Net loss significantly reduced to $41.8 million in 2025 from $134.2 million in 2024 and $168.5 million in 2023. Total revenue increased by 15.4% to $692.8 million in 2025 from $600.5 million in 2024. Gross Merchandise Value (GMV) grew 16.5% to $2.13 billion in 2025 from $1.83 billion in 2024. Active buyers increased to over 1 million in 2025, up from 972,000 in 2024. Average Order Value (AOV) rose to $594 in 2025 from $545 in 2024. Achieved positive cash flow from operations of $37.0 million in 2025, up from $26.8 million in 2024. Successfully executed debt exchanges in February and August 2025, extending maturity dates and resulting in a $40.8 million gain on extinguishment of debt. No restructuring charges were incurred in 2025, compared to $0.2 million in 2024 and $43.5 million in 2023. Operating expenses as a percentage of revenue decreased to 78% in 2025 from 83% in 2024. Consignment revenue increased by 13% to $535.9 million in 2025. Direct revenue increased by 41% to $91.1 million in 2025, driven by higher sales of items acquired from businesses, individual sellers, and out-of-policy returns. The overall take rate decreased slightly to 37.7% in 2025 from 38.4% in 2024 due to a sales mix into higher value items. Operations and technology expense decreased as a percentage of revenue to 40% in 2025 from 43% in 2024, reflecting improved operating efficiencies in authentication centers. The Chanel litigation remains ongoing, with a settlement conference scheduled for March 5, 2026. An appeal is pending in the shareholder class action after class certification was denied on July 22, 2025.