Investor Update
May 19, 2026
April 2026 Monthly

Fifth straight month above $1M. Margin recovered. Builder base materially less concentrated.

April closed at $1.249M in net sales, up 28.3% year over year. Margin recovered after one month of freight-timing compression. The builder base is materially less concentrated than a year ago, and the management team finished the first comprehensive revenue model the company stands behind.

TL;DR

$1.249M Net Sales (+28.3% YoY)  •  $2.644M GMV (+37.2% YoY)  •  42.2% Gross Margin (+3.6 pp MoM)  •  +$56K EBITDA ($75K beat plan)  •  Top builder 7.5% across 36 Power Builders  •  Membership +56.8% YoY

Performance
Key Metrics: April 2026
Primer · builder tiers
Every Supliful customer is a "builder", an entrepreneur selling supplements through their own store on our platform. Builders are sorted by lifetime orders shipped. Target Builders are the strategic acquisition focus going forward; they offer better unit margins, higher retention, and lower concentration risk than Power Builders, with the aim that they graduate into the Power tier organically over time.
Early Builders
1 to 9 lifetime orders
Top of the funnel.
Target Builders
10 to 200 lifetime orders
The strategic acquisition focus. Better unit margins and retention.
Power Builders
200 or more lifetime orders
Most of the monthly volume. The tier we de-risk against.
$1.249M
Net Sales (Apr)
+28.3% YoY
Mar 2026: $1.304M  •  Fifth consecutive month >$1M
$2.644M
GMV (Brand Revenue)
+37.2% YoY
Apr 2025: $1.926M
+$56K
Adjusted EBITDA
+$75K vs plan
Plan was -$19K  •  FY tracking to ~$700K profit
7.5%
Top-Builder Concentration
down from 27.3%
Across 36 Power Builders  •  Feb 2025 reference
42.2%
Gross Margin
+3.6 pp MoM
$178K
Membership Revenue
+56.8% YoY
15.8%
Post-reset Churn
1.2 pp ahead of Q2 target
42,575
Orders Shipped
+101.7% YoY
Data
Performance Charts
Monthly Net Sales
Apr 2025 to Apr 2026 (USD thousands)
$1.249M Apr
Monthly Adjusted EBITDA
Apr 2025 to Apr 2026 (USD thousands)
+$56K Apr
Monthly Active Builders
Apr 2025 to Apr 2026 (brand holders with at least 1 order)
1,626 Apr
Revenue Mix
Membership vs Transaction (USD thousands)
Membership +56.8% YoY
Structural reads
The story underneath April
Quarterly Net Sales since launch
Q1 2022 to Q1 2026 closed quarters (USD thousands)
$3.77M Q1 26
Top-builder concentration over time
Share of all builder orders held by the single largest builder
7.5% Apr 26
From the CEO
Executive Commentary

April was our fifth straight month above $1M in net sales. Net sales closed at $1.249M, up 28.3% year over year. Adjusted EBITDA came in at $56K against a planned -$19K, a $75K beat. The full year is tracking to roughly $700K in profit.

The single most important structural change this year is concentration. In February 2025 our top builder was 27.3% of all builder orders. In April 2026 our top builder is 7.5%, across 36 Power Builders. A single large customer churning out is now an absorbable event, not a quarter-defining one. The Power tier as a whole still drives 71% of all builder orders, but the distribution within the tier has transformed.

Target Builders are the strategic acquisition focus going forward. April supports the strategy. Target Builder revenue beat both March and the model by +9% each on flat headcount, while Power Builder revenue underperformed. That is the read that matters most.

The big new artifact this month is the first comprehensive revenue model the management knows can be achieved. Three named drivers: marketing spend at roughly $50K per month attributed plus $10K non-attributed, Active-to-Target Builder conversion moving from 4.4% to 5.5% by 2028, Target-to-Power Builder conversion moving from 2.3% to 3% in the same window. That plan gets Supliful to $16M+ in 2026.

Honest read on the dip. April net sales landed at 95.4% of plan ($1.32M plan, $1.249M actual). The cleanest read is that orders per Power Builder fell from 870 to 674 month over month while Power Builder count grew (+1) and total active builders grew (+17). Three concurrent frictions inside the existing Power cohort: ongoing OOS situations, tighter Meta supplement-ad enforcement in effect since January 2026, and a few isolated churns. About 60% of top builders did not have active account-manager context in April. Direct outreach to the Power cohort is in motion now.

ML
Martins Lasmanis
CEO & Co-founder, Supliful
Key Signals
Concentration progression
Jan 2022: 74.4% → Dec 2024: 50.5% → Feb 2025: 27.3% → Apr 2026: 7.5%. Each episode less severe than the last.
Target Builders are working
Target Builder revenue beat March and the model by +9% each on flat headcount (187 builders, $244K revenue, AOV $31.87).
Membership quality up, ARPU still settling
Active members 3,973 (+6.9% above target). MRR shortfall is ARPU (~$45 vs ~$54 modeled), not member count. Members beat plan +7%.
Watch: orders per Power Builder
870 → 674 month over month inside the existing Power cohort. OOS, tighter Meta ad policy, isolated churns.
Progress
Highlights
🚀
Product
  • Four new supplement SKUs launched: Ox Bile Complex (Apr 14), L-Glutamine (Apr 17), NMN (Apr 20), Shilajit Adaptogen Complex (Apr 20)
  • Four production releases shipped with automated test coverage running at roughly 99% pass across more than 200 daily end-to-end checks
  • Looker migrated to new infrastructure on April 18
  • New HubSpot property exposes store-level activity to account managers without manual stitching
⚙️
Operations
  • 42,575 orders shipped, +101.7% year over year. 99,978 items shipped in the month.
  • Label-transition project, EasyPost insurance-coverage review (target $2-3K per month savings), and elimination of sample priority shipping in flight
  • Legacy WhatsApp builder channel sunset on April 17
  • Cash at $440.7K. Operation runs sustainably and is profitable; most cash use servicing historical debt and equity payouts that complete by year end.
👥
Team
  • Pat Notti joined as Chief Operating Officer
  • Additional hires joined Supply Chain (Polīna), SEO (Rihards), and Sales (Isabel)
  • Anna promoted to Sales Executive
  • Dāvis moved into a Supply Chain Optimization Specialist role
Outlook
What We Are Working On
  • 1
    Operate the new revenue model in earnest
    May is the first month the model goes from artifact to operating cadence. Active-to-Target and Target-to-Power conversion are the named growth drivers we are tracking weekly.
  • 2
    Stand up team-wide metrics
    By the next Town Hall every team will have one metric directly tied to the revenue model, so the company-wide line and the team-level line are visibly connected.
  • 3
    Tighten Power-tier account management coverage
    About 60% of top builders did not have active account-manager context in April. Direct outreach to the Power cohort is in motion to close that gap.
Where We Could Use Help
  • Warm intros to operators who have scaled regulated CPG, fulfillment, or working-capital discipline inside infrastructure businesses
  • Consumer investors who see the platform layer inside messy physical categories