Competitive PressuresReduced estimates for revenue and adjusted EBITDA in 2025 reflect challenges from competitive pressures and industry dynamics.
GuidanceThe guidance for full-year 2025 sales and adjusted EBITDA was below expectations, which led to a significant drop in share price.
ProfitabilityThe profitability outlook was below expectations and implies a few hundred bps of y/y margin compression, largely reflecting incremental investments by the company across pricing, marketing, and product capabilities to defend market share.