0001628280-26-033562
SEC filingRevenue grew 4.7% driven by Honey Birdette full-price sales, and operating loss narrowed sharply, but cash burn persisted.
Revenue for the first quarter of 2026 was $30.2 million, a 4.7% increase from $28.9 million in the prior year period. The growth was driven by Honey Birdette's full-price product sales, particularly in the US market. Gross profit rose to $20.7 million from $19.8 million, yielding a gross margin of 68.4%. The increase in gross profit was due to higher revenue and a favorable product mix, partly offset by an increase in inventory reserves.
Management continues to pursue a commercial strategy centered on a capital-light model, focusing on revenue streams with higher margins, lower working capital requirements, and higher growth potential. The company's financial performance has improved as it becomes more capital-light, and it remains in compliance with debt covenants.