HIMS reports $92M loss in Q1 2026 despite subscriber growth surge

A rocky quarter for HIMS: profits vanish, margins shrink, yet users keep signing up. Can new GLP-1 products turn the tide?

, and Administrator

2026 May 12 . 2:11 AM

1 min read

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HIMS reports $92M loss in Q1 2026 despite subscriber growth surge

HIMS has reported a sharp decline in profitability for the first quarter of 2026. The company swung from a net profit of $49.5 million in Q1 2025 to a net loss of $92.1 million in the same period this year. Despite the financial setback, subscriber numbers continued to grow. The company’s gross profit margin fell to 65% in Q1 2026, down from 73% a year earlier. Adjusted EBITDA also dropped significantly, landing at $44.3 million compared to $91.1 million in Q1 2025. Revenue trends showed a mixed picture, with domestic sales declining by 8% to $529.9 million, while international revenue jumped to $78.2 million.

Subscriber growth remained positive, reaching 2.6 million—a 9% increase from Q1 2025. However, the average monthly revenue per subscriber dipped to $80, down from $85 in the previous year. The company is now focusing on expanding its branded GLP-1 products and broadening its care services.

Looking ahead, HIMS has set its Q2 2026 revenue guidance between $680 million and $700 million, with adjusted EBITDA expected to range from $35 million to $55 million. For the full year, revenue is projected at $2.8 billion to $3.0 billion, with adjusted EBITDA forecasted between $275 million and $350 million. Additionally, the company announced it will shift from quarterly to annual shareholder updates. HIMS faces a challenging financial period, with declining margins and a net loss in Q1 2026. The company’s subscriber base continues to expand, but revenue per user has fallen. Future performance will depend on its investments in new product lines and care services, alongside its adjusted reporting schedule.