Evolus (NASDAQ: EOLS) Q1 2026 earnings, guidance and growth outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Evolus, Inc. reported first quarter 2026 net revenue of $73.1 million, up 7% from a year earlier, driven by $66.4 million of toxin revenue and $6.7 million from injectable HA gels. Gross margin was 66.9%, and adjusted gross margin 68.0%.
The company posted a GAAP operating loss of $6.8 million and net loss of $10.7 million, but achieved positive Adjusted EBITDA of $0.6 million, its second consecutive quarter of positive adjusted profitability. Cash and cash equivalents were $49.8 million as of March 31, 2026.
Evolus reaffirmed 2026 guidance for net revenue of $327–$337 million, adjusted gross margin of 65.5–67.0%, non‑GAAP operating expenses of $210–$216 million, and a low‑ to mid‑single digit Adjusted EBITDA margin. The company also terminated an unused $50 million at‑the‑market equity sales agreement.
Positive
- None.
Negative
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Insights
Evolus grows revenue modestly, turns positive on Adjusted EBITDA, and maintains 2026 and 2028 targets.
Evolus delivered Q1 2026 net revenue of $73.1M, up 7% year over year, with gross margin of 66.9% and adjusted gross margin of 68.0%. While GAAP net loss remained at $10.7M, Adjusted EBITDA improved to a positive $0.6M versus a $5.5M loss a year ago.
Management reaffirmed 2026 guidance for net revenue between $327M and $337M, adjusted gross margin of 65.5–67.0%, and non‑GAAP operating expenses of $210–$216M, implying continued operating leverage. Longer term, the company targets 2028 revenue of $450–$500M and Adjusted EBITDA margins of 13–15%.
The balance sheet shows $49.8M of cash and $156.4M of long‑term debt as of March 31, 2026, with total stockholders’ deficit of $28.8M. Evolus also terminated an unused $50M at‑the‑market equity program, indicating no shares were issued through that facility.
Guidance depends on product launches, loyalty growth, and managing new tariff risks.
Evolus’ outlook assumes Jeuveau and HA gel brands drive 2026 revenue growth of 10–13% and HA gels contribute 10–12% of total revenue. The company highlights a growing Evolus Rewards™ base approaching 1.5M members and repeat treatment rates near 70%.
Management is planning for U.S. commercialization of Evolysse Form and Smooth, a European launch of Estyme HA gels, and anticipated U.S. approval of Evolysse Sculpt in Q4 2026, although guidance assumes no revenue from Sculpt. These milestones underpin the 2028 targets for $450–$500M revenue and 13–15% Adjusted EBITDA margin.
Policy risk appears around a proposed 15% White House tariff on patented pharmaceuticals from South Korea that would affect Jeuveau starting September 29, 2026. The company cites Jeuveau’s three‑year shelf life and manufacturing flexibility as tools to mitigate near‑ to medium‑term impact, while it evaluates longer‑term mitigation strategies.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 net revenue: $73.1M
Q1 2026 net loss: $10.7M
Q1 2026 Adjusted EBITDA: $0.6M
+5 more
8 metrics
Q1 2026 net revenue
$73.1M
Quarter ended March 31, 2026; 7% year-over-year increase
Q1 2026 net loss
$10.7M
GAAP net loss for the quarter ended March 31, 2026
Q1 2026 Adjusted EBITDA
$0.6M
Second consecutive quarter of positive Adjusted EBITDA; 0.8% margin
2026 revenue guidance
$327–$337M
Projected 2026 total net revenues; 10–13% growth over prior year
Cash and cash equivalents
$49.8M
Balance as of March 31, 2026
Long-term debt
$156.4M
Outstanding long-term debt as of March 31, 2026
2028 revenue outlook
$450–$500M
Target total net revenue for 2028; 15–19% three-year CAGR
Terminated ATM capacity
$50.0M
Size of at-the-market Sales Agreement terminated May 1, 2026
Key Terms
Adjusted EBITDA, adjusted gross profit margin, non-GAAP operating expenses, at-the-market offerings, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA, which is equivalent to non-GAAP income from operations, in the first quarter of 2026 was $0.6 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
adjusted gross profit margin financial
"Gross profit margin and adjusted gross profit margin were 66.9% and 68.0%, respectively"
Adjusted gross profit margin shows how much money a company keeps from sales after subtracting the direct costs of making its products or services, but it removes one-time or unusual charges to show the underlying performance. Think of it as the profit rate of a lemonade stand after paying for ingredients, but with a one-off broken juicer or a special sale taken out so you can see how the stand normally performs; investors use it to compare profitability without distortions.
non-GAAP operating expenses financial
"Non-GAAP operating expenses for the first quarter of 2026 were $49.1 million"
Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.
at-the-market offerings financial
"The Sales Agreement had provided for the offer and sale from time to time of up to $50.0 million of shares of the Company’s common stock through “at-the-market” offerings"
An at-the-market offering is a method for a company to sell new shares of its stock directly into the stock market over time, rather than all at once. This approach allows the company to raise money gradually, similar to selling small portions of a product as demand grows. For investors, it can influence stock availability and price, making it an important factor to consider when assessing a company's financial strategy.
contingent royalty obligation financial
"The fourth quarter of 2025 included a $4.5 million benefit related to the revaluation of the contingent royalty obligation"
tariff regulatory
"the White House announced a 15% tariff on patented pharmaceuticals from South Korea"
A tariff is a tax charged by a government on goods as they cross a border, like a toll on a highway for imported products. For investors, tariffs matter because they raise costs for companies that buy or sell goods internationally, can squeeze profit margins, change competitive balance, and prompt firms to move suppliers or raise prices — all of which can affect revenues, costs and stock valuations.
Earnings Snapshot
Net revenue: $73.1M · Guidance included
Q1 2026
Net revenue
$73.1M
+7% YoY
Net loss
$10.7M
improved vs. $18.9M prior-year loss
Adjusted EBITDA
$0.6M
improved vs. -$5.5M prior-year
Gross margin
66.9%
vs. 68.1% prior year
Guidance
For 2026, Evolus guides to $327–$337M net revenue, 65.5–67.0% adjusted gross margin, $210–$216M non-GAAP operating expenses, and a low- to mid-single digit Adjusted EBITDA margin, and targets 2028 revenue of $450–$500M with 13–15% Adjusted EBITDA margins.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(949 ) 284-4555
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(Nasdaq Global Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition.
On May 4, 2026, Evolus, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. The press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
Termination of "At-The-Market" Sales Agreement
On May 1, 2026, the Company terminated the Sales Agreement, dated March 8, 2023, by and between the Company and SVB Securities LLC, now known as Leerink Partners LLC, as sales agent (the “Sales Agreement”). The Sales Agreement had provided for the offer and sale from time to time of up to $50.0 million of shares of the Company’s common stock through “at-the-market” offerings. Prior to termination, the Company had not sold any shares under the Sales Agreement.
As provided in General Instruction B.2 of Form 8-K, the information in this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | |||||||
| 99.1 | Press Release of Evolus, Inc., dated May 4, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Evolus, Inc. | ||||||||
Dated: May 4, 2026 | /s/ David Moatazedi | |||||||
David Moatazedi | ||||||||
President and Chief Executive Officer | ||||||||
Evolus Reports First Quarter 2026 Financial Results; Company Delivers Second Consecutive Quarter of Positive Adjusted EBITDA and Reaffirms Full-Year Outlook
•Global Net Revenue of $73.1 Million for the First Quarter of 2026, Up 7% Over the Prior Year and Against the Highest Growth Quarter of 2025
•GAAP Operating Loss of $6.8 Million and Adjusted EBITDA of $0.6 Million for the First Quarter of 2026, Representing the Second Consecutive Quarter of Positive Adjusted EBITDA and a Significant Improvement from a Loss of $5.5 Million in the Prior Year Period
•Reaffirms Full-Year 2026 Net Revenue Guidance of $327 Million to $337 Million and Non-GAAP Operating Expenses of $210 Million to $216 Million; Company Continues to Expect to Achieve a Low- to Mid-Single Digit Adjusted EBITDA Margin in 2026
NEWPORT BEACH, Calif., May 4, 2026 – Evolus, Inc. (NASDAQ: EOLS), a global performance beauty company with a focus on building an aesthetic portfolio of consumer brands, today announced its financial results for the first quarter ended March 31, 2026.
“We started 2026 with a second consecutive quarter of positive Adjusted EBITDA, delivering profitability1 in what is seasonally our lowest revenue quarter,” said David Moatazedi, President and Chief Executive Officer of Evolus. “This performance reflects continued strength of the business and the benefit from structural improvements we implemented in 2025. Importantly, achieving profitability1 in the first quarter further reinforces the durability of our operating model and our confidence in achieving full-year profitability1 in 2026.”
“Underlying demand across the business remains healthy and consistent with the momentum we exited 2025,” Moatazedi continued. “In the first quarter, we delivered unit growth for Jeuveau® across both U.S. and International markets, and during the second quarter of 2026 we expect to overcome some unique dynamics from the prior year, resulting in high single-digit Jeuveau® growth in the first half and supporting double-digit total revenue growth for the full year. Our performance continues to be supported by strong engagement from our existing customer base, expansion across national accounts, and ongoing growth in our international markets. At the same time, Evolysse® is building momentum and contributing to our expanding share of wallet within accounts.”
“We are continuing to advance our strategy of building a global performance beauty company supported by a differentiated and expanding portfolio,” Moatazedi concluded. “Our commercial platform continues to scale effectively, supported by strong growth in Evolus Rewards™, which now approaches 1.5 million members, along with increasing customer penetration and consistent repeat utilization. We are also progressing key milestones, including the upcoming launch in mid-May of all four injectable hyaluronic acid gels under the Estyme® brand in Europe, and we continue to anticipate U.S. approval of Evolysse® Sculpt later this year. With a more efficient cost structure and expanding operating leverage, we reiterate our full‑year guidance to deliver positive Adjusted EBITDA and double‑digit revenue growth in 2026, while continuing to invest in long‑term value creation.”
First Quarter 2026 Highlights and Recent Developments
1
•The company’s key performance indicators demonstrated continued momentum during the first quarter, reflecting increasing customer penetration, strong reorder behavior, and the scalability of Evolus’ digitally enabled commercial platform.
◦Total purchasing accounts increased by nearly 500 in the first quarter. Since launch, more than 18,100 customers have purchased from Evolus, with approximately 3,500 purchasing Evolysse®, driving U.S. account penetration above 60%. Customer reorder rates are approximately 71%2, reflecting strong engagement and retention.
◦Members in the Evolus Rewards™ consumer loyalty program grew by nearly 75,000 during the quarter to approach 1.5 million3, representing a total increase of 27% as compared to the first quarter of 2025.
◦Total Evolus Rewards™ redemptions for the quarter grew and reached an all-time high of over 255,0003 with existing patients receiving repeat treatments at the rate of approximately 70%, which demonstrates growing consumer adoption and utilization independent of broader market dynamics.
First Quarter 2026 Financial Results
•Total net revenues for the first quarter of 2026 were $73.1 million, a 7% increase over the first quarter of 2025. Net revenue for the first quarter of 2026 included $66.4 million of global toxin revenue and $6.7 million of revenue from injectable hyaluronic acid (HA) gels.
•Gross profit margin and adjusted gross profit margin were 66.9% and 68.0%, respectively. Adjusted gross profit margin excludes amortization of intangible assets.
•GAAP operating expenses for the first quarter of 2026 were $55.7 million as compared to $55.1 million in the fourth quarter of 2025. The fourth quarter of 2025 included a $4.5 million benefit related to the revaluation of the contingent royalty obligation.
•Non-GAAP operating expenses for the first quarter of 2026 were $49.1 million, compared to $53.0 million in the fourth quarter of 2025. Non-GAAP operating expenses exclude stock-based compensation expense, revaluation of the contingent royalty obligation and depreciation and amortization.
•GAAP loss from operations for the first quarter of 2026 was $6.8 million, compared to GAAP loss from operations of $15.2 million in the first quarter of 2025.
•Adjusted EBITDA, which is equivalent to non-GAAP income from operations, in the first quarter of 2026 was $0.6 million, compared to a loss of $5.5 million in the first quarter of 2025, reflecting expanding operating leverage and disciplined expense management.
•As of March 31, 2026, the company had cash and cash equivalents of $49.8 million compared to $53.8 million on December 30, 2025.
Outlook - Evolus Continues to Expect:
•Total net revenues for 2026 projected to be between $327 million and $337 million, which represents 10% to 13% growth over the prior year.
•Adjusted gross profit margin for the full-year 2026 to be between 65.5% and 67.0%, reflecting an evolving revenue mix while maintaining a disciplined approach to margin optimization.
•Non-GAAP operating expenses for 2026 to be between $210 million and $216 million, representing a modest 0% to 3% growth over 2025 non-GAAP operating expenses, and reflecting meaningful operating leverage alongside continued operational efficiency.
•Evolysse® and Estyme® injectable HA gels to contribute 10% to 12% of total revenue for the full-year 2026, reflecting:
◦U.S. commercialization of Evolysse® Form and Evolysse® Smooth;
◦The anticipated commercial launch of Estyme® in Europe; and
◦The anticipated U.S. approval of Evolysse® Sculpt in the fourth quarter of 2026; however, guidance assumes no revenue contribution from the product.
•Achieve a low- to mid-single digit Adjusted EBITDA margin in 2026.
•To maintain a strong capital position, supported by $49.8 million of cash and cash equivalents as of March 31, 2026 and approximately $120 million of additional capacity, providing sufficient resources to execute the Company’s strategy and invest in growth.
2
•2028 long-term financial outlook reflecting total net revenue between $450 million and $500 million, representing a three-year CAGR of 15% to 19%, and Adjusted EBITDA margins of 13% to 15% for 2028, which reflects:
◦Current market conditions and a more conservative near-term growth environment;
◦Strengthened market share, driven by continued outperformance, portfolio expansion, and commercial execution; and
◦International business performance remaining on track, supported by continued execution across existing markets and the anticipated commercial launch of Estyme® in Europe.
The Company Noted:
•In April the White House announced a 15% tariff on patented pharmaceuticals from South Korea. Absent an exception, this tariff would apply to Jeuveau® beginning September 29, 2026. Given the three-year shelf life of Jeuveau®, combined with its manufacturing partner’s ability to produce significant quantities, the Company believes it has meaningful flexibility to mitigate the near to medium term impact of the announced tariff. Certain elements of the tariff may not ultimately apply to Evolus, and the Company is actively evaluating mitigation strategies to minimize medium to long-term potential financial or operational impact.
•Evolysse®, which is classified as a medical device and imported from France, is currently subject to a 10% tariff.
•Beginning in fiscal year 2026, the Company has transitioned its primary profitability metric from Non-GAAP Operating Income (Loss) to Adjusted EBITDA. This change is intended to improve comparability to industry peers, and will not impact reported results, as the reconciling items are consistent between both metrics.
Conference Call Information
Management will host a conference call and live webcast to discuss Evolus’ financial results today at 4:30 p.m. ET. To participate in the conference call, dial (877) 407-6184 (U.S.) or (201) 389-0877 (international) or connect to the live webcast via the link on the Investor Relations page of our website at www.evolus.com.
Following the completion of the call, an audio replay can be accessed for 48 hours by dialing (877) 660-6853 (U.S.) or (201) 612-7415 (international) and using conference number 13759697. An archived webcast, which will remain available for 30 days, can also be accessed on the Investor Relations page of our website at www.evolus.com.
About Evolus, Inc.
Evolus (NASDAQ: EOLS) is a global performance beauty company redefining the aesthetic injectable market for the next generation of beauty consumers through its unique, customer-centric business model and innovative digital platform. Our mission is to become a global leader in aesthetics anchored by our flagship products: Jeuveau® (prabotulinumtoxinA-xvfs), the first and only neurotoxin dedicated exclusively to aesthetics, and Evolysse®, a collection of unique injectable hyaluronic acid (HA) gels. Visit us at www.evolus.com, and follow us on LinkedIn, X, Instagram or Facebook.
1 “Profitability” is not a measure presented in accordance with GAAP. Within this press release, “profitability” for 2025 and prior is defined as achieving positive Adjusted EBITDA. See “Use of Non-GAAP Financial Measures” below for more information on the company’s use and definitions of non-GAAP measures.
2 Represents cumulative statistics from the launch of Jeuveau® in May 2019 through March 31, 2026.
3 Represents cumulative statistics from the launch of Evolus Rewards™ in May 2020 through March 31, 2026.
Use of Non-GAAP Financial Measures
3
Evolus’ financial results are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
This press release and the reconciliation tables included in the financial schedules below include adjusted gross profit, adjusted gross profit margin, non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin.
Adjusted gross profit is calculated as gross profit excluding amortization of an intangible asset. Adjusted gross profit margin is defined as adjusted gross profit as a percentage of total net revenues.
Non-GAAP operating expenses excludes (i) revaluation of the contingent royalty obligations, (ii) stock-based compensation expense and (iii) depreciation and amortization.
Adjusted EBITDA is defined as net income (loss) before interest expense, interest income, income tax expense, revaluation of the contingent royalty obligations, stock-based compensation expense, depreciation and amortization, and other income (expense), net. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total net revenues.
Management believes that adjusted gross profit and adjusted gross profit margin are important measures for investors because management uses adjusted gross profit margin as a key performance indicator to evaluate the profitability of sales without giving effect to costs that are not core to our cost of sales, such as the amortization of an intangible asset.
Management believes that non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin are useful in helping to identify the company’s core operating performance and enables management to consistently analyze the period-to-period financial performance of the core business operations.
Management also believes that non-GAAP operating expenses, Adjusted EBITDA and Adjusted EBITDA margin will enable investors to assess the company in the same way that management assesses the company’s operating performance against comparable companies with conventional accounting methodologies.
The company’s definitions of adjusted gross profit, adjusted gross profit margin, non-GAAP operating income margin, Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools and may differ from other companies reporting similarly named measures.
Non-GAAP measures should not be considered measures of financial performance under GAAP, and the items excluded from such non-GAAP measures should not be considered in isolation or as alternatives to financial statement data presented in the financial statements as an indicator of financial performance or liquidity. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP but should not be considered a substitute for or superior to GAAP results.
For a reconciliation of our historical (i) adjusted gross profit, (ii) adjusted gross profit margin, (iii) non-GAAP operating expenses, and (iv) Adjusted EBITDA and Adjusted EBITDA margin presented herein to (i) gross profit, (ii) gross profit margin, (iii) GAAP operating expenses and (iv) GAAP Net Loss, the most directly comparable GAAP financial measures, please see “Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin,” “Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses” and “Reconciliation of Reconciliation of GAAP Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin” in the financial schedules below.
In addition, this press release includes information regarding the company’s expected non-GAAP operating expenses and Adjusted EBITDA for the full-year 2026 and Adjusted EBITDA margin by 2028. Evolus has not provided a reconciliation of such forward-looking non-GAAP operating expenses, Adjusted EBITDA, or Adjusted EBITDA margin because a reconciliation of such measures to forward-looking GAAP operating expenses and GAAP net income (loss), respectively, the most directly comparable GAAP financial measures, is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the forward-looking outlook for these non-GAAP financial measures since they have not yet occurred and/or cannot be reasonably predicted. Such unavailable information could have a significant impact on Evolus’ GAAP financial results.
4
Forward-Looking Statements
This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties, including statements about future or anticipated events, our business, financial condition, results of operations and prospects, our industry and the regulatory environment in which we operate. Any statements contained herein that are not statements of historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or the negative of those terms, or other comparable terms intended to identify statements about the future. The company’s forward-looking statements include, but are not limited to, statements related to anticipated product launches and approvals; the impacts of tariffs and the company’s ability to mitigate such impacts; the company’s business strategies and capital resources; the company’s financial outlook for 2026 and beyond, including the assumptions set forth therein; and the company’s expectations and timing for achieving continued profitability.
The forward-looking statements included herein are based on our current expectations, assumptions, estimates and projections, which we believe to be reasonable, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties, all of which are difficult or impossible to predict accurately and many of which are beyond our control, include, but are not limited to uncertainties associated with our ability to comply with the terms and conditions in the Medytox Settlement Agreements, our ability to fund our future operations or obtain financing to fund our operations, our reliance on consumer discretionary spending, unfavorable global economic conditions including trade disputes, tariffs and regulatory actions on imports, uncertainties related to customer and consumer adoption of Jeuveau® and Evolysse®, the efficiency and operability of our digital platform, competition and market dynamics, our ability to successfully launch and commercialize our products in new markets, including the Evolysse® Hyaluronic Acid (HA) gels in the U.S. and Estyme® HA gels in Europe, our ability to maintain regulatory approvals of Jeuveau® and Evolysse® or obtain regulatory approvals for new product candidates or indications, our reliance on Symatese to achieve and/or maintain regulatory approval for the Evolysse® HA gel products in the U.S., and other risks described in our filings with the Securities and Exchange Commission, including in the section entitled “Risk Factors” in our Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for quarter ended March 31, 2026 filed with the Securities and Exchange Commission on or about May 4, 2026. These filings can be accessed online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events. If we do update or revise one or more of these statements, investors and others should not conclude that we will make additional updates or corrections.
Jeuveau® and Nuceiva®, and Evolysse® are registered trademarks of Evolus, Inc.
Estyme® is a trademark of Symatese Aesthetics S.A.S.
Jeuveau® (known as Nuceiva® outside the United States) and Evolysse® (known as Estyme® outside the United States) are referred to throughout this press release by their U.S. trade names for convenience.
###
Evolus Contacts:
Investors:
Nareg Sagherian
Vice President, Head of Global Investor Relations and Corporate Communications
5
Tel: 248-202-9267
Email: ir@evolus.com
Media:
Email: media@evolus.com
6
Evolus, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except loss per share data)
(Unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue: | |||||||||||
| Product revenue, net | $ | 72,747 | $ | 68,074 | |||||||
| Service revenue | 390 | 448 | |||||||||
| Total net revenues | 73,137 | 68,522 | |||||||||
| Cost of goods sold | 24,240 | 21,867 | |||||||||
| Gross profit | 48,897 | 46,655 | |||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative | 51,981 | 56,640 | |||||||||
| Research and development | 2,240 | 2,212 | |||||||||
| Revaluation of contingent royalty obligation payable to Evolus Founders | (14) | 2,151 | |||||||||
| Depreciation and amortization | 1,538 | 824 | |||||||||
| Total operating expenses | 55,745 | 61,827 | |||||||||
| Loss from operations | (6,848) | (15,172) | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 285 | 710 | |||||||||
| Interest expense | (3,975) | (4,415) | |||||||||
| Other income (expense), net | 120 | 57 | |||||||||
| Loss before income taxes | (10,418) | (18,820) | |||||||||
| Income tax expense | (256) | (72) | |||||||||
| Net loss | $ | (10,674) | $ | (18,892) | |||||||
| Other comprehensive income (loss), net of tax: | |||||||||||
| Currency translation adjustment | (122) | 66 | |||||||||
| Comprehensive loss | $ | (10,796) | $ | (18,826) | |||||||
| Net loss per share, basic and diluted | $ | (0.16) | $ | (0.30) | |||||||
| Weighted-average shares outstanding used to compute basic and diluted net loss per share | 65,187 | 63,697 | |||||||||
7
Evolus, Inc.
Summary of Consolidated Balance Sheet Data
(Unaudited, in thousands)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Cash and cash equivalents | $ | 49,792 | $ | 53,826 | |||||||
| Accounts receivable, net | 52,219 | 54,697 | |||||||||
| Inventories | 24,796 | 26,963 | |||||||||
| Prepaid expenses and other current assets | 12,117 | 7,431 | |||||||||
| Total current assets | 138,924 | 142,917 | |||||||||
| Noncurrent assets | 81,722 | 82,951 | |||||||||
| Total assets | $ | 220,646 | $ | 225,868 | |||||||
| Accounts payable and accrued expenses | $ | 51,408 | $ | 58,951 | |||||||
| Other current liabilities | 16,616 | 16,354 | |||||||||
| Total current liabilities | 68,024 | 75,305 | |||||||||
| Long-term debt | 156,414 | 146,096 | |||||||||
| Other noncurrent liabilities | 24,989 | 27,573 | |||||||||
| Total liabilities | $ | 249,427 | $ | 248,974 | |||||||
| Total stockholders’ equity (deficit) | $ | (28,781) | $ | (23,106) | |||||||
Evolus, Inc.
Summary of Consolidated Cash Flows
(Unaudited, in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash (used in) provided by: | |||||||||||
| Operating activities | $ | (9,952) | $ | (15,632) | |||||||
| Investing activities | (1,691) | (1,861) | |||||||||
| Financing activities | 7,619 | (1,631) | |||||||||
| Effect of exchange rates on cash and cash equivalents | (10) | 66 | |||||||||
| Change in cash and cash equivalents | (4,034) | (19,058) | |||||||||
| Cash and cash equivalents, beginning of period | 53,826 | 86,952 | |||||||||
| Cash and cash equivalents, end of period | $ | 49,792 | $ | 67,894 | |||||||
8
Evolus, Inc.
Reconciliation of Gross Profit Margin to Adjusted Gross Profit Margin
(Unaudited, in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Total net revenues | $ | 73,137 | $ | 68,522 | |||||||
| Cost of goods sold | 24,240 | 21,867 | |||||||||
| Gross profit | 48,897 | 46,655 | |||||||||
| Gross profit margin | 66.9% | 68.1 | % | ||||||||
| Add: Amortization of distribution right intangible asset | 808 | 739 | |||||||||
| Adjusted gross profit | $ | 49,705 | $ | 47,394 | |||||||
| Adjusted gross profit margin | 68.0% | 69.2 | % | ||||||||
Evolus, Inc.
Reconciliation of GAAP Operating Expenses to
Non-GAAP Operating Expenses
(Unaudited, in thousands)
| Three Months Ended March 31, | Three Months Ended December 31, | ||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||
| GAAP operating expense | $ | 55,745 | $ | 61,827 | $ | 55,071 | |||||||||||
| Adjustments: | |||||||||||||||||
| Revaluation of contingent royalty obligation | (14) | 2,151 | (4,511) | ||||||||||||||
| Stock-based compensation: | |||||||||||||||||
| Included in selling, general and administrative | 4,750 | 5,749 | 4,787 | ||||||||||||||
| Included in research and development | 366 | 179 | 360 | ||||||||||||||
| Depreciation and amortization | 1,538 | 824 | 1,446 | ||||||||||||||
| Non-GAAP operating expense | $ | 49,105 | $ | 52,924 | $ | 52,989 | |||||||||||
9
Evolus, Inc.
Reconciliation of GAAP Net Loss to
Adjusted EBITDA and Adjusted EBITDA Margin
(Unaudited, in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| GAAP net loss | $ | (10,674) | $ | (18,892) | |||||||
| Adjustments: | |||||||||||
| Income tax expense | 256 | 72 | |||||||||
| Interest income and expense | 3,690 | 3,705 | |||||||||
| Depreciation and amortization | 1,538 | 824 | |||||||||
| Amortization of distribution right intangible assets | 808 | 739 | |||||||||
| Revaluation of contingent royalty obligation | (14) | 2,151 | |||||||||
| Stock-based compensation: | |||||||||||
| Included in selling, general and administrative | 4,750 | 5,749 | |||||||||
| Included in research and development | 366 | 179 | |||||||||
| Other income (expense), net | (120) | (57) | |||||||||
| Adjusted EBITDA | $ | 600 | $ | (5,530) | |||||||
| Adjusted EBITDA margin | 0.8 | % | (8.1) | % | |||||||
10
FAQ
How did Evolus (EOLS) perform financially in Q1 2026?
Evolus generated $73.1 million in net revenue in Q1 2026, up 7% year over year. Gross margin was 66.9%, and Adjusted EBITDA turned positive at $0.6 million, though the company still reported a GAAP net loss of $10.7 million for the quarter.
What guidance did Evolus (EOLS) provide for full-year 2026?
Evolus reaffirmed 2026 net revenue guidance of $327 million to $337 million, implying 10–13% growth over 2025. It expects adjusted gross margin of 65.5–67.0%, non-GAAP operating expenses of $210–$216 million, and a low- to mid-single digit Adjusted EBITDA margin for the year.
What is Evolus’ long-term 2028 financial outlook?
For 2028, Evolus projects total net revenue between $450 million and $500 million, implying a three-year CAGR of 15–19%. It also targets Adjusted EBITDA margins of 13–15%, reflecting expectations for portfolio expansion, commercial execution, and international growth, including Estyme launches in Europe.
How strong is Evolus’ balance sheet and liquidity position?
As of March 31, 2026, Evolus held $49.8 million in cash and cash equivalents and had approximately $120 million of additional capacity. Long-term debt totaled $156.4 million, and stockholders’ deficit was $28.8 million, indicating reliance on debt financing alongside available liquidity.
Did Evolus (EOLS) change its capital-raising plans in this filing?
Yes. Evolus terminated its at-the-market Sales Agreement with Leerink Partners, which had allowed up to $50 million of common stock sales. The company confirmed it had not sold any shares under this agreement before termination, so there was no dilution from this facility.
How might new U.S. tariffs affect Evolus and Jeuveau?
The White House announced a 15% tariff on patented pharmaceuticals from South Korea that would apply to Jeuveau starting September 29, 2026. Evolus believes Jeuveau’s three-year shelf life and manufacturing flexibility give it room to mitigate near- to medium-term financial impact.
What are the key growth drivers for Evolus’ aesthetics portfolio?
Growth is driven by Jeuveau toxin sales, expanding use of Evolysse and Estyme injectable HA gels, and Evolus Rewards loyalty engagement. HA gels are expected to contribute 10–12% of 2026 revenue, supported by U.S. commercialization, a European Estyme launch, and anticipated Evolysse Sculpt U.S. approval.