Reformation (REF) Registration filing summary

Company overview and business model

• Operates as a leading sustainable womenswear brand with a direct-to-consumer (DTC) focus and select wholesale partnerships.

• Built a tech-forward, data-driven merchandising and supply chain model, emphasizing rapid product iteration and sustainability.

• Maintains a strong brand identity, high customer loyalty, and broad demographic appeal, with over 1 million active customers and 70 stores globally as of mid-2026.

• Sustainability is core, with 73% average carbon savings per product and a goal to become a circular business by 2030.

Financial performance and metrics

• Net revenue reached $507.1 million in 2025, with a 19% CAGR from 2023 and 34% CAGR from 2015–2025.

• Q1 2026 net revenue grew 30% year-over-year to $112.3 million; gross margin was 70.3% due to a tariff refund.

• Five years of positive net income (2021–2025), with $12.6 million net income in 2025; Q1 2026 net loss of $12.1 million.

• Adjusted EBITDA was $45.0 million (8.9% margin) in 2025 and $15.9 million (14.1% margin) in Q1 2026.

• 2025 DTC net revenue per customer was $422; 90% of net revenue from DTC channels.

Use of proceeds and capital allocation

• IPO expected to raise ~$134.5 million (at $16/share midpoint), with ~$125.1 million for partial repayment of term loans and ~$9.5 million for a synthetic secondary repurchase from employees.

• No proceeds from shares sold by selling stockholders; principal purpose is to increase capitalization and financial flexibility.