FIGS Q1 2025 Earnings Report
Key Takeaways
FIGS exceeded expectations in the first quarter of 2025, driven by customer growth, strong full-priced sales, and a record average order value. The company saw a return to growth in the U.S. market. However, changes in U.S. trade policies have introduced variability to the full-year outlook, leading to an updated forecast reflecting the projected impact of the current tariff structure.
Net revenues grew by 4.7% year-over-year in the first quarter of 2025.
The company reported a net loss of $102,000 for the quarter.
Adjusted EBITDA for the quarter was $9.004 million, representing a 7.2% margin.
Active customers reached 2.696 million as of March 31, 2025.
FIGS
FIGS
FIGS Revenue by Segment
FIGS Revenue by Geographic Location
Forward Guidance
FIGS updated its full year 2025 financial outlook, projecting a low-single-digit decline in Net Revenues growth versus 2024 and an Adjusted EBITDA Margin of 7.5% to 8.5%. This update reflects the projected impact of current U.S. tariff structures.
Positive Outlook
- First quarter results were ahead of expectations.
- Supported by customer growth and strong full-priced selling.
- Achieved record average order value.
- Experienced a return to growth in the U.S.
- Belief that the industry is on the path to normalization.
Challenges Ahead
- Changes in U.S. trade policies add greater variability to planning.
- Particularly impacts the second half of the year.
- Updated outlook reflects projected impact of current tariff structure.
- Excludes the currently-paused reciprocal tariffs.
- Operating in a period of growing economic uncertainty.