FIGS Q3 net rev $128.6M (+25.2% YoY); adj EBITDA margin 16.4%

Net revenues were $128.6 million, an increase of 25.2% year over year, driven by an increase in orders from existing and new customers and, to a lesser extent, an increase in AOV. • Gross margin was 70.6%, a decrease of 210 basis points year over year, primarily due to an increase in freight-in costs, related to increased utilization of more expensive air freight and elevated ocean freight costs, and to a lesser extent, a higher mix of promotional sales and product mix shift. • Operating expenses were $79.6 million, an increase of 24.1% year over year. As a percentage of net revenues, operating expenses decreased to 61.9% from 62.5% in the prior year period due to lower general and administrative expenses, partially offset by higher selling expenses related to fulfillment costs. • Net income was $4.0 million and diluted earnings per share was $0.02.

For Full-Year 2022, the Company now expects: • Net revenues of approximately $495 million, representing year-over-year growth of approximately 18%. • Adjusted EBITDA margin (4) of approximately 16%.