Figs Q1 revenue $110.1M (+26.4% YoY) but cuts FY22 guidance; gross margin pressured by air freight

FIGS, Inc.

2022-Q1 EPS reported $0.05 revenue$110,100,000

Q1 net income $8.9M, diluted EPS $0.05; adjusted EBITDA $25.0M, margin 22.7% (down 530 bps YoY).
Active customers 2.0M (+31.1% YoY); AOV $116 (+16%) on higher lifestyle mix.
FY22 revenue outlook reduced to $510-530M (prev $550-560M); gross margin now 67-68% vs prior 70%+.
Guidance cut driven by supply chain challenges, high inflation, and shift in consumer spending.
Gross margin 71.2%, down 40 bps YoY due to increased air freight and higher ocean/air rates.

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