Investor Update
June 11, 2026
May 2026 Monthly

A profitable month, and the operating system catching up to the numbers.

May 2026: $1.36M tracked revenue, up 54.4% year-over-year and 3.2% ahead of plan. Adjusted EBITDA reached $62K, profitable and growing. Member churn fell for a third straight month to 14.4%, and active builders grew to 1,165, led by the Target Builder segment.

TL;DR

Tracked Revenue $1.36M (+54.4% YoY, +3.2% vs $1.32M plan) • Net Sales $1.26M (6th month above $1M) • TTM Net Sales $12.69M • Adj. EBITDA $62K (+204.8% YoY) • Member churn 14.4% (3rd straight drop) • Commercial orders 36,869 (+74.7% YoY) • Active builders 1,165 (+36.0% YoY), Target Builders 18.6% of base

Performance
Key Metrics: May 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 orders shipped in the past 30 days. Early Builders have 1 to 9 orders, Target Builders have 10 to 200, and Power Builders have 200 or more. Target Builders are the strategic acquisition focus because they offer better unit margins, higher retention, and lower concentration risk than Power Builders.
Early Builders
1 to 9 orders (past 30 days)
Top of the funnel.
Target Builders
10 to 200 orders (past 30 days)
The strategic acquisition focus. Better unit margins and retention.
Power Builders
200 or more orders (past 30 days)
Most of the monthly volume. The tier we de-risk against.
$1.36M
Tracked Revenue
+54.4% YoY
+17.9% MoM. +3.2% vs $1.32M plan.
$1.26M
Net Sales (recognized)
+55.8% YoY
Sixth straight month above $1M. +1.7% MoM.
+$62K
Adjusted EBITDA
+204.8% YoY
Profitable and growing. +72.7% MoM.
14.4%
Member Churn
-1.4pp MoM
Third straight monthly drop. 21.2% Mar → 15.8% Apr.
$3.31M
GMV
+82.5% YoY
40.5%
Gross Margin
-6.0pp YoY
36,869
Commercial Orders
+74.7% YoY
$405K
Cash on Hand
-8.2% MoM
Data
Performance Charts
Monthly Net Sales
Trailing 13 months (USD thousands)
$1,260K
Monthly EBITDA
Trailing 13 months (USD thousands)
+$62K
Membership Revenue
Monthly recurring (USD thousands)
$183K
Revenue Mix
Membership vs transaction (USD thousands)
Sub $183K
Open Finance Tracker
From the CEO
Executive Commentary

May was not just a good financial month. It was the month the operating system underneath started catching up to the numbers.

Tracked revenue closed at $1.36M, up 54.4% year over year, 17.9% ahead of April, and 3.2% ahead of the $1.32M plan. Recognized net sales were $1.26M, the sixth consecutive month above $1M, and trailing-twelve-month net sales reached $12.69M. Adjusted EBITDA reached $62K. We can keep growing while protecting profitability.

The read that matters most is not the topline. Member churn fell for the third consecutive month: 21.2% in March, 15.8% in April, 14.4% in May. The Q1 membership restructuring is holding. Active members closed at 3,574, stable on a base we deliberately reset for retention quality.

Active builders ended May at 1,165, up 36.0% year over year. The Target Builder segment, the cohort the revenue model assumes compounds, grew 10.7% month over month and now represents 18.6% of all builders. Order growth is still concentrated: our top two Power Builders drove most of May's commercial-order growth, and bulk orders contributed a $152K month. The growing Target Builder base is the deliberate counterweight.

Reliability work moved from discussion to dates. The Product Label Transition launches June 15, with v2-label fulfillment starting June 29. Engineering shipped v2.55.0, the Label Upgrader API, an automated label sync, invalid-address auto-hold, and a live incident dashboard. A year ago we knew the work was happening. This is the month we started being able to prove it.

ML
Martins Lasmanis
CEO & Co-founder, Supliful
Key Signals
Member churn 14.4%
Third straight monthly drop (21.2% → 15.8% → 14.4%). The Q1 membership reset is holding on a deliberately compressed base.
Target Builders 18.6% of base
Up 10.7% MoM. The strategic acquisition cohort, with better margins and higher retention, is compounding as the model assumes.
Adjusted EBITDA $62K
Profitable and growing, up 72.7% MoM and 204.8% YoY. GMV $3.31M, up 82.5% YoY.
Order concentration
Top two Power Builders drove most of May's order growth; bulk orders added a $152K month. Target Builder growth is the deliberate counterweight.
Fulfillment exceptions
Two weeks carried ~200 then ~400 late orders. Support held at 93.8% CSAT, ~35 min median reply. Turning fulfillment trust into a measured owner loop.
Progress
Wins
📈
Revenue
  • Tracked revenue $1.36M, up 54.4% YoY and 3.2% ahead of the $1.32M plan. Recognized net sales $1.26M, the sixth straight month above $1M.
  • Adjusted EBITDA $62K, up 204.8% YoY and 72.7% MoM. Profitable and growing in the same month.
  • GMV $3.31M, up 82.5% YoY. TTM net sales reached $12.69M.
🎯
Builders & Membership
  • Member churn fell to 14.4%, a third consecutive monthly improvement since the Q1 membership reset.
  • Active builders grew to 1,165, up 36.0% YoY. Target Builders now 18.6% of the base, up 10.7% MoM.
  • Commercial orders 36,869, up 74.7% YoY. Membership revenue $183K, up 50.7% YoY.
🧪
Reliability & Product
  • Shipped v2.55.0: Label Upgrader API, automated label sync, invalid-address auto-hold, and a live incident dashboard.
  • Product Label Transition locked for June 15, with v2-label fulfillment starting June 29.
  • 2025 annual report earned external-auditor approval after 130+ requests. Shipping-rates app fixed across all 36 countries.
Outlook
What We Are Focused On In June
  • 1
    Ship the Product Label Transition
    Launch June 15, v2-label fulfillment starting June 29. For an ingestible-products business, a wrong label is a compliance and safety risk, not a cosmetic one. The transition standardizes every product onto a controlled label pipeline so accuracy is enforced and fulfillment ships the correct label every time.
  • 2
    Formalize the metrics pyramid
    Revenue as the company North Star, with each team owning one supporting metric: qualified members who reach a first real order, new productive builders created, self-serve member-to-builder activation, on-time orders for the most active builders, and contribution margin against plan.
  • 3
    Close the remaining measurement gaps
    Orders shipped, fulfillment exception rates, and builder-tier revenue still need denominator-backed sources before they re-enter an investor update. The fulfillment-exception loop and the product-trust loop are the two we operationalize first.
Where We Could Use Help

Warm introductions to operators or investors who understand regulated consumer products, fulfillment infrastructure, or working-capital-disciplined growth. The hard part is not launching a supplement label. It is building the operating system behind thousands of small brands.

Reach martins@supliful.com