How did we perform last month and what should I fix first?

August tracked to $4.04M revenue across 14,184 orders — up 6.2% month over month with AOV holding at $285. Gross margin is 46.3% and net margin 14.1%, so profitability is healthy. Two things to fix first: 1. Inventory risk — 6 SKUs are under 3 weeks of cover at current velocity, including Ridgeline Trail Runner and Summit Down Vest. Those two alone drove $412K in the last 30 days; a stockout in September would cost roughly $180K. 2. Receivables — $312K of wholesale invoices are past due, concentrated in three accounts. Collecting them lifts cash on hand to about $8.55M without touching the credit line. Amazon is growing fastest (+11% MoM) but carries your thinnest margin at 34%. Shifting 5% of that volume to direct would add about $58K of gross profit per month.

Which channel should we invest in next quarter?

Shopify direct. It is 42% of revenue at a 51% gross margin — 17 points better than Amazon — and repeat purchase rate is 38% versus 12% on marketplaces. Your projected Q4 range is $12.8M–$15.6M; putting the incremental marketing budget behind direct keeps more of that in gross profit.