Company: WRBY
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001504776-25-000033
Chunk: 25

Company: Warby Parker Inc.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 on the condensed consolidated balance sheets.The Company offers non-expiring gift cards to its customers. Proceeds from the sale of gift cards are initially deferred and recognized within deferred revenue on the condensed consolidated balance sheets, and are recognized as revenue when the product is received by the customer after the gift card has been tendered for payment. Based on historical experience, and to the extent there is no requirement to remit unclaimed card balances to government agencies under unclaimed property laws, an estimate of the gift card balances that will never be redeemed is recognized as revenue in proportion to gift cards which have been redeemed. While the Company will continue to honor all gift cards presented for payment, management may determine the likelihood of redemption to be remote for certain card balances due to, among other things, long periods of inactivity. The balance of unredeemed gift cards was $2.3 million and $3.1 million as of September 30, 2025 and December 31, 2024, respectively.

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Table of ContentsWarby Parker Inc. and SubsidiariesNotes to Condensed Consolidated Financial Statements (Unaudited)(Amounts in thousands, except per share data)

The following table disaggregates the Company’s revenue by product:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Eyewear$207,221 $182,165 $619,569 $552,018 Vision care14,459 10,282 40,368 28,654 Total Revenue $221,680 $192,447 $659,937 $580,672 The following table disaggregates the Company’s revenue by channel:Three Months Ended September 30,Nine Months Ended September 30,2025202420252024E-commerce$58,888 $57,055 $184,104 $177,667 Retail162,792 135,392 475,833 403,005 Total Revenue $221,680 $192,447 $659,937 $580,672 Recent Business DevelopmentsIn the second quarter of 2025, the Company announced a partnership with Google to develop AI-powered glasses intended for all-day wear. The Company is working closely with Google on the development of future smart glasses and intends to launch a series of products over time. As part of this collaboration, Google has committed up to $75 million for product development and commercialization costs. In addition,