olivLaw · US equity research
Newegg Commerce, Inc. NEGG
Retail-Retail Stores, NEC · SIC 5990 · Vertical: Retail-Retail Stores, NEC (SIC 5990)
Newegg Commerce is an electronics-focused e-retailer offering consumer electronics and IT products through global platforms and an open Marketplace for third-party sellers. The company reported net sales of about 1444.5 million USD in fiscal 2025, and its relevance now lies in intense e-commerce competition and shifting trade policy that affect pricing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Newegg Commerce, Inc. (NEGG) stock was 9.89 USD (+7.62% on the day), with market capitalisation 207.4 m USD, beta 1.62, 52-week range 9.19–92.64 USD. Latest reported quarter (Q4 2012): revenue of 5.5 m USD (+4.9% YoY), net income of 353.2 k USD, diluted EPS 0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.2
- weak (30–45)
- Bollinger (20, 2)
- 8.97 – 11.86
- in the lower half of the band · %B 0.32 · band width 27.7%
- SMA 50 / 200
- 12.77 / 25.87
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.90 / -0.98
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.2% | −1.1% | −16.1 pp | — |
| 3 months | −40.8% | −0.5% | −40.3 pp | — |
| 6 months | −68.9% | +4.4% | −73.3 pp | — |
| Year to date | −80.5% | +12.3% | −92.8 pp | — |
| 1 year | −87.3% | +13.5% | −100.8 pp | −17.0% |
| 3 years | −29.4% | +76.4% | −105.8 pp | −27.8% |
| 5 years | −95.8% | +63.7% | −159.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2012 · 31 Dec 2012
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '11 | Q2 '11 | Q3 '11 | Q4 '11 | Q1 '12 | Q2 '12 | Q3 '12 | Q4 '12 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 m | 7.7 m | 5.7 m | 5.3 m | 3.3 m | 7.0 m | 5.5 m | 5.5 m |
| Cost of revenue | 2.0 m | 4.9 m | 3.3 m | 3.6 m | 2.1 m | 4.2 m | 3.5 m | 3.5 m |
| Gross profit | 997.5 k | 2.8 m | 2.4 m | 1.7 m | 1.2 m | 2.7 m | 2.1 m | 2.1 m |
| Operating income | 298.4 k | 1.9 m | 1.7 m | -269.7 k | 454.8 k | 1.9 m | 1.4 m | 592.7 k |
| Depreciation & amortisation | 109.4 k | 110.6 k | 113.6 k | 116.9 k | 118.7 k | 127.7 k | 152.7 k | 153.0 k |
| Interest expense | 16.2 k | 10.8 k | 26.9 k | 28.2 k | 27.2 k | 37.7 k | 43.1 k | 41.5 k |
| Pre-tax income | 292.3 k | 2.1 m | 1.7 m | -219.7 k | 227.7 k | 2.0 m | 1.3 m | 581.5 k |
| Income tax | 82.5 k | 314.1 k | 270.8 k | -11.1 k | 97.0 k | 319.4 k | 229.6 k | 216.7 k |
| Net income | 205.4 k | 1.7 m | 1.4 m | -219.6 k | 126.0 k | 1.7 m | 1.0 m | 353.2 k |
| Diluted EPS | 0.04 | 0.39 | 0.31 | -0.05 ≈ | 0.03 | 0.36 | 0.22 | 0.08 ≈ |
| Operating cash flow | -2.1 m | -1.2 m ≈ | -698.5 k ≈ | 893.1 k | -1.6 m | 823.4 k ≈ | 2.2 m ≈ | 313.9 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 559.4 k | 1.5 bn | 2.1 bn | 2.4 bn | 1.7 bn | 1.5 bn | 1.2 bn | 1.4 bn |
| Revenue YoY | −36.6% | — | +37.9% | +12.4% | −27.6% | −13.0% | −17.5% | +16.9% |
| Net income | -8.9 m | 17.0 m | -30.4 m | 36.3 m | -57.4 m | -59.0 m | -43.3 m | -4.9 m |
| Net income YoY | unavailable | — | −279.1% | unavailable | −258.4% | unavailable | unavailable | unavailable |
| Diluted EPS | -0.51 | -0.05 | 0.08 | 0.08 | -3.08 | -3.12 | -2.25 | -0.24 |
| Diluted EPS YoY | unavailable | — | unavailable | 0.0% | −3,950.0% | unavailable | unavailable | unavailable |
| net % | -1,592.8% | 1.1% | -1.4% | 1.5% | -3.3% | -3.9% | -3.5% | -0.3% |
| Free cash flow | unavailable | -20.4 m | 78.4 m | -67.1 m | 11.3 m | -34.1 m | -4.4 m | -29.7 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 107.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 160.7 m USD
- Total assets
- 468.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.41x
- ROE
- -3.7%
- ROA
- -1.1%
- FCF margin
- -2.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.4 bn | 1.7 bn | 1.5 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | 135.8 m | 140.0 m | 224.3 m | 215.2 m | 166.3 m | 177.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | 273.6 m | 326.0 m | 216.6 m | 167.6 m | 131.5 m | 168.5 m | SEC (XBRL)· 28 Apr 2026verified |
| SG&A | 250.2 m | 292.5 m | 266.2 m | 238.6 m | 183.0 m | 178.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | 23.4 m | 33.5 m | -49.5 m | -71.1 m | -51.6 m | -9.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Depreciation & amortisation | 9.1 m | 10.8 m | 11.0 m | 13.4 m | 10.7 m | 7.6 m | SEC (XBRL)· 28 Apr 2026verified |
| EBITDA | 32.5 m ≈ | 44.4 m ≈ | -38.5 m ≈ | -57.6 m ≈ | -40.8 m ≈ | -2.0 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Interest expense | 664.0 k | 612.0 k | 685.0 k | 2.5 m | 952.0 k | 1.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | -3.2 m | 30.5 m | -43.3 m | -61.7 m | -44.6 m | -2.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | — | -5.8 m | 14.1 m | -2.7 m | -1.3 m | 2.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Net income | -30.4 m | 36.3 m | -57.4 m | -59.0 m | -43.3 m | -4.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | 0.08 | 0.08 | -3.08 | -3.12 | -2.25 | -0.24 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 385.0 m | 432.3 k | 18.7 k | 18.9 k | 19.3 k | 20.1 k | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.8 m | 100.0 m | 122.6 m | 102.5 m | 96.3 m | 107.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | 64.8 m | 62.4 m | 83.5 m | 80.4 m | 64.4 m | 62.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Inventories | 182.1 m | 245.1 m | 156.0 m | 136.2 m | 98.5 m | 166.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | 428.6 m | 439.0 m | 390.8 m | 344.5 m | 283.6 m | 360.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | 46.5 m | 50.1 m | 45.1 m | 61.5 m | 51.2 m | 45.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | 557.5 m | 626.6 m | 542.1 m | 499.0 m | 407.3 m | 468.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | 241.5 m | 220.8 m | 207.1 m | 206.6 m | 148.3 m | 160.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Short-term debt | 1.8 m | 293.0 k | 269.0 k | 268.0 k | — | — | SEC (XBRL)· 24 Apr 2024verified |
| Long-term debt | 2.1 m | 1.8 m | 1.4 m | 1.1 m | — | — | SEC (XBRL)· 24 Apr 2024verified |
| Current liabilities | 388.1 m | 356.3 m | 309.8 m | 296.5 m | 243.6 m | 256.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | 430.0 m | 444.3 m | 386.9 m | 369.7 m | 301.2 m | 308.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 127.5 m † | 182.3 m † | 155.2 m † | 129.4 m † | 106.1 m † | 160.7 m † | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | — | 369.7 m | 376.7 m | 380.4 m | 19.5 m | 21.0 m | SEC (XBRL)· 28 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 84.5 m | -53.3 m | 20.5 m | -3.8 m | -821.0 k | -27.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Capex | 6.2 m | 13.8 m | 9.2 m | 30.3 m | 3.6 m | 2.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Free cash flow | 78.4 m ≈ | -67.1 m ≈ | 11.3 m ≈ | -34.1 m ≈ | -4.4 m ≈ | -29.7 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Investing cash flow | -5.2 m | -13.8 m | -3.8 m | -14.3 m | 2.4 m | 105.0 k | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | -1.7 m | 12.7 m | 1.5 m | 1.6 m | -6.1 m | 35.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Share repurchases | — | — | — | — | 3.5 m | — | SEC (XBRL)· 28 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 207.4 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.3% | 56 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -5.7% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -9.5x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 1.4x | 50 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -14.3% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet20/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Newegg Commerce, Inc. (NEGG). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.4 bn USD in 2025; YoY growth 16.9%; net margin -0.3%; ROE -3.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: -5.7%
- Interest coverage: -9.5x
- FCF yield: -14.3%
- Shareholder yield (distributions): 1.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Retail-Retail Stores, NEC (SIC 5990) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ULTAUlta Beauty, Inc. | 28.2 bn | 24.1 | 46.1% | 9.3% | +9.7% | +23% / +55% |
| BBWIBath & Body Works, Inc. | 4.7 bn | 6.1 | — | 10.8% | −0.2% | +35% / −28% |
| SBHSally Beauty Holdings, Inc. | 1.8 bn | 10.0 | 23.5% | 5.2% | −0.4% | +21% / +99% |
| YJYunji Inc. | 1.3 bn | — | -13.5% | -42.0% | −20.8% | −27% / −62% |
| TITNTitan Machinery Inc. | 530.0 m | — | -9.7% | -2.5% | −10.2% | +22% / −1% |
| SGUStar Group, L.P. | 429.8 m | 4.9 | — | 4.6% | +1.0% | +9% / +2% |
| NAASNaaS Technology Inc. | 223.8 m | — | — | -454.5% | −38.9% | −44% / −100% |
| NEGGNewegg Commerce, Inc. | 207.4 m | — | -3.7% | -0.3% | +16.9% | −87% / −29% |
| RENTRent the Runway, Inc. | 83.1 m | 0.2 | — | 11.8% | +7.7% | −49% / −77% |
| BARKBark, Inc. | 75.2 m | — | -36.7% | -8.4% | −18.5% | −42% / −49% |
| TKLFTokyo Lifestyle Co., Ltd. | 58.0 m | 68.5 | 1.7% | 0.2% | +77.6% | −48% / −82% |
| BQBoqii Holding Limited | 10.5 m | — | -2.8% | -1.2% | −5.7% | −79% / −98% |
| INHDInno Holdings Inc. | 8.7 m | — | -7.2% | -72.7% | +221.4% | −97% / unavailable |
| RCTRedCloud Holdings plc | 2.3 m | — | — | -95.3% | +4.3% | −98% / unavailable |
| LESLLeslie’s, Inc. | 955.3 k | — | — | -21.2% | −6.6% | unavailable / unavailable |
| HITIHigh Tide Inc. | — | — | -44.0% | -8.5% | +13.7% | +8% / +85% |
| JDJD.com, Inc. | — | 30.1 | 10.2% | 1.8% | +17.9% | −7% / +1% |
| FLWS1 800 Flowers Com Inc | — | — | -65.4% | -9.0% | −10.8% | −17% / −68% |
| WOOFPetco Health & Wellness Company, Inc. | — | 31.1 | 2.6% | 0.5% | −2.5% | −2% / +4% |
1- and 3-year price returns: for NEGG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (15 Sept 2026), 6-K (27 Aug 2026), 6-K (28 May 2026).
In brief
Newegg Commerce is an electronics-focused e-retailer offering consumer electronics and IT products through global platforms and an open Marketplace for third-party sellers. The company reported net sales of about 1444.5 million USD in fiscal 2025, and its relevance now lies in intense e-commerce competition and shifting trade policy that affect pricing.
SWOT
Strengths
- Newegg has a very broad catalogue of IT and electronics products, long-standing supplier relationships and a high delivery accuracy rate for directly fulfilled orders.
- The platform includes a large volume of user-generated content, AI tools for system configuration and in-house video content that support an active community of tech buyers.
- The combined direct and Marketplace model lets the company widen its range without holding all inventory, which gives operational flexibility.
Weaknesses
- Direct sales carry low margins and expose the company to inventory risk, especially when demand for technology products falls.
- The company has reported net losses in the past and does not exclude future losses, which limits how much current profit can be reinvested.
- Control is concentrated in a small group of shareholders, and some shares are pledged as collateral for delinquent debts of those shareholders.
Opportunities
- Marketplace and seller services could grow if more merchants use the platform for access to technology customers.
- The B2B segment, serving healthcare, education and public agencies, could bring steadier revenue through specialised services.
- Expansion into new categories and international markets could diversify revenue sources, particularly if price competition eases.
Threats
- Larger competitors with superior resources could push prices down and secure better supplier terms, which could reduce market share.
- Chinese-origin platforms could regain strength through local warehousing if their customs advantage changes or disappears.
- Tariffs and changes in trade policy could raise purchasing costs and disrupt supply chains.
Risks
- Supplier concentrationhigh
A small number of suppliers account for a large share of direct purchases, and contracts do not guarantee product availability or pricing terms.
- Competitive pressurehigh
Better-resourced competitors could lower prices and margins for Newegg, which could affect profitability.
- Consumer-spending sensitivitymedium
Electronics are discretionary purchases, and a drop in consumer spending could reduce orders and revenue.
- Concentrated control and pledged sharesmedium
Concentrated voting control and shares pledged for debts of principal shareholders could affect liquidity and the share price.
- Security and personal datamedium
A security breach or system outage could damage customer trust and lead to costs and litigation.
Investment thesis
What would need to be true (bull case)
- If pressure from low-cost platforms stays limited, Newegg could regain share in IT and electronics categories where it has strong supplier relationships.
- Growth in Marketplace and seller services could improve margins if commission volume keeps rising.
- A loyal base of technology customers and tools for content and configuration could support repeat purchases and higher average order values.
What would break the thesis
- Direct sales carry thin margins, and weaker demand or higher costs could compress profitability.
- Competition from large retailers and international platforms could limit growth and force heavy marketing spending.
- The history of net losses and concentrated control could limit access to financing and strategic flexibility.
What to watch
- Revenue trend of Marketplace and services compared with direct salesQ1 2027
- Number of active customers and repeat purchase ratenext 10-K
- Effect of the removal of the import exemption on rivals' pricing2027
- Status of debt and share pledges by principal shareholdersnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (20 Oct 2026), 6-K (15 Sept 2026), 6-K (27 Aug 2026), 6-K (28 May 2026).
The business
Newegg describes its model as a technology-focused online ecosystem connecting customers, Marketplace sellers and brand partners. Its strategy rests on a differentiated shopping experience, reliable fulfilment and superior customer service, and its catalogue included approximately 4.6 million SKUs as of 31 December 2025. The company runs B2C operations, NeweggBusiness.com for B2B, and both direct sales and Marketplace.
Segments
Direct sales
Direct sales make up nearly all revenue, at about 1394.8 million USD in fiscal 2025, as Newegg buys and manages inventory directly from suppliers. This line depends on relationships with major IT brands and access to products during shortages.
Marketplace and services
The Marketplace, with revenue of 28.6 million USD in fiscal 2025, earns commissions from third-party sellers, while services, with revenue of 21.1 million USD, include logistics and advertising. Both lines are small compared with direct sales but could grow if Marketplace expansion continues.
Market context
The e-commerce market for electronics is intensely competitive with low barriers to entry, and customers are price-sensitive. For Newegg, active customers reached 2.2 million at the end of 2025, pointing to a stable base that is not growing quickly.
Trends
- Removal of the low-value import exemptiontailwind
Elimination of the de minimis exemption for goods from China and Hong Kong, effective May 2025, has reduced the price advantage of rival platforms. If those platforms find alternative strategies, such as U.S. warehousing, competitive pressure could return.
- Consumer demand sensitive to the economyheadwind
Many consumers view electronics as discretionary, so a weaker macroeconomic environment could reduce orders. Inflation, tariffs and higher interest rates are factors that could influence demand.
- Marketplace growth after PC component releasesmixed
Marketplace sales grew in 2025 on demand for next-generation PC components and on expansion into collectibles and refurbished products. The effect could last if diversification continues, but it depends on product life cycles.
- Flexible payment and financing optionstailwind
The company has expanded payment choices from cryptocurrency and digital wallets to instalment and lease-to-own financing. These tools could support conversion, particularly for higher-priced products.
Competitive position
Newegg competes with online and traditional retailers such as Amazon, Best Buy and Walmart, as well as direct-to-consumer platforms. Many competitors have larger customer bases, stronger brands and greater financial resources, which can put pressure on margins.
- AmazonAMZN
Large online retailer with a broad platform, named in the filing as a direct rival in online sales.
- Best BuyBBY
Traditional retailer with stores and a website, competing in consumer electronics categories.
- WalmartWMT
Traditional retailer with an online presence, presented in the filing as a rival in technology products.
- Temu and Shein
Chinese-origin direct-to-consumer platforms that expanded aggressively in the U.S. with competitive pricing.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Saving for a Switch 2 is easier with Newegg’s gift card dealThe Verge · 26 May 2026 · EN
The latest news item in our archive is from 26 May 2026; the newest SEC filing is from 20 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)28 May 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)24 Feb 2026
- Current report (foreign issuer)04 Feb 2026
- Current report (foreign issuer)20 Jan 2026
- Current report (foreign issuer)24 Nov 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Newegg Commerce, Inc. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.