What, more profit? But this is bnpl?
Well then March is a record month for adjusted EBITDA even beating December. USD$$3.7m for just one month (Jan $2m, Feb $2.6m Mar $3.7m).
Revenue margin consistent at 9.4% (by far the best of any bnpl as far as I can see)
Net profit for the month of USD$1.2m
Sezzle Premium accelerating (now 5% of total users!)
Receivables are down and merchant accounts payable down by a much greater amount - for the first time since 2021 merchant balances are less than 80% of notes receivable. Good. Cash balance still exceeding total borrowings (totally different structure to every other bnpl out there!) and they have capacity for another ~$40m credit - if they wanted.The upcoming quarterly is going to show a large reduction in merchant revenue from seasonality, (452m vs 371m) from the previous quarter and interestingly just a small reduction in company revenue (38m vs 35m) BUT an increase in EBITDA and net profit, as well as a much tighter, cleaner balance sheet.
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Ann: March Business Update, page-3
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