1HFY25 Results Announcement

Key Financials:

• Marketplace revenue (MPR): $230.4M (-12% YoY); growth in TeePublic offset by a decline in Redbubble.

• Gross profit: $100.9M (-7% YoY), with an improved margin of 43.8%.

• Operating EBITDA: $8.2M, down by $5.3M.

• After-tax loss: $1.9M (improved from a $6M loss in 1HFY24).

• Cash balance: $70.6M (vs. $87.1M in Dec 2023).

Operational Updates:

• Identified $12-14M in annual cost savings from restructuring; full impact by FY26.

• Launched Dashery: a platform for creator-owned online stores.

• Redbubble saw declines due to weaker consumer demand; TeePublic maintained steady performance.

FY25 Outlook:

• Targeted GPAPA margin: 25-27%.

• Operating expenditure forecast: $89-92M.

• Positive underlying cash flow expected, barring Dashery investments.