FIGS — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-07

• ◦Net revenues increased from $124.9 million to $159.9 million in the three months ended March 31, 2026 representing 28.0% year-over-year growth;

• ◦Gross margin increased 0.1 percentage points from 67.6% to 67.7% in the three months ended March 31, 2026;

• ◦Net income (loss) increased from $(0.1) million to $6.3 million in the three months ended March 31, 2026;

• ◦Net income (loss) margin increased from (0.1)% to 3.9% in the three months ended March 31, 2026;

• ◦Adjusted EBITDA increased from $9.2 million to $13.9 million in the three months ended March 31, 2026, representing an adjusted EBITDA margin of 8.7%;

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• ◦Net revenues increased from $140.2 million to $151.7 million, or 8.2%, for the three months ended September 30, 2025, and increased from $403.7 million to $429.2 million, or 6.3%, for the nine months ended September 30, 2025;

• ◦Gross margin increased 2.8 percentage points from 67.1% to 69.9% for the three months ended September 30, 2025, and increased 0.5 percentage points from 67.7% to 68.2% for the nine months ended September 30, 2025;

• ◦Net income (loss) increased from $(1.7) million to $8.7 million for the three months ended September 30, 2025, and increased from $0.8 million to $15.7 million for the nine months ended September 30, 2025;

• ◦Net income (loss) margin increased from (1.2)% to 5.8% for the three months ended September 30, 2025, and increased from 0.2% to 3.7% for the nine months ended September 30, 2025;

• ◦Adjusted EBITDA increased from $4.8 million to $18.9 million for the three months ended September 30, 2025, and increased from $30.7 million to $47.8 million for the nine months ended September 30, 2025, representing an adjusted EBITDA margin of 12.4% and 11.1%, respectively;

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) un…

• There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial report…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

• Our management, with the participation of our principal executive officer and principal financial officer, evaluated, as of the end of the period covered by this Quarterly Report on Form 10-Q, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) un…

• There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financi…

Text added vs the prior filing · source: 10-Q · 2026-05-07

• Our profitability may not continue. We expect our operating expenses to increase in the future as we increase our sales and marketing efforts, continue to invest in developing new products, including new fabrics, hire additional personnel as needed, expand our operating infrastructure, Community Hub…

• Our current operations and customer base are based largely in the United States, and our future growth depends in part on our ongoing expansion efforts outside of the United States. While we currently ship to certain countries in North America, Central America, South America, Europe, Asia and the Mi…

• volatility, and sales below our expectations as a result of inflationary pressure on consumer spending, have from time to time resulted in increased levels of inventory on hand, which has from time to time resulted in increased storage needs and costs.

• We also routinely monitor and recognize excess or obsolete inventory write-off charges when appropriate, and inventory levels in excess of customer demand may result in inventory write-downs or write-offs, which have occurred from time to time and which would negatively impact our results of operati…

• Lower than forecasted demand could also result in excess manufacturing capacity or reduced manufacturing efficiencies, which could result in lower margins. Conversely, if we underestimate customer demand, our suppliers and manufacturers may not be able to deliver products to meet our requirements, a…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• We have not always been profitable and may not be profitable in the future.

• We have not always been profitable. We expect our operating expenses to increase in the future as we increase our sales and marketing efforts, continue to invest in developing new products, including new fabrics, hire additional personnel as needed, expand our operating infrastructure, Community Hub…

• We plan to expand into additional international markets over time, which will expose us to new and significant risks.

• Our current operations and customer base are based largely in the United States, and our future growth depends in part on our ongoing expansion efforts outside of the United States. While we currently ship to certain countries in North America, Central America, South America, Europe, the Asia Pacifi…

• decision to increase weeks of supply during periods of ocean freight transit time volatility, and sales below our expectations as a result of inflationary pressure on consumer spending, have from time to time resulted in increased levels of inventory on hand, which has from time to time resulted in …

Text added vs the prior filing · source: 10-Q · 2026-05-07

• The information set forth below is included herein for the purpose of providing disclosure under “Item 5.02 Departure of directors or certain officers; election of directors; appointment of certain officers; compensatory arrangements of certain officers” of Form 8-K.

• On May 5, 2026, we and Catherine Spear, our Chief Executive Officer, entered into an amendment (the “Amendment”) to the Amended and Restated Employment Agreement, by and between us and Ms. Spear, dated as of May 26, 2021 (the “Spear Employment Agreement”). The Spear Employment Agreement was original…

• The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is filed as Exhibit 10.2 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.

• On May 5, 2026, we and Heather Hasson, our Executive Chairman, entered into a letter agreement (the “Letter Agreement”) to memorialize the parties' understanding with respect to Ms. Hasson's employment with the Company. The Letter Agreement provides that certain provisions in the Second Amended and …

• Pursuant to the Letter Agreement, Ms. Hasson remains ineligible to receive any base salary or annual bonus and will continue to be eligible (i) to participate (at our sole cost and on a tax-neutral basis to Ms. Hasson) in the health, welfare, retirement, vacation and other employee benefit plans, pr…

Text removed vs the prior filing · source: 10-Q · 2025-11-06

• The information set forth below is included herein for the purpose of providing disclosure under “Item 1.01 Entry into a Material Definitive Agreement” and “Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant” of Form 8-K.

• On November 3, 2025, the Company entered into a second amendment (the “Second Amendment”) to that certain credit agreement (as amended from time to time, the “Credit Agreement”), dated as of September 7, 2021, by and between the Company, as borrower, the other guarantor parties thereto, and Bank of …

• The Second Amendment further amends the Credit Agreement to, among other things, extend the maturity date of its $100.0 million revolving credit facility thereunder from September 7, 2026 to November 3, 2030 and reduce the annual commitment fee to 0.15% of the unused Revolving Facility (as defined i…

• The foregoing description of the Second Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amendment, which is attached as Exhibit 10.1 to this Quarterly Report on Form 10-Q and is incorporated herein by reference.