Stitch Fix reported QQ2 2025 revenue of $312.1 million with a gross margin of 44.49%. The quarter delivered an operating loss of $9.0 million and a net loss of $6.53 million, resulting in a negative EPS of $0.05. Despite a solid gross margin, the company posted a higher level of selling, general and administrative costs (SG&A) which contributed to an operating margin of -2.89% and a net margin of -2.09%. EBITDA was negative at approximately $2.40 million. Cash flow from operating activities was negative at $16.21 million, with free cash flow of about -$19.44 million, driven by working capital dynamics and seasonality. Cash and cash equivalents plus short-term investments stood at roughly $219.1 million against total debt of $105.3 million, leaving a net cash position of about -$7.88 million (net debt). The balance sheet remains liquidity‑rich relative to current liabilities (current ratio 1.85) but cash burn underscores near‑term profitability challenges. Management commentary (where available) and the trajectory of slower top-line growth imply a continued focus on cost discipline, gross margin optimization, and efficient customer acquisition as catalysts for a path to profitability. Absent explicit forward guidance in the provided data, investors should monitor marketing efficiency, return rates, inventory turns, and unit economics as primary indicators of a potential margin inflection.