Envela Corp

envela.com

What Do They Do?

Sells authenticated pre-owned luxury goods and bullion to consumers, and provides technology reuse, recycling and product-return services to businesses.

How Do They Make Money?

Consumers pay for goods at retail sale or after an online order ships; wholesale buyers pay when merchandise is delivered. Commercial refiners pay when material arrives, while recycling and product-return customers pay a preset amount per unit or weight when the work is complete.

FY2025 revenue by reportable segment revenue

Segment	Share	Revenue	How money arrives
Consumer segment Sold outright	80%		Sold outright
Commercial segment Sold outright	20%		Sold outright

Who Are Their Customers?

Consumers buy luxury goods through stores and online; businesses use asset-disposition and product-return services, while refiners and downstream processors buy recovered materials.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025 and turned 1 cent into free cash flow.

Operating income, FY2025

8% of revenue

▲ +122% vs FY2024 ($8.2M, 5%)

Net income, FY2025

6% of revenue

▲ +116% vs FY2024 ($6.8M, 4%)

Free cash flow, FY2025

1% of revenue

▼ −79% vs FY2024 ($6.7M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +3%; vs $54.9M in Q2 FY2025
Net income: ▲ +52%; vs $2.8M in Q2 FY2025

Consumer segment share of revenue vs 78.7% in Q2 FY2025

Growing. Revenue grew 71% in 4 years, from $141M in FY2021 to $241M in FY2025, about 14% a year.

More fee-for-service work Earlier, commercial services centered on purchasing clients’ replaced IT assets for resale, parts reuse or recycling; the latest report also describes fee-for-service work managing partners’ inventory testing and packaging for resale.

Revenue over time

Consumer segment Commercial segment

$250M$125M$0

FY2023 FY2024 FY2025

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