Pattern Group Inc.

Good day, and thank you for standing by. Welcome to the Pattern Third Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Hamish Chung. Please go ahead.

Thank you, Operator. Good afternoon, and thank you for joining PATINS Earnings Call for the third quarter 2025. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements based on our current expectations, assumptions, and forecasts about future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our latest filings with the Securities and Exchange Commission for more information on these risks and uncertainties. We may also refer to certain non-GAAP financial measures. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings release. Joining us today are Dave Wright, our co-founder and chief executive officer, and our chief financial officer, Jason Beasley. Today's earnings is being webcast, and a replay will be available on our investor relations website following the call. Following our prepared remarks today, we will open the call to questions. I'll now turn the call over to our CEO, Dave Wright. Dave, please go ahead.

Thanks, Hamish, and good afternoon, everyone. Thank you for joining us today and welcome to our first earnings call as a public company. In Q3 2025, Pattern delivered record results for our key three metrics, revenue, net revenue retention, and adjusted EBITDA. Revenue grew 46% year over year to $639.7 million, driven by both new and existing brands. we had strong execution across both U.S. and international markets. Net revenue retention, or NRR, reached an all-time high of 122%. Adjusted EBITDA increased 88% to $41.1 million, reflecting a 6.4% margin, up from 5% a year ago, as we continue to gain scaled operating leverage across our global network. Our new brand partner pipeline also remains robust and is exceeding expectations, setting us up well for continued momentum. We delivered standout growth across our non-Amazon marketplaces. Total revenue not attributable to Amazon grew 81% year over year, reaching $47.1 million in Q3 2025, reflecting the effectiveness of our channel diversification strategy and the strength of our core platform across multiple marketplaces. Revenue outside Amazon represented 7.4% of total revenue in Q3 2025, up from 5.9% in Q3 of 2024. International performance was also robust, underscoring the global demand for our platform that can address the complexities of operating at a global scale. International revenue grew 72% year over year to $52.9 million in Q3 2025. representing 8.3% of total revenue, up from 7.0% a year ago. Before Jason walks through the more detailed financials, I'll outline our business model, market position, and the secular trends shaping e-commerce and AI, along with our strategic priorities for scalable, profitable growth. Pattern operates as a technology infrastructure layer powering global e-commerce. We provide a thin, intelligent layer across global e-commerce, enabling brands to accelerate growth, simplify operations, and reach consumers across more than 60 marketplaces and emerging digital surfaces worldwide. Our core strategic differentiator is the intelligent technology and AI layer that powers everything we do. We monetize our technology by purchasing inventory directly from our brand partners and selling through global channels. This inventory-bearing approach reduces friction, aligns incentives, and allows brands to focus on what they do best, creating great products and building customer relationships. Our partnerships are deep, long-term, and highly sticky. This is because we not only drive revenue growth but also manage the complexities that come with selling on marketplaces around the world. Whether customers shop through marketplaces, social platforms, or the emerging world of agentic shopping, Pattern plays the same essential role, connecting brands and consumers through a unified data-driven layer that removes friction and maximizes performance across the entire digital commerce ecosystem. We sit squarely at the convergence of e-commerce and artificial intelligence, two of the most powerful forces shaping global e-commerce. Regardless of how or where consumers choose to shop, our role remains consistent. We provide a thin, intelligent layer that connects brands to demand across every major marketplace and platform. This channel agnostic model allows us to remain indifferent to customer channel shifts, whether that's traditional e-commerce or the emerging world of agentic commerce. The consumer remains healthy and secular trends continue to support sustained e-commerce growth. E-commerce continues to gain share across major markets, and we expect this trend to accelerate as global logistics improve, driving greater efficiency and accessibility. Emerging technologies such as robotics, autonomous delivery, and drones will further reduce costs and increase fulfillment speed. while consumer-facing innovations like agentic commerce simplify the shopping experience. Collectively, these advances are driving a global shift towards digital commerce. At the same time, AI is reshaping digital discovery, transforming how consumers find, evaluate, and purchase products. These dynamics reward precision. Brands that manage content, pricing, and availability dynamically to meet consumers where they are That's where Pattern excels. Our platform leverages over 46 trillion customer journey data points across search, discoverability, content, pricing, logistics, and behavior. Each signal strengthens our continuous optimization loops, making our model smarter and delivering measurable, repeatable impact for our brand partners. Even modest gains in visibility or conversion can translate into millions of dollars in additional sales for our brands. And we capture those improvements consistently at scale. At the core of our approach is a simple but powerful formula. Revenue for a brand equals traffic times conversion times price times availability. I will now outline our four strategic priorities for sustained growth and operational scale across the evolving global e-commerce landscape. Number one, investing in the intelligence layer. We continue to invest in our core technology and AI infrastructure, the intelligence layer that powers Pattern's model. This layer is advancing to support agentic workflows that are non-deterministic and capable of executing complex tasks at a fraction of traditional costs. As consumer behavior shifts towards agentic and automated purchasing, our platform's ability positions us to lead this evolution. These investments also strengthen our marketplace and international expansion capabilities, reinforcing our ability to scale efficiency. Number two, expanding channels and markets. Channel diversification remains a key growth driver across international and non-Amazon platforms. Growth from Coupang accelerated in Q3 faster than any other marketplace onboarding in our company's history. up more than 150 times from the prior quarter. We also see strong growth potential in TikTok and other emerging social platforms where user engagement has become a core differentiator. As logistics advantages become increasingly commoditized, engagement metrics such as time spent on platform will become stronger indicators of future sales. We expect social and LLM-driven ecosystems to capture a growing share of consumer discovery and transactions. Number three, reducing brand friction. Our focus is on making it easier, faster, and more cost-effective for brands to execute global platform-agnostic e-commerce. We accomplish this through integrated technology, scalable logistics, and exceptional service levels that simplify complexity. As vast amounts of data become more accessible, consumers will increasingly distinguish between products that are truly exceptional and those built primarily on marketing. Our goal is to free up our partners' time and resources so they can focus on building great products and advancing R&D. As consumers become more discerning, brands that innovate and deliver genuine quality will capture outsized, sustainable growth. Number four, driving scale and efficiency. Scale is a strategic moat and a key source of our value for our brand partners. With Pattern's technology, logistics, and global scale, we operate at a cost structure and price point for brands that we believe the brand simply cannot achieve on their own. Each transaction strengthens our data models, enhances our efficiency, and increases our operating leverage. Pattern is built for the future of e-commerce. The forces reshaping our industry, AI-driven discovery, social engagement, automation, and global logistics innovation are accelerating faster than ever. We are not just adapting to these shifts, we're helping define them. Our platform stands at the intersection of intelligence and execution, connecting brands and consumers seamlessly across every digital surface. As technology and data continue to advance, we see an era where speed, precision, and creativity determine the winners. Pattern is positioned to lead that future, empowering brands, capturing opportunity, and driving the next wave of global e-commerce growth. With that, I'll hand it over to Jason to walk through our financial results in more detail. Jason, take it away.