Warby Parker Inc. 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements Warby Parker Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Amounts in thousands, except par value) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 292,674 $ 286,358 Accounts receivable, net 2,080 3,285 Inventory 42,104 44,512 Prepaid expenses and other current assets 33,982 18,283 Total current assets 370,840 352,438 Property and equipment, net 201,808 187,448 Right-of-use lease assets 186,302 170,805 Other assets 13,365 10,228 Total assets $ 772,315 $ 720,919 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 41,269 $ 31,979 Accrued expenses 61,296 49,225 Deferred revenue 22,574 33,869 Current lease liabilities 35,541 31,399 Other current liabilities 2,800 3,658 Total current liabilities 163,480 150,130 Non-current lease liabilities 215,438 201,749 Other liabilities 1,412 1,310 Total liabilities 380,330 353,189 Commitments and contingencies (see Note 10) Stockholders’ equity: Common stock, $ 0.0001 par value; Class A: 750,000 shares authorized at June 30, 2026 and December 31, 2025, 107,726 and 106,318 issued and outstanding at June 30, 2026 and December 31, 2025, respectively; Class B: 150,000 shares authorized at June 30, 2026 and December 31, 2025, 15,700 and 16,130 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively, convertible to Class A on a one-to-one basis 12 12 Additional paid-in capital 1,071,564 1,054,779 Accumulated deficit ( 677,759 ) ( 685,580 ) Accumulated other comprehensive loss ( 1,832 ) ( 1,481 ) Total stockholders’ equity 391,985 367,730 Total liabilities and stockholders’ equity $ 772,315 $ 720,919 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Table of Contents Warby Parker Inc. and Subsidiaries Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (Amounts in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net revenue $ 235,511 $ 214,475 $ 477,958 $ 438,257 Cost of goods sold 99,054 100,866 210,460 198,668 Gross profit 136,457 113,609 267,498 239,589 Selling, general, and administrative expenses 133,290 118,134 262,664 241,643 Income (loss) from operations 3,167 ( 4,525 ) 4,834 ( 2,054 ) Interest and other income, net 2,084 1,984 4,415 4,439 In