E625: Ecom Bubble Pop? Pattern Group Posts Major Losses

In this episode of The Ecomcrew Podcast, Dave analyzes Pattern Group's recent Q3 2025 earnings following their IPO, revealing significant losses despite $1.8 billion in sales. He breaks down their revenue, cost of goods sold, and overhead, comparing Pattern's overhead costs to typical e-commerce benchmarks. Dave expresses skepticism about Pattern's business model, particularly their inventory ownership and reliance on stock-based compensation, and questions their claims of diversifying away from Amazon, noting that their non-Amazon revenue remains a small percentage of their total revenue. He also touches on Pattern's plans to invest in AI and concludes with a cautious outlook on Pattern's future, suggesting that their true performance will become clearer over the next few years.