Hims & Hers (HIMS) Q4-25 earnings: The $65M regulatory trap & negative free cash flow

Hims & Hers Health's Q4 2025 results prove the asset-lite digital darling is suddenly spending heavy, plunging its once-stellar free cash flow straight into the red.In ~10 minutes:- Why a $65M revenue crater is built into Q1 guidance.- The margin-crushing pivot from 503B to 503A regulations.- How physical factory investments flipped FCF to negative.- The $1.15B Eucalyptus deal and shifting financial KPIs.Despite a top-line revenue beat of $617M, investors fled during the call, sending shares down 8% after hours 📉. The narrative is aggressively shifting from infinite-scaling software to heavy corporate physics: HIMS is building massive fulfillment centers and actively sunsetting its old revenue metrics. Meanwhile, a cryptic admission from the CEO about pulling their oral weight-loss pill raises serious questions about industry pressure. Hims & Hers Health, Inc. (HIMS) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.