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Born2Cycle — Q4 2025 P&L (Monthly)
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Line ItemOct 2025Nov 2025Dec 2025Q4 Total% of Net Revenue
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Gross Revenue€2,550,000€2,760,000€3,160,000€8,470,000106.41%
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Discounts & Returns
-€150,000-€160,000-€200,000-€510,000-6.41%
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Net Revenue€2,400,000€2,600,000€2,960,000€7,960,000100.00%
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COGS-€1,380,000-€1,490,000-€1,730,000-€4,600,000-57.79%
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Gross Profit€1,020,000€1,110,000€1,230,000€3,360,00042.21%
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Gross Margin %42.50%42.69%41.55%42.21%
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Sales & Marketing-€420,000-€455,000-€520,000-€1,395,000-17.53%
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G&A-€280,000-€290,000-€305,000-€875,000-10.99%
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R&D / Product-€190,000-€195,000-€205,000-€590,000-7.41%
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Fulfillment Labor-€120,000-€145,000-€150,000-€415,000-5.21%
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Other Opex-€75,000-€72,000-€85,000-€232,000-2.91%
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Total Opex-€1,085,000-€1,157,000-€1,265,000-€3,507,000-44.06%
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EBITDA-€65,000-€47,000-€35,000-€147,000-1.85%
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EBITDA Margin %-2.71%-1.81%-1.18%-1.85%
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