WeShop Holdings (WSHP) Q4 2025 earnings summary

Executive summary

• Completed first year as a public company, launching a digital social-shopping platform with a ShareBack model that enables users to earn equity through purchases and referrals.

• Completed a successful UK pilot with over 71,000 unique transacting users, 872,428 transactions, and over £108.5m in GMV, validating the ShareBack model and organic growth via referrals.

• Expanded to the U.S., focusing on market entry, onboarding retail partners, and leveraging an asset-light, affiliate-driven marketplace model.

• Launched creator-focused and affiliate marketing initiatives to drive scalable, community-led user acquisition.

• Prioritized platform development, public company readiness, and onboarding retail partners over short-term revenue.

Financial highlights

• Full year 2025 revenue was GBP 423,000, down from the prior year due to reduced U.K. commercial activity during the listing process.

• Reported operating loss of GBP 62.5 million and net loss of GBP 62.7 million, largely driven by non-cash share-based compensation.

• Recognized GBP 35.9 million in performance incentive share-based compensation and GBP 17.8 million in G&A share-based compensation.

Outlook and guidance

• Focus remains on disciplined investment in platform capability, U.S. execution, and building organizational infrastructure for long-term growth.

• Plans to expand ShareBack rewards to additional verticals such as household, travel, and cleaning services, and to eventually consider international growth after U.S. and U.K. goals are met.

• Positioned to capitalize on the growing U.S. loyalty market, expected to grow at a 13.2% CAGR from 2025 to 2029.