Adjusted EBITDA was $82 million in Q2, negatively impacted by $7 million in severance and sign-on bonuses.
Cash and short-term investments ended Q2 at over $1.1 billion; free cash flow was negative $69 million due to investments in new capabilities and working capital.
G&A costs improved 1 point year-over-year but deleveraged 4 points quarter-over-quarter due to new executives and organizational restructuring.
Gross margins expanded 3 points quarter-over-quarter to 76%, driven by growth outside weight loss specialty.
Marketing spend was 40% of revenue, with slowed investment due to volatility in marketing efficiency.
Monthly average revenue per subscriber declined quarter-over-quarter to $74 from $84, primarily due to offboarding GLP-1 subscribers.
Revenue grew 73% year-over-year to $545 million in Q2 2025, with an adjusted EBITDA margin north of 15%.
Subscribers increased by 73,000 quarter-over-quarter to over 2.4 million, reflecting 31% year-over-year growth.
Technology and development costs increased to 7% of revenue, reflecting investment in technology talent.