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**Annual Report 2025**

Meridian Outdoor Co.


# ******Table of Contents**

Annual Report 2025	1

Meridian Outdoor Co.	1

Table of Contents	2

Letter from the CEO	3

Financial Highlights	3

Revenue	3

By Segment	3

Apparel	3

Footwear	3

Camping	3

Accessories	3

Year-over-Year Trend	3

Operating Expenses	4

Operations Review	4

Supply Chain	4

Sourcing	4

Manufacturing	4

Warehousing	4

Sustainability Report	5

Materials	5

Energy	5

Segment Mix	5

Governance	5

Financial Statements	5

Income Statement	5

Balance Sheet	6

Cash Flow	6


# ******Letter from the CEO**

Fiscal year 2025 was a year of disciplined growth and measurable impact. We grew revenue to $8.7M, opened our flagship store in Portland, and began the sustainability audit that will culminate in certification during FY2026. Alongside these wins, we made the hard calls needed to position the business for the next stage: consolidating suppliers, rewriting our warranty program, and investing in a field-repair capability that most of our peers do not yet offer.

The pages that follow lay out what we built, what we learned, and where we are headed. Thank you for being part of the journey.

— Elena Márquez, Chief Executive Officer


# **Financial Highlights**


## ***Revenue***

Total FY2025 revenue reached $8.7M, representing forty-five percent year-over-year growth. All four product segments contributed to growth, with apparel and footwear leading the mix.


### **By Segment**


#### **Apparel**

The apparel segment contributed $3.5M in FY2025 revenue, up forty-two percent year-over-year, driven by the Canyon Pant relaunch and the introduction of the Ridge Merino base layer.


#### **Footwear**

The Trailhead Boot became our top-selling SKU in Q3, contributing $2.2M for the segment. Initial customer research suggests the repair program is driving repeat purchase.


#### **Camping**

Camping gear posted $1.7M in revenue with expanding tent and cook-kit lines. The Coalfire Kit exceeded its launch plan by eighteen percent.


#### **Accessories**

Accessories closed the year at $1.3M, driven by repair-kit bundles and the new line of trail-maintenance tools for professional guides.


### **Year-over-Year Trend**

The following chart shows quarterly revenue across the past three fiscal years. Q4 seasonality remains consistent with prior years, though Q2 growth reflects the earlier-than-usual launch of the spring apparel line.

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Mmx3vHjompfzip5hZV7Ox6PXORvEUfmR2zZtTFvDn1OafBp7xYXC19TwC8nYAOJOfXPb8d7i6U1NWLGzO3jSpmNfd8QeaKS+YW1bdqt2bt1reCBtVrd/fBzONXXj70WSF/edPHh9xGNcm6h3zenPq3fmeuuGRuzoBeicXiBqvWvicA+pjiDiTl5KnTmSPEERENF5xbod6URr5ppMVMc883vf2y+bMKbqtWrFm3bbi7wBDl+52f80EXYIpx5PiJzAX33n4hL9+/GaktFhdRm98TAH0EdCAZJ0+djjVr2/PuXTz1D6trCndjw/SYN6c+5/FCV3PPN7190YKGmpzefudtKzKP9+1lTXU6eep03t/5WjyvyynfveMfu+w/A3p93aRYtKAh53NTWyyuVr8ngLRVcpcyU9yBYdXTezRO/f50HDh0NNY++3LeLYFuWLZwSPeKbtzSmXcrp2I8fO+nC5penTWNNKKwae75preXYhpwxPC9R7k0XHBu3LBsYeYiYo899bO4dP7smDxh/KDr1JrUPsdcDv5b9mrby5ekvStBqd/nUlj33I6cxxYtaHjX78mVl3848+LfCz/fPaz3olf6ewJgOAnoQMmV8w/Wq5v/qCztlttl82fFg48/n/P4s1s78y52lm96e9OHanfv89WrmmPbzq7Mxfa+98xLI+4+Y3inzq4DmaPLA13IuzTPPeblWCzO9wTAwExxB6rG7Td9omoXA6uvmzSkae757rkcaFSslowbOyY+e+PSzOc8uWl77N3fW5kOUTL2qy6t9h17Mo8PFMbHjR2TuVd832Jx1aCavycAIgR0oEosWtCQ7HY/hcq3wvoru/fnPNbZ9Xrmaz/5sfmD6lM1Wbrwwsx7ZSMivv7oszW3n3Wts1916eTbTz5r6vdH552f2XaKi8W9Uy18TwAI6EDyVq9aHF/6/LXD3Y0he/vCTAPJWs39f7/668zXNjZMG0yXqs5//S8fyzz+6p6e2PxS+kECyiHfOhVZIXxh08yYOmVizuOpLRb3TrXyPQEgoAPJWr6kMR6+99Nx63WLamLBn8kTxmeOAOea5n7y1OlBj4rVmvq6SXH7TZ/IfM4Dj2xIOkhAuax99uWcx6ZOmZh3P/OrF2cvyJdvdfjhUGvfEwAWiQOSMXXKxGiaOz0aZ0+Lpgtn1OTWSvlWSx5oNfd809vzTU2tNX9yRVO8+PLuzJWcv/39zXHXZ66pYK8YrGnnTR7uLtSEvft7M38n8oXviIgrL/twrFm7NefxciwWV6yR8D0BjGwCOpCMyRPHx4rFTXm3GxuK5UsahzW45VtpfaDV3LOmt0+dMrHk09uH+z3KZ9zYMfG5G5fGHX/3WM7nbNzSWfZzKXWpf4593ptn1PN3b6Z9j/pQ3+evfueZkqxmvu2V7szjiz4yO28bfYtZ5gr6fbN8hvP3qhLfEwDDSUAHSu6df7CePHU6Dv7b0di1+0Cse25Hzi2AXt3TE3f83WOxetXivFuOVau+ae65RtHf+QdwvuntVy9uHJHTOhsbpsfyJY2Zweb+bz0TD//32yrYKwZj7Huyz9+sGSecdfLU6cw1LCIiPvflfyxJrfYde0oSjn1PAAzMPehA2Y0bOyZmzaiL65ddHN/48i15V+Jes3ZrfPnra2t2Ne58K66/fTX3fNPbPzJ3Rkn6VI0++2dLMxe1Onj4WPzoxY4K9qi03j9u3HB3oSIKmaLc0zv0rdg6uw7El7++Nn6waUfmlobVqLPr9cy9z0vpyU3by7LGg+8JgLMEdKCiJk8YH1/6/LWZe4JHnB01+8pDT1eoV5WVb0r620fC8k9vH7nTPCdPGB83f/LyzOc8+Pjz8eue3w6pTtZFgI7d5Qt659efU7a2U7N8Sfb90Xt+M/T97V/ZvT+27eyKBx9/Pu74u8fi4633xVe/80xsePEXJbkAMJyeemFXReu9tCt7Ov1Q+Z4ARrKyBPTWlub4Sds9/f5rbWkuRymgCo0bOybu/lz+7XC27eyKH2zaUYEeVda4sWPihmULcx7vm+ZeyPT2kW7FFRfl/SM+6z0sRNPc3BdBKjVqWesaZ2dftPrxz/51SO3nmgK+cUtnPPDIhrjlroeqNqQfOX6i4rcBbNha/pkpI/17Ahi5jKADw6K+blL8ze0r8z7vwcefr7npqBH5V15/Zff+vNPbr7zswyXsUfW649arh7X+YKfY/oepuW9pujD7Vo1tO7ti7/7Bj6Jvfml35sWUeXPqq3Y18OHY+uzVPT0V+Xd5pH9PACOTgA4Mm6ULL8w7tTXi7GJftXafYSHT3LOmt1dzoCi1WTPqYvWqxWVrP9+94N2DDI6vv3Ek8/g5k94/qHarUX3dpLz3HH/90WcH9e/AkeMn4rGnfpb5nCsumVt0u6lY99zwjB6379hTkToj+XsCGJkEdGBY5VvoK+LsNOI1a9sr1KPKGDd2TGaoPHj4WObU7GoOFOVww7JL8p5Hg5XvXvDBTvfN97pzJo4fVLvVKt/iia/u6YmvPPR0USHs5KnT8T/XbMp7K8LHLqvO36ftHfuG7TaLci0WN5CR+j0BjEy2WQOG1eQJ4+Puv7gmc0/riLN/DDZfPKemFkX7yNwZsWaQr71s/qxSdqXqjRs7Jr5w69Vxz9eeKHnb086bnHl845bOWHrJ3FjYNLPgNjdvfy3nXtN9pv7hyJohsbBpZuYe3BH/uSjYf/0vH8s7g6Sn92h887sv5L0/e/WqxTF5QnVeDMmaZRMRcd8XbyzqvHynL399beb799Ku7lhxxUWDbr9QI/l7Ahh5jKADw66xYXrmoml9Hn5ic01NYWxsmD6oUV/T2we2sGlmQVNhi1Vflx3QIyLu+doTsXn7awW1t71jX/ztg+sznzNvTv2I3N++kPUEtu3silvueij+4fGfxPaOff1GcU+eOh2dXQfi0R9ui1vueqigxdOuXZo9cp+qI8dPZM6yObvLQ/atNPlceXn2OheVWCyuz0j9ngBGHiPoQBJWr2qObTu7MqdrvrqnJ370Ykdcv+ziQdfZuKUzNm5592rOQ/XwvZ+OWTPqin7d1YsbY83arUW9ZtXVlxRdpxipvUfFuPnaPy553ydPGB/LlzTmbfdvH1wfP/5ZQ1x5+Ydjzgfr+l1EOXL8RHT/pjc2v7y7oP6tWNw05H5X4+c4a0Zd3HnbinjgkQ15n/vkpu1DXqH/zttWVO3oeb6tzq5e3DjkizyX5hl971ssrlIj1pX6ngB4p9aW5ortSiagA0kYN3ZMQVMYH3z8+bhs/qyaGUFe9JHZRQf0pg+ZvplLfd2kggNeMa6/6uKCwu62nV0l2fLq0vmzh9xGtVpxxUVx+NibRf9eFGvRgoaKTM8ul3yj1x+Zm70yfiH6toTMuhDSvmNPxQL6SP2eAEYWU9yBZBQ6hfGb332hAr2pjFkz6vLu4/12ixY0VO2IX6UsvXRuUe9pIWbNqCvo3CyFah7VLZVbr1tU1pX5Fy1oiC99Pv8e26nau7838179s9PbSxOamy+ek3m8kovFRYzM7wlgZBHQgaSsXtWc977sbTu7Cr7ftxoUsyJ7vntCOTvK9rkbl5a83dWrmvNuBTZU1T6qW0q3Xrcobr/pEyVvty+cV/M9/tteyZ7e3nJV6aZ3F7JWRr7p9qU2Er8ngJGjLAG9bV17fLz1vn7/ta2z9QWQX98Uxny+/cTmio7alFMxK7LnuyeUswodZSvGuLFj4kufv7ZsIb3aR3XL4fplF8fD9366ZDMi7rxtRdx7x6qqDucnT53OO/2/1Ls85Av8lVwsLmJkfk8AI4cRdCA5hYSrg4ePxfeeealCPSqv+rpJBQWQG5YtrOpgUWmfuubSku+N3hfSSz2ye/tNn6j6Ud1ymTWjLr7x17fEfV+8cVAXR6ZOmRirVy2O73/jr2pidkJn1+uZx8uxy0O+wN+3WFwljbTvCWDksEgckKRCVuutpT1vVyxuyrsv9kfnnV+ZztSIyRPGx2dvXJp3S7NijRs7Jq5fdnHMnzs9fvDcjiGtlL561eK48rIPW8yqAAubZsbCpplx5PiJ6PjlgdjdfTB+d/Lku97/eXPqY9p5k2PWtLpouKAuZs+oq6kLH0+9sCvzeDl2eaivmxSLFjRkLoBYycXi+oy07wlgZBh1qLv9TKkbbVvXHm3r+09pb11ZuaXpAaBS+rZQO/DGkdj7em/87s3fDxhk+oLjuR+YGBdecF40NkyrqeAIAAydEXQAGILJE8a/NboLADAU7kEHAACABBhBBwAAgBwqeQu3EXQAAABIgIAOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJENABAAAgAaPL0WhrS3O0tjSXo2kAAACoSUbQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEjDqUHf7meHuBAAAAIx0RtABAAAgAQI6AAAAJEBABwAAgASMLkejbevao219e7/HWlc2R2tLcznKAQAAQNUzgg4AAAAJENABAAAgAQI6AAAAJEBABwAAgAQI6AAAAJCAsqziDkB1+HjrfTmP3XnbilhxxUUV7A25+JzOSuF9SKEPAFRWJXcpM4IOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEjA6OHuAAD59fQejZ/v2hu7Xtsf23Z2vfX48iWNMWtaXXzssrkxecL4YezhWZ1dB6LrV72x9/XeeP2NI/Hqnp5+x6dOmRhNc6fHuR+YGDPOOyeaPjS9ZP0+cvxEdPzyQOzuPhgHDx/r9z5FRCxa0BBTp0yMubOnlrRuRMT2jn3x2q/eiD2/7u1Xt+/nnTWtLubPnR6zZtSVrGYuJ0+djpc69sXu7oOxbWdXHDx8rF9fFjbOikubZsa4sWNKVrOn92h0vLY/Ortff9fnPm9OfUw7b3I0zp4WTRfOiPq6SSWrO1R958z2zr3RsfvAW+/VvDn1MXdmfXx03vmxsGlmWfuQ0rmz4cVfxE937X2rH4sWNMT8C2ck8+8LwEggoAMMg737e+NzX/7HAY8tX9IYd33mmog4G7ae3PRyrFm7dcDnbtzSGRGd8eDjz8cNyxbG6lXNJQ1ehdresS/+6Z+3vSuQv9PBw8feCkF9Vq9aHNcunT/oAHDk+In43jMvxZObtmc+763ws6k0dSPOBprHnvrZu36mPv/583ZGxNng9+d/uqhsoS+rP3192bilM6ZOmRg3f/LyWHHFRUOqV8jn/uqennh1T8//f66W/z0oRL7fq74+P7lpe0ydMjHu/otrorFhekn7UKlzZ8OLv4gHHtkw4LE7b1sRK664KE6eOh1feejpd13U2razK7bt7IoHH38+/ub2lbF04YVF1QageAI6QKJ6eo/G/Q8/nTf09nly0/bYtrMr7r/zUxUbpTx56nSsWdueNxxnWbN2azy7tXNQ/c4KH4XW/cKtVxcdeo4cPxH/c82mdwWafF7d0xP3fO2JWL6kMf7q5qtKdjElV8DK5eDhY/HAIxvi8LE349brFhVdr6f3aHzzuy8U/fNH9H8PPvtnSys+MtvTezTufuB7OYPxOx08fCzu+LvHYvWqxYN6r94ptXMnIgo6d947DBf+AEaisgT01pbmaG1pLkfTACNCsSGiz8HDx+LuB75XsZA+1HDeZzD9fvSH23KOgBZT956vPRH3ffHGgkP6YD+bt9u4pTN+9+bv40ufv3bIQes/Tv2/RYXzt1uzdmuMH/ueuH7ZxQW/ZnvHvvjGo88O6eePOPsedOw+UNELSkP57IZ6rg21fp9SnjsRET/YtCPvuTN1ysRobJg25FoA5GeROIDE/O7N38f9Dz896D/i+8LukeMnStyz/jZvf60k4bzPwcPH4rGnf1rQc3+waUdJAlOfe772RPT0Hs37vJOnTg85YPXZtrMrvvLQ03Hy1OkhtfPg488PKpy//fWFniudXQfinq89UZKfP+I/z9VC3vuhKsVnN5RzLsVzp7MTdzw9AAAWgUlEQVT79Xjw8efzPu/qxY3DcusMwEgkoAMkZtvOroKntedy8PCx+Pb3N5emQwM4eep0fPuJ0re/cUtn3rC4d39vQaGiWPc//HTe5/z9Y8+VLJxGnP2sf/RiR8naG6ynN+/K+5wjx0/E/d96puS1+0L6UMNmPk9uermkn12xUjx3+tYFyOcjc2cMqQ4AhXMPOkDili9pjBWLm95apKpv5elvP7E58w/+jVs64/qrLi7L6s+bX9qdWfuGZQvj6uY/6le7b6XvrIWxIiK6f9ObOd38648+m9m3qVMmxmdvXNpvpfa+2ln3q7+6pye2d+zLWbuz60BmoOlbeO3tK5X3rb6fdUHhwcefL9kq2X3nyuwZdTFu7Ji3VnTPd67s6NyX9/7qb38/u41c9bv398aGrR2Z793Bw8fi7x977q3FEUvtyPETBY1+337TJ+Ky+bP6fX4//vm/Dnm2RjWcO1l9K/UCeQDkJqADJGyglZMnTxgfSxdeGJc2zcx77/EPnttRltCzYWvukbtci2nV102K+rpJ0XDBuTlXsI+I+O3R3+U8tr1jX+bsgkULGga8N7evdtOFMzKnGT/1wq6cAf2JDS/nrDt1ysQB76Wur5sU1y+7OC6bPyuz7tObdw15AbKB3vdxY8fE0oUXxpwP1sUtdz2U87Wv7umJk6dO55zGvHd/b97R1oHu4x83dkw0NkyPxobpsfSSuXHP157I+fpyXlDKN0Mg6/O79bpFceVlHx7S9PTUz52Is787N6645K0w3tl1INp37Inx498z5LYBKJwp7gCJuv2mT2RuazRu7Jj4P1cvi6lTJuZ8TiFTxovV03s0Z0ieOmVi3LDskszXz5pRF4sWNAyq9lMv5A5aU6dMzLtwVn3dpLj5k5fnPL5tZ9eA71dP79HMCyH/zxdaMhc6q6+bFF+49eqcx5/dWthU41yWL2nMDGn1dZNi9arFmW0c/Lfc94H/4Lkdma8tZJG9hU0z474v3pj5nHx1Bivf+1vI53f3XwzuQlfq507E2XB+7x2r+o2UNzZMj7+86eN5f58BKC0j6AAJmjplYvzJFU15nzd5wvi4+ZOXZ07dzjdlvFj1dZPi+9/4qzh6/M04cOho/Pbom7H39d54/Y0jccUlcwtaTOr978s9KtfZ/fqA+3OfPHU6M+i0XHVxQbUvnT87Is6G2vePGxfn158T50x6f5wzcXxMmvC+AacL/3zX3pztLVrQUNCo78KmmTFvTv2AFzcOHj4We/f3Dnr0+Pqr8q/CfuEF5w2q7SPHT2SOni9f0ljw+bWwaWbcsGxhzsUFN27pLPnWaz29RzNHvlevWlzQ+97YMD2WL2ks+L7tPqmfOxERq1tyX9yxOBxAZXcpE9ABElTMqslLL52bGdBf+9UbJQ3oEWcvDEyeML4s05Fz6d7fm3n8svmzCmpn8oTx8ZO2e4qqvff13LX/uMC6ERFXXDI35+yDrl8dGtT7OXXKxIJed87EwYXejl8eyDxeyMWBt7u6+Y8yV//v+OWBzJkjxcq3QnwxC6AtvWRu0QE95XMnImLenPqK/h4DkM0Ud4AEFRMaxo0dkzll/NC/D9/K1W935PiJ2N6xL/7h8Z8UHXIiIl5/40jm8XLupT2Y/g7kvWP/IOexzu7XB9Vm09zyLuC1u/tgzmODCXezZtTFvDn1g6o3GFlrGkREUQugzf5g8UE25XMn4mzwByAdRtABEvTeIqeVZt2H3rE7ewS0XPbu740Dh47G/jd+Gzs6sxd3K8ThY2/mPDbYe9oLkW/7rwce2ZA5g6FQv3vz94N63bkfyP3ZF+M/cvycWdPDp503eVC1pp03Oef5UOqt0H7d89ucx7IuFAyk2Kn3qZ87EdnBH4DKK0tAb1vXHm3r2/s91rqycvP2AapdsaOS59efk/NYpfZ+7uw6EF2/6o1dr+3PvFd8sLJmAmTd0z5UWYunldJg37MpE99Xkvqvv3FkwNHkrH41zp42qFqNs6flHFku9bnzu5Mncx4bzAWGXPeCDyT1cyciouGCc0vYEwCGygg6AIN28tTp2PzS7rx7m0OtyBr9B4ChEtABGJTOrgNx/7eeKXkwf/+4cSVtDwCgWlgkDiBB+VaeHm579/fGHX/3WFlGzbOm68NwG8r93ika+x7bqAGkxAg6QIJO/T57cal3KuVCWPmcPHU6/u9vrCvqNcuXNMa5H5gYM847J+Z8sC4ee/qnRa9unbUYWjkXwssXYB6+99M1vU1V1t7fufaszydr1fHlSxqLbi9L1nmzcUtn3PWZa4pqr5j7vavh3Cnn7gcAFE9AB0hQsfsal2Ol7Vxe6tiXd+R89arFceEF50V93aSSBYCsxdAOHj4WJ0+dLnjv+GLk6/9vj52IWYXvild1sm45yLf1XS5ZF1RKfYtDvkX0ijlvjhw/UVTtkX7uAFA8AR0gQT/dtbfgkcmTp05njurNmlbaEbof/+xfcx6bOmVi3H/np8oyKpfvQkP3/t6C97T+h8d/EgcPH4v3v+89MWtaXbx37B9EwwXnxtj3jBmw74sWNOR8j1/71RuxsGlmQXWr0dzZUyM2DXzs1T09sXd/b1EXk/bu7828wDN39tRiu5iplOdN9296i64/ks8dgFpRyV3KBHSABG3b2RU9vUcLCrqdXbmnC0dETC/xCHrWxYCWqy4u25TZ2XlC4Cu79xcctLbt7HpbSOw/ffv2mz4R1y+7uN9jc86vy/lzP7u1M25YdkneUdgjx0/En33h72P5ksZ4/7hxcX79OTFu3Hti+rmTYtKE9xW9x3alzPlg9vv+g+d2FDVN/Nn2f8k83vShwj7DQtXXZZ//G7Z2FHzePPXCrqLrj+RzB4DiCegAifrmd1+Ie+9Ylfmck6dOxz/987bM5zQ2DG6v6sF479g/yPucnt6jRd9/HhExbuyYzNHINWu3xpWXfTjvBYLN21/LHMFtuODdgfQjc2fEmhzPP3j4WGx+aXfeGQ9Pbz4b7nL97F//bzcXHBQrqb5uUube3xu3dMbSS+YWNBK8vWNfPLlpe87jNyxbWPKwOXnC+MzzZuOWzlixuCnve795+2uD2m98JJ87ABTPKu4Aidq2syse/eG2OHlq4AXjTp46HV956OnMPZlvWLawLPdl5/LYUz/L2d+Is+H8m999YdDtf/Jj8zOP3/3A9zJXwO/pPRrffmJzzuPz5tQPGHQaG6ZnLrb3wCMbYnvHvpzH9+7vjTVrt+Y8PnXKxKQD1p//6aLM4/d87YnMnz/ibDi/52tPZD7n6uY/Krpvhbjy8g9nHr//W89knjfbO/bF3z64flC1R/q5A0BxBHSAhK1ZuzXu/h/fi+0d+94KvidPnY7tHfvi7v/xvbwjeuUIPFlh4+DhY+/qb8TZPdMf/eG2uOWuh/L2OWtF+oVNM/PXf+B7seHFX/QLXD29R2PDi7+Iux/4Xubo+YrFTYM6FnE2pP7D4z+Jzq7/XADtyPETseHFX8TnvvyPma+9+ZOXZx4fbvne94izP/9Xv/NMdHYd6HeudnYdiK9+55m84Xz1qsVlW9H80qaZMXVK7tXcDx4+Frfc9VD8YNOOd503j/5wW96+5zOSzx0AimOKO0DiXt3TM6iAcMOyhWUJPBc3zswctR9sf/v87uTJzON33Hp1Zmg5ePhYPPDIhqLrzptTH0svnZvz+IorLooNWzsyf/YnN23PnMI9mLqpyPe+R5ydgj2Y2xfmzamPG5ZdMtiu5TVu7Jj47I1L846CP/j48/Hg48+XvP5IP3cAKJwRdIAaNHXKxFi9qvQri0ZELPrI7LK02+d3b/4+8/isGXVx+02fKHndO269Ou/tAHd/7tphqZuCWTPq4r4v3ljydqdOmRh3f+7asr8HSxdeWPI91osxks8dAAonoAMk6PabPpE5JTdL31Zn5frDvRQB+c7bVuQ8VshCXNcvuzhWr1o8pD683X1fvLGg2Qb1dZNKGlILrZuKhU0zS/rzl3NbvoH81c1XxaIFDUNq429uXzmo1430cweAwgjoAAmaP3d63H/np4oO6ZUKPIMNyFOnTIz/9dXPx4orLsq8p/nt9+Lmcut1izKDfqH9+fp/u7movagXNs2Mh+/99KAvoAy2bir6fv5896Tns3xJYzz832+rWDiPODvV/Uufv3ZQI+lTp0yM+754Y0w/d/D9HennDgD5uQcdIFH1dZPiG1++Jb79/c0F3de7etXigvZULpVbr1sUUya+r+D7vd/Zv6x72Qvd03zFFRdF04Uz4p9//ErR9++uXrU4rl06f1Dbes2aURcP//fbYvNLu+Oxp36WufBcKeumYtaMuvjGX98S2zv2xT/987bMe6vfadGChrhxxSXDtvL4uLFj4q7PXBONs6cV/NktX9IYN1/7x1FfNyn27u8dUv2Rfu4AkE1AB0jY5Anj467PXBPXX3VxbHulO/b8urffFPDlSxpj1rS6+Nhlc4flj/YVV1wUl86fHR2/PBDbO/dGx+4DbwWOqVMmRtPc6bGwcVY0fWj6u/p34QXn5Wz32a2dBV9sqK+bFH9508fjU9dcGh2/PBC7uw/G7n097wqNy5c0xrkfmBgXXnBeNDZMG/KFjHFjx8SKKy6KpZfOjc6u1+O1X70Rh/792LsupsybUx9zZ9bH3NlTB3wfqtnCppmxsGlm9PQejY7X9kdn9+vx+htH+r338+bUx7TzJkfj7GnRdOGMio6YZ+n77F7q2Jfz3C1Xn507AOQy6lB3+5lSN9q2rj3a1rf3e6x1ZXO0tpRnwSKAarN3f2/mitgP3/tp95cCACSgkvm2LCPorS3COAAAABTDInEAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJsA86AAAA5FDJXcqMoAMAAEACBHQAAABIgIAOAAAACRh1qLv9TKkbbVvXHm3r2/s91rqycvP2AQAAoNoYQQcAAIAECOgAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEjA6OHuAAAAAKSqkruUGUEHAACABAjoAAAAkAABHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEjC6HI22tjRHa0tzOZoGAACAmmQEHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAGjDnW3nxnuTgAAAMBIZwQdAAAAEiCgAwAAQAIEdAAAAEjA6HI02rauPdrWt/d7rHVlc7S2NJejHAAAAFQ9I+gAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJKMsq7gAAAFALKrlLmRF0AAAASICADgAAAAkQ0AEAACABAjoAAAAkQEAHAACABAjoAAAAkAABHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAGjy9Foa0tztLY0l6NpAAAAqElG0AEAACABAjoAAAAkQEAHAACABAjoAAAAkAABHQAAABIw6lB3+5nh7gQAAACMdEbQAQAAIAECOgAAACRAQAcAAIAEjC5Ho23r2qNtfXu/x1pXNkdrS3M5ygEAAEDVM4IOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQgLKs4g4AAAC1oJK7lBlBBwAAgAQI6AAAAJAAAR0AAAASIKADAABAAgR0AAAASICADgAAAAkQ0AEAACABAjoAAAAkQEAHAACABAjoAAAAkAABHQAAABIwuhyNtrY0R2tLczmaBgAAgJpkBB0AAAASIKADAABAAgR0AAAASICADgAAAAkQ0AEAACABow51t58Z7k4AAADASGcEHQAAABIgoAMAAEACBHQAAABIwOhyNNq2rj3a1rf3e6x1ZXO0tjSXoxwAAABUPSPoAAAAkAABHQAAABIgoAMAAEACBHQAAABIgIAOAAAACSjLKu4AAABQCyq5S5kRdAAAAEiAgA4AAAAJENABAAAgAQI6AAAAJEBABwAAgAQI6AAAAJAAAR0AAAASIKADAABAAgR0AAAASICADgAAAAkQ0AEAACABo8vRaGtLc7S2NJejaQAAAKhJRtABAAAgAQI6AAAAJEBABwAAgAQI6AAAAJAAAR0AAAASMOpQd/uZ4e4EAAAAjHRG0AEAACABAjoAAAAkQEAHAACABIwuR6Nt69qjbX17v8daVzZHa0tzOcoBAABA1TOCDgAAAAkQ0AEAACABAjoAAAAkQEAHAACABAjoAAAAkICyrOIOAAAAtaCSu5QZQQcAAIAECOgAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJENABAAAgAQI6AAAAJEBABwAAgAQI6AAAAJAAAR0AAAASMLocjba2NEdrS3M5mgYAAICaZAQdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJENABAAAgAaMOdbefGe5OAAAAwEhnBB0AAAASIKADAABAAgR0AAAASMDocjTatq492ta393usdWVztLY0l6McAAAAVD0j6AAAAJAAAR0AAAASIKADAABAAgR0AAAASICADgAAAAkoyyruAAAAUAsquUuZEXQAAABIgIAOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJENABAAAgAaPL0WhrS3O0tjSXo2kAAACoSUbQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEjDqUHf7meHuBAAAAIx0RtABAAAgAQI6AAAAJEBABwAAgASMLkejbevao219e7/HWlc2R2tLcznKAQAAQNUzgg4AAAAJENABAAAgAQI6AAAAJEBABwAAgAQI6AAAAJCAsqziDgAAALWgkruUGUEHAACABAjoAAAAkAABHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEjC6HI22tjRHa0tzOZoGAACAmmQEHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAGjDnW3nxnuTgAAAMBIZwQdAAAAEiCgAwAAQAIEdAAAAEjA6HI02rauPdrWt/d7rHVlc7S2NJejHAAAAFQ9I+gAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEiAgA4AAAAJKMsq7gAAAFALKrlLmRF0AAAASICADgAAAAkQ0AEAACABAjoAAAAkQEAHAACABAjoAAAAkAABHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAGjy9Foa0tztLY0l6NpAAAAqElG0AEAACABAjoAAAAkQEAHAACABAjoAAAAkICyLBI3kDVrt5akndWrFqunnnrqqaeeeuqpp5566qmnXkXqnTlzpqDHSqFiAf3RH24rSTuFfkDqqaeeeuqpp5566qmnnnrqqTfUeqtXLS64H0NlijsAAAAkQEAHAACABAjoAAAAkICK3YN+63WLKlVKPfXUU0899dRTTz311FNPPfWqzqhD3e3lWX4OAAAAKJgp7gAAAJAAAR0AAAASIKADAABAAgR0AAAASICADgAAAAkQ0AEAACABAjoAAAAkQEAHAACABAjoAAAAkAABHQAAABIgoAMAAEACBHQAAABIgIAOAAAACRDQAQAAIAECOgAAACRAQAcAAIAECOgAAACQAAEdAAAAEiCgAwAAQAIEdAAAAEjA/wew97kqIS0ueAAAAABJRU5ErkJggg==)


## ***Operating Expenses***

Operating expenses grew modestly relative to revenue, reflecting disciplined hiring and a renegotiated logistics contract.


| Category | FY2024 | FY2025 | Change |
| --- | --- | --- | --- |
| Cost of goods sold | $2.9M | $3.9M | +34% |
| Marketing | $0.7M | $1.0M | +43% |
| Operations | $1.1M | $1.5M | +36% |
| G&A | $0.5M | $0.7M | +40% |
| R&D | $0.3M | $0.5M | +67% |



# **Operations Review**


## ***Supply Chain***


### **Sourcing**

We consolidated from eighteen to eleven primary suppliers during FY2025, with a focus on partners who can demonstrate transparent labour practices and traceable raw materials.


### **Manufacturing**

Two new cut-and-sew partnerships were added in Portugal and Vietnam, both under multi-year agreements that include shared investment in automation.


## ***Warehousing***

The Portland warehouse expanded from 12,000 to 18,000 square feet, eliminating the need for third-party overflow storage during peak season.


# **Sustainability Report**


## ***Materials***

Seventy-two percent of catalog items now use recycled or certified organic materials for their primary fabrics, up from fifty-one percent in FY2024.


## ***Energy***

Scope 1 and Scope 2 emissions decreased by twelve percent year-over-year, largely from the switch to renewable electricity at the Portland facility.


## ***Segment Mix***

![](data:image/png;base64,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)


# **Governance**

Our governance framework is built on three commitments: transparent reporting, independent oversight, and a direct feedback channel for employees and suppliers.

- Board composition — five members, three independent.
- Audit committee meets quarterly and reports directly to the board.
- Ethics policy updated in FY2025 to include supplier code of conduct.
- Whistleblower channel operated by an external third party.

# **Financial Statements**


## ***Income Statement***


| Line item | FY2024 | FY2025 |
| --- | --- | --- |
| Revenue | $6.0M | $8.7M |
| Cost of goods | $2.9M | $3.9M |
| Gross profit | $3.1M | $4.8M |
| Operating exp. | $2.6M | $3.7M |
| Operating income | $0.5M | $1.1M |
| Net income | $0.4M | $0.9M |



## ***Balance Sheet***


| Line item | FY2024 | FY2025 |
| --- | --- | --- |
| Cash | $1.1M | $2.0M |
| Inventory | $1.4M | $2.1M |
| Total assets | $4.8M | $7.0M |
| Total liabilities | $1.9M | $2.5M |
| Equity | $2.9M | $4.5M |



## ***Cash Flow***


| Line item | FY2024 | FY2025 |
| --- | --- | --- |
| From operations | $0.6M | $1.3M |
| From investing | ($0.3M) | ($0.8M) |
| From financing | ($0.1M) | ($0.2M) |
| Net change | $0.2M | $0.3M |