Mayor Adams makes last-minute push for NYC tax relief amid budget negotiations
With the possibility of a late state budget approval, Mayor Eric Adams made a last-minute push for his 'Axe the Tax' proposal on Monday.
More Local News
The proposal, originally introduced in December, would completely wipe New York City's personal income tax for people with at least one dependent making below 150% of the federal poverty line. For a family of three, that is $39,975 per year and $48,225 for a family of four.
It would also lower the New York City Personal Income Tax for people just above the threshold.
It was proposed as part of the 2026 state budget, which is due on Tuesday, April 1, but could be late given the New York State Legislature is not in session on Monday. If passed, taxpayers could see the change in taxes as early as 2025.
'This is within the power of our state lawmakers. We're asking them to act and get this done,' Adams said.
City officials estimate 'Axe the Tax' would save a single parent with one child just over $250 in taxes. For a family with two adults and two children, the savings could be over $500, according to city officials.
'Thanks to our colleagues in Albany, we're close to getting this relief,' Deputy Mayor Adolfo Carrión said.
Emily Rahhal is a digital reporter who has covered New York City since 2023 after reporting in Los Angeles for years. She joined PIX11 in 2024. See more of her work here and follow her on Twitter here.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
27 minutes ago
- New York Post
Mayor Adams' supporters spotted handing out red envelopes with cash at 3 summer campaign events: report
Allies of Mayor Eric Adams were spotted at several July campaign events handing out red envelopes stuffed with cash to attendees, including journalists from Chinese-language outlets, according to a bombshell report. The cash handouts were observed by New York Times reporters at a trio of Adams campaign rallies, including in Flushing, Queens on July 13, in Manhattan's Chinatown on July 18 and in Sunset Park, Brooklyn on July 27. Supporters of the mayor at those rallies, according to The Times, gave out cash in traditional Chinese red envelopes to reporters working for Chinese-language media who were covering the events. The Times report was published one day after disgraced City Hall advisor Winnie Greco was caught doling out dough to a reporter from THE CITY. The practice of receiving anywhere from $20 to $300 is common among Chinese-language journalists in the Big Apple, one anonymous reporter for a Chinese-language publication who previously attended Adams' events told The Times. That anonymous reporter stated that the groups organizing the press events hand out the money with a tacit understanding that reporters will write positive articles. The Adams campaign claimed that it was unaware of any payments to reporters. 3 Traditional Chinese red envelopes containing cash have been doled out to Chinese-language journalists by some organizers of Mayor Adams' campaign events, The New York Times reported. Liz Sullivan 'Mayor Adams had absolutely no knowledge of this and does not condone it. He had never — and would never — authorize anyone to hand out cash or gifts to reporters. Any such behavior is inappropriate and unacceptable,' spokesman Todd Shapiro told the outlet. At the campaign event in Flushing, organizer Steven Tin, the director of Better Chinatown USA, was seen 'holding out' out $50 bills and distributing red envelopes to reporters from Chinese-language news organizations, the Times reported. 3 Mayor Adams has denied any knowledge of cash payments going to reporters at his campaign events. Getty Images In comments to the outlet, Tin justified the apparent unethical distribution of dough as 'common practice' in Chinese culture — stating it is considered a 'courtesy' to the 'reporters, YouTubers, [and] photographers' who attend press events. Tin further stated that he would ask the Adams campaign to cover expenses like water and banners for the event — but had not discussed whether they would reimburse him for the cash handouts, according to the report. Neither Tin nor Better Chinatown responded to The Post's request for comment. Robert Mui, CEO of Sing Tao Newspapers, an organizer of some Adams' rallies, and the head of a local New York Chinese journalists' group, also confirmed that cash handouts took place at campaign events. 3 Adams and Greco (right) attend the Hong Kong Dragon Boat Festival at FLushing Meadows-Corona Park in 2023. Anadolu Agency via Getty Images Mui's Sing Tao Newspaper is registered as foreign agent with the Department of Justice. Sing Tao News Corporation, the parent company of Mui's publication, publishes a pro-Beijing newspaper in Hong Kong. Mui told the Times that red envelopes of cash are a 'form of appreciation' to cover expenses and generally 'subsidize' the salaries of reporters, the outlet reported. The CEO said Tin, an organizer, 'had to' pay reporters cash 'otherwise they don't write their stories,' the report stated. Mr. Mui could not be reached for comment. Both Mui and Tin stated that red envelope gifting is considered common practice in China, though it is considered highly unethical in the US. Greco, a former advisor to Adams, was in attendance at all three rallies in question, the report stated. On Wednesday, Greco handed a reporter from The CITY a red envelope filled with $300 hidden in a Herr's sour cream and onion rigged potato chip bag. The disgraced City Hall advisor claimed to the outlet a 'cultural' misunderstanding was to blame for the mistake. Steve Brill, a lawyer for Greco, similarly argued instead of nefarious and unethical — the practice of handing out cash to reporters showed his client is caring. 'I think that what we have here is a disconnect between American and Chinese culture,' Brill said. 'Handing out red envelopes of cash may be a foreign concept in America, but among Chinese Americans, it is a normal occurrence. 'What I believe is important to remember is that even if it is an unusual practice, that doesn't make Winnie's intent, nefarious or immoral. Quite the contrary, Winnie's intent was a gesture of kindness and friendship,' Brill concluded. Both Greco and Mui traveled to China with the mayor in 2014, the Times reported. Mui was the force behind the annual Asian-American parade in Midtown, which was organized with the help of Greco and approved by Adams in 2021, Newsweek reported citing emails obtained by FOIA. Greco resigned from her post as the mayor's director of Asian community affairs in October 2024 after she was targeted in multiple federal investigations and has long been scrutinized for her ties to Chinese nationals.
Yahoo
an hour ago
- Yahoo
Gov. Cox says he's ‘grateful' he didn't know about new law's impact on Senate president's relative
Gov. Spencer Cox speaks with members of the media during the governor's news conference broadcast by PBS Utah at the Eccles Broadcast Center in Salt Lake City on Thursday, August 21, 2025. (Pool photo by Rick Egan/The Salt Lake Tribune) An at times heated Utah Gov. Cox sparred with reporters Thursday over the fallout from reports that Utah Senate President Stuart Adams initiated passage of a law that later helped his 18-year-old granddaughter reach a plea deal in a criminal case involving sex with a 13-year-old. Cox said he didn't think an ethics investigation or a third-party review is warranted, saying 'there's nothing to investigate.' 'The facts are abundantly clear. It's been reported. I don't think anybody's denied that what happened, happened,' Cox said, adding he learned about the situation when The Salt Lake Tribune first reported it earlier this month. Cox argued the most pertinent question is whether Adams 'should have told me about it' or 'should he have leaned on me.' 'I can only imagine how people would have reacted if he had done that,' the governor said. 'Look, there have been times in my term as governor, when I've been so mad at Stuart Adams that I couldn't see straight on certain bills,' Cox said, without naming those instances. 'That has happened a couple of times. I can tell you this is not one of those times.' Cox said he believed Adams acted appropriately by not publicly weighing in on the bill or disclosing his relatives' involvement to other legislators other than his right-hand man, Senate Majority Leader Kirk Cullimore, R-Sandy. 'I think it was appropriate for the top person in the Senate not to weigh in on this bill, which is exactly what happened,' Cox said. In fact, Cox — who signed the bill after it passed last year — said he's 'very grateful that I had no idea that this was impacting someone in his family, in his granddaughter's family, because it may have changed the way I reacted to the bill.' Instead, he said he was able to focus only on the policy. The governor added that there's 'no controversy about whether people knew this was in the bill or not.' 'The only question I have is this is the right policy? And this is a really tough one, guys,' Cox said. 'This is a hard one. You have kids in high school being treated differently, depending on where their birthday falls during the year. And if their birthday falls in May instead of June, then they get treated the same as a 50-year-old who had a sexual relationship with a 13-year-old. And that's the question. Is that fair?' The Tribune reported that Adams, 'surprised by the severity of the charges' that were first filed against his relative, confided with Cullimore and asked him to look into the issue. The original charges included two counts of child rape and two counts of child sodomy, all first-degree felonies, with the possibility of 25 years to life in prison and requirements to register as a sex offender, the Tribune reported. Cullimore also said he consulted Cara Tangaro, the defense attorney representing Adams' granddaughter, for more information on the case and to help draft language that was later put into a sweeping criminal justice bill, SB213, during the Utah Legislature's 2024 session. That provision allowed lower-level charges to be filed against 18-year-olds still enrolled in high school, allowing them to be treated the same as 17-year-olds in similar cases. The bill was not retroactive, and Adams' relative was not charged with the lower penalties it created, but the new law was referenced in court hearings before the case was resolved with a plea deal. 'You saw the legislative change,' Tangaro told Judge Rita Cornish at sentencing, the Tribune reported. 'We all agree that's not retroactive, but the government did change their offer based on that.' Ultimately, Adams' 18-year-old relative took a plea deal that meant she would not serve additional time in jail, would serve four years on probation, and would not register as a sex offender, the Tribune reported. In the interview with and Deseret News, Adams said his granddaughter made a mistake, but he also argued she received appropriate penalties, saying she was arrested at her high school, spent eight days in jail, and spent more than 500 days under house arrest with an ankle monitor. 'What a humiliating event,' Adams told the outlets. 'Now we're heaping on her a scarlet letter on her forehead. It's wrong. The stories are wrong. … She's been convicted and tried, and now we're doing it again in the media and it's wrong.' The 13-year-old victim's mother, however, told the Tribune she felt like she was 'punched in the gut' after she learned about the law change, and she felt as though her child was an afterthought both in the policy debate and the criminal case. 'I feel like a law is the law, regardless of who you are, but that wasn't what was going on here,' the mother told the Tribune. 'I feel like [the 18-year-old] just got special treatment …and nobody was going to say anything about it.' In wake of the Tribune story, calls for Adams' resignation have come from some Democrats, including Sen. Nate Blouin, D-Millcreek, and Utah Democratic Party Chair Brian King. They've also come from some corners of the right, with roughly 100 mostly conservative people rallying at the Utah Capitol in Salt Lake City over the weekend to call for Adams to resign. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Adams has rejected those calls and has denied any wrongdoing, telling and Deseret News that he didn't tell legislators about the case involving his granddaughter in an effort to keep the process fair. In an interview with the outlets, Adams and Cullimore also argued that the bill's process was proper and not unusual. 'There's nothing unusual about how this bill came about,' Adams told the outlets. 'Every bill that we run has some type of connection to a constituent, to a lobbyist, to an industry leader, to a personal experience a legislator has.' Other Republican lawmakers, including Sen. Todd Weiler, R-Woods Cross, have defended Adams and the process that led to the bill's passage. He told and Deseret News that he didn't know about the connection to Adams' granddaughter when the bill was debated, and that's how it should be. At least one Republican legislator, however — the House sponsor of the bill, then-House Majority Whip Karianne Lisonbee, R-Syracuse — has expressed concerns that that section of the omnibus criminal justice bill didn't go through the same vetting process as the rest of the bill. In a statement issued last week, House Speaker Mike Schultz, R-Hooper, said due to 'heightened attention on SB213, I believe it's important to reconvene stakeholders for further discussion to ensure we have arrived at the right policy.' 'I have spoken with President Adams, and he agrees,' Schultz said. 'We will convene a working group to conduct a comprehensive review of state policy in this area to ensure our laws protect public safety, uphold accountability, and serve the best interests of all Utahns.' Cox on Thursday left the door open to changes to the law, saying when he signed the bill it was a 'close call.' 'Maybe it's not the right policy. Maybe now that we have an opportunity to reflect on it, maybe it doesn't go far enough or it goes too far, and that's what we do. That's the process,' Cox said. The governor again defended Adams' role in the bill. While he brought it to Cullimore to address, he didn't publicly debate it or tell legislators about his connection to the issue. 'Every single legislator has experiences in their life where they see something that they feel may be unjust, and that influences the way they bring legislation to the table,' Cox said. 'Again, I have lots of reasons to get upset with Stuart Adams. This was not one of them. I'm really grateful he never talked to me about it.' SUPPORT: YOU MAKE OUR WORK POSSIBLE Play Farm Merge Valley
Business Wire
2 hours ago
- Business Wire
Newegg Announces First Half 2025 Results
BUSINESS WIRE)--Newegg Commerce, Inc. (NASDAQ: NEGG) (the 'Company' or 'Newegg'), a leading global technology e-commerce retailer, today announced results for the six months ended June 30, 2025. 'Newegg experienced strong year-over-year growth in the first half of 2025, driven primarily by increased demand for GPUs and other core PC components, including the highly successful launch of the NVIDIA GeForce RTX 50 Series and AMD Radeon RX 9000 Series graphics cards, and AMD Ryzen 9000X3D Series CPUs,' said Newegg Chief Executive Officer Anthony Chow. 'These new product launches further boosted organic traffic and spurred robust cross-category purchasing, driving both topline growth and improved gross margins. We also benefited from pull-forward spending due to tariff uncertainty while simultaneously minimizing tariff impact on supply chain and customer experience through close collaboration with our key partners and suppliers. I am pleased with our results, and we will continue to be agile and opportunistic throughout the remainder of the year as we aim to deliver a superior experience for our loyal Newegg customers.' Newegg Interim Chief Financial Officer Christina Ching added, 'In the first half of 2025, Newegg demonstrated significant growth driven by robust sales of PC components, particularly boosted by positive momentum from the new GPU and CPU product launches. This strong consumer demand led to a 14% year-over-year increase in GMV and a 13% rise in net sales. Along with SG&A expense reductions following various strategic cost optimization measures throughout 2024 and 2025, our adjusted EBITDA improved substantially to $11.3 million for the six months ended June 30, 2025, up from a $7.3 million loss for the same period in 2024. We have also maintained focus on our cash balance and working capital. We also recently launched an 'at the market' (ATM) offering program, which we intend to use for general corporate purposes and working capital. As we move forward, our focus remains on maximizing market opportunities while navigating the ongoing tariff environment and other macroeconomic factors.' 2025 First Half Financial Highlights Net sales increased 12.6% to $695.7 million for the six months ended June 30, 2025, compared to $618.1 million for the six months ended June 30, 2024. GMV (defined below) increased 13.7% to $849.1 million for the six months ended June 30, 2025, compared to $746.7 million for the six months ended June 30, 2024. Gross profit increased 26.5% to $79.8 million for the six months ended June 30, 2025, compared to $63.1 million for the six months ended June 30, 2024. Net loss was $4.2 million for the six months ended June 30, 2025, compared to $25.0 million for the six months ended June 30, 2024. Adjusted EBITDA (defined below) was $11.3 million for the six months ended June 30, 2025, an increase of $18.6 million, compared to negative $7.3 million for the six months ended June 30, 2024. 2025 First Half Operational Metrics Average order value was $467 for the six months ended June 30, 2025, compared to $401 for same period in the prior year. Active customers, defined as unique customer IDs with at least one item purchased on Newegg platforms in the past six months, totaled approximately 1.13 million as of June 30, 2025, compared to 1.09 million for the same period in the prior year. Repeat purchase rate, which is the percentage of active customers who made at least two purchases on Newegg platforms during the past six months, was 25.2% as of June 30, 2025, compared to 23.0% for the same period in the prior year. Mr. Chow added, 'We are excited for several launches in the second half, including the expansion of our ABS line of PCs to high-performance workstations and tower servers, powered by industry-leading NVIDIA RTX PRO 6000 Blackwell graphic cards, helping businesses to explore and advance generative, agentic and physical AI. We will also be debuting our Gamer Community and Gamer Zone, which underscore our commitment to growing and supporting the gaming ecosystem, giving back to the very community that has fueled our success. We remain energized by our momentum, steadfast in optimizing our supply chain strategies to minimize any macroeconomic impacts, and confident in what lies ahead. ' About Newegg Newegg Commerce, Inc. (NASDAQ: NEGG), founded in 2001 and based in Diamond Bar, California, near Los Angeles, is a leading global online retailer for PC hardware, consumer electronics, gaming peripherals, home appliances, automotive and lifestyle technology. Newegg also serves businesses' e-commerce needs with marketing, supply chain, and technical solutions in a single platform. For more information, please visit Follow Newegg on X, TikTok, Instagram, Facebook, YouTube, Twitch, and Discord. Non-GAAP Financial Information This press release presents certain 'non-GAAP' financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America ('GAAP'). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in the schedules attached hereto. GMV The Company defines gross merchandise value, or GMV, as the total dollar value of products sold on its websites and third-party marketplace platforms, directly to customers and by its Marketplace sellers through Newegg Marketplace, net of returns, discounts, taxes, and cancellations. GMV also includes the services fees charged through its Newegg Partner Services in rendering services for its third-party logistics, shipped-by-Newegg, and media ad services, as well as the sales made by its Asia subsidiaries. Newegg believes that GMV helps it assess and analyze changes in revenues, and if reviewed in conjunction with net sales and other GAAP financial measures, can provide more information in evaluating its current performance and in assessing its future performance. Adjusted EBITDA Newegg calculates Adjusted EBITDA as net income/loss, excluding stock-based compensation expense, interest income, net, income tax (benefit) provision, depreciation and amortization expense, gain/loss from sales of fixed assets, gain/loss from sales of investment, and gain/loss from warrants liabilities. Newegg believes that exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis and excludes items that it does not consider to be indicative of its core operating performance. Accordingly, Newegg believes that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating its operating results in the same manner as its management and board of directors. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of Newegg's results as reported under GAAP. Some of these limitations are: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; Adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs; Adjusted EBITDA does not consider the potentially dilutive impact of stock-based compensation; Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to Newegg; and other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, operating profit and Newegg's other GAAP results. Cautionary Statement Concerning Forward-Looking Statements This news release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, beliefs or forecasts of future events and performance. A statement identified by the use of forward-looking words including 'will,' 'may,' 'expects,' 'projects,' 'plans,' 'believes,' 'should,' 'continue,' 'intend,' 'aim' and certain other statements about the future may be deemed forward-looking statements, including those regarding potential new product launches, the ability of new product launches to meet consumer needs, the Company's ability to navigate ongoing tariff uncertainty. Although Newegg believes that the expectations reflected in such forward-looking statements are reasonable at the time given, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. These risks and uncertainties include changes in global economic and geopolitical conditions, fluctuations in customer demand and spending, inflation, interest rates and global supply chain constraints. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available at June 30, 2025 Assets Current assets: Cash and cash equivalents $ 59,063 $ 96,255 Restricted cash 843 3,487 Accounts receivable, net 28,970 64,363 Inventories, net 152,859 98,537 Income taxes receivable 2,085 2,452 Prepaid expenses 11,440 14,222 Other current assets 4,559 4,329 Total current assets 259,819 283,645 Property and equipment, net 46,597 51,175 Noncurrent deferred tax assets 915 914 Right of use assets, net 54,474 60,636 Other noncurrent assets 10,932 10,951 Total assets $ 372,737 $ 407,321 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 118,031 $ 148,279 Accrued liabilities 37,192 48,629 Deferred revenue 23,619 26,988 Line of credit 15,775 7,069 Lease liabilities – current 12,815 12,608 Total current liabilities 207,432 243,573 Income taxes payable 1,795 1,871 Lease liabilities – noncurrent 46,864 53,318 Other liabilities 2,545 2,467 Total liabilities 258,636 301,229 Stockholders' Equity Common Stock, $0.43696 par value; unlimited shares authorized; 19,499 and 19,478 shares issued and outstanding as of June 30, 2025, and December 31, 2024, respectively 8,521 8,512 Additional paid-in capital 300,628 289,096 Notes receivable – related party (15,187 ) (15,189 ) Accumulated other comprehensive loss (1,653 ) (2,300 ) Accumulated deficit (178,208 ) (174,027 ) Total stockholders' equity 114,101 106,092 Total liabilities and stockholders' equity $ 372,737 $ 407,321 Expand NEWEGG COMMERCE, INC. Consolidated Statements of Operations (In thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Net sales $ 695,670 $ 618,119 Cost of sales 615,878 555,003 Gross profit 79,792 63,116 Selling, general, and administrative expenses 87,329 93,083 Loss from operations (7,537 ) (29,967 ) Interest income 1,058 1,544 Interest expense (466 ) (440 ) Other income, net 3,410 1,880 Gain from sales of investment - 1,619 Change in fair value of warrants liabilities (72 ) (64 ) Loss before provision for (benefit from) income taxes (3,607 ) (25,428 ) Provision for (benefit from) income taxes 574 (474 ) Net loss $ (4,181 ) $ (24,954 ) Expand NEWEGG COMMERCE, INC. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (4,181 ) $ (24,954 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 4,425 5,739 Allowance for expected credit losses 20 1,193 Allowance for related party receivables 2 - Provision for obsolete and excess inventory 1,359 1,569 Stock-based compensation 11,630 15,022 Gain from sales of investment - (1,619 ) Change in fair value of warrant liabilities 72 65 Loss (gain) on disposal of property and equipment (643 ) 52 Unrealized gain on marketable securities - (10 ) Deferred income taxes - (169 ) Changes in operating assets and liabilities: Accounts receivable 35,377 42,426 Inventories (55,168 ) 2,223 Prepaid expenses 2,807 4,913 Other assets 6,533 8,959 Accounts payable (30,604 ) (95,388 ) Accrued liabilities and other liabilities (18,099 ) (15,036 ) Deferred revenue (3,482 ) (8,182 ) Net cash used in operating activities (49,952 ) (63,197 ) Cash flows from investing activities: Payments to acquire property and equipment (1,248 ) (1,212 ) Proceeds on disposal of property and equipment 2,723 15 Proceeds from sale of investment - 2,076 Net cash provided by investing activities 1,475 879 Cash flows from financing activities: Borrowings under line of credit 10,000 41,098 Repayments under line of credit (1,751 ) (27,474 ) Repayments of long-term debt - (132 ) Proceeds from exercise of stock options - 95 Payments for employee taxes related to stock compensation (89 ) (241 ) Payments for shares buyback - (3,503 ) Net cash provided by financing activities 8,160 9,843 Foreign currency effect on cash, cash equivalents and restricted cash 481 (886 ) Net decrease in cash, cash equivalents and restricted cash (39,836 ) (53,361 ) Cash, cash equivalents and restricted cash: Beginning of period 99,742 106,474 End of period $ 59,906 $ 53,113 Expand Schedule 1 Reconciliation of Net Sales to GMV (In millions) (Unaudited) Six Months Ended June 30, 2025 2024 Net Sales $ 695.7 $ 618.1 Adjustments: GMV - Marketplace 173.0 153.0 Marketplace Commission (14.3 ) (12.7 ) Deferred Revenue (4.6 ) (5.8 ) Other (0.7 ) (5.9 ) GMV $ 849.1 $ 746.7 Expand Schedule 2 Reconciliation of Net Loss to Adjusted EBITDA (In millions) (Unaudited) Six Months Ended June 30, 2025 2024 Net loss $ (4.2 ) $ (25.0 ) Adjustments: Stock-based compensation expenses 11.6 15.0 Interest income, net (0.6 ) (1.1 ) Income tax (benefit) provision 0.6 (0.4 ) Depreciation and amortization 4.4 5.7 Gain from sale of fixed assets (0.6 ) - Gain from sale of investment - (1.6 ) Loss from change in fair value of warrants liabilities 0.1 0.1 Adjusted EBITDA $ 11.3 $ (7.3 ) Expand
