Financial GuidanceLimited conviction in Warby Parker's near-term and beyond financial profile due to a lower-quality first quarter beat and full-year guidance cut.
Growth And ProfitabilityUncertainty in Warby Parker's growth and profitability profile is driven by substantial add-backs to adjusted EBITDA and unclear implications of its evolving business model.
Macroeconomic ConditionsWarby Parker's unclear trajectory and volatile track record, combined with an uncertain macro backdrop, could keep the stock range-bound at current levels.