Hims & Hers Health - Class A Stock Earnings Reports

Hims & Hers reported a mixed but constructive Q1 2026: revenue was $608M (up 4% YoY), subscribers grew 9% to ~2.6M, and adjusted EBITDA was $44M (7% margin). Management executed a deliberate strategic pivot in the weight-loss specialty away from compounding toward branded GLP-1 products (notably Novo Nordisk’s Wegovy offerings), which caused one-time restructuring charges (~$33M) and near-term gross margin pressure but has driven rapid customer acquisition and engagement. Within weeks of launching direct access to Novo products, the company fulfilled over 125,000 Wegovy shipments and is seeing strong demand (management expects to add north of 100,000 new weight-loss subscribers per month). Hims & Hers is investing heavily in technology, AI and data (including an AI “Labs” agent and a ~40-person AI team) to create a closed-loop provider-data flywheel that management believes is a durable competitive advantage. The company expects the Eucalyptus acquisition to close H2 2026 (expanding international scale) and reiterated long-term 2030 targets of at least $6.5B revenue and $1.3B adjusted EBITDA. Near-term guidance was raised: Q2 revenue $680M–$700M, full-year 2026 revenue $2.8B–$3.0B, and FY adjusted EBITDA $275M–$350M. Management emphasized that margin volatility and GAAP noise are expected during this scaling and category pivot, while they continue to prioritize free cash flow, technology investments, verticalized supply chain capabilities (including peptide readiness), and international expansion. Cash and short-term investments were $751M at quarter end, with $225M remaining on the repurchase program.