Third month above $1M. Per-builder economics at all-time highs.
February 2026: $1.19M in net revenue, up 40% year-over-year. EBITDA back to positive at $44K. Active builders were down as we rebuilt the GTM engine. Every builder who stayed generated more revenue, more orders, and more gross profit than a year ago.
Net Revenue $1.19M (+39.6% YoY) • GMV $2.74M (+40.7% YoY) • EBITDA $44K (+$104K MoM) • Per-builder revenue $831 (+16% YoY) • Sub ARR $1.95M • GTM engine goes live in March
February was the month every metric that matters went up. $1.19M in net revenue. Third consecutive $1M+ month. Up 40% year-over-year. EBITDA back to positive at $44K. And every per-builder economic metric at an all-time high.
Active builders were down. That was expected. We spent January and February rebuilding the entire GTM engine. The machine is built. March is when we run it.
Fewer builders were active this month. The drop was intentional. GTM rebuild filtered for serious builders. Every builder who stayed generated more revenue, more orders, and more gross profit than a year ago. That is the flywheel working.
To be transparent about EBITDA: $47K of other non-operating income is included. Without it, EBITDA would be roughly -$3K, still a $57K improvement from January.
Cash needs attention. $706K, down $201K from January. Monthly debt service of roughly $39K keeps pressure on the balance. About $140K went to working capital changes. We need 2-3 EBITDA-positive months in a row to stabilize.
- Third consecutive $1M+ month. Revenue per builder $831, contribution margin per builder $288. Both all-time highs.
- Subscription ARR at $1.95M, up 57.6% YoY. Recurring base continues to grow faster than overall revenue.
- EBITDA swung +$104K to $44K positive. G&A normalized after January investment period.
- Full GTM infrastructure assembled: SDR pipeline, HubSpot CRM rebuild, persona campaign framework, onboarding flow.
- Membership Phase 0.5 live. Free to explore, pay when you sell. Killed the $1 trial (33.5% conversion). New model filters for serious builders from day one.
- "Creative Factory" framework for scalable persona campaigns. Three landing pages completed. All goes live in March.
- PDRN Brightening Serum launched Feb 13. Science-driven skincare for clinical and dermatologist-backed brands.
- L-Citrulline and L-Arginine Stack launched Feb 20. Same formula, new positioning. More brand angles.
- New gummies and drops manufacturer joining the network in March. New product formats for builders.
-
1GTM engine goes livePersona-targeted campaigns (Healthy Heather, fitness coaches) launching in March with 3 dedicated landing pages. SDR team running 50+ calls per day within 30 minutes of MQL signup. New onboarding form at 70-80% MQL approval rate.
-
2New north star metricMoving from "Monthly Active Brands" to "$500 GMV achievers." The old metric was distorted by sample orders. Users reaching 10+ orders/month are growing 41% YoY. That cohort is what retention and revenue depend on.
-
3New manufacturing partnerGummies and drops manufacturer joins in March. They chose Supliful as a testing ground before scaling in-house. Adds new product formats for builders.
If you know anyone in these categories, a warm intro to martins@supliful.com goes a long way:
- Health and wellness professionals who want their own supplement brand
- E-commerce operators wanting to expand without inventory risk
- CPG executives who understand manufacturing and supply chain
Baiba drove the entire membership content transition across emails, help articles, and user communications. Eli handled Denver fulfillment under pressure.
Norans (Head of Ops & Supply Chain), Glebs (Visual Design Systems Lead), Rihards (Brand & UX/UI Design Lead), Laura (Senior Accountant), Roberts (Sales Executive), Sofia (Compliance Specialist).