0001628280-25-050211
SEC filingQ3 营收增 8.2% 且扭亏为盈，毛利率大幅提升，但关税风险压制 2026 年展望。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenues | $151.7M | $140.2M | +8.2% |
| Gross Profit | $106.1M | $94.0M | +12.8% |
| Gross Margin | 69.9% | 67.1% | +280 bps |
| Operating Income | $9.6M | -$8.6M | — |
| Operating Margin | 6.4% | -6.2% | +1260 bps |
| Net Income | $8.7M | -$1.7M | — |
| Diluted EPS | $0.05 | -$0.01 | — |
| Adjusted EBITDA | $18.9M | $4.8M | +293% |
| Operating Cash Flow | $0.2M | $50.7M | -99.6% |
| Free Cash Flow | -$5.1M | $37.1M | — |
Q3 营收增长 8.2% 至 $151.7M，主要由订单量和 AOV 提升驱动，AOV 从 $108 增至 $114。毛利率大幅提升 280bps 至 69.9%，得益于折扣减少、退货率改善、运费下降和关税税率降低，但部分被关税成本抵消。经营杠杆显著，营销费用下降 17.7%，带动 Operating Income 转正至 $9.6M。
盈利质量方面，净利润 $8.7M 扭亏为盈，但经营现金流仅 $0.2M，远低于净利润，主要因库存增加 $31.1M 和应付账款减少 $14.8M。剔除关税影响后，run-rate 盈利能力更强，但现金流转化率低需关注。
| 分部 | 营收 | 同比 | 驱动 |
|---|---|---|---|
| Scrubwear | $127.0M | +8.4% | 核心品类，订单量增长 |
| Non-Scrubwear | $24.6M | +7.2% | 生活方式品类，增速略低 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $241.5M | +$0.4M |
| Inventory | $151.2M | +$35.5M |
| Operating Cash Flow | $0.2M | -$50.5M |
| Capex | $5.3M | -$8.4M |
| Free Cash Flow | -$5.1M | -$42.2M |