Lulus Q1'26 net loss improves to $4.1M; gross margin up 480 bps, revenue down 10%

Lulu's Fashion Lounge Holdings, Inc.

Net revenue $57.5M (down 10% YoY); net loss improved to $4.1M from $8.0M YoY.
Gross margin expanded 480 bps to 45.1%; Adjusted EBITDA improved to ($1.5M) from ($4.7M).
Active customers fell 11% YoY to 2.3M; total orders down 15%; AOV increased 4% to $142.
Wholesale revenue doubled YoY; inventory reduced 17% to $33.1M; total debt down $1.1M.
Free cash flow $6.5M; reaffirmed FY2027 financial outlook.

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