Warby Parker reported strong financial results for the fourth quarter and full-year 2024, achieving double-digit revenue growth and increased profitability while expanding its customer base and store footprint.

Key financial highlights:

Fourth Quarter 2024:
- Net revenue: $190.6 million, up 17.8% from Q4 2023
- Gross margin: 54.1%, an improvement from 53.8%
- Active customers: 2.51 million, up 7.8%
- Average revenue per customer: $307, up 6.8%
- GAAP net loss: $6.9 million, an improvement from a $19.0 million loss
- Adjusted EBITDA: $13.8 million, up from $9.4 million
- Adjusted EBITDA margin: 7.3%, an increase of 1.5 percentage points

Full-Year 2024:
- Net revenue: $771.3 million, up 15.2%
- Gross margin: 55.3%, an improvement from 54.5%
- GAAP net loss: $20.4 million, an improvement from a $63.2 million loss
- Adjusted EBITDA: $73.1 million, up 40% year-over-year
- Adjusted EBITDA margin: 9.5%, an increase of 1.7 percentage points
- Net cash provided by operating activities: $98.7 million, up from $61.0 million
- Free cash flow: $34.7 million, up from $7.3 million
- Opened 41 new stores, bringing the total to 276 locations

Recent developments:
- Announced a partnership with Target to launch five Warby Parker shop-in-shops in 2025, with potential for future expansion.

2025 outlook:
- Net revenue of $878 million to $893 million, reflecting 14% to 16% growth
- Adjusted EBITDA of approximately $97 million, with a margin of around 11%
- 45 new store openings, including five Target shop-in-shops

CEO commentary:
Co-founders and co-CEOs Dave Gilboa and Neil Blumenthal expressed confidence in the company’s strong foundation and strategic growth, emphasizing exceptional customer experiences, scaling vision care services, and increasing impact.

Conclusion:
Warby Parker continues to strengthen its position in the eyewear market, delivering revenue growth, customer expansion, and improving profitability. With increased store openings, new partnerships, and a focus on operational efficiency, the company is poised for further growth in 2025.