Investor Update
October 2025

Revenue stable. AI product formulator launched. Catalog at 260+ products.

September net revenue of $819K, down 6.7% from August amid seasonal softness. YTD through September: $8.16M, up 35% versus 2024. The biggest news was product: the world's first AI product formulator launched, compressing development timelines from months to days.

TL;DR

Net Revenue $819K (-6.7% MoM)  •  GMV $1.46M  •  TTM $10.89M (+35% YTD vs 2024)  •  Sub MRR $143K  •  52.3K items shipped  •  AI Formulator launched

Performance
Key Metrics
$819K
Net Revenue
-6.7% MoM
Aug: $878K • Seasonal dip
$1.46M
GMV
-18% MoM
Aug: $1.78M
1,576
Connected Users
+2.5% MoM
37.7K total users
52.3K
Items Shipped
-4% MoM
Aug: 54.5K
$10.89M
TTM Net Revenue
+35% YTD vs 2024
$8.16M
9-Month Revenue
+35% vs $6.03M 2024
$143K
Subscription MRR
+16% QoQ vs Jun
260+
Catalog Products
Largest coffee catalog
Finance Tracker
View full financial data in Google Sheets →
Data
Performance Charts
Monthly Net Revenue
Trailing 13 months (USD thousands)
$819K
Monthly EBITDA
Trailing 13 months (USD thousands)
-30K
Monthly Active Builders
North Star metric
1,576
Revenue Mix
Subscription vs transaction (USD thousands)
Sub $143K
From the CEO
Executive Commentary

September finished at $819K in net revenue, down 6.7% from August. Month-over-month dips in September are expected given the e-commerce calendar, and the YTD picture remains strong: $8.16M through nine months, up 35% versus the same period in 2024.

The headline story this month was product. We launched launchmagic.ai, the world's first AI product formulator. It compresses product development timelines from 6 to 12 months down to a few weeks by leveraging our internal data and supplier network to provide custom formulations, MOQs, lead times, and unit pricing within three prompts. No one else can build this tool the way we can.

We also expanded the catalog to 260+ products and added an expanded coffee lineup, giving Supliful one of the broadest white-label catalogs in the market. On the revenue concentration side, the improvement continues: top 3 sellers now represent 25% of revenue, down from 49% a year ago.

The activation gap remains the primary operational focus. Out of 4,400+ active subscribers, roughly one-third are actively placing orders. Multiple onboarding improvements are scoped and will roll out in October.

ML
Martins Lasmanis
CEO & Co-founder, Supliful
Key Signals
AI Formulator live
launchmagic.ai launched. Compresses product development from months to days. Internal data + supplier network gives us a moat no competitor can replicate.
Revenue concentration improving
Top 3 sellers = 25% of GMV, down from 49% one year ago. Platform is distributing.
Subscription MRR $143K
Up 16% QoQ from $121K in June. On track.
Activation gap
Only ~1/3 of 4,400+ subscribers are actively ordering. Onboarding rework scoped for October.
Progress
Wins
🚀
Product
  • Launched launchmagic.ai, AI product formulator. Custom formulations delivered in minutes, not months.
  • Expanded catalog to 260+ products. Largest coffee product catalog in the white-label supplement market.
  • Added 20+ new SKUs including new skincare lines. Phased out 15 low-volume SKUs.
📈
Growth
  • New users in September grew 5% to 14,139. Total registered users: 37.7K, achieving 94% of Q3 goal.
  • Commerce Roundtable: Supliful's debut at a live industry event. First direct engagement with the operator community.
  • YTD revenue $8.16M, up 35% vs 2024. Revenue concentration at healthiest level ever.
⚙️
Operations
  • Q3 Net Revenue $2.60M vs Q2 $2.57M (+1.2% QoQ). Stable platform performance in a soft month.
  • Marketing efficiency trending positive. CPA improving as paid channels mature.
  • Subscription MRR $143K at end of September, up 16% QoQ from June.
Outlook
Priorities for Next Month
  • 1
    Align on Q4 initiatives
    Define company-wide goals and key initiatives for Q4 2025.
  • 2
    Participate in Smart Marketer
    First in-person sponsorship as main event partner. Presenting the AI Product Formulator to 300+ e-commerce operators.
  • 3
    Improve onboarding and activation
    Simplify sample ordering. Implement quick-win improvements to accelerate activation and shorten time to first sale.
Where We Could Use Help
No specific ask this month.