• Social Commerce Platform: WeShop operates a social commerce platform that allows users to create shops, share products, and earn a share of the revenue from purchases made through their recommendations.
• E-commerce Integration: The platform integrates with various retailers and brands, enabling users to shop from a wide range of products directly within the WeShop ecosystem.

WeShop (WSHP) operates as a social commerce platform where individuals can share products, make purchases, and earn rewards. As such, the company primarily serves individual users.

The up to three categories of customers that WeShop serves are:

• Influencers and Recommenders: Individuals who actively use the platform to share products, create shoppable content, and leverage their social networks to drive sales, thereby earning a share of the purchase price.
• Discovery Shoppers: Individuals who come to the platform seeking product recommendations from their peers, influencers, or the wider WeShop community. They are motivated by social discovery and the desire to find trusted products.
• Value-Seeking Online Shoppers: General online consumers who are looking for a rewarding shopping experience. They are drawn to WeShop's model of earning cashback or rewards on purchases, either their own or those made through their recommendations.

Paul Ellerbeck Chief Executive Officer & Director

Paul Ellerbeck has served as a director on the Board since November 2021 and has held executive roles as both CTO and CEO, primarily focusing on building WeShop's innovative technology platform. He is a technologist with three decades of experience, having been involved in developing "world firsts" with Sir Stelios Haji-Ioannou's easyGroup incubator, which was responsible for developing easyJet. Ellerbeck also served as CTO at DMGT (Daily Mail and General Trust), where he helped oversee and deliver DMGT's acquisition of Zoopla, leading to its successful public float.

Alfie Greenway Chief Financial Officer

Alfie Greenway was appointed Chief Financial Officer of WeShop on August 30, 2024. He brings extensive experience in financial management across various regulated jurisdictions, including the Financial Conduct Authority (FCA) and Jersey Financial Services Commission (JFSC). Greenway began his career in audit and tax and is a fellow member of both the Association of Chartered Certified Accountants and the Association of Accounting Technicians, as well as a chartered member of the Chartered Institute for Securities & Investment (CISI). He has held CFO roles in both regulated and unregulated businesses, ranging from hospitality to financial services, with experience in retail-focused companies overseeing large and complex corporate structures.

John Foley Executive Chairman

John Foley has served as Executive Chairman of WeShop since December 2024. A qualified Barrister and Chartered Accountant, Mr. Foley is an experienced investor and director, having served on UK listed public company Boards for over 30 years. He was Chief Executive of two UK listed public companies between 1992 and 2006 and Chairman of three UK listed public companies between 2007 and 2022. He has considerable experience developing businesses into larger, successful operations attractive to institutional owners. Foley co-founded and was Chairman of Premier Technical Services Group Ltd (PTSG), which became majority-owned by private equity firms Warburg Pincus and Macquarie Capital in 2022. He was also Chairman of SEC Newgate Group, a global strategic communications and advocacy services provider, until 2023 when Investcorp became its majority owner.

John Garner Founder, Head of Strategy and Vision

John Garner is a founder of WeShop and serves as the Head of Strategy and Vision. He articulated the company's founding principle: "WeShop was founded on a simple but powerful belief, that shoppers should share in the value they create." He has expressed a vision for a community-ownership platform designed to "put money back into the hands of the people" by enabling customers to share in the company's profits.

Richard Griffiths Founder

Richard Griffiths is a founder of WeShop and was described as having a vision for a community-ownership platform designed to allow customers to share in the company's profits. He has held executive chairman positions at Sarossa Plc, ORA Capital Partners Ltd., and Blake Holdings Ltd. (Jersey), and was previously Chairman at Sarossa Capital Ltd., Evolution Capital Ltd., and Executive Chairman at The Evolution Group PLC. As an angel investor, Mr. Griffiths has a portfolio of three companies, primarily focusing on sectors like Life Sciences and Healthcare, with notable investments in Circassia Pharmaceuticals and Idox Group. He has also had two portfolio exits, namely Idox Group and Circassia Pharmaceuticals.

The key risks to WeShop (WSHP) include its critical liquidity constraints and ongoing net losses, an extreme overvaluation fueled by speculative trading, and a structurally low-margin business model that challenges its ability to achieve profitability amid intense competition.

1. Critical Liquidity Constraints and Ongoing Net Losses: WeShop has demonstrated significant financial challenges, including a lack of profitability, negative EBITDA, and negative earnings per share. The company has reported substantial net losses, and its negative Return on Equity indicates that losses are eroding shareholder equity rather than contributing to it. Furthermore, WeShop has less than one year of cash runway, suggesting a heavy reliance on external funding. Its financial health is rated as poor due to high debt levels and potential liquidity issues, as reflected by a low current ratio.
2. Extreme Overvaluation and Speculative Trading: The company's stock has been characterized by extreme overvaluation, driven by speculative trading and interest often associated with "meme stocks." Despite weak fundamental performance and business traction, its valuation has soared, with analysts pointing out that the stock may still be overvalued even after significant price corrections. Concerns have also been raised regarding its direct listing method, which may allow insiders to sell shares easily without traditional lock-up periods, potentially contributing to market volatility.
3. Structurally Low-Margin Business Model and Intense Competition: WeShop's unique "ShareBack" program, which rewards users with equity by returning 80% of affiliate fees, inherently leads to structurally low gross margins, estimated at no more than 20% initially. This business model creates a significant hurdle for achieving profitability, especially in a highly competitive e-commerce landscape dominated by established giants such as Amazon and Facebook. The company has also shown minimal or declining revenue growth, further intensifying concerns about its long-term viability against strong market players.

WeShop (WSHP) operates a social commerce platform that integrates e-commerce, social interaction, and community ownership, allowing users to earn equity through their shopping and referral activities. The platform partners with numerous retailers, offering a wide array of products.

The addressable market for WeShop's main product, social commerce, is substantial both globally and in the U.S.

• The global social commerce market was valued at approximately $1.5 trillion to $2 trillion in 2025. It is projected to grow significantly, with estimates ranging from $7.55 trillion by 2031 to $17.83 trillion by 2033, exhibiting CAGRs between 21.53% and 37.4% during different forecast periods.
• In the U.S., the social commerce market size was estimated at $114.7 billion in 2025. The U.S. market is projected to reach $188.3 billion by 2030, growing at a CAGR of 10.4%, and is expected to grow significantly at a CAGR of 33.4% from 2026 to 2033.

Share Issuance

• WeShop Holdings Limited (WSHP) commenced trading on the Nasdaq Capital Market in November 2025, marking its public debut through a direct listing.
• The company's proprietary ShareBack™ rewards program allows users to earn WePoints, which convert into shares of WeShop stock for everyday purchases and referrals.
• Over 50% of WeShop's shares have been allocated to a trust for distribution to its shoppers, emphasizing its community-owned model.

Capital Expenditures

• In the 12 months leading up to March 10, 2026, WeShop Holdings reported capital expenditures of -$8,751.
• The company's business model, which leverages existing retailer infrastructure, suggests a lower need for significant capital expenditures such as warehousing or distribution expansion.