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Revenue Soars 9%, Wholesale Explodes 65%
31 Jul
Summary
- Revenue grew 9% year-over-year to $119 million.
- Wholesale revenue surged 65% year-over-year.
- Adjusted EBIT margin expanded over 10 percentage points.
In the first quarter of fiscal 2027, the company announced a 9% year-over-year increase in revenue, reaching $119 million. This growth was primarily fueled by a substantial 65% surge in wholesale revenue, indicating strong partner confidence and demand for its expanded product offerings.
Gross margin saw a healthy expansion of 100 basis points, reaching 62.4%. This improvement was supported by a favorable channel and regional mix, alongside positive pricing strategies. The adjusted EBIT margin also showed significant improvement, expanding by over 10 percentage points year-over-year to negative 87%, marking the strongest first-quarter margin recorded since fiscal 2020.
While the company reported an adjusted net loss attributable to shareholders of $87 million, or $0.89 per share, this figure represents an improvement compared to the $88 million loss ($0.91 per share) reported in the first quarter of fiscal 2026. E-commerce also demonstrated robust performance, with double-digit growth across all regions, supported by effective customer acquisition and enhanced conversion rates.
