In Q1'26, HIMS's Gross Margin stood at 65.2%, reflecting a continued decline from the prior quarter's 71.9%. Operating Margin turned negative at -12.9%, a sharp drop from 1.5% in Q4'25, while Net Profit Margin fell to -15.1%, reversing the modest positive trend seen in the previous period. Over the period from Q2'23 to Q1'26, Gross Margin exhibited a steady downward trajectory, starting at 81.8% and eroding to 65.2% amid potential cost pressures, with minor fluctuations but no sustained recovery. Operating Margin improved from -4.4% in Q2'23 to a peak of 9.9% in Q1'25 before reverting to losses, indicating volatile profitability gains followed by deterioration. Net Profit Margin shifted from early losses of -3.4% to a high of 18.8% in Q3'24 and 8.4% in Q1'25, but trended lower thereafter to -15.1% in Q1'26, highlighting an overall pattern of initial progress undermined by recent setbacks in net earnings efficiency.