Q1 2025 Financial Performance - Net sales reached $93.9 million[20], a decrease of 3.5% year-over-year[26] - Average Order Value (AOV) was $2,062[20], a decrease from $2,402 in Q1 2024[29] - Total orders increased by 12% year-over-year, reaching 45,500[20, 29] - Gross margin was 58.6%[20], a decrease of 130 basis points year-over-year[26] - Adjusted EBITDA was $1.1 million, representing 1.1% of net sales[20, 26] Growth and Expansion - Repeat orders grew by 13% year-over-year[20] - Fine jewelry bookings contributed 14% of total bookings, a year-over-year expansion of approximately 350 basis points[24] - The company opened one new showroom in Southlake, Texas, bringing the total to 41 showrooms[24] 2025 Outlook - The company expects second-quarter net sales growth to be between -3% and 0% year-over-year and adjusted EBITDA to be between -$1.5 million and $2 million[50] - For the full fiscal year 2025, the company anticipates net sales growth of 1% to 3% year-over-year and an adjusted EBITDA margin of 3% to 4%[50] Medium-Term Targets - The company aims to accelerate net sales growth to a low teens percentage by 2027[53] - The company expects a gross margin in the high 50s percentage through 2027[53] - The company plans to decrease marketing expenses as a percentage of net sales from 2025 to 2027[53] - The company targets an adjusted EBITDA margin in the double digits by 2027[53]