Investor Update
February 2026

Best month ever. 16 builders above $10K. We know who we are building for.

January 2026: $1.27M in net revenue, up 8.2% from December. What made it meaningful was what was underneath it. Sixteen brand builders crossed $10K simultaneously. Subscription MRR hit $167K, up 71% YoY. Customer concentration below 10% of GMV. A deep customer research sprint delivered the clearest picture of our ICP we have ever had.

TL;DR

Net Revenue $1.27M (+8.2% MoM)  •  MABs 1,673 (+7.8%)  •  Sub MRR $167.6K (+71% YoY)  •  99.6K items shipped  •  TTM $11.2M  •  GTM Phase 0 complete

Performance
Key Metrics
$1.27M
Net Revenue
+8.2% MoM
Dec: $1.17M • Record month
1,673
Monthly Active Builders
+7.8% MoM
Dec: 1,552 • North Star
$167.6K
Subscription MRR
+71% YoY
+4.2% MoM from $160.9K
99.6K
Items Shipped
+37% MoM
Dec: 72.7K
$11.2M
TTM Net Revenue
Trailing 12 months
37.5%
Gross Margin
-4.5pp MoM (inventory build)
-$52K
EBITDA
Gross margin compression
$907K
Cash on Hand
~9 months runway
Finance Tracker
View full financial data in Google Sheets →
Data
Performance Charts
Monthly Net Revenue
Trailing 13 months (USD thousands)
$1,265K
Monthly EBITDA
Trailing 13 months (USD thousands)
-52K
Monthly Active Builders
North Star metric
1,673
Revenue Mix
Subscription vs transaction (USD thousands)
Sub $168K
From the CEO
Executive Commentary

January was Supliful's best month ever. $1.27M in net revenue, up 8.2% from December. In what is typically the softest month of the CPG calendar, sixteen brand builders crossed $10K in monthly sales simultaneously. Subscription revenue hit $167K, up 71% year-over-year, and now represents 13% of total revenue. Top customer concentration dropped well below 10% of GMV. The platform is broadening.

Brand Builder Revenue, our GMV metric, shows a decline versus January 2025. A large account that drove concentrated GMV in January 2025 has wound down operations on our platform. That dynamic is gone, and so is the dependency that came with it. The revenue base we are building into 2026 is more distributed and more durable.

January also delivered something we have been working toward for a long time: a clear answer to who we are building for. We completed a deep customer research sprint: 550 enriched profiles, 160 survey responses, 20 one-hour interviews. The output: four defined personas and a core ICP segment of 775 brand builders who drive 25%+ of revenue. The 2026 acquisition strategy is built on this foundation.

The challenges were real. January's volume surge overwhelmed Denver operations. Key catalog items went out of stock. I flew out personally to stabilize. EBITDA at -$52K as we stocked up on perishables to meet demand. Gross margin compressed to 37.5%. We are managing this closely as we head into Q1 execution.

ML
Martins Lasmanis
CEO & Co-founder, Supliful
Key Signals
16 builders above $10K
Simultaneously. Subscription at 13% of revenue. Top customer below 10% of GMV. The platform is distributing and maturing.
GTM Phase 0 complete
550 profiles, 160 surveys, 20 interviews. Four personas. 775-brand ICP. Clearest picture of our best customer we have ever had.
Sub MRR +71% YoY
$167.6K in January. Growing faster than overall revenue. Recurring base is becoming meaningful.
Denver OOS + EBITDA compression
Record volume hit operational limits. Gross margin 37.5%. Flying out personally to stabilize. Scale challenge, not a one-off.
Progress
Wins
📈
Revenue
  • Record $1.27M net revenue, typically the softest CPG month. 16 brand builders above $10K simultaneously.
  • Subscription MRR $167.6K, up 71% YoY. Now 13% of total revenue. Recurring base is real.
  • MABs 1,673, up 7.8% MoM. Highest Monthly Active Brand count in company history.
🎯
Strategy
  • GTM Phase 0 complete. Four personas identified. ICP segment of 775 brand builders generating 25%+ of revenue.
  • 550 enriched profiles, 160 surveys, 20 one-hour interviews. First data-backed acquisition strategy in company history.
  • Six team members promoted across Operations, Sales, Design, Finance, and Legal. Performance reviews complete.
🤝
Community
  • First brand builder community dinner. Small, but the right kind of start. Real relationships with best customers.
  • Affiliate Summit West, Las Vegas. Exploring partnership and distribution channels in health and wellness.
  • January MVP: Victoria. Recognized at town hall for growth, agility, and implementation efficiency.
Outlook
Priorities for Next Month
  • 1
    Implement GTM Phase 1
    Persona-based marketing campaigns going live. SDR buildout underway. HubSpot infrastructure rebuilt for pipeline monitoring and lead qualification.
  • 2
    Remove TikTok integration
    Adds same-day shipping pressure and operational friction without commensurate ROI. Removing to simplify and stabilize.
  • 3
    Stabilize Denver operations
    Key catalog items back in stock. Fulfillment quality rebuilt after January surge. Prevent recurrence.
Where We Could Use Help
If you know health or wellness professionals, naturopaths, dietitians, functional medicine practitioners, or wellness coaches who have considered launching a supplement brand, a warm introduction would mean a lot. That is exactly who we are targeting in Phase 1.