Friday, August 01, 2025
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 largely in line. The company reported a Q2 revenue of $16.4 million (up an impressive 17.6% year-over-year) and an adj. EBITDA of a loss of $0.5 million. These results were largely in line with our estimates of $16.5 million in revenue and adj. EBITDA of $0.4 million.
Customer growth. The company continues to expand its user base across both B2C and B2B channels. Paying subscribers to its YouCam mobile beauty app rose 4.4% year over year to 960,000, while its B2B footprint grew to 818 brand clients and over 914,000 SKUs, up from 686 clients and 774,000 SKUs a year earlier. The number of Key B2B Customers (those generating at least $50,000 annually), however, declined to 139 from 151, with the drop evenly split between lower spending and customer churn tied to macro pressures.
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