Friday, April 24, 2026
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 results reflect steady growth with investment-driven earnings pressure. Revenue increased 5% year-over-year to $24.3 million, in line with our estimate, while adj. EBITDA beat our estimate ($3.5 million versus our estimate of $2.9 million). EPS declined modestly as the company continued to prioritize member acquisition, highlighting the trade-off between near-term profitability and long-term value creation.
Subscription growth and renewals drove the quarter. Record membership renewals and continued Club Member acquisition were key drivers, reinforcing the strength of the subscription model and improving underlying unit economics despite upfront marketing costs. Membership Fee revenue, which represented 19% of total company revenue, increased by a solid 91%.
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