Cettire (CTT) H1 2025 earnings summary

Executive summary

• Gross revenue rose 12% year-over-year to $514.1 million, with sales revenue up 11% to $394.0 million, driven by higher order volume and average order value.

• Adjusted EBITDA reached $12.1 million (3.1% margin), with sequential improvement and a delivered margin of 18%.

• Net cash increased to $101 million, maintaining a zero-debt, self-funded position.

• Active customers grew 21% year-over-year to 695,465, with 67% of revenue from repeat customers and record average order value of $821.

• Record sales day achieved during Black Friday/Cyber Monday, with a focus on profitable growth and operational efficiency amid luxury market volatility.

Financial highlights

• Gross profit decreased to $70.8 million from $82.2 million year-over-year, reflecting lower gross margin percentage due to heightened promotional activity.

• Adjusted EBITDA was $12.1 million (3.1% of sales), with margin improvement in Q2 to 4.2%.

• Marketing spend reduced to 6.9% of sales, below the 8-10% target range.

• Cash and cash equivalents at period end were $101.1 million, up from $79.0 million at 30 June 2024.

• Statutory NPAT was $4.7 million, with Adjusted NPAT at $8.1 million, both down year-over-year.

Outlook and guidance

• Short-term uncertainty persists in the global luxury market, with Q3 expected to remain dynamic and challenging, and Q4 anticipated to show greater stabilization.

• Strategic focus on growing customer base, balancing profitability and growth, and embedding business model enhancements.

• Continued focus on profitable growth despite ongoing softness in global luxury demand.