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Hims & Hers reported a negative EBITDA margin for the second consecutive quarter, a result that contrasts sharply with the positive adjusted figures presented by management.
The company's unadjusted profitability turned negative in the March 2026 quarter at negative 4.3% and fell further to negative 8.8% in the June 2026 quarter.
This decline occurred despite revenue growing 40% year over year to $753 million in the latest period.
The deterioration in profitability coincides with a steady erosion of gross margin, which has declined for eight straight quarters. Gross margin fell from 79% in September 2024 to 63.8% in the June 2026 quarter.
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