Oddity Tech (ODD) Q4 2024 earnings summary

Executive summary

• Achieved $647M net revenue in 2024, up 27% year-over-year, with adjusted EBITDA of $150M (+40% YoY) and strong profitability across brands.

• Both Il Makiage and SpoiledChild delivered double-digit revenue growth, with Il Makiage surpassing $500M and SpoiledChild exceeding $150M.

• Maintained strong momentum into Q1 2025, with continued growth across brands and categories.

• Repeat sales strengthened, with repeat revenue exceeding 60% of total and a 12-month net revenue repeat rate over 100%.

• Ended 2024 with $169M in cash and investments, zero debt, and $134M in free cash flow.

Financial highlights

• Q4 2024 net revenue: $124M (+27% YoY); gross margin: 72.7% (+330 bps YoY); adjusted EBITDA: $15M (12.3% margin).

• FY2024 adjusted EBITDA: $150.4M (+40% YoY); adjusted diluted EPS: $1.96 (+50% YoY); free cash flow: $134M.

• Gross margin expanded to 72.4% for FY2024 (+196 bps YoY) and 72.7% in Q4 (+330 bps YoY), exceeding guidance.

• Online direct-to-consumer channel accounted for 95% of 2024 net revenue.

• Adjusted diluted EPS for Q4 was $0.20, above guidance.

Outlook and guidance

• FY2025 guidance: net revenue $776M–$785M (+20–21% YoY), gross margin ~70%, adjusted EBITDA $155M–$158M, adjusted diluted EPS $1.94–$1.98.

• Q1 2025 guidance: net revenue $258M–$262M (+22–24% YoY), gross margin ~72%, adjusted EBITDA $49M–$50M, adjusted diluted EPS $0.61–$0.63.

• Brand 3 (telehealth) to soft launch in Q3 and officially launch in Q4 2025; no material revenue contribution expected in 2025.

• Brand 4 launch moved to early 2026 to focus resources on Brand 3.

• Gross margin for 2025 expected around 70% as product mix normalizes.