Warby Parker Inc.(NYSE:WRBY) 
Warby Parker Inc. designs, manufactures, and retails eyewear products for men and women. It offers eyeglasses, sunglasses, light-responsive lenses, blue-light-filtering lenses, and contact lenses, as well as eye exams and vision tests. As of June 30, 2021, it operated 145 retail stores, which includ...
Website: http://www.warbyparker.com
Founded: 2010
IPO Price: $40 (Sep 29, 2021)
CEO / Co-Founder: Neil Blumenthal
Sector: Healthcare
Industry: Medical Instruments & Supplies
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At a glance:
- Revenue Growth Driven by Store Expansion and Brand Demand: Warby Parker continues to emphasize top-line growth supported by new store openings, improving store productivity, and steady demand for its eyewear offerings across channels.
- Profitability Focus: Gross Margin and Operating Leverage Remain Key: Management’s near-term narrative centers on expanding gross margin and gaining operating leverage through scale, marketing efficiency, and tighter cost controls to improve overall profitability.
- Omnichannel Model Remains a Core Differentiator: The company highlights an integrated online-and-stores strategy, using retail locations to drive customer acquisition, service (eye exams), and repeat purchases while supporting e-commerce conversion.
- Store Footprint Expansion Continues with Disciplined Capital Allocation: Warby Parker prioritizes measured retail growth, balancing new store investments with payback periods, lease economics, and regional density to support long-term unit economics.
- Competitive and Macroeconomic Sensitivity Persist: Results remain sensitive to consumer discretionary spending, promotional intensity in eyewear retail, and input/labor costs, making execution and demand resilience important ongoing watch items.
Bull Thesis:
- Successful Omnichannel Expansion: Warby Parker's strategy of blending its strong online presence with a growing physical retail footprint is proving effective. Stores enhance brand visibility, facilitate eye exams, and drive higher customer lifetime value, creating a synergistic model that captures a broader customer base and differentiates it from pure-play online competitors.
- Strong Brand Equity and Customer Loyalty: The company has cultivated a distinctive brand known for style, affordability, and a social mission. This strong brand equity fosters high customer satisfaction, repeat purchases, and positive word-of-mouth, leading to a loyal customer base and potentially reduced long-term customer acquisition costs as brand recognition grows.
- Significant Market Share Growth Potential: Operating in a large and fragmented eyewear market, Warby Parker still holds a relatively small share. Its disruptive direct-to-consumer model, combined with expanding product offerings (e.g., contact lenses, eye exams) and increasing physical presence, positions it well to continue taking market share from traditional incumbents, driving substantial long-term revenue growth.
- Path to Profitability Through Scale and Operational Efficiency: As Warby Parker continues to scale its operations and customer base, it is expected to leverage economies of scale in manufacturing, distribution, and marketing. This, combined with ongoing efforts to optimize its supply chain and store operations, should lead to improved gross margins and eventual sustained profitability as fixed costs are absorbed over a larger revenue base.
Bear Thesis:
- Persistent Profitability Challenges and Negative Free Cash Flow: Despite revenue growth, Warby Parker has struggled to achieve consistent profitability and positive free cash flow. High customer acquisition costs, significant investments in store expansion, and ongoing operational expenses continue to weigh on its bottom line, raising concerns about its long-term financial sustainability without further capital or a clear path to consistent positive cash generation.
- Intense Competition and High Customer Acquisition Costs: The eyewear market is highly competitive, with numerous online and brick-and-mortar players, including established optical chains, discount retailers, and other direct-to-consumer brands. Warby Parker faces constant pressure to differentiate and acquire new customers, often at a high cost, which can compress margins and make it challenging to sustain growth without increasing marketing spend.
- Decelerating Growth Amidst Macroeconomic Headwinds: While still growing, Warby Parker's revenue growth rate has shown signs of deceleration from its earlier hyper-growth phase. Furthermore, discretionary spending on eyewear can be sensitive to macroeconomic downturns, potentially impacting sales and customer demand in a challenging economic environment where consumers may delay non-essential purchases.
- Operational Complexity and Execution Risk: Managing a vertically integrated, omnichannel business model that encompasses design, manufacturing, online sales, and a rapidly expanding physical retail presence is inherently complex. This complexity introduces execution risks related to inventory management, supply chain disruptions, store performance, and maintaining a consistent, high-quality customer experience across all channels.
Main Competitors:
- Zenni Optical (Prescription glasses and sunglasses), A direct-to-consumer online retailer that competes primarily on aggressive pricing and a vast selection of affordable prescription eyewear, often undercutting Warby Parker's price point while offering a similar online convenience model.
- EssilorLuxottica (e.g., LensCrafters, Ray-Ban) ($EL) (Prescription glasses, sunglasses, eye exams, contact lenses), The global leader in eyewear, owning major brands (Ray-Ban, Oakley) and retail chains (LensCrafters, Pearle Vision). They compete through extensive physical retail presence, strong brand recognition, a full-service optical experience, and a wide range of price points from value to luxury, representing the traditional market Warby Parker disrupted.
- 1-800 Contacts (Contact lenses), A leading online retailer specializing in contact lenses, a product category Warby Parker has expanded into. They compete on convenience, subscription services, and direct-to-consumer delivery for contact lens wearers.
- Costco Optical ($COST) (Prescription glasses, sunglasses, eye exams, contact lenses), The optical department within Costco warehouses, competing on value and convenience. They offer competitive pricing on frames, lenses, and eye exams, leveraging Costco's membership model and high foot traffic to attract customers seeking affordable, quality eyewear.
Moat:
Warby Parker operates in a highly competitive eyewear market, facing challenges from diverse players. Its primary moat lies in its strong brand identity, vertically integrated direct-to-consumer model that seamlessly blends online convenience with a growing physical retail footprint, and a focus on stylish, mid-range priced eyewear with excellent customer service. Competitors challenge Warby Parker on various fronts: online budget retailers like Zenni compete aggressively on price, traditional giants like EssilorLuxottica leverage extensive brand portfolios and physical presence, specialized retailers like 1-800 Contacts dominate the contact lens segment, and big-box stores like Costco offer compelling value propositions.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
net revenue | 242,447,000 | 211,968,000 | 221,680,000 | 214,475,000 | 223,782,000 | 190,643,000 | 192,447,000 | 188,222,000 | 200,003,000 | 161,855,000 | 169,849,000 | 166,093,000 | 171,968,000 | 146,493,000 | 148,777,000 | 149,624,000 | 153,218,000 | 132,892,000 | 137,373,000 |
yoy | 8.34% | 11.19% | 15.19% | 13.95% | 11.89% | 17.79% | 13.30% | 13.32% | 16.30% | 10.49% | 14.16% | 11.01% | 12.24% | 10.23% | 8.30% | ||||
qoq | 14.38% | -4.38% | 3.36% | -4.16% | 17.38% | -0.94% | 2.24% | -5.89% | 23.57% | -4.71% | 2.26% | -3.42% | 17.39% | -1.54% | -0.57% | -2.35% | 15.30% | -3.26% | |
cost of goods sold | 111,406,000 | 100,925,000 | 101,735,000 | 100,866,000 | 97,802,000 | 87,517,000 | 87,580,000 | 82,840,000 | 86,544,000 | 74,789,000 | 77,117,000 | 75,458,000 | 77,177,000 | 65,842,000 | 64,359,000 | 63,277,000 | 63,572,000 | 56,642,000 | 57,709,000 |
gross profit | 131,041,000 | 111,043,000 | 119,945,000 | 113,609,000 | 125,980,000 | 103,126,000 | 104,867,000 | 105,382,000 | 113,459,000 | 87,066,000 | 92,732,000 | 90,635,000 | 94,791,000 | 80,651,000 | 84,418,000 | 86,347,000 | 89,646,000 | 76,250,000 | 79,664,000 |
yoy | 4.02% | 7.68% | 14.38% | 7.81% | 11.04% | 18.45% | 13.09% | 16.27% | 19.69% | 7.95% | 9.85% | 4.97% | 5.74% | 5.77% | 5.97% | ||||
qoq | 18.01% | -7.42% | 5.58% | -9.82% | 22.16% | -1.66% | -0.49% | -7.12% | 30.31% | -6.11% | 2.31% | -4.38% | 17.53% | -4.46% | -2.23% | -3.68% | 17.57% | -4.29% | |
gross margin % | 54.05% | 52.39% | 54.11% | 52.97% | 56.30% | 54.09% | 54.49% | 55.99% | 56.73% | 53.79% | 54.60% | 54.57% | 55.12% | 55.05% | 56.74% | 57.71% | 58.51% | 57.38% | 57.99% |
selling, general, and administrative expenses | 129,374,000 | 117,895,000 | 116,375,000 | 118,134,000 | 123,509,000 | 112,542,000 | 111,480,000 | 114,338,000 | 118,586,000 | 108,635,000 | 112,499,000 | 108,865,000 | 107,221,000 | 102,361,000 | 108,090,000 | 118,428,000 | 123,386,000 | 122,146,000 | 171,643,000 |
income from operations | 1,667,000 | -6,852,000 | 3,570,000 | -4,525,000 | 2,471,000 | -9,416,000 | -6,613,000 | -8,956,000 | -5,127,000 | -21,569,000 | -19,767,000 | -18,230,000 | -12,430,000 | -21,710,000 | -23,672,000 | -32,081,000 | -33,740,000 | -45,896,000 | -91,979,000 |
yoy | -32.54% | -27.23% | -153.98% | -49.48% | -148.20% | -56.34% | -66.55% | -50.87% | -58.75% | -0.65% | -16.50% | -43.18% | -63.16% | -52.70% | -74.26% | ||||
qoq | -124.33% | -291.93% | -178.90% | -283.12% | -126.24% | 42.39% | -26.16% | 74.68% | -76.23% | 9.12% | 8.43% | 46.66% | -42.75% | -8.29% | -26.21% | -4.92% | -26.49% | -50.10% | |
operating margin % | 0.69% | -3.23% | 1.61% | -2.11% | 1.10% | -4.94% | -3.44% | -4.76% | -2.56% | -13.33% | -11.64% | -10.98% | -7.23% | -14.82% | -15.91% | -21.44% | -22.02% | -34.54% | -66.96% |
interest and other income | 2,331,000 | 1,761,000 | 2,179,000 | 1,984,000 | 2,455,000 | 2,632,000 | 2,842,000 | 2,567,000 | 2,556,000 | 2,417,000 | 2,655,000 | 2,281,000 | -38,000 | 146,000 | |||||
income before income taxes | 3,998,000 | -5,091,000 | 5,749,000 | -2,541,000 | 4,926,000 | -6,784,000 | -3,771,000 | -6,389,000 | -2,571,000 | -19,152,000 | -17,112,000 | -15,949,000 | -10,551,000 | -20,328,000 | -23,855,000 | -32,119,000 | -33,594,000 | -45,791,000 | -92,125,000 |
provision for income taxes | 821,000 | 862,000 | -125,000 | -789,000 | 1,454,000 | 93,000 | 301,000 | 373,000 | 108,000 | -105,000 | 301,000 | -24,000 | 261,000 | -77,000 | -12,000 | 47,000 | 539,000 | 112,000 | -1,052,000 |
net income | 3,177,000 | -5,953,000 | 5,874,000 | -1,752,000 | 3,472,000 | -6,877,000 | -4,072,000 | -6,762,000 | -2,679,000 | -19,047,000 | -17,413,000 | -15,925,000 | -10,812,000 | -20,251,000 | -23,843,000 | -32,166,000 | -34,133,000 | -45,903,000 | -91,073,000 |
yoy | -8.50% | -13.44% | -244.25% | -74.09% | -229.60% | -63.89% | -76.62% | -57.54% | -75.22% | -5.95% | -26.97% | -50.49% | -68.32% | -55.88% | -73.82% | ||||
qoq | -153.37% | -201.34% | -435.27% | -150.46% | -150.49% | 68.89% | -39.78% | 152.41% | -85.93% | 9.38% | 9.34% | 47.29% | -46.61% | -15.07% | -25.88% | -5.76% | -25.64% | -49.60% | |
net income margin % | 1.31% | -2.81% | 2.65% | -0.82% | 1.55% | -3.61% | -2.12% | -3.59% | -1.34% | -11.77% | -10.25% | -9.59% | -6.29% | -13.82% | -16.03% | -21.50% | -22.28% | -34.54% | -66.30% |
earnings per share: | |||||||||||||||||||
basic | 0.03 | -0.05 | 0.05 | -0.01 | 0.03 | ||||||||||||||
diluted | 0.03 | -0.05 | 0.05 | -0.01 | 0.03 | ||||||||||||||
weighted-average shares outstanding: | |||||||||||||||||||
basic | 123,438 | 122,670 | 122,963 | 122,565 | 121,946 | ||||||||||||||
diluted | 125,554 | 125,100 | 125,408 | 122,565 | 124,627 | ||||||||||||||
other comprehensive income | |||||||||||||||||||
foreign currency translation adjustment | -325 | 178 | 100 | 170 | 9 | -269 | -31 | -18 | -91 | 107 | -271 | -35 | -683 | -224 | -284 | -163 | 8 | -35 | -129 |
total comprehensive income | 2,852 | -5,775 | 5,974 | -1,582 | 3,481 | -34,125 | |||||||||||||
net income per share | -0.06 | -0.03 | -0.06 | -0.02 | -0.16 | -0.15 | -0.14 | -0.09 | -0.17 | -0.21 | -0.28 | -0.3 | -0.25 | -1.45 | |||||
weighted-average shares used for eps calculation | 120,885,913 | 120,086,495 | 119,143,534 | 117,389,012 | 118,003,640 | 116,792,223 | 116,159,428 | 114,942,019 | 115,249,431 | 114,679,892 | 114,103,766 | 71,249,257 | 62,887,161 | ||||||
other comprehensive loss | |||||||||||||||||||
total comprehensive loss | -7,146 | -4,103 | -6,780 | -2,770 | -18,940 | -17,684 | -15,960 | -11,495 | -20,475 | -24,127 | -32,329 | -24,606.5 | -91,202 | ||||||
interest and other loss | 1,879,000 | -18,750 | -183,000 | ||||||||||||||||
deemed dividend upon redemption of redeemable convertible preferred stock | |||||||||||||||||||
net loss attributable to common stockholders | -20,251,000 | -23,843,000 | -32,166,000 | -34,133,000 | -45,903,000 | -91,073,000 | |||||||||||||
interest and other (loss) | -113,000 | -146,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 288,246,000 | 286,358,000 | 280,360,000 | 286,384,000 | 265,074,000 | 254,161,000 | 251,032,000 | 237,958,000 | 220,384,000 | 216,894,000 | 215,965,000 | 212,656,000 | 204,261,000 | 208,585,000 | 197,885,000 | 211,603,000 | 230,324,000 | 256,416,000 | 266,237,000 |
accounts receivable | 1,761,000 | 3,285,000 | 1,143,000 | 1,139,000 | 1,473,000 | 1,948,000 | 1,094,000 | 1,209,000 | 1,167,000 | 1,779,000 | 721,000 | 1,177,000 | 962,000 | 1,435,000 | 1,109,000 | 901,000 | 830,000 | 992,000 | 822,000 |
inventory | 46,454,000 | 44,512,000 | 45,592,000 | 43,268,000 | 48,606,000 | 52,345,000 | 52,766,000 | 53,345,000 | 56,450,000 | 62,234,000 | 63,617,000 | 59,833,000 | 64,411,000 | 68,848,000 | 70,571,000 | 70,791,000 | 64,253,000 | 57,095,000 | 51,442,000 |
prepaid expenses and other current assets | 21,232,000 | 18,283,000 | 16,962,000 | 15,306,000 | 15,444,000 | 17,592,000 | 16,317,000 | 16,122,000 | 18,116,000 | 17,712,000 | 15,179,000 | 14,377,000 | 14,927,000 | 15,700,000 | 12,645,000 | 12,513,000 | 16,746,000 | 13,477,000 | 34,991,000 |
total current assets | 357,693,000 | 352,438,000 | 344,057,000 | 346,097,000 | 330,597,000 | 326,046,000 | 321,209,000 | 308,634,000 | 296,117,000 | 298,619,000 | 295,482,000 | 288,043,000 | 284,561,000 | 294,568,000 | 282,210,000 | 295,808,000 | 312,153,000 | 327,980,000 | 353,492,000 |
property and equipment | 191,324,000 | 187,448,000 | 182,576,000 | 177,156,000 | 173,795,000 | 170,464,000 | 166,500,000 | 162,736,000 | 156,722,000 | 152,332,000 | 151,109,000 | 143,606,000 | 140,476,000 | 138,628,000 | 134,328,000 | 128,472,000 | 121,253,000 | 112,195,000 | 105,332,000 |
right-of-use lease assets | 175,274,000 | 170,805,000 | 171,508,000 | 170,240,000 | 170,190,000 | 171,284,000 | 141,552,000 | 138,138,000 | 129,561,000 | 122,305,000 | 120,359,000 | 122,355,000 | 123,278,000 | 127,014,000 | 127,812,000 | 115,463,000 | 109,737,000 | ||
other assets | 12,118,000 | 10,228,000 | 8,780,000 | 8,406,000 | 8,173,000 | 8,696,000 | 8,729,000 | 8,698,000 | 10,492,000 | 7,056,000 | 7,929,000 | 7,705,000 | 9,566,000 | 8,497,000 | 5,802,000 | 3,814,000 | 1,523,000 | 471,000 | 739,000 |
total assets | 736,409,000 | 720,919,000 | 706,921,000 | 701,899,000 | 682,755,000 | 676,490,000 | 637,990,000 | 618,206,000 | 592,892,000 | 580,312,000 | 574,879,000 | 561,709,000 | 557,881,000 | 568,707,000 | 550,152,000 | 543,557,000 | 544,666,000 | 440,646,000 | 459,563,000 |
liabilities and stockholders’ equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 37,211,000 | 31,979,000 | 10,886,000 | 26,037,000 | 26,546,000 | 23,519,000 | 36,663,000 | 24,685,000 | 26,699,000 | 22,456,000 | 24,207,000 | 23,772,000 | 19,958,000 | 20,791,000 | 20,220,000 | 30,932,000 | 32,535,000 | 30,890,000 | 49,621,000 |
accrued expenses | 60,342,000 | 49,225,000 | 67,641,000 | 60,571,000 | 51,796,000 | 51,609,000 | 46,015,000 | 47,736,000 | 43,200,000 | 46,320,000 | 54,640,000 | 42,759,000 | 47,996,000 | 58,222,000 | 52,842,000 | 49,838,000 | 56,317,000 | 60,840,000 | 63,656,000 |
deferred revenue | 20,909,000 | 33,869,000 | 21,997,000 | 21,522,000 | 22,513,000 | 32,358,000 | 19,216,000 | 21,052,000 | 21,240,000 | 31,617,000 | 17,623,000 | 18,953,000 | 18,886,000 | 25,628,000 | 16,255,000 | 18,306,000 | 19,424,000 | 22,073,000 | 16,779,000 |
current lease liabilities | 31,881,000 | 31,399,000 | 28,641,000 | 24,632,000 | 18,882,000 | 20,235,000 | 26,068,000 | 25,559,000 | 24,462,000 | 24,286,000 | 23,086,000 | 22,598,000 | 21,710,000 | 22,546,000 | 20,244,000 | 18,737,000 | 18,518,000 | ||
other current liabilities | 2,939,000 | 3,658,000 | 2,900,000 | 2,771,000 | 2,876,000 | 2,633,000 | 2,155,000 | 2,002,000 | 2,939,000 | 2,411,000 | 2,254,000 | 2,351,000 | 2,489,000 | 2,370,000 | 1,923,000 | 2,047,000 | 1,948,000 | 4,301,000 | 4,299,000 |
total current liabilities | 153,282,000 | 150,130,000 | 132,065,000 | 135,533,000 | 122,613,000 | 130,354,000 | 130,117,000 | 121,034,000 | 118,540,000 | 127,090,000 | 121,810,000 | 110,433,000 | 111,039,000 | 129,557,000 | 111,484,000 | 119,860,000 | 128,742,000 | 118,104,000 | 134,355,000 |
non-current lease liabilities | 205,752,000 | 201,749,000 | 203,885,000 | 203,747,000 | 204,778,000 | 205,120,000 | 170,104,000 | 166,686,000 | 156,988,000 | 150,171,000 | 147,096,000 | 147,748,000 | 148,922,000 | 150,832,000 | 152,889,000 | 139,735,000 | 132,824,000 | ||
other liabilities | 1,570,000 | 1,310,000 | 1,346,000 | 1,168,000 | 1,275,000 | 943,000 | 1,019,000 | 1,096,000 | 1,177,000 | 1,264,000 | 1,362,000 | 1,466,000 | 1,574,000 | 1,672,000 | 1,820,000 | 1,931,000 | 2,217,000 | 2,674,000 | |
total liabilities | 360,604,000 | 353,189,000 | 337,296,000 | 340,448,000 | 328,666,000 | 336,417,000 | 301,240,000 | 288,816,000 | 276,705,000 | 278,525,000 | 270,268,000 | 259,647,000 | 261,535,000 | 282,061,000 | 266,193,000 | 261,526,000 | 263,783,000 | 154,648,000 | 168,007,000 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
common stock, 0.0001 par value... | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 11,000 | 11,000 | 11,000 | ||
additional paid-in capital | 1,060,002,000 | 1,054,779,000 | 1,050,899,000 | 1,048,699,000 | 1,039,755,000 | 1,029,220,000 | 1,018,751,000 | 1,007,288,000 | 987,305,000 | 970,135,000 | 954,019,000 | 933,786,000 | 912,110,000 | 890,915,000 | 867,754,000 | 841,699,000 | 808,222,000 | 779,212,000 | 738,834,000 |
accumulated deficit | -682,403,000 | -685,580,000 | -679,627,000 | -685,501,000 | -683,749,000 | -687,221,000 | -680,344,000 | -676,272,000 | -669,510,000 | -666,831,000 | -647,784,000 | -630,371,000 | -614,446,000 | -603,634,000 | -583,383,000 | -559,540,000 | -527,374,000 | -493,241,000 | -447,339,000 |
accumulated other comprehensive loss | -1,806,000 | -1,659,000 | -1,759,000 | -1,929,000 | -1,669,000 | -1,638,000 | -1,620,000 | -1,636,000 | -1,365,000 | -1,330,000 | |||||||||
total stockholders’ equity | 375,805,000 | 367,730,000 | 369,625,000 | 361,451,000 | 354,089,000 | 340,073,000 | 336,750,000 | 329,390,000 | 316,187,000 | 301,787,000 | 304,611,000 | 302,062,000 | 296,346,000 | 286,646,000 | 283,959,000 | 282,031,000 | 280,883,000 | 291,556,000 | |
total liabilities and stockholders’ equity | 736,409,000 | 720,919,000 | 706,921,000 | 701,899,000 | 682,755,000 | 676,490,000 | 637,990,000 | 618,206,000 | 592,892,000 | 580,312,000 | 574,879,000 | 561,709,000 | 557,881,000 | 568,707,000 | 550,152,000 | 543,557,000 | 544,666,000 | ||
accumulated other comprehensive income | -1,481,000 | -1,938,000 | -1,529,000 | -647,000 | -423,000 | -139,000 | 24,000 | 16,000 | 50,000 | ||||||||||
deferred rent | 36,544,000 | 30,978,000 | |||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||||||||||||||
redeemable convertible preferred stock, .0001 par value... | |||||||||||||||||||
stockholders’ deficit: | |||||||||||||||||||
total stockholders’ deficit | 285,998,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | 440,646,000 | ||||||||||||||||||
liabilities, redeemable convertible preferred stock, and stockholders’ equity | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
common stock, .0001 par value... | 11,000 | ||||||||||||||||||
total liabilities, redeemable convertible preferred stock, and stockholders’ equity | 459,563,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | ||||||||||||||||||
net income | 3,177,000 | -5,953,000 | 5,874,000 | -1,752,000 | 3,472,000 | -34,133,000 | ||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||
depreciation and amortization | 13,768,000 | 13,101,000 | 12,531,000 | 12,486,000 | 12,162,000 | 12,332,000 | 11,829,000 | 11,121,000 | 10,583,000 | 10,370,000 | 9,760,000 | 9,284,000 | 9,140,000 | 8,917,000 | 7,930,000 | 7,880,000 | 7,137,000 | 6,546,000 |
stock-based compensation | 11,391,000 | 6,276,000 | 7,031,000 | 8,896,000 | 12,333,000 | 8,630,000 | 10,785,000 | 13,831,000 | 14,048,000 | 16,426,000 | 16,291,000 | 18,012,000 | 19,780,000 | 19,823,000 | 24,301,000 | 26,764,000 | 27,144,000 | 31,146,000 |
asset impairment charges | 468,000 | 46,000 | 25,000 | 175,000 | 311,000 | 294,000 | 101,000 | 22,000 | 399,000 | 1,823,000 | 757,000 | 255,000 | 395,000 | 138,000 | ||||
amortization of cloud-based software implementation costs | 1,022,000 | 1,014,000 | 903,000 | 751,000 | 737,000 | 842,000 | 854,000 | 935,000 | 1,073,000 | 1,216,000 | 853,000 | 463,000 | 363,000 | |||||
change in operating assets and liabilities: | ||||||||||||||||||
accounts receivable | 1,524,000 | -2,142,000 | -4,000 | 334,000 | 475,000 | -855,000 | 115,000 | -41,000 | 612,000 | -1,059,000 | 455,000 | -214,000 | 473,000 | -325,000 | -215,000 | -74,000 | 163,000 | -171,000 |
inventory | -1,945,000 | 1,080,000 | -2,324,000 | 5,338,000 | 3,739,000 | 421,000 | 580,000 | 3,104,000 | 5,784,000 | 1,383,000 | -3,817,000 | 4,606,000 | 4,442,000 | 1,728,000 | 182,000 | -6,557,000 | -7,147,000 | -5,653,000 |
prepaid expenses and other assets | -5,901,000 | -3,784,000 | -2,932,000 | -849,000 | 1,934,000 | -2,085,000 | -1,087,000 | 2,852,000 | -2,913,000 | -3,686,000 | -891,000 | 1,958,000 | -657,000 | -5,741,000 | -2,161,000 | 1,931,000 | -4,316,000 | -6,112,000 |
accounts payable | 2,220,000 | 19,603,000 | -12,949,000 | -2,780,000 | 4,626,000 | -12,578,000 | 11,883,000 | -1,943,000 | 3,327,000 | -1,123,000 | 608,000 | 3,069,000 | -921,000 | 1,266,000 | -10,670,000 | 710,000 | 751,000 | -18,743,000 |
accrued expenses | 12,200,000 | -19,823,000 | 6,380,000 | 11,312,000 | -560,000 | 6,793,000 | -2,459,000 | 5,295,000 | -108,000 | -7,691,000 | 10,412,000 | -3,793,000 | -7,826,000 | 7,067,000 | 4,048,000 | -6,209,000 | -2,158,000 | -2,238,000 |
deferred revenue | -12,960,000 | 11,872,000 | 475,000 | -991,000 | -9,845,000 | 13,142,000 | -1,836,000 | -188,000 | -10,377,000 | 13,994,000 | -1,321,000 | 60,000 | -6,744,000 | 9,379,000 | -2,034,000 | -1,108,000 | -2,654,000 | 5,296,000 |
lease assets and liabilities | 16,000 | 1,325,000 | 2,880,000 | 4,668,000 | -601,000 | |||||||||||||
other liabilities | -469,000 | 639,000 | 84,000 | -210,000 | 575,000 | 146,000 | -77,000 | -81,000 | -87,000 | -99,000 | -103,000 | -109,000 | -97,000 | -148,000 | -110,000 | -287,000 | 2,217,000 | -2,143,000 |
net cash from operating activities | 24,511,000 | 23,254,000 | 17,974,000 | 40,199,000 | 29,358,000 | 19,912,000 | 27,282,000 | 31,623,000 | 19,927,000 | 13,665,000 | 19,931,000 | 18,752,000 | 8,643,000 | 23,839,000 | 1,155,000 | -4,328,000 | -10,296,000 | -31,859,000 |
capital expenditures | -9,014,000 | -12,221,000 | -21,843,000 | -16,552,000 | -11,241,000 | -18,854,000 | -12,759,000 | -18,144,000 | -9,855,000 | -15,867,000 | -12,898,000 | -11,831,000 | -9,428,000 | -15,066,000 | -12,857,000 | -16,471,000 | -11,819,000 | -15,583,000 |
free cash flows | 15,497,000 | 11,033,000 | -3,869,000 | 23,647,000 | 18,117,000 | 1,058,000 | 14,523,000 | 13,479,000 | 10,072,000 | -2,202,000 | 7,033,000 | 6,921,000 | -785,000 | 8,773,000 | -11,702,000 | -20,799,000 | -22,115,000 | -47,442,000 |
cash flows from investing activities | ||||||||||||||||||
purchases of property and equipment | -16,138,000 | -15,120,000 | -19,490,000 | -16,286,000 | -16,152,000 | -17,721,000 | -14,223,000 | -17,651,000 | -14,437,000 | -13,573,000 | -15,488,000 | -12,225,000 | -12,385,000 | -14,215,000 | -14,097,000 | -15,809,000 | -16,060,000 | -14,495,000 |
net cash from investing activities | -16,138,000 | -15,120,000 | -19,490,000 | -16,286,000 | -16,152,000 | -17,721,000 | -14,223,000 | -17,651,000 | -16,437,000 | -13,573,000 | -16,488,000 | -12,225,000 | -12,385,000 | -14,215,000 | -14,097,000 | -15,809,000 | -16,060,000 | -14,495,000 |
cash flows from financing activities | ||||||||||||||||||
proceeds from stock option exercises | 10,000 | 32,000 | 78,000 | 39,000 | 17,000 | 47,000 | 2,548,000 | 91,000 | 174,000 | 762,000 | 81,000 | 67,000 | 48,000 | 180,000 | ||||
shares withheld for taxes on stock-based compensation | -6,160,000 | -3,389,000 | -4,640,000 | -4,020,000 | -2,341,000 | |||||||||||||
net cash from financing activities | -6,160,000 | -2,314,000 | -4,608,000 | -2,773,000 | -2,302,000 | 1,207,000 | 47,000 | 3,616,000 | 91,000 | 730,000 | 174,000 | 1,886,000 | 81,000 | 1,197,000 | 112,000 | 1,802,000 | 180,000 | 36,574,000 |
effect of exchange rates on cash | -325,000 | 178,000 | 100,000 | 170,000 | 9,000 | -267,000 | -32,000 | -14,000 | -91,000 | 107,000 | -308,000 | -19,000 | -662,000 | -121,000 | -888,000 | -386,000 | 84,000 | -41,000 |
net change in cash and cash equivalents | 1,888,000 | -6,024,000 | 21,310,000 | 10,913,000 | 13,074,000 | 17,574,000 | 3,490,000 | 3,309,000 | ||||||||||
cash and cash equivalents, beginning of period | 286,358,000 | 0 | 0 | 254,161,000 | 0 | 0 | 216,894,000 | 0 | 0 | 208,585,000 | 0 | |||||||
cash and cash equivalents, end of period | 288,246,000 | -6,024,000 | 21,310,000 | 265,074,000 | 13,074,000 | 17,574,000 | 220,384,000 | 3,309,000 | 8,394,000 | 204,262,000 | -13,718,000 | |||||||
supplemental disclosures | ||||||||||||||||||
cash paid for income taxes | 221,000 | 68,000 | 65,000 | 606,000 | 37,000 | 253,000 | 437,000 | 276,000 | 69,000 | 19,000 | 74,000 | 229,000 | 97,000 | 65,000 | 174,000 | 263,000 | 34,000 | 42,000 |
cash paid for interest | 84,000 | 76,000 | 73,000 | 72,000 | 104,000 | 77,000 | 77,000 | 16,000 | 76,000 | 72,000 | 45,000 | 60,000 | 50,000 | 95,000 | 27,000 | 27,000 | 35,000 | 56,000 |
non-cash investing and financing activities: | ||||||||||||||||||
purchases of property and equipment included in accounts payable and accrued expenses | 7,124,000 | 2,899,000 | -2,353,000 | -266,000 | 4,911,000 | -1,133,000 | 1,464,000 | -493,000 | 4,582,000 | -2,294,000 | 2,590,000 | 394,000 | 2,957,000 | -851,000 | 1,240,000 | -662,000 | 4,241,000 | -1,088,000 |
non-cash charitable contribution | 0 | 0 | 0 | 0 | 0 | 2,591,000 | 500,000 | 0 | 0 | |||||||||
investment in optical equipment company | 0 | 0 | 0 | -2,000,000 | 0 | |||||||||||||
proceeds from shares issued in connection with espp | ||||||||||||||||||
other financing activity | ||||||||||||||||||
net increase in cash and cash equivalents | -9,821,000 | |||||||||||||||||
cash and cash equivalents | ||||||||||||||||||
beginning of year | 256,416,000 | 0 | ||||||||||||||||
end of year | 230,324,000 | -9,821,000 | ||||||||||||||||
proceeds from shares issued in connection with employee stock purchase plan | 0 | 0 | 0 | 0 | ||||||||||||||
net loss | -6,877,000 | -4,072,000 | -6,762,000 | -2,679,000 | -19,047,000 | -17,413,000 | -15,925,000 | -10,812,000 | -20,251,000 | -23,843,000 | ||||||||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||
cash paid for amounts included in the measurement of lease liabilities | 22,791,000 | 467,000 | 10,801,000 | 10,400,000 | 10,002,000 | 9,594,000 | 6,681,000 | 10,849,000 | ||||||||||
other current liabilities | 153,000 | -937,000 | 528,000 | 157,000 | -95,000 | -140,000 | 119,000 | 447,000 | -143,000 | 104,000 | 129,000 | 1,000 | ||||||
right-of-use lease assets and current and non-current lease liabilities | 513,000 | 2,219,000 | -263,000 | 1,001,000 | 1,844,000 | 626,000 | 988,000 | 1,039,000 | 2,361,000 | 1,414,000 | 2,571,000 | |||||||
deferred rent | 5,567,000 | |||||||||||||||||
proceeds from stock option and warrant exercises | 9,948,000 | |||||||||||||||||
employee tax withholding remitted in connection with exercise or release of equity awards | 26,527,000 | |||||||||||||||||
proceeds from repayment of related party loans | 46,000 | 99,000 | ||||||||||||||||
repurchase of stock | ||||||||||||||||||
payment for tender offer | 0 | |||||||||||||||||
related party loans issued in connection with stock option exercises | 0 | |||||||||||||||||
net decrease in cash and cash equivalents | -4,323,000 | -13,718,000 | -18,721,000 | -26,092,000 | ||||||||||||||
issuance of series f redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||
issuance of series g redeemable convertible preferred stock, net of issuance costs | ||||||||||||||||||
borrowings from credit facility | ||||||||||||||||||
repayment of credit facility | ||||||||||||||||||
stock repurchases | ||||||||||||||||||
cancellation of options for consideration | ||||||||||||||||||
other non-current assets |