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Sep 30, 2024
Honest Co Q3 2024 Earnings Report
Achieved record revenue with positive net income and expanded gross margin.
Key Takeaways
The Honest Company reported strong Q3 2024 results, achieving record revenue of $99 million, a 15% increase year-over-year. The company delivered positive net income and expanded gross margin by 710 basis points to 38.7%. Due to this performance, the company raised its full year 2024 revenue and adjusted EBITDA outlook.
Revenue increased by 15% to $99 million, driven by strong performance in baby products and wipes.
Gross margin expanded by 710 basis points to 38.7% due to improvements in supply chain, product costs, and trade spend.
Net income increased by $8 million to $165 thousand.
Adjusted EBITDA was positive at $7 million, marking the fourth consecutive quarter of positive adjusted EBITDA.
Honest Co
Honest Co
Forward Guidance
The company is increasing its full year 2024 outlook for both revenue and Adjusted EBITDA.
Positive Outlook
- Revenue is expected to grow by a high single-digit percentage compared to full year 2023.
- Adjusted EBITDA is projected to be in the range of $20 million to $22 million.