Chapter 1 · Growth

Pattern doesn't make products. They make brands sell better.

And take a cut of every sale. The cut is small. The sales are huge.

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✦ The bottom line

Pattern grew revenue 38% in FY2025 to $2.5B. The most recent quarter accelerated to +43%. They sell on ~150 marketplaces — but *Amazon* dominates the mix.

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✦ Teach me

Money coming in

Every dollar Pattern records as their own revenue. Most of it comes from third-party seller services — Pattern handles a brand's listings, advertising, inventory, and analytics, and Pattern's revenue is roughly a percentage of the gross sales they generate on that brand's behalf. That means: when Coca-Cola sells more bottles on Amazon through Pattern, Pattern earns more.

Understanding the percentage-of-sales model tells you Pattern's revenue is tied to *brand partner sales*, not Pattern's own products. The customer-of-the-customer dynamic shapes everything.

Annual growth of 38% is the whole year. The more revealing question is whether the growth is accelerating or decelerating as the company scales. For a recently-IPO'd company, the most recent quarter is the cleanest signal — investors are looking past the IPO-year accounting noise to see whether the underlying business is gaining or losing momentum. So: how did Q1 of the new fiscal year actually look?

The headline growth number is the outside picture. Look inside: Pattern operates across ~150 marketplaces, but the revenue concentration is heavily skewed to one. Where the customer concentration sits tells you what kind of business Pattern *actually* is — *Amazon partner* or *marketplace-diversified platform*?

Strong