Reformation filed for an initial public offering on Thursday, revealing that annual revenue crossed $500 million and that the company plans to list on the New York Stock Exchange under the ticker symbol REF.
In the fiscal year ending December 27, 2025, the Los Angeles-based retailer reported $507.1 million in net revenue, up 15.7% from $438.2 million the year before
However, net income fell to $12.6 million from $32.6 million. The filing listed adjusted EBITDA at $45 million, or 8.9% of net revenue. Sales in the most recent quarter hit $112.3 million, extending the company’s streak of double-digit quarterly growth to 20 consecutive periods — a 30.4% jump year over year.
The company reported a net loss of $12.1 million in the quarter, according to The Wall Street Journal. Reformation generates roughly 90% of its sales through direct-to-consumer channels, including e-commerce and retail stores. At quarter’s end in late March, the brand counted 1.1 million active customers, who generated an average of $421 in revenue apiece during that period.