Investor Update
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Investor Update
Dear Investors—
We’re closing 2025 with clear evidence that our platform approach is working: brands growing into wholesale have long needed unified commerce infrastructure, and we’re becoming that system of record. By owning the authoritative item record—not just moving data or organizing it—we’re building the platform layer that retail has never had.
Three customers closed in December, each between $1-2.5K per month. Two customers continuing to ramp up in Q1 will each expand from $2.5K to $10K MRR—generating an additional $240K ARR from just two logos. Deals of this size are the inflection point we’ve been building toward, and the platform itself has matured to the point where it’s ready to scale.
Q4 By the Numbers
| Metric | Q4 2025 | Change |
|---|---|---|
| MRR | $62,348 | ↗ +15% QoQ |
| ARR | $748,176 | ↗ +$98,076 |
| Q4 Revenue | 178,198 | ↗ +24% QoQ |
| Cash on Hand | $1,522,018 | ↘ ($303,692) |
| Monthly Burn | $81,646 | ↘ ($9,007) |
| Runway | 18 months | ↘ -2 months |
| Customers | 57 accounts | ↗ +5 |
Revenue growth is accelerating (+24%) while we’re improving capital efficiency (burn down 10%). The business is scaling sustainably into our expansion motion.
Mid-Market Momentum
Our platform depth is resonating across deal sizes. Three strong December wins:
YouCopia
~$15M housewares — displaced Syndigo with catalog management
Ibex
~$20M outdoor apparel — supply chain workflow consolidation
Palermo House
~$4M furniture — unified operations was deciding factor
Q1 Pipeline
Theory11, Cloth & Paper, Sportique — all in contract review at $1.5K+ MRR each.
The pattern: brands come to us when they can’t stand the pain of managing operations across fragmented tools (retailer portals, spreadsheets, legacy systems). Our unified platform is the alternative.
Breaking Into Higher-Value Accounts
We are expanding two breakthrough deals that represent the full value of our platform:
Tin Can
Rolling out catalog management, PO workflows, and scaled order fulfillment. In December, we processed 40,000 Tin Can customer orders for holiday delivery and orchestrated 200,000 units for import.
Port Style
Powering this US and Canadian distribution business’s Brand Accelerator program across a portfolio of 30 international brands. Rip & replace of their legacy enterprise ERP, Tecsys.
Why this matters
These customers are using Endless as their central commerce operating system—managing product data, purchase orders, retailer relationships, and order fulfillment in one place.
These deals validate our expansion playbook. At $10K MRR, a single logo generates the same revenue as 10+ smaller customers, but with comparable implementation effort. This unit economic shift—combined with proven expansion velocity—is what scales the business efficiently.
Why We’re Winning: The Item Primitive
Our expansion motion works because we own something competitors don’t: the authoritative item record.
When brands onboard, they don’t just get tools—they make us their source of truth for product data, retailer requirements, and transaction history. Every PO enriches the item record. Every retailer integration validates it. Every workflow we add increases switching costs. This is why Youcopia left Syndigo (they organize data but don’t transact), why customers expand beyond EDI (SPS just moves data but doesn’t own it), and why our platform depth matters (NetSuite treats items as secondary to accounting). Because we own the authoritative item record, every module we ship compounds our platform advantage.
Product: Building On The Item Primitive
Our Q4 shipping velocity (15+ deployments daily) is compounding our platform advantage:
Supply Chain Suite
End-to-end PO management and inbound shipment tracking. Consolidates what brands currently patch together across multiple systems. This depth is what’s driving Tin Can and Port Style expansion.
Accounting Integration (Beta)
Direct sync to QuickBooks and NetSuite. Eliminates manual reconciliation and closes the loop between commerce operations and financial reporting.
Catalog Management 2.0
Power tool for managing dense product data at scale. Spreadsheet-like speed with database integrity. This is what won Youcopia.
Order Management System 2.0
Built to unify any sales channel—DTC, wholesale, marketplace—in one view with one workflow.
Automation Engine
Gives ops teams the flexibility to customize workflows without engineering resources.
Each new module unlocks deeper workflows for our customers—and with every expansion, Endless becomes more embedded as the nerve center of commerce operations. Our vision: to be the single platform ambitious brands rely on as they scale across channels.
2026 Focus: More Of What’s Working — Lots More.
With validation on land-and-expand at higher tiers, we’re investing in capacity:
Sales Horsepower
Adding an SDR in Q1 to light up our outbound motion. Know anyone amazing?
View Job Listing →Implementation Excellence
Hiring a Sales Engineer/Implementation Manager to accelerate complex deployments and drive expansion. We’re extending an offer an extraordinary candidate this week.
Portfolio Intros
Know consumer brands scaling into wholesale or frustrated with their current ops stack? We’d love to meet them. And we made it dead simple to share with this copy-pastable intro blurb.
Copy Intro Blurb →
Own the item record.
Own the workflow.
Own the customer.
As we build a generational platform for commerce operators, we’re grateful for your partnership and so excited for what’s to come.
Sam, Brian, & the Endless Team