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sezzle Second Quarter 2026 Earnings Presentation August 6 , 2026
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 2 Disclaimer Cautionary Note Regarding Forward - Looking Statements This presentation (the “Presentation”) contains summary information about the activities of Sezzle as of the date of this Pre sen tation. The information in this Presentation is of a general nature and does not purport to be complete and the information in the Presentation remains subject to change without notice. Also, the information in the Presentation should no t b e relied upon as advice to potential investors or current shareholders. This Presentation has been prepared without taking into account the objectives, financial situation or needs of any particular prospective investor or current sh are holder. Before making an investment decision, prospective investors and current shareholders should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek appropriate adv ice, including financial, legal and taxation advice appropriate to their jurisdiction. The Presentation also includes information regarding our market and industry that is derived from publicly available third - party sources that have not been ind ependently verified by Sezzle. This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amende d (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including but not limited to forward - looking statements regarding anticipated new products, our ability to gain future ma rket share, our timeline and intentions relating to operations, our business strategy, our estimated revenues and losses, our prospects, and the plans and objectives of management. These forward - looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," other words or expressions of similar meaning (or the negative versions of such words or expressions). The se forward - looking statements are based on our current expectations and assumptions and on information currently available to us. These forward - looking statements are subject to risks and uncertainties that could cause actual results to diff er materially from those expressed or implied, including but not limited to those set out in this Presentation and: ( i ) impact of the “buy - now, pay - later” (“BNPL”) industry becoming subject to increased regulatory scrutiny; (ii) impact of operating in a highly competitive industry; (iii) impact of macro - economic conditions on consumer spending; (iv) our ability to increase our merchant network, our base of consumers, and gross merchandise value (GMV); (v) our ability to effectively ma nag e growth, sustain our growth rate and maintain our market share; (vi) our ability to maintain adequate access to capital in order to meet the capital requirements of our business; (vii) impact of exposure to consumer bad debts and inso lve ncy of merchants; (viii) our ability to comply with the applicable requirements of Visa and other payment processors; (ix) impact of the integration, support and prominent presentation of our platform by our merchants; (x) impact o f a ny data security breaches, cyberattacks, employee or other internal misconduct, malware, phishing or ransomware, physical security breaches, natural disasters, or similar disruptions; (xi) impact of key vendors or merchants fa ili ng to comply with legal or regulatory requirements or to provide various services that are important to our operations; (xii) our ability to protect our intellectual property rights and third party allegations of the misappropriation of intellectual property rights; (xiii) impact of the costs of complying with various laws and regulations applicable to the BNPL industry in the United States and Canada; (xiv) the impact of litigation, regulatory investigations and actions, and com pli ance issues on our business; (xv) significant and sudden declines or volatility in the trading price of our common stock and market capitalization; (xvi) timing and success of our application for a national bank charter and (xvii) other fac tor s identified in the “Risk Factors” section of our most recent Annual Report on Form 10 - K (the “Annual Report”) and the Company’s subsequent filings filed with the SEC available at www.sec.gov. Except as required by law, we undertake no obli gat ion to update or revise any forward - looking statements contained in this Presentation or oral forward - looking statements made in connection with this Presentation to reflect events or circumstances after the date of this Presentation. This Presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the f air ness, accuracy, completeness, correctness, reliability or adequacy of any statements, estimates, opinions or other information, or the reasonableness of any assumption or other statement, contained in the Presentation (any of which may chan ge without notice). All financial figures are expressed in U.S. dollars unless otherwise stated. In addition to financial measures presented in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), t his Presentation includes certain financial information, including Gross Merchandise Volume (“GMV”, formerly known as Underlying Merchant Sales, or UMS), Monthly On - Demand & Subscribers (“MODS”), and Active Subscribers, which has been pr ovided as supplemental measures of operating performance that are key metrics used by management to assess Sezzle’s growth and operating performance. For example, GMV is an operating metric in assessing the volume of trans act ions that take place on the Sezzle Platform, which is an indicator of the success of our merchants and the strength of the Sezzle Platform and MODS is a monthly metric that captures unique users of the On - Demand product and subscribers enrolled in Anywhere and Premium products. Sezzle also use these operating metrics in order to evaluate the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of oth er peer companies using similar measures. GMV, MODS, and Active Subscribers do not represent revenue earned by Sezzle, are not components of Sezzle’s income or included within Sezzle’s financial results prepared in accordance with GA AP. The GMV, MODS, and Active Subscribers financial measures used by Sezzle may differ from the non - U.S. GAAP financial measures used by other companies. No Offer or Solicitation This report shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be a ny sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a p rospectus meeting the requirements of Section 10 of the Securities Act or pursuant to another available exemption. WebBank Pay Later, SezzleCash , and Sezzle Send loans are originated by Sezzle and third - party lenders, including WebBank.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 3 1 Adjusted EBITDA is a non - GAAP financial measure. For a reconciliation of Net Income to Adjusted EBITDA, see Appendix II. 2 Total Revenue Less Transaction Related Costs is a non - GAAP financial measure. For a reconciliation of Operating Income to Total Revenue Less Transaction Related Costs, see Appendix I. 3 Return on Equity is calculated as Net Income over the last twelve months divided by average shareholders’ equity during the s am e period. 4 Adjusted Net Income is a non - GAAP financial measure. For a reconciliation of Net Income to Adjusted Net Income, see Appendix III. FY2026 Non - GAAP adjusted financial guidance reflect s add - backs for estimated FY2026 expenses associated with Corporate Strategic Projects. 5 Active Subscribers are unique consumers who had an active subscription for either Sezzle Premium or Sezzle Anywhere as of June 30, 2026. Active Subscribers ar e rounded to the nearest thousand. World’s Top Fintech Companies 2026 America’s Best Online Platforms 2026 2026 Best Companies to Work For 2Q26 Snapshot FY2026 Updated Guidance 76.4% 6.1x 2Q26 Results Total Revenue Less Transaction Related Costs 2 as a % of Total Revenue 63.5 % Last Twelve Months (LTM) Return on Equity 3 88.9 % 51.7 % Total Revenue Growth (YoY) $40.8 M 27.2% Net Income Margin Net Income 37.9 % Gross Merchandise Volume (GMV) Growth (YoY) $58.0 M Adjusted EBITDA 1 Adjusted EBITDA Margin 38.8% 854 k Active Subscribers 5 YoY Growth Average Quarterly Purchase Frequency 2Q25 Average Quarterly Purchase Frequency 7.2x 2Q26 Consumer Engagement Highlights August Guidance May Guidance Total Revenue Growth 35 % 30 % – 35 % Adjusted Net Income 4 $185.0 M 44.1% YoY $180.0 M 40.2% YoY Adjusted Net Income Per Diluted Share 4 $5.25 46.2% YoY $5.10 42.1% YoY
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 4 Prioritization of Subscription Marketing Investment Fueling Subscriber Growth 1 Frequency represents the 90 - day order frequency at the 90 th percentile of active Anywhere subscribers. 2 Orders placed during 2Q26. 3 Monthly On - Demand & Subscribers (MODS) defined as the combined total of Active Subscribers and Monthly On - Demand users. Monthly On - Demand users are unique users that have made at least one purchase through On - Demand during the month. MODS rounded to the nearest thousand. 4 Marketing Spend corresponds to the Marketing, Advertising, and Tradeshows line item presented in the Company’s Consolidated Statements of Operations and Comprehensive Income (unaudited). 5 Order count reflects the average number of orders placed per quarter. More Orders from Subscribers vs. Non - Subscribers on Average 5 8 YoY Growth in Active Subscribers for 2Q26 76.4 % In - store Orders as % of Total Anywhere Orders 2 in 2Q26 39 % Top 10% Anywhere Subscribers 90 - days Frequency 1 ≥ 31 X MODS 3 Expanding Value for Subscribers ✓ SezzleCash ✓ Card - Linked Offers ✓ Sezzle Mobile ✓ More Points & Rewards ✓ Access to Beta Products ✓ No Service Fees for Sezzle Send Marketing Strategy <6 months Marketing Payback Period Digital Ads Checkout Cross - Sell In - App Incentives 4 484,000 568,000 670,000 714,000 854,000 264,000 216,000 248,000 173,000 128,000 748,000 784,000 918,000 887,000 982,000 $8.8 $8.8 $9.3 $11.2 $19.4 2Q25 3Q25 4Q25 1Q26 2Q26 Active Subscribers Monthly On-Demand Users Marketing Spend ($ in millions)
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 5 More Places to Shop, More Reasons to Engage Retention & Engagement New Enterprise Merchants Expands cashback offers through new partners Cashback Expansion Monetization Converts existing engagement into revenue without adding friction for users Daily Actions Builds more frequent app engagement through gamified surveys, trivia, and giveaways Card - Linked Offers Rewards virtual card spending at partner merchants
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 6 A Consistent Pace of Innovation Pay - in - 5 1 Expanded short - term installment optionality Canada Virtual Card Enhanced Long - Term Lending First closed - end BNPL virtual card in Canada Long - term lending 4 across the BNPL product suite Sezzle Mobile On AT&T’s network, offering a competitively priced unlimited wireless plan starting at $29.99 5 SezzleCash 2 (June Roll - out) Cash advance for eligible Sezzle Anywhere subscribers through Pay - in - 4 or Pay - in - 5 with no down payment required Sezzle Send 3 (Launch in August) Instant money transfers through Pay - in - Full or Pay - in - 5: a down payment at send, then 4 biweekly installments 1Q26 2Q26 3Q26 1 Pay later loans are originated by WebBank or Sezzle. 2 SezzleCash loans are originated by WebBank. 3 Sezzle Send loans are originated by WebBank or Sezzle. 4 Length of loan and APR vary by user and merchant offering and are determined by Sezzle’s long - term lending partner. Loan origina tion is subject to applicable licensing requirements. 5 $29.99 starting price applies to Sezzle Anywhere members; rates may vary.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 7 Evolving Beyond Payments Through SezzleCash and Sezzle Send Subscriber Retention & Acquisition Expanded Product Suite Incremental Wallet Share Increased App Engagement Benefits to Sezzle SezzleCash 1 (June Roll - out) Cash advance product, addressing consumers' short - term liquidity needs Pay - in - 4 or Pay - in - 5 (No down payment required) PAYMENT TERMS AVERAGE ADVANCE SIZE ~$165 ELIGIBILITY Anywhere Subscribers Sezzle Send 2 (Launch in August) A P2P product, allowing senders Pay - in - Five or Pay - in - Full while recipients receive the full amount immediately Pay - in - Full or Pay - in - 5 PAYMENT TERMS FEES Service Fee for Pay - in - 5 (Waived for Subscribers) ELIGIBILITY Sezzle & Non - Sezzle consumers 1 SezzleCash loans are originated by WebBank. 2 Sezzle Send loans are originated by WebBank or Sezzle.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 8 AI, Embedded Across the Platform AI Support Chatbot ✓ Deflection Rate: 68 % ✓ Bot scores higher Customer Satisfaction (CSAT) score than human agents AI Shopping Assistant ✓ 3.6x Product Click Rate vs Control ✓ Currently live for 80% of Anywhere users, with plans to expand to all consumers Impact Description Proprietary AI Tools Code Merge Review 30% Of merged code now receives an added AI review layer Developer Productivity 20% More changes deployed by engineers QoQ Support AutoQA 98% Of tickets are auto - graded Complaint Response 50% Faster response times with AI Driving Efficiency Across Sezzle Teams AI Coding Assistants 88% Of new code AI developed Enhancing the Consumer Experience Engineering Team Compliance & Support
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 9 YoY Engagement Metrics Average Quarterly Revenue Per Monetized User 4 +16.2% YoY Active 2 Consumers +10.5% YoY Number of Transactions 3 +32.4% YoY Monthly On - Demand & Subscribers (MODS 1 ) +31.3% YoY Quarterly Purchase Frequency (Average) +1.1x YoY Repeat Usage as a % of Total Orders (Cumulative) +80 Bps YoY 982,000 748,000 2Q26 2Q25 $36 $31 2Q26 2Q25 7.2x 6.1x 2Q26 2Q25 97.2% 96.4% 2Q26 2Q25 10,902,000 8,234,000 2Q26 2Q25 3,160,000 2,860,000 2Q26 2Q25 1 Monthly On - Demand & Subscribers (MODS) defined as the combined total of Active Subscribers and Monthly On - Demand users. Monthly On - Demand users are unique users that have made at least one purchase through On - Demand during the month. MODS rounded to the nearest thousand. 2 Active is defined as having had at least one transaction through the Sezzle platform in the last twelve months, not subject t o a minimum required number of transactions criteria (consumers rounded to nearest thousand). 3 Number of Transactions are rounded to the nearest thousand. 4 Average Quarterly Revenue Per Monetized User is calculated as total revenue divided by the total number of Monetized Users during that quarter. Monetized Users are defined as unique App Users and Trans act ing Users within the applicable period.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 10 2Q25 2Q26 YoY Change Total Revenue $98.7M $149.7M 51.7% Net Income $27.6M $40.8M 47.7% Adjusted Net Income 1 $24.8M $39.3M 58.4% Adjusted EBITDA Margin 2 38.9% 38.8% - 0.1 Pts Total Revenue Less Transaction Related Costs 3 as a % of Total Revenue 61.1% 63.5% +2.4 Pts Non - Transaction Related Operating Expenses 4 as a % of Total Revenue 28.1% 29.0% +0.9 Pts YoY Progression Overview 1 Adjusted Net Income is a non - GAAP financial measure. For a reconciliation of Net Income to non - GAAP Adjusted Net Income, see App endix III. Adjusted prior periods to include corporate strategic project costs. 2 Adjusted EBITDA Margin is a non - GAAP financial measure equal to non - GAAP Adjusted EBITDA divided by Total Revenue. For a reconciliation of Net I ncome to non - GAAP Adjusted EBITDA, see Appendix II. Adjusted prior periods to include corporate strategic project costs. 3 Total Revenue Less Transaction Related Costs is a non - GAAP financial measure. For a reconciliation of Operating Income to Total Revenue Less Transaction Related Costs, see Appendix I. 4 Non - Transaction Related Operating Expenses is a non - GAAP financial measure and is equal to Personnel, Third - Party Technology and Data, Marketing , Advertising, and Tradeshows, and General and Administrative Operating Expenses. See Appendix I for reconciliation of Operating Expenses to Non - Transaction Related Operating Expenses and respective definitions.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 11 $927.0 $1,047.3 $1,157.5 $1,110.4 $1,278.5 2Q25 3Q25 4Q25 1Q26 2Q26 GMV ($ in millions) +37.9% YoY Gross Merchandise Volume (GMV) & Total Revenue Gross Merchandise Volume (GMV) Total Revenue $98.7 $116.8 $129.9 $135.5 $149.7 10.6% 11.2% 11.2% 12.2% 11.7% -30.0% -28.0% -26.0% -24.0% -22.0% -20.0% -18.0% -16.0% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% $0.0 $50.0 $100.0 $150.0 $200.0 2Q25 3Q25 4Q25 1Q26 2Q26 Total Revenue ($ in millions) % of GMV
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 12 Transaction Related Costs 1 As a % of Total Revenue As a % of GMV $38.4 $53.5 $46.3 $35.2 $54.6 38.9% 45.8% 35.7% 26.0% 36.5% (50.0%) (30.0%) (10.0%) 10.0% 30.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 2Q25 3Q25 4Q25 1Q26 2Q26 Transaction Related Costs ($ in millions) % of Total Revenue $38.4 $53.5 $46.3 $35.2 $54.6 4.1% 5.1% 4.0% 3.2% 4.3% -20.0% -18.0% -16.0% -14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 2Q25 3Q25 4Q25 1Q26 2Q26 Transaction Related Costs ($ in millions) % of GMV 1 Transaction Related Costs is a non - GAAP financial measure that represents the combined total of Transaction Expense, Provision f or Credit Losses, and Net Interest Expense. For a reconciliation of Operating Expenses to Transaction Related Costs, see Appendix II.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 13 Provision for Credit Losses Transaction Related Costs 1 Transaction Expense Net Interest Expense 1 Transaction Related Costs is a non - GAAP financial measure that represents the combined total of Transaction Expense, Provision f or Credit Losses, and Net Interest Expense. For a reconciliation of Operating Expenses to Transaction Related Costs, see Appendix II. $20.6 $32.2 $23.7 $13.7 $30.6 2.2% 3.1% 2.0% 1.2% 2.4% -10.0% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 2Q25 3Q25 4Q25 1Q26 2Q26 Provision for Credit Losses ($ in millions) % of GMV $14.2 $17.4 $19.0 $18.5 $20.7 1.5% 1.7% 1.6% 1.7% 1.6% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 2Q25 3Q25 4Q25 1Q26 2Q26 Transaction Expense ($ in millions) % of GMV $3.5 $3.9 $3.7 $3.0 $3.2 0.4% 0.4% 0.3% 0.3% 0.3% (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 2Q25 3Q25 4Q25 1Q26 2Q26 Net Interest Expense ($ in millions) % of GMV FY2026 Guidance of 2.5% – 3.0%
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 14 As a % of Total Revenue As a % of GMV $60.3 $63.3 $83.5 $100.3 $95.1 6.5% 6.0% 7.2% 9.0% 7.4% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 2Q25 3Q25 4Q25 1Q26 2Q26 Total Revenue Less Transaction Related Costs ($ in millions) % of GMV $60.3 $63.3 $83.5 $100.3 $95.1 61.1% 54.2% 64.3% 74.0% 63.5% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 2Q25 3Q25 4Q25 1Q26 2Q26 Total Revenue Less Transaction Related Costs ($ in millions) % of Total Revenue Total Revenue Less Transaction Related Costs 1 1 Total Revenue Less Transaction Related Costs is a non - GAAP financial measure. For a reconciliation of Operating Income to Total Revenue Less Transaction Related Costs, see Appendix I.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 15 $27.7 $31.6 $32.0 $34.3 $43.4 28.1% 27.1% 24.6% 25.3% 29.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 2Q25 3Q25 4Q25 1Q26 2Q26 Non-Transaction Related Operating Expenses ($ in millions) % of Total Revenue Non - Transaction Related Operating Expenses 1 % of Total Revenue Corporate Strategic Project Costs I ncluded in Non - Transaction Related Operating Expenses: $0.4M $1.3M $1.3M $0.3M $0.4M Corporate Strategic Project Costs ($ in millions) 2 Banking Charter Application Antitrust Litigation 1 Non - Transaction Related Operating Expenses is a non - GAAP financial measure that represents the combined total of Personnel, Thir d - Party Technology and Data, Marketing, Advertising, and Tradeshows, and General and Administrative Operating Expenses. For a reconciliation of Operating Expenses to Non - Transaction Related Operating Expenses, see Appendix I. 2 Capital markets exploration was completed in 4Q25; related costs impacted Non - Transaction Related Operating Expenses through 4Q25 only and therefore do not impact 1Q26 or 2Q26 results.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 16 1 Adjusted Net Income is a non - GAAP financial measure. For a reconciliation of Net Income to Adjusted Net Income, see Appendix III . Adjusted prior periods to include corporate strategic project costs. 2 Adjusted EBITDA is a non - GAAP financial measure. For a reconciliation of Net Income to Adjusted EBITDA, see Appendix II. Adjuste d prior periods to include corporate strategic project costs. Net Income, Adjusted Net Income, & Adjusted EBITDA Net Income Adjusted Net Income 1 $27.6 $26.7 $42.7 $51.3 $40.8 28.0% 22.8% 32.9% 37.9% 27.2% -50.0% -45.0% -40.0% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 $22.0 $24.0 $26.0 $28.0 $30.0 $32.0 $34.0 $36.0 $38.0 $40.0 $42.0 $44.0 $46.0 $48.0 $50.0 $52.0 $54.0 $56.0 $58.0 $60.0 $62.0 $64.0 $66.0 $68.0 $70.0 $72.0 $74.0 $76.0 $78.0 $80.0 $82.0 $84.0 $86.0 $88.0 $90.0 $92.0 $94.0 $96.0 $98.0 $100.0 2Q25 3Q25 4Q25 1Q26 2Q26 Net Income ($ in millions) % of Total Revenue $24.8 $25.4 $42.8 $50.0 $39.3 25.1% 21.8% 33.0% 36.9% 26.2% (50.0%) (45.0%) (40.0%) (35.0%) (30.0%) (25.0%) (20.0%) (15.0%) (10.0%) (5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 $22.0 $24.0 $26.0 $28.0 $30.0 $32.0 $34.0 $36.0 $38.0 $40.0 $42.0 $44.0 $46.0 $48.0 $50.0 $52.0 $54.0 $56.0 $58.0 $60.0 $62.0 $64.0 $66.0 $68.0 $70.0 $72.0 $74.0 $76.0 $78.0 $80.0 $82.0 $84.0 $86.0 $88.0 $90.0 $92.0 $94.0 $96.0 $98.0 $100.0 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted Net Income ($ in millions) % of Total Revenue $38.4 $39.6 $58.3 $71.1 $58.0 38.9% 33.9% 44.9% 52.5% 38.8% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% $0.0 $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0 $100.0 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted EBITDA ($ in millions) % of Total Revenue Non - GAAP Adjusted EBITDA 2
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 17 YTD Cash Flow ($ in thousands) Jun 30, 2025 Jun 30, 2026 Key Assets Cash and cash equivalents 1 $88,943 $79,757 Restricted cash $31,026 $32,292 Total cash $119,969 $112,049 Notes receivable, net $184,940 $289,159 Key Liabilities Merchant accounts payable $60,478 $57,905 Drawn on line of credit 2 $131,300 $123,500 Total Stockholders’ Equity 1 $130,398 $232,973 Select Balance Sheet & Cash Flow Metrics 1 On March 10, 2025, the Board approved a $50.0 million repurchase program, which was completed on December 4, 2025. On Decembe r 15, 2025, the Board authorized an additional $100.0 million repurchase program with no fixed expiration, subject to market conditions and other factors. 2 The availability on the line of credit for quarters ending June 30, 2025 and June 30, 2026 was $4.0M and $126.3M, respectivel y. 3 Effective December 31, 2025, the Company restated notes receivable - related cash flows from operating to investing activities in the consolidated statement of cash flows. June 30, 2025 amounts have been res tat ed to conform to the current presentation, see Appendix IV. This change did not affect net change in cash for any period presented. 4 Excludes the effect of exchange rate changes on cash of $1,274 and ($428) thousand for the six months ending June 30, 2025 an d J une 30, 2026, respectively. Balance Sheet ($ in thousands) Cash provided from operations 3 $75,536 $141,226 Cash used for investing activities ($54,342) ($80,260) Cash used for financing activities ($809) ($51,090) Net Increase in Cash, Cash Equivalents, and Restricted Cash 4 $20,385 $9,876
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 18 2026 Guidance (November 2025) 2026 Guidance (February 2026) 2026 Guidance (May 2026) Updated 2026 Guidance (August 2026) Total Revenue Growth Not Provided 25% – 30% 30% – 35% 35% Adjusted Net Income 1 Not Provided $170.0M $180.0M $185.0M Adjusted Net Income Per Diluted Share 1 $4.35 $4.70 $5.10 $5.25 2026 Guidance 1 Adjusted Net Income and Adjusted Net Income per Diluted Share are non - GAAP financial measures. For a reconciliation of Net Inco me to Adjusted Net Income and Adjusted Net Income per Diluted Share, see Appendix III. FY2026 Non - GAAP adjusted financial guidance reflects add - backs for estimated FY2026 expenses as sociated with Corporate Strategic Projects.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 19 Reconciliation of Operating Income to Total Revenue Less Transaction Related Costs Reconciliation of Operating Expenses to Non - Transaction Related Operating Expenses Appendix I: Reconciliation of GAAP to Non - GAAP Financial Measures (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Operating income 54,961 $ 69,036 $ 55,247 $ 35,561 $ 36,086 $ Personnel 14,725 14,667 13,776 14,320 11,681 Third-party technology and data 4,907 4,415 3,934 3,705 3,428 Marketing, advertising, and tradeshows 19,396 11,246 9,298 8,775 8,772 General and administrative 4,348 3,980 4,974 4,823 3,846 Net interest expense (3,250) (3,015) (3,683) (3,923) (3,501) Total revenue less transaction related costs 95,087 $ 100,329 $ 83,546 $ 63,261 $ 60,312 $ For the three months ended (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Operating expenses 94,722 $ 66,503 $ 74,622 $ 81,235 $ 62,616 $ Transaction expense (20,738) (18,520) (18,966) (17,435) (14,243) Provision for credit losses (30,608) (13,675) (23,674) (32,177) (20,646) Non-transaction related operating expenses 43,376 $ 34,308 $ 31,982 $ 31,623 $ 27,727 $ For the three months ended Note: Totals may not sum due to rounding.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 20 Reconciliation of Net Income to Adjusted EBITDA 1 Reconciliation of Operating Expenses to Transaction Related Costs Appendix II: Reconciliation of GAAP to Non - GAAP Financial Measures Note: Totals may not sum due to rounding. 1 Adjusted prior periods to include corporate strategic project costs. (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Operating expenses 94,722 $ 66,503 $ 74,622 $ 81,235 $ 62,616 $ Personnel (14,725) (14,667) (13,776) (14,320) (11,681) Third-party technology and data (4,907) (4,415) (3,934) (3,705) (3,428) Marketing, advertising, and tradeshows (19,396) (11,246) (9,298) (8,775) (8,772) General and administrative (4,348) (3,980) (4,974) (4,823) (3,846) Net interest expense 3,250 3,015 3,683 3,923 3,501 Transaction related costs 54,596 $ 35,210 $ 46,323 $ 53,535 $ 38,390 $ For the three months ended (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income 40,765 $ 51,303 $ 42,691 $ 26,671 $ 27,604 $ Depreciation and amortization 502 436 389 369 324 Income tax expense 10,947 14,686 8,890 4,961 5,068 Equity and incentive-based compensation 2,113 1,321 1,340 2,409 1,498 Corporate strategic projects 443 340 1,331 1,284 442 Other (income) expense, net (1) 32 (17) 6 (87) Net interest expense 3,250 3,015 3,683 3,923 3,501 Adjusted EBITDA 58,019 $ 71,133 $ 58,307 $ 39,623 $ 38,350 $ For the three months ended
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 21 Appendix III: Reconciliation of GAAP to Non - GAAP Financial Measures Reconciliation of Net Income to Adjusted Net Income 1 (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Net income 40,765 $ 51,303 $ 42,691 $ 26,671 $ 27,604 $ Discrete tax benefit (1,928) (1,682) (1,190) (2,520) (3,155) Corporate strategic projects 443 340 1,331 1,284 442 Other (income) expenses, net (1) 32 (17) 6 (87) Adjusted net income 39,279 $ 49,993 $ 42,815 $ 25,441 $ 24,804 $ For the three months ended Note: Totals may not sum due to rounding. 1 Adjusted prior periods to include corporate strategic project costs.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 22 Appendix IV: Restated Consolidated Statements of Cash Flows (in $ thousands) As previously reported Restatement impact As restated Discount on notes receivable - $ (782) $ (782) $ Notes receivable (53,796) 53,796 - Net cash provided from operating activities 22,522 $ 53,014 $ 75,536 $ Purchases and originations of notes receivable, net of proceeds from repayments - $ (53,014) $ (53,014) $ Net cash used for investing activities (1,328) $ (53,014) $ (54,342) $ For the six months ended June 30, 2025 Note: Totals may not sum due to rounding.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 23 Appendix V: Reclassification of Total Revenue Reclassification of Total Revenue (in $ thousands) June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Lending-based income Merchant- and partner-derived 10,898 10,111 13,552 12,704 12,707 Consumer-derived 54,064 50,458 46,929 46,611 33,979 Total lending-based income 64,962 60,569 60,481 59,315 46,686 Revenue from contracts with customers Merchant- and partner-derived 28,564 24,186 23,316 20,892 16,531 Consumer-derived 56,157 50,784 46,072 36,589 35,485 Total revenue from contracts with customers 84,721 74,970 69,388 57,481 52,016 Total revenue 149,683 135,539 129,869 116,796 98,702 For the three months ended Note: Totals may not sum due to rounding.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 24 Non - GAAP Financial Measures To supplement our operating results prepared in accordance with generally accepted accounting principles in the United States (“ GAAP”), we present the following non - GAAP financial measures: Total revenue less transaction related costs; transaction related costs; non - transaction related operating expenses; adjusted net inco me; adjusted net income margin; adjusted net income per diluted share; adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”); and Adjusted EBITDA margin. Def ini tions of these non - GAAP financial measures and summaries of the reasons why management believes that the presentation of these non - GAAP financial measures provide useful information to the Company and investors are as follows: • Total revenue less transaction related costs is defined as GAAP total revenue less transaction related costs. Transaction rel ate d costs is the sum of GAAP transaction expense, provision for credit losses, and net interest expense less certain non - recurring charges as detailed in the reconciliation table of GAAP operating income to non - GAAP total revenue less transaction related costs above. We believe that total revenue less transaction related costs is a useful financial measure to both management and investors for evaluati ng the economic value of orders processed on the Sezzle Platform. • Non - transaction related operating expenses is defined as the sum of GAAP personnel; third - party technology and data; marketing, advertising, and tradeshows; and general and administrative operating expenses. We believe that non - transaction related operating expenses is a useful financial measure to both management and invest ors for evaluating our management of operating expenses not directly attributable to orders processed on the Sezzle Platform. • Adjusted EBITDA is defined as GAAP net income, adjusted for certain charges including depreciation, amortization, equity and inc entive – based compensation, and corporate strategic project costs, as well as net interest expense as detailed in the reconciliation table of GAAP net income to adjusted EBITDA. We believe that t his financial measure is a useful measure for period - to - period comparison of our business by removing the effect of certain non - cash and non - recurring charges, as well as funding costs, that may not direct ly correlate to the underlying performance of our business. • Adjusted EBITDA margin is defined as Adjusted EBITDA divided by GAAP total revenue. We believe that this financial measure is a useful measure for period - to - period comparison of our business’ unit economics by removing the effect of certain non - cash and non - recurring charges, as well as funding costs, that may not directly correlate to the underlying performance of our business. • Adjusted net income is defined as GAAP net income, adjusted for certain charges including discrete tax items, fair value adju stm ents on warrants, losses on the extinguishment of our lines of credit, corporate strategic project costs, and other income and expense, as detailed in the reconciliation table of GAAP net income t o a djusted net income. We believe that this financial measure is useful for period - to - period comparison of our business by removing the effect of certain charges that, in management's view, does not corre late to the underlying performance of our business during a given period. • Adjusted net income margin is defined as Adjusted net income divided by GAAP total revenue. We believe that this financial me asu re is a useful measure for period - to - period comparison of our business by removing the effect of certain charges that, in management's view, does not correlate to the underlying performance of our bu siness during a given period. • Adjusted net income per diluted share is defined as non - GAAP adjusted net income divided by GAAP weighted - average diluted shares outstanding. We believe that this financial measure is a useful measure for period - to - period comparison of shareholder return by removing the effect of certain charges that, in management's vi ew, does not correlate to the underlying performance of our business during a given period.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 25 Non - GAAP Financial Measures (Cont.) Additionally, we have included these non - GAAP measures because they are key measures used by our management to evaluate our oper ating performance, guide future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of resources. Therefore, we believe these measur es provide useful information to investors and other users of this presentation to understand and evaluate our operating results in the same manner as our management and board of directors. However, non - GAAP fin ancial measures have limitations, should be considered supplemental in nature, and are not meant as a substitute for the related financial information prepared in accordance with U.S. GAAP. The se limitations include the following: • Total revenue less transaction - related costs is not intended to be measures of operating profit or cash flow profitability as th ey exclude key operating expenses such as personnel, general and administrative, and third - party technology and data, which have been, and will continue to be for the foreseeable future, signif icant recurring GAAP expenses. • Transaction related costs exclude significant expenses such as personnel, general and administrative, and third - party technology and data, which have been, and will continue to be for the foreseeable future, significant recurring GAAP expenses. • Non - transaction related operating expenses exclude significant expenses, including transaction expense and provision for credit losses, which have been, and will continue to be for the foreseeable future, significant recurring GAAP expenses. • Adjusted EBITDA and adjusted EBITDA margin exclude certain charges such as depreciation, amortization, and equity and incenti ve – based compensation, which have been, and will continue to be for the foreseeable future, recurring GAAP expenses. Further, these non - GAAP financial measures exclude certain significant cash inf lows and outflows, which have a significant impact on our working capital and cash. • Adjusted EBITDA and adjusted EBITDA margin excludes net interest expense, which has a significant impact on our GAAP net inco me, working capital, and cash. • Adjusted net income, adjusted net income margin, and adjusted net income per diluted share excludes certain charges such as l oss es on the extinguishment of our lines of credit, fair value adjustments on our warrants, other income and expense, and discrete tax items which have been, and may be in the future, recurring GAAP e xpe nses. Further, these non - GAAP financial measures exclude certain significant cash inflows and outflows, which have a significant impact on our working capital and cash. • Long - lived assets being depreciated or amortized may need to be replaced in the future, and these non - GAAP financial measures do not reflect the capital expenditures needed for such replacements, or for any new capital expenditures or commitments. • These non - GAAP financial measures do not reflect income taxes that may represent a reduction in cash available to us. • Non - GAAP measures do not reflect changes in, or cash requirements for, our working capital needs. • Other companies, including companies in our industry, may calculate the non - GAAP financial measures differently or not at all, w hich reduces their usefulness as comparative measures. Because of these limitations, you should not consider these non - GAAP financial measures in isolation or as substitutes for analy sis of our financial results as reported under GAAP, and these non - GAAP financial measures should be considered alongside other financial performance measures, including net income and other financ ial results presented in accordance with GAAP. We encourage you to review the related GAAP financial measures and the reconciliations of these non - GAAP financial measures to their most directly comparab le GAAP financial measures and not rely on any single financial measure to evaluate our business.
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Style Guide Font: Satoshi Title/Header Font Size: 30 Subtitle/ Subheader FS: 15 Main Text FS: 11 Footnotes: 6 #8333D4 For emphasizing # 201733 Regular text #F2E6FF #FF8100 #FF5667 #8333D4#00B874 #F3F3F3 #201733 #F8F1FF # F8F1FF Background | 2Q26 Presentation 26