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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2025
SEGMENT REPORTING |
Schedule of components of net revenues | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ | ​ ​ ​ | Product sales | ​ ​ ​ ​ | Services | ​ ​ ​ ​ | Unallocated | ​ ​ ​ ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ ​ ​ ​ | ​ | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized at a point in time | ​ | $ | 215,555 | ​ | $ | — | ​ | $ | — | ​ | $ | 215,555
Revenue recognized over time | ​ | ​ | 220 | ​ | ​ | 8,540 | ​ | ​ | — | ​ | ​ | 8,760
Cost of revenues | ​ | ​ | 76,683 | ​ | ​ | 1,756 | ​ | ​ | — | ​ | ​ | 78,439
Gross profit | ​ | ​ | 139,092 | ​ | ​ | 6,784 | ​ | ​ | — | ​ | ​ | 145,876
Fulfillment | ​ | ​ | 11,992 | ​ | ​ | 4,601 | ​ | ​ | — | ​ | ​ | 16,593
Selling and marketing | ​ | ​ | 102,478 | ​ | ​ | — | ​ | ​ | 20 | ​ | ​ | 102,498
General and administrative | ​ | ​ | 15,854 | ​ | ​ | 1,705 | ​ | ​ | 2,003 | ​ | ​ | 19,562
Other operating income, net | ​ | ​ | (58) | ​ | ​ | (685) | ​ | ​ | — | ​ | ​ | (743)
Income / (loss) from operations | ​ | ​ | 8,826 | ​ | ​ | 1,163 | ​ | ​ | (2,023) | ​ | ​ | 7,966
Interest income | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7
Interest expense | ​ | ​ | (17) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (17)
Other income, net | ​ | ​ | 246 | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | 262
Total other income | ​ | ​ | 236 | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | 252
Income / (loss) before income tax | ​ | $ | 9,062 | ​ | $ | 1,179 | ​ | $ | (2,023) | ​ | $ | 8,218
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ | ​ ​ ​ | Product sales | ​ ​ ​ ​ | Services | ​ ​ ​ ​ | Unallocated | ​ ​ ​ ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized at a point in time | ​ | $ | 242,446 | ​ | $ | — | ​ | $ | — | ​ | $ | 242,446
Revenue recognized over time | ​ | ​ | 1,254 | ​ | ​ | 11,587 | ​ | ​ | — | ​ | ​ | 12,841
Cost of revenues | ​ | ​ | 98,926 | ​ | ​ | 2,869 | ​ | ​ | — | ​ | ​ | 101,795
Gross profit | ​ | ​ | 144,774 | ​ | ​ | 8,718 | ​ | ​ | — | ​ | ​ | 153,492
Fulfillment | ​ | ​ | 12,308 | ​ | ​ | 6,624 | ​ | ​ | — | ​ | ​ | 18,932
Selling and marketing | ​ | ​ | 111,825 | ​ | ​ | — | ​ | ​ | 94 | ​ | ​ | 111,919
General and administrative | ​ | ​ | 22,506 | ​ | ​ | 1,381 | ​ | ​ | 1,848 | ​ | ​ | 25,735
Other operating income, net | ​ | ​ | (214) | ​ | ​ | (662) | ​ | ​ | — | ​ | ​ | (876)
(Loss) / income from operations | ​ | ​ | (1,651) | ​ | ​ | 1,375 | ​ | ​ | (1,942) | ​ | ​ | (2,218)
Interest income | ​ | ​ | 53 | ​ | ​ | 37 | ​ | ​ | — | ​ | ​ | 90
Other (expense) / income, net | ​ | ​ | (472) | ​ | ​ | 72 | ​ | ​ | — | ​ | ​ | (400)
Total other (loss) / income | ​ | ​ | (419) | ​ | ​ | 109 | ​ | ​ | — | ​ | ​ | (310)
(Loss) / income before income tax | ​ | $ | (2,070) | ​ | $ | 1,484 | ​ | $ | (1,942) | ​ | $ | (2,528)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Corporate and | ​ | ​ | ​
​ | ​ ​ ​ | Product sales | ​ ​ ​ ​ | Services | ​ ​ ​ ​ | Unallocated | ​ ​ ​ ​ | Consolidated
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenue recognized at a point in time | ​ | $ | 615,341 | ​ | $ | — | ​ | $ | — | ​ | $ | 615,341
Revenue recognized over time | ​ | ​ | 1,899 | ​ | ​ | 12,188 | ​ | ​ | — | ​ | ​ | 14,087
Cost of revenues | ​ | ​ | 265,964 | ​ | ​ | 3,532 | ​ | ​ | — | ​ | ​ | 269,496
Gross profit | ​ | ​ | 351,276 | ​ | ​ | 8,656 | ​ | ​ | — | ​ | ​ | 359,932
Fulfillment | ​ | ​ | 29,580 | ​ | ​ | 5,336 | ​ | ​ | — | ​ | ​ | 34,916
Selling and marketing | ​ | ​ | 302,245 | ​ | ​ | 415 | ​ | ​ | 34 | ​ | ​ | 302,694
General and administrative | ​ | ​ | 29,138 | ​ | ​ | 1,725 | ​ | ​ | 3,215 | ​ | ​ | 34,078
Other operating income, net | ​ | ​ | (351) | ​ | ​ | (1,010) | ​ | ​ | — | ​ | ​ | (1,361)
(Loss) / income from operations | ​ | ​ | (9,336) | ​ | ​ | 2,190 | ​ | ​ | (3,249) | ​ | ​ | (10,395)
Interest income | ​ | ​ | 270 | ​ | ​ | 80 | ​ | ​ | — | ​ | ​ | 350
Interest expense | ​ | ​ | — | ​ | ​ | (4) | ​ | ​ | — | ​ | ​ | (4)
Other income, net | ​ | ​ | 485 | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 499
Total other income | ​ | ​ | 755 | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 845
(Loss) / income before income tax | ​ | $ | (8,581) | ​ | $ | 2,280 | ​ | $ | (3,249) | ​ | $ | (9,550)
Summary of total revenues by geographic location | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Years ended December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | Revenues | ​ ​ ​ | % | ​ ​ ​ | Revenues | ​ ​ ​ | % | ​ ​ ​ | Revenues | ​ ​ ​ | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Europe | ​ | $ | 313,559 |  | 49.8 | ​ | $ | 96,085 |  | 37.6 | ​ | $ | 62,666 |  | 27.9
North America | ​ |  | 235,974 |  | 37.5 | ​ |  | 119,513 |  | 46.8 | ​ | ​ | 133,030 |  | 59.3
Other countries | ​ |  | 79,895 |  | 12.7 | ​ |  | 39,689 |  | 15.6 | ​ | ​ | 28,619 |  | 12.8
Total revenues | ​ | $ | 629,428 |  | 100.0 | ​ | $ | 255,287 |  | 100.0 | ​ | $ | 224,315 |  | 100.0

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