Pattern Group (PTRN) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 revenue of $640 million, up 46% year-over-year, marking the first quarter as a public company.

• Net Revenue Retention (NRR) reached a record 122%, up from 113% in the prior year.

• Adjusted EBITDA rose to $41.1 million, up 88% year-over-year, with margin improving to 6.4% from 5.0%.

• Net loss for Q3 2025 was $59 million, primarily due to $92 million in stock-based compensation and IPO-related taxes; net loss attributable to common stockholders was $223 million, including a $164 million non-cash deemed dividend from Series B Preferred Stock conversion.

• Completed IPO in September 2025, raising $135 million net of fees and expenses, with all preferred stock converted to common stock.

Financial highlights

• Q3 2025 revenue was $640 million, up 46% year-over-year; adjusted EBITDA was $41 million, up 88%.

• Non-Amazon revenue grew 81% year-over-year to $47.1 million, now 7.4% of total revenue.

• International revenue rose 72% year-over-year to $53 million, representing 8.3% of total revenue.

• Free cash flow for the last twelve months was $71 million, up from $49 million a year ago; operating cash flow was $92 million, up 39% year-over-year.

• GAAP net loss was $59 million, including IPO-related charges; net income attributable to shareholders was -$223 million due to one-time dividend adjustments.

Outlook and guidance

• Q4 2025 revenue expected between $680 million and $700 million, 32%-36% year-over-year growth.

• Q4 adjusted EBITDA guidance is $38 million-$40 million, 44%-48% year-over-year growth.

• Full-year 2025 revenue expected at $2,460–$2,480 million, with adjusted EBITDA of $148–$150 million (6.0% margin).

• Continued investment in AI-driven technology, automation, and go-to-market expansion.

• Sufficient liquidity is anticipated for at least the next twelve months, supported by cash, operations, and a $150 million undrawn credit facility.