FIGS, Inc. released its third quarter 2024 financial results, reporting net revenues of $140.2 million, a decrease of 1.5% year-over-year. The company posted a net loss of $1.7 million, or $0.01 per diluted share, and an adjusted EBITDA margin of 3.4%. Active customers increased by 4% year-over-year to 2.673 million, while average order value (AOV) decreased by 5% to $108.
The company updated its full-year 2024 outlook, projecting net revenues to be down 1% to flat compared to 2023, with an adjusted EBITDA margin of approximately 8%. These figures reflect ongoing challenges in the operating environment, including impacts from footwear inventory, promotional timing, and fulfillment center ramp-up costs. Management indicated efforts are underway to address these issues and strengthen performance.
In a strategic move, FIGS announced a $25.0 million minority investment in OOG, Inc., an AI-powered education platform for healthcare professionals founded by FIGS Co-Founder Heather Hasson. This investment is expected to provide FIGS with benefits across marketing, community engagement, data, and AI. Additionally, FIGS completed the transition of its fulfillment center to a new state-of-the-art, highly-automated facility during the quarter.
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