Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 39% to $2.5 billion, with Q4 revenue rising 40% year-over-year to $723 million [5][12] - Record net revenue retention (NRR) of 124% was achieved, up from 116% in 2024 [5][12] - Existing brand partner revenue reached $2.2 billion, up 42% year-over-year, while new brand partner revenue was $282 million, up 22% year-over-year [12][16] - Adjusted EBITDA for the full year was $153 million, reflecting a 6.1% adjusted EBITDA margin, with a 52% growth year-over-year [16] Business Line Data and Key Metrics Changes - International revenue increased by 63% for the full year and surged 69% in Q4 year-over-year [5][6] - Non-Amazon revenue grew 60% for the full year and 94% in Q4 [5][12] - SaaS services and logistics grew 58% for the full year and an impressive 162% in Q4 [6] Market Data and Key Metrics Changes - The company operates in over 70 marketplaces worldwide, with significant growth in non-Amazon channels [12][14] - The growth in non-Amazon channels is attributed to a diversified presence and deeper brand relationships [12][14] Company Strategy and Development Direction - The company aims to optimize the e-commerce equation, remove friction for brands, and deliver measurable outcomes at scale [23] - Focus on expanding global footprint and enhancing technology-driven optimization to drive growth [12][14] - Investments in R&D are expected to increase to strengthen technology capabilities, particularly in AI and automation [20][39] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in the ability to create long-term value for brand partners and shareholders, entering 2026 with strong momentum [11][23] - The company anticipates revenue in the range of $3.12 billion to $3.16 billion for 2026, representing a 25%-26% growth [18][20] - Management acknowledged potential challenges in the second half of 2026 due to difficult comparisons with previous growth rates [19] Other Important Information - The company announced a share repurchase program of up to $100 million, reflecting confidence in continued growth and profitability [17][52] - The operational efficiency improved, with Days Inventory Outstanding (DIO) reducing to 72 days, a 10-day reduction year-over-year [11] Q&A Session Summary Question: How much of the growth in 2026 is from existing brand partners? - Management indicated that growth is driven by both existing and new brand partners, with a strong pipeline of opportunities [25][26] Question: What is the momentum around non-Amazon channels for 2026? - Management believes that growth in non-Amazon channels will continue to be a significant tailwind [28][29] Question: What are the top areas of product innovation? - The roadmap includes leveraging data and technology to optimize e-commerce for brands, with faster execution capabilities [34][35] Question: How is AI changing productivity and headcount needs? - AI is expected to drive efficiencies across the workforce, but the company will still require human oversight for regulatory compliance [43][44] Question: What are the category priorities for 2026? - The company is focused on health and wellness, beauty, and DIY tools, with significant growth in these areas [57] Question: How does the company view the changes in instant checkout by OpenAI? - Management sees the evolution of checkout processes as a complex challenge but remains focused on leveraging partnerships for fulfillment [77][78]