Hims & Hers Health Inc. (HIMS) reported first-quarter fiscal 2025 results with revenue of $586 million, surpassing estimates of $539 million and marking a 111% year-over-year increase. The revenue beat was $47 million. Adjusted EBITDA reached $91 million, above the estimated $62 million, with an adjusted EBITDA margin of 16%, up 4 percentage points year-over-year. Earnings per share came in at $0.20, beating expectations by $0.08. The company reported subscriber growth of 38% year-over-year to 2.4 million. Gross margin was reported at 73.5%, and operating margin improved to approximately 10%, up from 4% in the previous quarter. Shares outstanding increased by 7% year-over-year. For the second quarter, Hims & Hers guided revenue to $540 million, below the consensus estimate of $565 million, and adjusted EBITDA to $70 million, in line with estimates. The full-year 2025 outlook remains unchanged with expected revenue of approximately $2.35 billion and an adjusted EBITDA margin raised by 1 percentage point to 13%-14%. HIMS shares moved from $38 to $43 and rose as much as 25% off the lows, reaching nearly $54 in post-market trading before pulling back. Trading volume reached a record 150 million shares, the highest ever for the stock. Short interest was reported to be around 35 million shares prior to the results, with expectations it may drop to 25 million. The company is currently trading at 34 times EBITDA. Brokerage firms responded with mixed actions: Needham reiterated a Buy rating with a $61 price target, while Piper Sandler maintained a Neutral rating and raised its price target to $39. Despite strong quarterly results, some analysts and investors expressed concerns about the company's guidance and rising costs, with cost of revenue increasing 216% year-over-year.