Tidewave Brands

last updated Aug'26$ mn

AOPVPprior yr

FY: Apr–Mar$ mn

As of

Revenue

2.4$ mn

YoY▼20.0%

AOPNo matching period

VP10.1−76.8%

Gross margin

57.9%

YoY▼2.3pp

AOPNo matching period

VP61.8%−3.9pp

CM2 margin

4.7%

YoY▼4.1pp

AOPNo matching period

VP19.7%−14.9pp

EBITDA margin

(24.2%)

YoY▼7.8pp

AOPNo matching period

VP10.5%−34.6pp

Cash balance

2.7$ mn

YoY▼69.9%

AOPNo matching period

VP42.7−93.6%

Inventory

4.2$ mn

YoY▼13.2%

AOPNo matching period

VPNot reported

Cash & runway

Cash balance2.7$mn−0.6/mo · avg of 3Runway4.7monthsat the current burn

Revenue

2.4$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	3.2	4.1	5	3.3
Oct ’24	3.5	4.4	5.5	3.6
Nov ’24	3.7	4.5	5.9	3.6
Dec ’24	3.6	4.4	6	3.6
Jan ’25	3.1	3.8	5.4	3.2
Feb ’25	3.3	4.2	6.1	3.6
Mar ’25	3.1	3.9	6.1	3.4
Apr ’25	3	3.9	5.9	3.2
May ’25	2.9	3.8	6.1	3.2
Jun ’25	2.8	3.8	6.3	3.1
Jul ’25	2.8	3.8	6.7	3.3
Aug ’25	2.9	3.8	7.1	3.3
Sep ’25	2.8	3.8	7.3	3.2
Oct ’25	2.9	3.9	8.1	3.5
Nov ’25	3	4	8.7	3.7
Dec ’25	2.9	3.8	8.8	3.6
Jan ’26	2.5	3.3	7.9	3.1
Feb ’26	2.6	3.5	8.9	3.3
Mar ’26	2.5	3.3	8.8	3.1
Apr ’26	2.2	—	8.6	3
May ’26	2.2	—	8.9	2.9
Jun ’26	2.3	—	9.1	2.8
Jul ’26	2.3	—	9.6	2.8
Aug ’26	2.4	—	10.1	2.9

Revenue — India

1.2$ mn · Aug ’26

numbers

period	actual	prior yr
Sep ’24	1.5	1.4
Oct ’24	1.6	1.5
Nov ’24	1.7	1.6
Dec ’24	1.7	1.6
Jan ’25	1.4	1.5
Feb ’25	1.5	1.6
Mar ’25	1.4	1.5
Apr ’25	1.4	1.4
May ’25	1.4	1.4
Jun ’25	1.3	1.4
Jul ’25	1.4	1.5
Aug ’25	1.4	1.5
Sep ’25	1.4	1.5
Oct ’25	1.4	1.6
Nov ’25	1.4	1.7
Dec ’25	1.4	1.7
Jan ’26	1.3	1.4
Feb ’26	1.3	1.5
Mar ’26	1.2	1.4
Apr ’26	1.1	1.4
May ’26	1.1	1.4
Jun ’26	1.1	1.3
Jul ’26	1.2	1.4
Aug ’26	1.2	1.4

Revenue — United States

0.8$ mn · Aug ’26

numbers

period	actual	prior yr
Sep ’24	1.2	1.3
Oct ’24	1.3	1.4
Nov ’24	1.4	1.4
Dec ’24	1.4	1.4
Jan ’25	1.2	1.3
Feb ’25	1.2	1.4
Mar ’25	1.1	1.3
Apr ’25	1.1	1.2
May ’25	1.1	1.3
Jun ’25	1	1.2
Jul ’25	1.1	1.3
Aug ’25	1.1	1.3
Sep ’25	1	1.2
Oct ’25	1.1	1.3
Nov ’25	1.1	1.4
Dec ’25	1.1	1.4
Jan ’26	0.9	1.2
Feb ’26	1	1.2
Mar ’26	0.9	1.1
Apr ’26	0.8	1.1
May ’26	0.8	1.1
Jun ’26	0.8	1
Jul ’26	0.8	1.1
Aug ’26	0.8	1.1

Gross profit

1.4$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	2	2.7	3.1	2.1
Oct ’24	2.2	2.8	3.5	2.3
Nov ’24	2.3	2.9	3.7	2.3
Dec ’24	2.2	2.8	3.8	2.2
Jan ’25	1.9	2.4	3.4	2
Feb ’25	2	2.7	3.8	2.2
Mar ’25	1.9	2.5	3.8	2.2
Apr ’25	1.8	2.6	3.7	2
May ’25	1.8	2.5	3.8	2
Jun ’25	1.7	2.4	3.9	1.9
Jul ’25	1.7	2.5	4.2	2
Aug ’25	1.8	2.5	4.4	2.1
Sep ’25	1.7	2.4	4.6	2
Oct ’25	1.8	2.5	5.1	2.2
Nov ’25	1.8	2.6	5.4	2.3
Dec ’25	1.7	2.5	5.5	2.2
Jan ’26	1.5	2.1	4.9	1.9
Feb ’26	1.6	2.3	5.5	2
Mar ’26	1.5	2.1	5.5	1.9
Apr ’26	1.3	—	5.3	1.8
May ’26	1.3	—	5.5	1.8
Jun ’26	1.3	—	5.6	1.7
Jul ’26	1.4	—	5.9	1.7
Aug ’26	1.4	—	6.3	1.8

Gross margin

57.9%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	61.9%	65.0%	62.9%	62.8%
Oct ’24	62.7%	64.7%	62.9%	63.4%
Nov ’24	61.5%	64.7%	62.9%	63.2%
Dec ’24	61.8%	64.7%	62.7%	62.3%
Jan ’25	61.3%	64.5%	62.6%	62.2%
Feb ’25	61.8%	64.4%	62.6%	61.8%
Mar ’25	62.0%	64.3%	62.8%	63.5%
Apr ’25	60.5%	64.9%	62.5%	62.2%
May ’25	61.9%	64.6%	62.4%	63.2%
Jun ’25	61.8%	64.4%	62.4%	62.9%
Jul ’25	60.4%	64.3%	62.4%	62.8%
Aug ’25	60.2%	64.5%	62.5%	62.1%
Sep ’25	61.3%	64.2%	62.3%	61.9%
Oct ’25	61.2%	64.4%	62.2%	62.7%
Nov ’25	60.3%	64.3%	62.2%	61.5%
Dec ’25	60.9%	64.1%	62.3%	61.8%
Jan ’26	61.0%	64.0%	62.2%	61.3%
Feb ’26	59.0%	63.9%	62.1%	61.8%
Mar ’26	59.4%	63.8%	62.0%	62.0%
Apr ’26	60.4%	—	62.2%	60.5%
May ’26	60.6%	—	62.1%	61.9%
Jun ’26	58.6%	—	62.0%	61.8%
Jul ’26	58.5%	—	61.9%	60.4%
Aug ’26	57.9%	—	61.8%	60.2%

CM1

0.8$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	1.3	1.9	2.1	1.4
Oct ’24	1.4	2	2.3	1.5
Nov ’24	1.5	2	2.5	1.6
Dec ’24	1.4	2	2.5	1.5
Jan ’25	1.2	1.7	2.3	1.3
Feb ’25	1.3	1.9	2.6	1.5
Mar ’25	1.2	1.7	2.5	1.5
Apr ’25	1.2	1.8	2.5	1.3
May ’25	1.1	1.7	2.5	1.4
Jun ’25	1.1	1.7	2.6	1.3
Jul ’25	1.1	1.7	2.8	1.3
Aug ’25	1.1	1.7	2.9	1.4
Sep ’25	1.1	1.7	3	1.3
Oct ’25	1.1	1.8	3.3	1.4
Nov ’25	1.1	1.8	3.6	1.5
Dec ’25	1.1	1.7	3.6	1.4
Jan ’26	1	1.4	3.2	1.2
Feb ’26	1	1.5	3.7	1.3
Mar ’26	0.9	1.4	3.6	1.2
Apr ’26	0.8	—	3.5	1.2
May ’26	0.8	—	3.6	1.1
Jun ’26	0.8	—	3.7	1.1
Jul ’26	0.8	—	3.9	1.1
Aug ’26	0.8	—	4.1	1.1

CM1 margin

34.8%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	40.5%	45.3%	42.2%	42.6%
Oct ’24	41.2%	45.0%	42.2%	42.8%
Nov ’24	40.1%	45.0%	42.2%	42.7%
Dec ’24	40.3%	44.9%	41.9%	42.0%
Jan ’25	39.7%	44.5%	41.9%	41.5%
Feb ’25	40.2%	44.4%	41.8%	40.9%
Mar ’25	40.6%	44.4%	42.0%	42.4%
Apr ’25	38.8%	45.4%	41.5%	41.1%
May ’25	39.6%	44.9%	41.5%	42.4%
Jun ’25	40.0%	44.8%	41.5%	41.8%
Jul ’25	38.2%	44.5%	41.4%	41.2%
Aug ’25	37.8%	44.6%	41.5%	40.9%
Sep ’25	39.1%	44.4%	41.3%	40.5%
Oct ’25	39.0%	44.4%	41.2%	41.2%
Nov ’25	38.1%	44.2%	41.1%	40.1%
Dec ’25	38.9%	43.9%	41.2%	40.3%
Jan ’26	38.4%	43.6%	41.0%	39.7%
Feb ’26	36.2%	43.5%	41.0%	40.2%
Mar ’26	36.5%	43.5%	40.8%	40.6%
Apr ’26	37.8%	—	41.0%	38.8%
May ’26	37.9%	—	40.8%	39.6%
Jun ’26	35.7%	—	40.7%	40.0%
Jul ’26	36.0%	—	40.6%	38.2%
Aug ’26	34.8%	—	40.4%	37.8%

CM2

0.1$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	0.4	0.9	0.9	0.5
Oct ’24	0.4	0.9	1	0.6
Nov ’24	0.5	1	1.1	0.5
Dec ’24	0.5	0.9	1.1	0.5
Jan ’25	0.3	0.7	1	0.4
Feb ’25	0.4	0.9	1.1	0.5
Mar ’25	0.3	0.8	1.1	0.5
Apr ’25	0.3	0.9	1.1	0.4
May ’25	0.3	0.8	1.1	0.4
Jun ’25	0.3	0.8	1.1	0.4
Jul ’25	0.2	0.8	1.2	0.4
Aug ’25	0.3	0.8	1.3	0.4
Sep ’25	0.3	0.8	1.4	0.4
Oct ’25	0.3	0.8	1.6	0.4
Nov ’25	0.3	0.8	1.7	0.5
Dec ’25	0.3	0.8	1.7	0.5
Jan ’26	0.2	0.6	1.5	0.3
Feb ’26	0.2	0.7	1.7	0.4
Mar ’26	0.1	0.6	1.7	0.3
Apr ’26	0.2	—	1.7	0.3
May ’26	0.1	—	1.7	0.3
Jun ’26	0.1	—	1.8	0.3
Jul ’26	0.1	—	1.9	0.2
Aug ’26	0.1	—	2	0.3

CM2 margin

4.7%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	13.8%	21.0%	17.2%	14.0%
Oct ’24	12.6%	20.9%	17.8%	16.1%
Nov ’24	13.3%	21.0%	18.2%	14.1%
Dec ’24	13.6%	20.8%	18.3%	14.7%
Jan ’25	11.0%	19.8%	17.6%	13.7%
Feb ’25	13.0%	20.4%	18.3%	12.8%
Mar ’25	11.4%	19.9%	18.4%	13.7%
Apr ’25	9.7%	21.5%	17.9%	11.4%
May ’25	10.7%	20.7%	18.0%	12.8%
Jun ’25	9.6%	20.7%	18.1%	12.8%
Jul ’25	8.7%	20.4%	18.5%	11.7%
Aug ’25	8.9%	20.6%	18.7%	12.8%
Sep ’25	10.5%	20.3%	18.9%	13.8%
Oct ’25	9.8%	20.6%	19.2%	12.6%
Nov ’25	9.7%	20.5%	19.1%	13.3%
Dec ’25	10.3%	20.2%	19.4%	13.6%
Jan ’26	8.1%	19.1%	19.0%	11.0%
Feb ’26	7.0%	19.4%	19.5%	13.0%
Mar ’26	5.4%	18.7%	19.4%	11.4%
Apr ’26	6.7%	—	19.4%	9.7%
May ’26	6.8%	—	19.6%	10.7%
Jun ’26	5.3%	—	19.5%	9.6%
Jul ’26	5.0%	—	19.6%	8.7%
Aug ’26	4.7%	—	19.7%	8.9%

Marketing spend

0.6$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	0.8	1	1.3	0.9
Oct ’24	0.9	1.1	1.4	0.9
Nov ’24	0.9	1.1	1.5	1
Dec ’24	0.9	1.1	1.5	0.9
Jan ’25	0.8	0.9	1.3	0.9
Feb ’25	0.8	1	1.5	1
Mar ’25	0.8	0.9	1.5	1
Apr ’25	0.8	0.9	1.5	0.9
May ’25	0.7	0.9	1.5	0.9
Jun ’25	0.7	0.9	1.5	0.8
Jul ’25	0.7	0.9	1.6	0.9
Aug ’25	0.8	0.9	1.7	0.9
Sep ’25	0.7	0.9	1.7	0.8
Oct ’25	0.7	0.9	1.9	0.9
Nov ’25	0.8	0.9	2.1	0.9
Dec ’25	0.7	0.8	2.1	0.9
Jan ’26	0.6	0.7	1.8	0.8
Feb ’26	0.6	0.8	2.1	0.8
Mar ’26	0.6	0.7	2	0.8
Apr ’26	0.6	—	2	0.8
May ’26	0.5	—	2	0.7
Jun ’26	0.5	—	2	0.7
Jul ’26	0.6	—	2.2	0.7
Aug ’26	0.6	—	2.3	0.8

Marketing (% of revenue)

24.3%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	25.1%	24.2%	25.7%	27.7%
Oct ’24	27.3%	24.1%	25.5%	26.2%
Nov ’24	25.5%	24.0%	25.2%	28.5%
Dec ’24	25.1%	24.0%	24.9%	26.0%
Jan ’25	26.3%	23.7%	25.0%	26.4%
Feb ’25	25.4%	23.4%	24.7%	26.9%
Mar ’25	26.6%	23.6%	24.7%	28.1%
Apr ’25	26.4%	22.8%	24.6%	28.3%
May ’25	25.9%	23.2%	24.5%	27.9%
Jun ’25	26.8%	22.7%	24.4%	26.5%
Jul ’25	25.9%	22.8%	24.2%	27.7%
Aug ’25	25.8%	22.8%	24.1%	26.1%
Sep ’25	24.8%	22.7%	23.8%	25.1%
Oct ’25	25.7%	22.5%	23.6%	27.3%
Nov ’25	25.3%	22.5%	23.7%	25.5%
Dec ’25	25.0%	22.1%	23.4%	25.1%
Jan ’26	25.4%	22.3%	23.4%	26.3%
Feb ’26	24.3%	22.0%	23.0%	25.4%
Mar ’26	26.2%	22.2%	22.9%	26.6%
Apr ’26	25.2%	—	23.0%	26.4%
May ’26	24.7%	—	22.7%	25.9%
Jun ’26	23.9%	—	22.6%	26.8%
Jul ’26	25.0%	—	22.5%	25.9%
Aug ’26	24.3%	—	22.3%	25.8%

EBITDA

(0.6)$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	(0.4)	0.1	0	(0.4)
Oct ’24	(0.4)	0.1	0.1	(0.3)
Nov ’24	(0.3)	0.2	0.2	(0.4)
Dec ’24	(0.3)	0.1	0.2	(0.3)
Jan ’25	(0.4)	(0)	0.1	(0.4)
Feb ’25	(0.4)	0.1	0.2	(0.4)
Mar ’25	(0.4)	0	0.2	(0.4)
Apr ’25	(0.5)	0.1	0.2	(0.5)
May ’25	(0.5)	0.1	0.2	(0.4)
Jun ’25	(0.5)	0.1	0.3	(0.4)
Jul ’25	(0.5)	0.1	0.4	(0.4)
Aug ’25	(0.5)	0.1	0.4	(0.4)
Sep ’25	(0.4)	0.1	0.5	(0.4)
Oct ’25	(0.5)	0.1	0.6	(0.4)
Nov ’25	(0.5)	0.1	0.7	(0.3)
Dec ’25	(0.4)	0.1	0.8	(0.3)
Jan ’26	(0.5)	(0)	0.6	(0.4)
Feb ’26	(0.5)	0	0.8	(0.4)
Mar ’26	(0.6)	(0)	0.8	(0.4)
Apr ’26	(0.6)	—	0.8	(0.5)
May ’26	(0.5)	—	0.8	(0.5)
Jun ’26	(0.5)	—	0.9	(0.5)
Jul ’26	(0.6)	—	1	(0.5)
Aug ’26	(0.6)	—	1.1	(0.5)

EBITDA margin

-24.2%Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	-12.1%	1.7%	0.1%	-12.5%
Oct ’24	-11.1%	2.8%	2.1%	-8.1%
Nov ’24	-9.0%	3.7%	3.4%	-10.3%
Dec ’24	-8.4%	2.9%	3.6%	-9.0%
Jan ’25	-14.6%	-0.1%	1.9%	-12.5%
Feb ’25	-11.6%	2.1%	4.0%	-10.7%
Mar ’25	-14.2%	0.8%	4.1%	-10.9%
Apr ’25	-16.0%	3.2%	3.4%	-14.6%
May ’25	-16.2%	1.9%	4.0%	-13.0%
Jun ’25	-17.5%	1.9%	4.5%	-13.1%
Jul ’25	-17.8%	1.8%	5.4%	-13.1%
Aug ’25	-16.4%	1.9%	6.2%	-11.2%
Sep ’25	-15.8%	1.6%	6.7%	-12.1%
Oct ’25	-15.7%	2.7%	7.9%	-11.1%
Nov ’25	-15.2%	3.0%	8.4%	-9.0%
Dec ’25	-15.5%	2.1%	8.9%	-8.4%
Jan ’26	-20.4%	-1.4%	7.7%	-14.6%
Feb ’26	-19.6%	0.3%	9.2%	-11.6%
Mar ’26	-23.3%	-1.2%	9.1%	-14.2%
Apr ’26	-24.7%	—	8.9%	-16.0%
May ’26	-24.6%	—	9.4%	-16.2%
Jun ’26	-24.1%	—	9.6%	-17.5%
Jul ’26	-25.0%	—	10.0%	-17.8%
Aug ’26	-24.2%	—	10.5%	-16.4%

Inventory

4.2$ mn · Aug ’26

numbers

period	actual	AOP	prior yr
Sep ’24	5.5	5	6.2
Oct ’24	5.3	4.9	6.1
Nov ’24	5.4	4.8	6
Dec ’24	5.4	4.8	6.1
Jan ’25	5.1	4.8	5.9
Feb ’25	5.2	4.7	5.9
Mar ’25	5.1	4.6	5.8
Apr ’25	5	4.6	5.7
May ’25	5.1	4.6	5.8
Jun ’25	5	4.5	5.9
Jul ’25	5	4.5	5.5
Aug ’25	4.9	4.4	5.6
Sep ’25	4.8	4.3	5.5
Oct ’25	4.8	4.3	5.3
Nov ’25	4.7	4.3	5.4
Dec ’25	4.5	4.2	5.4
Jan ’26	4.7	4.2	5.1
Feb ’26	4.5	4.1	5.2
Mar ’26	4.5	4	5.1
Apr ’26	4.4	—	5
May ’26	4.3	—	5.1
Jun ’26	4.3	—	5
Jul ’26	4.1	—	5
Aug ’26	4.2	—	4.9

Active creators

96Aug ’26

numbers

period	actual	VP	prior yr
Sep ’24	121	181	131
Oct ’24	121	180	136
Nov ’24	116	178	133
Dec ’24	119	176	131
Jan ’25	116	175	129
Feb ’25	117	173	130
Mar ’25	112	171	129
Apr ’25	113	170	128
May ’25	111	168	128
Jun ’25	110	166	124
Jul ’25	111	164	124
Aug ’25	108	163	123
Sep ’25	108	161	121
Oct ’25	108	159	121
Nov ’25	105	158	116
Dec ’25	106	156	119
Jan ’26	104	154	116
Feb ’26	102	153	117
Mar ’26	101	151	112
Apr ’26	101	149	113
May ’26	99	148	111
Jun ’26	97	146	110
Jul ’26	95	144	111
Aug ’26	96	143	108

Repeat purchase rate

26.5%Aug ’26

numbers

period	actual	prior yr
Sep ’24	29.3%	30.4%
Oct ’24	28.7%	30.2%
Nov ’24	28.4%	30.4%
Dec ’24	28.0%	29.7%
Jan ’25	28.8%	30.6%
Feb ’25	27.3%	30.3%
Mar ’25	28.8%	29.0%
Apr ’25	27.5%	29.2%
May ’25	27.8%	29.8%
Jun ’25	27.6%	29.9%
Jul ’25	27.1%	29.2%
Aug ’25	27.5%	28.8%
Sep ’25	27.3%	29.3%
Oct ’25	26.3%	28.7%
Nov ’25	26.1%	28.4%
Dec ’25	26.8%	28.0%
Jan ’26	27.3%	28.8%
Feb ’26	26.1%	27.3%
Mar ’26	27.1%	28.8%
Apr ’26	26.4%	27.5%
May ’26	27.1%	27.8%
Jun ’26	26.0%	27.6%
Jul ’26	26.0%	27.1%
Aug ’26	26.5%	27.5%

Cash balance

2.7$ mn · Aug ’26

numbers

period	actual	AOP	VP	prior yr
Sep ’24	14.2	17.1	17.4	19.2
Oct ’24	13.7	17.2	17.4	18.8
Nov ’24	13.4	17.3	17.6	18.4
Dec ’24	13	17.4	17.7	18.1
Jan ’25	12.4	17.3	32.8	17.7
Feb ’25	12.1	17.4	33	17.2
Mar ’25	11.6	17.4	33.2	16.9
Apr ’25	11.2	11.7	33.3	16.5
May ’25	10.8	11.8	33.5	16
Jun ’25	10.3	11.8	33.7	15.6
Jul ’25	9.7	11.8	34	15.1
Aug ’25	9.1	11.9	34.4	14.6
Sep ’25	8.7	11.9	34.8	14.2
Oct ’25	8.2	11.9	35.3	13.7
Nov ’25	7.7	12	36	13.4
Dec ’25	7.3	12.1	36.7	13
Jan ’26	6.8	12	37.2	12.4
Feb ’26	6.3	12	37.9	12.1
Mar ’26	5.6	11.9	38.7	11.6
Apr ’26	5.1	—	39.3	11.2
May ’26	4.5	—	40.1	10.8
Jun ’26	4	—	40.9	10.3
Jul ’26	3.4	—	41.7	9.7
Aug ’26	2.7	—	42.7	9.1

Net burn

(0.7)$ mn · Aug ’26

numbers

period	actual	prior yr
Sep ’24	(0.4)	(0.5)
Oct ’24	(0.4)	(0.4)
Nov ’24	(0.4)	(0.4)
Dec ’24	(0.4)	(0.3)
Jan ’25	(0.5)	(0.4)
Feb ’25	(0.4)	(0.5)
Mar ’25	(0.4)	(0.3)
Apr ’25	(0.4)	(0.4)
May ’25	(0.4)	(0.5)
Jun ’25	(0.5)	(0.4)
Jul ’25	(0.6)	(0.5)
Aug ’25	(0.5)	(0.5)
Sep ’25	(0.4)	(0.4)
Oct ’25	(0.6)	(0.4)
Nov ’25	(0.4)	(0.4)
Dec ’25	(0.4)	(0.4)
Jan ’26	(0.5)	(0.5)
Feb ’26	(0.5)	(0.4)
Mar ’26	(0.6)	(0.4)
Apr ’26	(0.5)	(0.4)
May ’26	(0.6)	(0.4)
Jun ’26	(0.5)	(0.5)
Jul ’26	(0.6)	(0.6)
Aug ’26	(0.7)	(0.5)

Tidewave BrandsHearthlyMorrow DairyOrchard & OakTidewave BrandsFurrow PetLumen JewelsBrewline CoffeeBayani MartBrightpath Schools

Revenue

Gross margin

CM2 margin

EBITDA margin

Cash balance

Inventory

Cash & runway

Revenue

Revenue — India

Revenue — United States

Gross profit

Gross margin

CM1

CM1 margin

CM2

CM2 margin

Marketing spend

Marketing (% of revenue)

EBITDA

EBITDA margin

Inventory

Active creators

Repeat purchase rate

Cash balance

Net burn