Thursday, November 20, 2025
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.
Q3 Results. The company reported Q3 revenue of $1.1 million and an adj. EBITDA loss of $0.7 million, both of which were modestly lower than our estimates of $1.6 million and a loss of $0.2 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, sales for C. Wonder and Christie Brinkley’s TWRHLL were disrupted by tariff-related vendor issues and HSN’s studio transition during Q3, which have since been resolved.
Strategic partnerships. The company’s new influencer brands, with Jenny Martinez, Gemma Stafford, Cesar Millan, and Coco Rocha, are expected to launch in Q1 2026. Notably, these celebrity partnerships drove the increase in the company’s social media following from 5 million at the start of the year to its current following of 46 million. In our view, the company is well positioned to reach its goal of 100 million social media followers in 2026.
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