Lulu's Fashion Lounge Holdings, Inc.

Listed Company

LVLUCIK 0001780201NasdaqEmerging GrowthRetail-Catalog & Mail-Order HousesDelawareFY ends Jan 3

Period

FY 2025

Revenue

$282.28M

Net Income

$-13.71M

Total Assets

$89.36M

Equity

$3.01M

Shares Out

2.86M

Op. Cash Flow

$1.38M

Business

Lulu’s Fashion Lounge Holdings, Inc. is a customer-driven, digitally-native attainable luxury fashion brand for women that primarily operates direct-to-consumer e-commerce. It offers modern, feminine apparel, dresses, footwear, accessories and bridal products, supported by personal stylists, a bridal concierge, fit experts and customer care services. The company’s operations include digital retail and merchandising, a data-driven product creation and reorder model, personalized styling and wholesale partnerships with department stores and brick-and-mortar retailers. Lulus distributes primarily through its website, mobile app and social channels, with wholesale accounts and shipping to international customers.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	282	316	355	440	376
Cost of revenue	160	186	207	248	199
Gross profit	122	130	148	191	177
Selling and marketing expenses	67	73	76	84	67
General and administrative expenses	68	81	92	99	88
Goodwill impairment	0	28	0	0	—
Loss from operations	−13	−52	−20	9	22
Interest expense	−2	−1	−2	−1	—
Other income, net	2	705,000	933,000	136,000	85,000
Loss before benefit (provision) for income taxes	−14	−53	−21	8	8
Income tax benefit (provision)	−188,000	−2	2	−4	6
Net loss and comprehensive loss	−14	−55	−19	4	2
Basic loss per share (In dollars per share)	−4.9	−20	−7.27	0.1	−6.08
Diluted loss per share (In dollars per share)	−4.9	−20	−7.27	0.1	−6.08
Basic weighted-average shares outstanding (In shares)	3	3	3	39	20
Diluted weighted-average shares outstanding (In shares)	3	3	3	39	20

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3	4	3	10	11
Accounts receivable	2	2	4	4	6
Inventory, net	32	34	35	43	22
Assets for recovery	2	2	3	4	4
Income tax refund receivable, net	1	4	3	4	748,000
Prepaids and other current assets	4	4	5	4	5
Total current assets	44	52	53	69	49
Property and equipment, net	2	4	5	4	3
Goodwill	7	7	35	35	35
Tradename	19	19	19	19	19
Intangible assets, net	3	3	3	3	2
Lease right-of-use assets	15	24	30	33	—
Other noncurrent assets	639,000	698,000	5	4	5
Total assets	89	108	149	167	114
Accounts payable	8	11	9	5	4
Accrued expenses and other current liabilities	17	16	18	18	22
Returns reserve	10	10	8	9	10
Stored-value card liability	18	18	13	11	7
Asset based revolving credit facility - current	14	—	—	—	—
Revolving line of credit	—	13	8	—	—
Lease liabilities, current	6	7	6	4	—
Total current liabilities	75	74	62	48	43
Lease liabilities, noncurrent	10	20	25	29	—
Other noncurrent liabilities	898,000	852,000	1	623,000	1
Total liabilities	86	95	88	102	69
Commitments and Contingencies (Note 7)	—	—	—	—	—
Preferred stock: $0.001 par value, 10,000,000 shares authorized, and no shares issued or outstanding	—	—	—	—	—
Common stock: $0.001 par value, 250,000,000 shares authorized; 2,971,729 and 2,804,542 shares issued and outstanding as of December 28, 2025 and December 29, 2024, respectively	43,000	42,000	41,000	39,000	38,000
Additional paid-in capital	267	262	254	239	222
Accumulated deficit	−262	−248	−193	−174	−178
Treasury stock, at cost, 146,555 shares and 22,621 shares as of December 28, 2025 and December 29, 2024, respectively	−1	−496,000	—	—	—
Total stockholders' equity	3	13	61	65	45
Total liabilities and stockholders' equity	89	108	149	167	114

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−14	−55	−19	4	2
Depreciation and amortization	5	5	5	4	3
Noncash lease expense	5	4	4	3	—
Gain on lease modification	−100,000	—	—	—	—
Gain on lease termination	−200,000	—	—	—	—
Amortization of debt discount and debt issuance costs	544,000	159,000	156,000	157,000	2
Loss on disposal of property and equipment	2,000	276,000	19,000	—	—
Equity-based compensation expense	4	8	18	16	14
Deferred income taxes	—	4	−3	2	−2
Accounts receivable	446,000	1	366,000	2	−2
Inventories	2	1	8	−21	−5
Assets for recovery	186,000	728,000	779,000	−136,000	−3
Income taxes (receivable) payable	3	−832,000	3	−4	2
Prepaid and other current assets	101,000	1	−2	694,000	−3
Accounts payable	−3	2	4	1	−3
Accrued expenses and other current liabilities	2	5	918,000	2	21
Operating lease liabilities	−4	−3	−3	−3	—
Other noncurrent liabilities	47,000	368,000	−46,000	8,000	−1
Net cash provided by operating activities	1	3	15	6	27
Capitalized software development costs	−2	−2	−2	−3	−2
Purchases of property and equipment	−350,000	−1	−2	−3	−1
Other	35,000	—	−68,000	−112,000	−425,000
Net cash used in investing activities	−2	−3	−4	−5	−3
Proceeds from issuance of common stock under ESPP	69,000	239,000	487,000	—	—
Principal payments on finance lease obligations	−1	−1	−983,000	−786,000	—
Withholding tax payments related to vesting of RSUs and 2023 Bonus Plan	−240,000	−1	−2	−1	—
Repurchase of common stock	−886,000	−496,000	—	—	—
Other	—	—	−6,000	−32,000	−24,000
Net cash provided by (used in) financing activities	−1	2	−19	−3	−28
Net increase (decrease) in cash and cash equivalents	−2	2	−8	−2	−4
Income taxes, net	−3	−1	−2	6	6
Interest	2	1	2	893,000	9
Operating leases	5	5	5	5	—
Finance leases	1	1	1	786,000	—
Right-of-use assets acquired under operating lease obligations	—	—	1	2	—
Assets acquired under finance lease obligations	—	42,000	983,000	5	—
Purchases of property and equipment included in accounts payable and accrued expenses	12,000	3,000	175,000	259,000	55,000
Capitalized software development costs included in accrued expenses	40,000	—	—	—	—
Remeasurement of operating lease right-of-use assets for lease modification	4	—	—	2	—
Derecognition of operating lease liabilities and assets upon lease termination	342,000	—	—	—	—

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