FIGS, Inc. reported significant financial growth in its latest quarterly results, with net revenues reaching $159.9 million for the three months ended March 31, 2026, a 28% increase from $124.9 million in the same period last year. The company also achieved a gross profit of $108.3 million, reflecting a gross margin of 67.7%, slightly up from 67.6% in the prior year. Notably, FIGS turned a net income of $6.3 million, compared to a net loss of $0.1 million in the previous year, marking a substantial turnaround in profitability.

The company’s active customer base expanded by 12.2%, growing from approximately 2.7 million to 3.0 million year-over-year. This increase in customer count contributed to a rise in average order value (AOV), which increased from $119 to $124. Despite the positive revenue growth, FIGS experienced a decrease in cash flows from operating activities, which fell from $9.2 million to $(3.2) million, primarily due to timing issues related to accounts payable and accrued compensation.

In terms of operational developments, FIGS continues to enhance its product offerings and marketing strategies. The company has invested significantly in marketing, with expenses rising by 62.4% to $29.5 million, driven by campaigns such as its 2026 Winter Olympics initiative. Additionally, FIGS is actively pursuing its B2B growth strategy through its TEAMS channel, which aims to increase sales to healthcare organizations. The company is also planning to expand its physical retail presence, having opened five Community Hubs and looking to establish more locations.

The filing also highlighted challenges related to global trade policies and supply chain disruptions, particularly due to ongoing geopolitical tensions. FIGS has been affected by tariffs and is actively seeking to mitigate their impact through strategic sourcing adjustments. The company has applied for refunds on tariffs previously paid, amounting to approximately $20 million, although the timing and extent of these refunds remain uncertain. Looking ahead, FIGS anticipates continued growth but acknowledges the potential for fluctuations in demand and operational challenges due to external economic factors.

About FIGS, Inc.

FIGS, Inc. is a direct-to-consumer healthcare apparel and lifestyle brand that designs, manufactures, and sells high-quality, functional, and stylish scrubs and related products for healthcare professionals. It leverages digital platforms, community engagement, and product innovation to serve a global market, emphasizing brand loyalty, social responsibility, and community support. Its business model focuses on premium products, data-driven merchandising, and a strong community of healthcare workers.

This description was generated via AI from an annual report. Updated 8 months ago.

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