How has GPOX’s gross margin changed since the Betterment acquisition?

The memo compares an approximately 15% acquisition baseline with an audited fiscal 2025 gross margin of 23.85% and a current blended management estimate of about 28%. The 28% figure is not audited.

Management estimate — not an audited figure. Source: 2026 July GPO Plus Retail Investor Memo.pdf, PDF p. 24, Gross Margin Expansion

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