Start here if you're new
what it is
Pattern helps brands sell more stuff on Amazon, TikTok Shop, and other marketplaces using software and services.
how it gets paid
Last year Pattern made $2.5B in revenue. Marketplace acceleration was the main engine at $0.90B, or 36% of sales.
why it's growing
Through Q3 2025 the company reported record quarterly revenue of about $640M, up roughly 46% vs. prior year, and guided to about 37% full-year 2025 revenue growth at the midpoint.
what just happened
Q3 2025 revenue was about $640M (up ~46% vs. prior year). GAAP EPS was about $(2.19) for the quarter, reflecting IPO-related stock comp and non-cash preferred conversion items.
At a glance
n/a balance sheet
n/a trailing p/e — recent GAAP quarters reflect net losses (including IPO-related items)
adjusted EBITDA profitable — use filings for reconciliation to GAAP
~$2.5B FY2025 revenue scale (company outlook, Q3 reporting)
What they do
Pattern helps brands sell more stuff on Amazon, TikTok Shop, and other marketplaces using software and services.
You get a deadpan fact bomb here: Pattern says it uses 46 trillion data points. That is a lot of math for selling socks. The win is simple. Brands use Pattern across 60+ marketplaces, so leaving means rebuilding sales, ads, content, logistics, and support at once.
How they make money
$2.5B
annual revenue · their business grew +39.3% last year
Marketplace acceleration
$0.90B
Content management
$0.60B
Logistics and fulfillment
$0.45B
Pricing and forecasting
$0.35B
Customer service
$0.20B
The products that matter
ecommerce operations and logistics
Marketplace Acceleration
record ~$640M in Q3 2025 revenue
the public filings emphasize marketplace acceleration as the core growth engine. the latest reported quarter was about $640M of revenue (up ~46% vs. prior year)—not $1.8B in a single quarter.
main engine
software and analytics tools
SaaS & Other
$0.5B · roughly 20% of revenue
this bucket contributes about $0.5B in revenue. it's the part of the story that could improve mix over time, but this page does not give enough margin detail to call it the profit engine yet.
mix lever
Key numbers
$2.5B
annual revenue
That is the size of the machine. You are not buying a tiny niche shop.
5.7%
operating margin
That margin is thin. Small cost swings can eat a big chunk of profit.
46T
data points
This is the scale of the input set. More data means better pricing, ads, and forecasting.
$21M
long-term debt
That debt load is tiny next to $2.5B of revenue, so the balance sheet is not the drama.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $21M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PTRN right now.
source: institutional data · return history unavailable
What just happened
Q3 2025 reported
Q3 2025: Pattern posted ~$640M in revenue (up ~46% vs. prior year) and $(2.19) GAAP EPS for the quarter.
Nine months ended Sep. 30, 2025 revenue was about $1.78B—do not confuse that YTD total with one quarter. GAAP net loss reflected IPO-related stock-based comp and non-cash preferred conversion effects; adjusted EBITDA was about $41M for the quarter.
$640M
Q3 revenue
$(2.19)
Q3 GAAP EPS
~46%
vs. prior year rev. growth
the number that mattered
Quarterly revenue near $640M (with ~46% vs. prior year growth) was the headline operational proof point; GAAP EPS was negative largely due to IPO-period accounting noise.
source: company earnings report, 2026
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What could go wrong
the #1 risk is operating leverage not showing up in marketplace services.
med
revenue is scaling faster than profit
Gross margin is 43%, but adjusted EBITDA margin is only 6.1%. That means a lot of value gets absorbed before it reaches the operating line.
If that margin stays near 6% while growth cools, the stock’s valuation will hinge more on adjusted earnings power than on a simple GAAP P/E.
med
the 2026 guide leaves little room for slippage
Management guided to $3.12B–$3.16B in 2026 revenue, or 25%–26% growth. That's ambitious enough that even a modest miss would change the narrative.
The stock is being asked to believe both growth and margin improvement at the same time. If one wobbles, the other has to work harder.
med
marketplace dependence is still part of the story
Pattern helps brands sell on Amazon and other online marketplaces. That creates convenience, but it also means policy changes and traffic shifts upstream can hit the model fast.
53% of revenue coming from brand partners older than one year is good retention evidence. It is not immunity from marketplace rule changes.
PTRN needs to convert a $2.5B revenue base into better-than-6.1% adjusted EBITDA margins while still hitting a 25%–26% growth plan. That's the whole test.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
Expected around May 29, 2026. The first checkpoint is simple: did revenue land near the $710M guide, and did margin move at all.
metric
adjusted EBITDA margin above 6.1%
This is the number that can rerate the stock. More revenue alone is not enough if the company keeps turning $100 of sales into roughly $6 of adjusted EBITDA.
capital return
$100M buyback execution
The authorization covers up to 5.6% of outstanding shares. A fast pace would tell you management sees the current valuation as too low.
retention
brand partner durability
53% of revenue comes from partners older than one year. If that mix slips, the scale story starts looking more transactional and less durable.
Analyst rankings
coverage
thin
We have estimates and guidance markers, but not enough standardized ranking data to pretend this is a full analyst consensus view.
translation
mixed
in human-speak: the Street has not given you a dense enough map yet, so the company guide matters more than rank tables here.
source: institutional data
Institutional activity
institutional ownership data for PTRN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
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