Key F3Q25 takeaways include: 1) the recently acquired Letsvan focused on IP incubation and sales of related pop toys likely provides a key growth driver for QSG, particularly as the company increasingly leverages management's expertise across data-driven marketing, customer engagement, digital infrastructure, and supply chain optimization 2) we look for margins to remain steady in the near term and trend higher over time reflecting ongoing initiatives to better align the company's cost structure, as the revenue model evolves, as well as ongoing growth at higher-margin Letsvan likely driving improving profitability at the corporate level 3) management remains focused on optimizing resource allocations to maximize Returns on Investments (ROIs), with strong liquidity providing flexibility to continue to invest in newer/higher-growth businesses 4) focusing on the silver demographic, retention/repeat purchase rates for targeted online courses remain high, demand for integrated graduation trips continues to ramp up, and sales of health/wellness products remains steady.
