Ann: US SEC Form 10-Q, page-36

The trend is your friend.
April was a decline from March.
May is a decline from April.

Profits on the decline and users are leaving more so than increasing their reliance on Sezzle.

Interest expense is a massive red flag, increasing despite lower UMS.

With credit losses at an all-time low and driving any profit reported, it only takes a minor deterioration in this performance and Sezzle returns to losses. The market knows this and is fleeing.

Charlie has done well but the market is not flooding to Sezzle. UMS has to grow or Sezzle is deadwood.