]