Revenue surged 155% YoY in Q3 2025 to $618.5M from acquisition-driven growth, but operating margins remain negative at -5.0%, indicating ongoing profitability challenges.
LuxExperience B.V. (LUXE) annual income statement — 7-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 |
|---|
| Sales/Revenue | 2.48B | 1.25B | 840.85M | 766M | 687.78M | 612.1M | 449.49M |
| Revenue Growth % | 97.97% | 49.25% | 9.77% | 11.37% | 12.36% | 36.18% | - |
| Cost of Goods Sold | 1.39B | 655M | 456.32M | 386.03M | 334.76M | 325.05M | 239.55M |
| COGS % of Revenue | 55.86% | 52.19% | 54.27% | 50.4% | 48.67% | 53.1% | 53.29% |
| Gross Profit | 1.1B | 600M | 384.53M | 379.98M | 353.02M | 287.04M | 209.94M |
| Gross Margin % | 44.14% | 47.81% | 45.73% | 49.6% | 51.33% | 46.9% | 46.71% |
| Gross Profit Growth % | 82.79% | 56.03% | 1.2% | 7.63% | 22.99% | 36.73% | - |
| Operating Expenses | 1.24B | 40M | 406.49M | 388.66M | 350.16M | 319.2M | 189.03M |
| OpEx % of Revenue | 49.75% | 3.19% | 48.34% | 50.74% | 50.91% | 52.15% | 42.05% |
| Selling, General & Admin | 1.24B | 527.4M | 253.63M | 254.25M | 241.77M | 231.72M | 123.73M |
| SG&A % of Revenue | 49.75% | 42.02% | 30.16% | 33.19% | 35.15% | 37.86% | 27.53% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -487.4M | 152.85M | 134.41M | 108.39M | 87.48M | 65.3M |
| Operating Income | -139.18M | 560M | -21.95M | -8.68M | 2.87M | -32.16M | 20.91M |
| Operating Margin % | -5.6% | 44.62% | -2.61% | -1.13% | 0.42% | -5.25% | 4.65% |
| Operating Income Growth % | -124.85% | 2650.9% | -152.86% | -403.04% | 108.91% | -253.81% | - |
| EBITDA | -83.97M | 585.4M | -6.75M | 2.97M | 11.95M | -23.93M | 28.8M |
| EBITDA Margin % | -3.38% | 46.65% | -0.8% | 0.39% | 1.74% | -3.91% | 6.41% |
| EBITDA Growth % | -114.34% | 8775.16% | -327.13% | -75.14% | 149.95% | -183.1% | - |
| D&A (Non-Cash Add-back) | 55.21M | 25.4M | 15.21M | 11.65M | 9.09M | 8.23M | 7.88M |
| EBIT | -139.18M | 621M | -9.22M | -8.32M | 2.87M | -9.74M | 18.76M |
| Net Interest Income | -4.16M | -5.1M | -4.77M | -2.46M | -998K | -7.12M | -8.91M |
| Interest Income | 0 | 0 | 5K | 358K | 0 | 202K | 56K |
| Interest Expense | 4.16M | 5.1M | 4.78M | 2.82M | 998K | 7.33M | 8.97M |
| Other Income/Expense | -19.65M | -5.1M | -4.77M | -2.46M | -998K | 15.09M | -11.12M |
| Pretax Income | -158.83M | 554.9M | -26.73M | -11.14M | 1.87M | -17.07M | 9.79M |
| Pretax Margin % | -6.39% | 44.22% | -3.18% | -1.45% | 0.27% | -2.79% | 2.18% |
| Income Tax | -2.73M | 2.6M | -1.81M | 5.88M | 11.18M | 15.53M | 3.44M |
| Effective Tax Rate % | 1.72% | 0.47% | 6.79% | -52.75% | 599.04% | -91% | 35.14% |
| Net Income | -166.46M | 552.3M | -24.91M | -17.02M | -9.32M | -32.6M | 6.35M |
| Net Margin % | -6.7% | 44.01% | -2.96% | -2.22% | -1.35% | -5.33% | 1.41% |
| Net Income Growth % | -130.14% | 2317.09% | -46.37% | -82.67% | 71.42% | -613.45% | - |
| Net Income (Continuing) | -156.1M | 552.3M | -24.91M | -17.02M | -9.32M | -32.6M | 6.35M |
| Discontinued Operations | -10.36M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.19 | 5.53 | -0.29 | -0.20 | -0.11 | -0.42 | 0.07 |
| EPS Growth % | -121.52% | 2006.9% | -45% | -81.82% | 73.81% | -667.57% | - |
| EPS (Basic) | -1.19 | 5.53 | -0.29 | -0.20 | -0.11 | -0.42 | 0.07 |
| Diluted Shares Outstanding | 140.1M | 99.8M | 86.8M | 86.6M | 86.3M | 77.4M | 85.78M |
| Basic Shares Outstanding | 140.1M | 99.8M | 86.8M | 86.6M | 86.3M | 77.4M | 85.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying LUXE stock.
For fiscal year 2025, LuxExperience B.V. (LUXE) reported total revenue of $2.48B. This represents a 452.7% increase compared to $449.5M in 2019.
LuxExperience B.V. (LUXE) reported a net loss of $166.5M for the fiscal year ending 2025.
LuxExperience B.V. (LUXE) reported an operating income of $-139.2M, resulting in an operating profit margin of -5.6%. This margin reflects the operational efficiency of the business before interest and taxes.
LuxExperience B.V. (LUXE) generated $1.10B in gross profit for the year, representing a gross profit margin of 44.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Integration and profitability risk
Acquisition-Driven Revenue Surge
LuxExperience B.V. has experienced explosive revenue growth, with Q3 2025 revenue surging 155% year-over-year to $618.5 million, driven by the YNAP acquisition. However, organic growth prior to the deal appears to have been in the single digits, as indicated by pre-acquisition quarters.
The revenue trajectory is entirely dominated by the YNAP integration, which has transformed the company from a mid-sized player into a global luxury e-commerce conglomerate. While the topline expansion is impressive, investors should scrutinize the underlying organic growth rate and the sustainability of demand for the newly acquired brands in the current macroeconomic environment.
Gross Stability vs. Operating Weakness
LUXE's gross margin has remained stable around 45%, but operating margins are persistently negative, with Q1 2025 at -14.2%, showing no operating leverage. The Q4 2024 operating income of $598.0 million is likely a non-recurring accounting event.
The gross margin profile is typical for luxury e-commerce, but the significant SG&A burden, which reached $333.7 million in Q4 2025 (over 50% of revenue), suggests that the company is struggling to convert top-line growth into profitability. The anomalous Q4 2024 profit likely stems from a bargain purchase gain related to the YNAP acquisition, which masks the ongoing operational challenges.
Earnings Distorted by One-Time Gain
Q4 2024's net income of $586.0 million is misleading, likely a non-recurring gain from the YNAP acquisition, as the company consistently reports quarterly losses. Q1 2025's $3.5 million stock-based compensation diluted earnings to a -17.2% net margin.
The quality of earnings is extremely low, as the company's core operations are unprofitable and the headline profit is not indicative of sustainable performance. The absence of recurring profitability and the reliance on non-operating gains to generate positive net income suggest that investors should focus on underlying operating metrics.
SG&A Burden Overwhelms Gross Profit
LUXE's selling, general, and administrative expenses have ballooned to $333.7 million in Q4 2025, consuming more than the entire gross profit of $308.2 million and driving a $25.5 million operating loss. This indicates a lack of cost discipline and an inefficient cost structure relative to the revenue base.
The cost structure is heavily weighted towards SG&A, which includes high-touch customer service, marketing, and integration costs, and this is not scaling with revenue. Management must demonstrate an ability to rationalize these expenses post-integration to achieve breakeven, as the current burn rate is unsustainable.
Sustainability of Growth in Question
The market may be overvaluing LUXE's future based on the one-time Q4 2024 profit and acquisition-fueled growth, while ignoring persistent operating losses and integration risks. Without the non-recurring gain, the company would have reported a net loss of approximately -$60 million for full year 2024.
The most significant analytical challenge is determining whether the YNAP integration will eventually drive sustainable profitability or merely add scale to a loss-making entity. The combination of high growth, negative margins, and no formal earnings guidance suggests that the risk-reward profile is skewed to the downside, and the stock may be vulnerable to a re-rating if integration stumbles.