Revenue of $586.0 million, up 111% year-over-year in Q1 2025

Net income of $49.5 million; Adjusted EBITDA of $91.1 million in Q1 2025

Subscribers grew to 2.4 million, up 38% year-over-year in Q1 2025

Affirms full year 2025 revenue guidance of $2.3 billion to $2.4 billion and raises Adjusted EBITDA guidance to a range of $295 million to $335 million

Introduces 2030 targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA

Hims & Hers Health, Inc. (("Hims &, Hers" or the "Company", NYSE:HIMS), the leading health and wellness platform, today announced financial results for the first quarter ended March 31, 2025, in a shareholder letter that is posted at investors.hims.com.

"We're starting 2025 with incredible momentum. Millions of people are turning to us for access to care that is personal, affordable, and has the potential to drive better outcomes," said Andrew Dudum, co-founder and CEO. "We're building a platform that puts the individual at the center of every decision and others are taking notice. Over time, we expect wider collaboration across the industry, inclusive of pharmaceutical players, innovative leaders in diagnostic and preventative testing, and world class providers. We believe this will strengthen our ecosystem and position us to curate a best-in-class offering that can reach tens of millions of people. This is the future of our platform, allowing a historically disjointed industry to reach more consumers, for the benefit of those consumers."

Yemi Okupe, CFO, stated, "During the first quarter, our subscriber base grew to nearly 2.4 million, with over 1.4 million utilizing personalized solutions. Revenue increased 111% year-over-year as we continued to deliver access to more precise, personalized care at scale. This momentum, combined with our strong track record of execution, reinforces our confidence in driving sustained long-term growth across five core levers: deepening personalization, expanding into new specialties, elevating the subscriber experience with access to high quality follow up care, forging innovative partnerships, and entering new geographies. Investments across these priorities underpin our updated 2025 guidance as well as our new long-term targets of at least $6.5 billion in revenue and $1.3 billion in Adjusted EBITDA by 2030."

Key Business Metrics (In Thousands, Except for Monthly Online Revenue per Average Subscriber, Unaudited)

	Three Months Ended March 31,
	2025		2024		% Change
Subscribers (end of period)		2,366		1,709	38	%
Monthly Online Revenue per Average Subscriber	$	84	$	55	53	%

Revenue (In Thousands, Unaudited)

	Three Months Ended March 31,
	2025		2024		% Change
Online Revenue	$	576,361	$	267,761	115	%
Wholesale Revenue		9,649		10,410	(7	)%
Total revenue	$	586,010	$	278,171	111	%

First Quarter 2025 Financial Highlights

Revenue was $586.0 million for the first quarter of 2025 compared to $278.2 million for the first quarter of 2024, an increase of 111% year-over-year.
Gross margin was 73% for the first quarter of 2025 compared to 82% for the first quarter of 2024.
Net income was $49.5 million for the first quarter of 2025 compared to $11.1 million for the first quarter of 2024.
Adjusted EBITDA was $91.1 million for the first quarter of 2025 compared to $32.3 million for the first quarter of 2024.
Net cash provided by operating activities was $109.1 million for the first quarter of 2025 compared to $25.8 million for the first quarter of 2024.
Free Cash Flow was $50.1 million for the first quarter of 2025 compared to $11.9 million for the first quarter of 2024.

Reconciliations of Adjusted EBITDA and Free Cash Flow, non-GAAP measures, to net income and net cash provided by operating activities, respectively, their most comparable financial measures under generally accepted accounting principles in the United States ("U.S. GAAP"), have been provided in this press release in the accompanying tables. Additional information about Adjusted EBITDA and Free Cash Flow is also included below under the heading "Non-GAAP Financial Measures".

Financial Outlook

Hims & Hers is providing the following guidance:

For the second quarter 2025, we expect:

Revenue of $530 million to $550 million.
Adjusted EBITDA of $65 million to $75 million, reflecting an Adjusted EBITDA margin of 12% to 14%.

For the full year 2025, we expect:

Revenue of $2.3 billion to $2.4 billion.
Adjusted EBITDA of $295 million to $335 million, reflecting an Adjusted EBITDA margin of 13% to 14%.

2030 Financial Targets

Hims & Hers has demonstrated a consistent track record of execution driven by the strength of its business model and operational excellence, which is fueling strong top line growth and Adjusted EBITDA profitability. Given its large market opportunity and growing customer demand, the Company is providing financial targets for the full year 2030, which include:

Revenue of at least $6.5 billion.
Adjusted EBITDA of at least $1.3 billion.

The guidance provided above constitutes forward-looking statements and actual results may differ materially. Refer to the "Cautionary Note Regarding Forward-Looking Statements" safe harbor section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

We have relied upon the exception in Item 10(e)(1)(i)(B) of Regulation S-K and have not reconciled forward-looking Adjusted EBITDA to its most directly comparable U.S. GAAP measure, net income or loss, because we cannot predict with reasonable certainty the ultimate outcome of certain components of such reconciliations, including market-related assumptions that are not within our control, or others that may arise, without unreasonable effort. For these reasons, we are unable to assess the probable significance of the unavailable information, which could materially impact the amount of future net income or loss. See "Non-GAAP Financial Measures" for additional important information regarding Adjusted EBITDA.

Conference Call

Hims & Hers will host a conference call to review the first quarter 2025 results on May 5, 2025, at 5:00 p.m. ET. The conference call can be accessed by dialing +1 (888) 510-2630 for U.S. participants and +1 (646) 960-0137 for international participants, and referencing conference ID #1704296. A live audio webcast will be available online at investors.hims.com. A replay of the call will be available via webcast for on-demand listening shortly after the completion of the call at the same link.

About Hims & Hers Health, Inc.

Hims & Hers is the leading health and wellness platform on a mission to help the world feel great through the power of better health.

We believe how you feel in your body and mind transforms how you show up in life. That's why we're building a future where nothing stands in the way of harnessing this power. Hims & Hers normalizes health & wellness challenges—and innovates on their solutions—to make feeling happy and healthy easy to achieve. No two people are the same, so the Company provides access to personalized care designed for results.

For more information, please visit investors.hims.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by the use of forward-looking terminology, including the words "believe," "estimate," "anticipate," "expect," "assume," "imply," "intend," "plan," "may," "will," "potential," "project," "predict," "continue," "could," "confident," "confidence," or "should," or, in each case, their plural, their negative or other variations or comparable terminology. There can be no assurance that actual results will not materially differ from expectations. Such statements include, but are not limited to, any statements relating to our financial outlook and guidance, including our mission to drive top-line growth and profitability and our ability to attain our 2025 and 2030 financial and operational targets; our expected future financial and business performance, including with respect to the Hims & Hers platform, our marketing campaigns, investments in innovation, the solutions accessible on our platform, and our infrastructure, and the underlying assumptions with respect to the foregoing; statements relating to events and trends relevant to us, including with respect to our regulatory environment, financial condition, results of operations, short- and long-term business operations, objectives, and financial needs; expectations regarding our mobile applications, market acceptance, user experience, customer retention, brand development, our ability to invest and generate a return on any such investment, customer acquisition costs, operating efficiencies and leverage (including our fulfillment capabilities), the effect of any pricing decisions, changes in our product or offering mix, the timing and market acceptance of any new products or offerings, the timing and anticipated effect of any pending or recently completed acquisitions, the success of our business model, our market opportunity, our ability to scale our business and expand internationally, the growth of certain of our specialties, our ability to innovate on and expand the scope of our offerings and experiences, including through the use of data analytics and artificial intelligence, our ability to reinvest into the customer experience, our ability to comply with the extensive, complex and evolving legal and regulatory requirements applicable to our business, including without limitation state and federal healthcare, privacy and consumer protection laws and regulations, and the effect or outcome of litigation or governmental actions in relation to any such legal and regulatory requirements. These statements are based on management's current expectations, but actual results may differ materially due to various factors.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the "Risk Factors" section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Securities and Exchange Commission (the "Commission").

Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation (and expressly disclaim any obligation) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described in the "Risk Factors" section of each of our most recently filed Quarterly Report on Form 10-Q, our most recently filed Annual Report on Form 10-K, and any of our subsequent filings with the Commission may not be exhaustive.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in reports we have filed or will file with the Commission, including our most recently filed Annual Report on Form 10-K, our most recently filed Quarterly Report on Form 10-Q, and any of our subsequent filings with the Commission. In addition, even if our results of operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in such reports, those results or developments may not be indicative of results or developments in subsequent periods.

Key Business Metrics

We continually and strategically review our key business metrics to ensure that they are helpful in managing or monitoring the performance of our business as it grows, which may result in changes in our key business metrics over time. As an example, our management primarily uses the Subscribers and Monthly Online Revenue per Average Subscriber metrics, as defined below, to manage and monitor the performance of our business. The Net Orders and AOV metrics have become less relevant for our business, and beginning with the three months ending March 31, 2025 we are no longer reporting them as key business metrics.

"Online Revenue" represents the sales of products and services on our platform, net of refunds, credits, and chargebacks, and includes revenue recognition adjustments recorded pursuant to U.S. GAAP, primarily relating to deferred revenue and returns reserve. Online Revenue is generated by selling directly to consumers through our websites and mobile applications. Our Online Revenue consists of products and services purchased by customers directly through our online platform. The majority of our Online Revenue is subscription-based, where customers agree to be billed on a recurring basis to have products and services automatically delivered to them.

"Wholesale Revenue" represents non-prescription product sales to retailers through wholesale purchasing agreements. Wholesale Revenue also includes non-prescription product sales to third-party platforms through consignment arrangements. In addition to being revenue generative and profitable, wholesale partnerships and consignment arrangements have the added benefit of generating brand awareness with new customers in physical environments and on third-party platforms.

"Subscribers" are customers who have one or more "Subscriptions" pursuant to which they have agreed to be automatically billed on a recurring basis at a defined cadence. The Subscription billing cadence is typically defined as a number of days (for example, billed every 30 days or every 90 days), which are excluded from our reporting when payment has not occurred at the contracted billing cadence. Subscribers can cancel or snooze Subscriptions in between billing periods to stop receiving additional products and/or services and can reactivate Subscriptions to continue receiving additional products and/or services.

"Monthly Online Revenue per Average Subscriber" is defined as Online Revenue divided by "Average Subscribers", which amount is then further divided by the number of months in a period. "Average Subscribers" are calculated as the sum of the Subscribers at the beginning and end of a given period divided by 2.

CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, Except Share and Per Share Data, Unaudited)

	March 31, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	273,736		$	220,584
Short-term investments		48,935			79,667
Inventory		76,096			64,427
Prepaid expenses and other current assets		48,197			31,153
Total current assets		446,964			395,831
Restricted cash		1,223			856
Goodwill		117,753			112,728
Property, equipment, and software, net		155,707			82,083
Intangible assets, net		43,431			43,410
Operating lease right-of-use assets		62,198			10,881
Deferred tax assets, net		62,493			61,603
Other long-term assets		1,942			147
Total assets	$	891,711		$	707,539
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	108,919		$	91,180
Accrued liabilities		56,942			53,013
Deferred revenue		110,765			75,285
Operating lease liabilities		3,736			1,889
Total current liabilities		280,362			221,367
Operating lease liabilities		59,648			9,456
Other long-term liabilities		2,440			—
Total liabilities		342,450			230,823
Commitments and contingencies
Stockholders' equity:
Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 215,206,274 and 212,459,586 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of March 31, 2025 and December 31, 2024		22			22
Additional paid-in capital		742,055			719,155
Accumulated other comprehensive loss		(164	)		(324	)
Accumulated deficit		(192,652	)		(242,137	)
Total stockholders' equity		549,261			476,716
Total liabilities and stockholders' equity	$	891,711		$	707,539

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In Thousands, Except Share and Per Share Data, Unaudited)

	Three Months Ended March 31,
	2025			2024
Revenue	$	586,010		$	278,171
Cost of revenue		155,321			49,076
Gross profit		430,689			229,095
Gross margin %		73	%		82	%
Operating expenses:⁽¹⁾
Marketing		231,235			130,553
Operations and support		63,033			38,747
Technology and development		29,914			15,324
General and administrative		48,610			34,568
Total operating expenses		372,792			219,192
Income from operations		57,897			9,903
Other income and expense, net		2,598			2,500
Income before income taxes		60,495			12,403
Provision for income taxes		(11,010	)		(1,275	)
Net income		49,485			11,128
Other comprehensive income (loss)		160			(38	)
Total comprehensive income	$	49,645		$	11,090

Net income per share attributable to common stockholders:
Basic	$	0.22		$	0.05
Diluted	$	0.20		$	0.05
Weighted average shares outstanding:
Basic		221,989,327			213,452,092
Diluted		246,610,232			229,364,585

	______________
	(1)		Includes stock-based compensation expense as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Marketing	$	2,774	$	1,904
Operations and support		3,006		2,155
Technology and development		4,045		2,205
General and administrative		15,033		12,768
Total stock-based compensation expense	$	24,858	$	19,032

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands, Unaudited)

	Three Months Ended March 31,
	2025			2024
Operating activities
Net income	$	49,485		$	11,128
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		8,276			3,001
Stock-based compensation		24,858			19,032
Net accretion on securities		(693	)		(1,077	)
Benefit for deferred taxes		(890	)		(1	)
Non-cash operating lease cost		1,905			574
Non-cash acquisition-related costs		1,030			—
Non-cash other		832			484
Changes in operating assets and liabilities:
Inventory		(11,669	)		(7,362	)
Prepaid expenses and other current assets		(17,239	)		(6,708	)
Other long-term assets		73			(47	)
Accounts payable		14,473			3,602
Accrued liabilities		4,351			(2,258	)
Deferred revenue		35,480			6,002
Operating lease liabilities		(1,182	)		(532	)
Net cash provided by operating activities		109,090			25,838
Investing activities
Purchases of investments		—			(70,700	)
Maturities of investments		31,342			97,700
Investment in website development and internal-use software		(3,711	)		(3,377	)
Purchases of property, equipment, and intangible assets		(55,327	)		(10,581	)
Acquisition of business, net of cash acquired		(5,100	)		—
Net cash (used in) provided by investing activities		(32,796	)		13,042
Financing activities
Proceeds from exercise of vested stock options		3,928			5,070
Payments for taxes related to net share settlement of equity awards		(25,711	)		(7,314	)
Repurchases of common stock		—			(28,064	)
Payments for debt issuance costs		(1,235	)		—
Net cash used in financing activities		(23,018	)		(30,308	)
Foreign currency effect on cash and cash equivalents		243			2
Increase in cash, cash equivalents, and restricted cash		53,519			8,574
Cash, cash equivalents, and restricted cash at beginning of period		221,440			97,519
Cash, cash equivalents, and restricted cash at end of period	$	274,959		$	106,093
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	273,736		$	105,237
Restricted cash		1,223			856
Total cash, cash equivalents, and restricted cash	$	274,959		$	106,093
Supplemental disclosures of cash flow information
Cash paid for taxes	$	360		$	126
Non-cash investing and financing activities
Purchases of property and equipment included in accounts payable and accrued liabilities	$	11,019		$	594
Deferred debt issuance costs included in accounts payable and accrued liabilities		633			—
Right-of-use asset obtained in exchange for lease liability		52,459			2,174
Issuance of common stock in connection with asset acquisition		12,760			—
Common stock to be issued for asset acquisition indemnification holdback		6,380			—

Non-GAAP Financial Measures

In addition to our financial results determined in accordance with U.S. GAAP, we present Adjusted EBITDA (which is a non-GAAP financial measure), Adjusted EBITDA margin (which is a non-GAAP ratio), and Free Cash Flow (which is a non-GAAP financial measure) each as defined below. We use Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow, when taken together with the corresponding U.S. GAAP financial measures, provide meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. We consider Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. We believe that the use of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow is helpful to our investors as they are used by management in assessing the health of our business, our operating performance, and our liquidity.

However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with U.S. GAAP. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures or ratios differently or may use other financial measures or ratios to evaluate their performance, all of which could reduce the usefulness of Adjusted EBITDA, Adjusted EBITDA margin, and Free Cash Flow as tools for comparison. Reconciliations are provided below to the most directly comparable financial measures stated in accordance with U.S. GAAP. Investors are encouraged to review our U.S. GAAP financial measures and not to rely on any single financial measure to evaluate our business.

Adjusted EBITDA is a key performance measure that our management uses to assess our operating performance. Because Adjusted EBITDA facilitates internal comparisons of our historical operating performance on a more consistent basis, we use this measure for business planning purposes. "Adjusted EBITDA" is defined as net income before stock-based compensation, income taxes, depreciation and amortization, acquisition and transaction-related costs (which includes (i) consideration paid for employee and nonemployee compensation with vesting requirements incurred directly as a result of acquisitions, and (ii) transaction professional services), impairment of long-lived assets, and interest income and expense, net. "Adjusted EBITDA margin" is defined as Adjusted EBITDA divided by revenue.

Some of the limitations of Adjusted EBITDA include (i) Adjusted EBITDA does not properly reflect capital commitments to be paid in the future, and (ii) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures. In evaluating Adjusted EBITDA, you should be aware that in the future we will incur expenses similar to the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these expenses or any unusual or non-recurring items. We compensate for these limitations by providing specific information regarding the U.S. GAAP items excluded from Adjusted EBITDA. When evaluating our performance, you should consider Adjusted EBITDA in addition to, and not as a substitute for, other financial performance measures, including our net income and other U.S. GAAP results.

Net Income to Adjusted EBITDA Reconciliation (In Thousands, Unaudited)

	Three Months Ended March 31,
	2025			2024

Revenue	$	586,010		$	278,171

Net income		49,485			11,128
Stock-based compensation		24,858			19,032
Provision for income taxes		11,010			1,275
Depreciation and amortization		8,276			3,001
Acquisition and transaction-related costs		24			376
Impairment of long-lived assets		—			75
Interest income and expense, net		(2,596	)		(2,540	)
Adjusted EBITDA	$	91,057		$	32,347

Net income as a % of revenue		8	%		4	%
Adjusted EBITDA margin		16	%		12	%

Free Cash Flow is a key performance measure that our management uses to assess our liquidity. Because Free Cash Flow facilitates internal comparisons of our historical liquidity on a more consistent basis, we use this measure for business planning purposes. "Free Cash Flow" is defined as net cash provided by operating activities, less purchases of property, equipment, and intangible assets and investment in website development and internal-use software in investing activities.

Some of the limitations of Free Cash Flow include (i) Free Cash Flow does not represent our residual cash flow for discretionary expenditures and our non-discretionary commitments, and (ii) Free Cash Flow includes capital expenditures, the benefits of which may be realized in periods subsequent to those in which the expenditures took place. In evaluating Free Cash Flow, you should be aware that in the future we will have cash outflows similar to the adjustments in this presentation. Our presentation of Free Cash Flow should not be construed as an inference that our future results will be unaffected by these cash outflows or any unusual or non-recurring items. When evaluating our performance, you should consider Free Cash Flow in addition to, and not as a substitute for, other financial performance measures, including our net cash provided by operating activities and other U.S. GAAP results.

Net Cash Provided By Operating Activities to Free Cash Flow Reconciliation (In Thousands, Unaudited)

	Three Months Ended March 31,
	2025			2024
Net cash provided by operating activities	$	109,090		$	25,838
Less: purchases of property, equipment, and intangible assets in investing activities		(55,327	)		(10,581	)
Less: investment in website development and internal-use software in investing activities		(3,711	)		(3,377	)
Free Cash Flow	$	50,052		$	11,880

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Investor Relations

Bill Newby

Investors@forhims.com

Media Relations

Abby Reisinger-Moley

Press@forhims.com

Hims & Hers Health, Inc. Reports First Quarter 2025 Financial Results