# ZEPP earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ZEPP) · [Earnings tab](https://www.lopjlb.com/stock/ZEPP?tab=earnings) Updated: 2026-08-03T01:15:14 Quarters analyzed: 8 ## Cross-quarter narrative Across the series of Zepp Health CallCards, the company moved from a modest margin expansion in Q2 2024 (record 40.3% gross margin) to consistently higher profitability, reaching a 40.4% gross margin by Q4 2025. Revenue growth accelerated dramatically, shifting from vague guidance and modest YoY gains to double‑digit and then high‑double‑digit YoY increases (46% in Q2 2025, 78.5% in Q3 2025, 43% in Q4 2025). Product rollout intensified: the T‑Rex 3, Active 2, Bip 6, and Amazfit Vital AI devices launched in late‑2024, followed by Zepp OS 4.5, AI‑driven features, and new accessories through 2025. Supply‑chain diversification and dual‑sourcing were highlighted to mitigate earlier T‑Rex 3 bottlenecks, yet supply constraints remained a recurring concern. Macro‑economic headwinds and tariff uncertainty persisted, but the firm emphasized a premiumization strategy and AI‑enhanced training platforms to sustain demand. Share‑buyback programs continued, and cash balances stayed healthy. Operating performance turned positive, achieving breakeven in Q3 2025. Overall, the narrative reflects a transition from cautious guidance to strong growth, driven by product innovation, margin improvement, and proactive supply‑chain management, while macro and supply risks remain under watch. ## Latest CallCard · Q1 **Guidance:** vague **Tone:** mgmt 0 · Q&A pressure 0 · divergence 0 ## Quarter one-liners - **2026 Q1:** — - **2025 Q4:** Zepp Health posts 43% YoY Q4 revenue growth to $85.2M, record 40.4% gross margin, guides Q1 2026 $50-55M (30-43% YoY), advancing premiumization and AI-driven hybrid training platform.','tone': {'mgmt': 0.5, 'mgmt_rationale': 'Management emphasizes record gross margin, premium mix shift, pricing powe - **2025 Q3:** Zepp Health reports 78.5% YoY revenue growth to $75.8M in Q3 2025, achieves operating breakeven, guides Q4 $82-86M (38-45% YoY), driven by T-Rex 3 Pro, Balance 2, Helio Strap; gross margin expands sequentially to 38.2% despite entry-level pressure; Wild.AI acquisition adds women's wellness; supply c - **2025 Q2:** Zepp Health reports 46% YoY revenue growth to $59.4M in Q2 2025, first growth since 2021, driven by Amazfit portfolio expansion; expects gross margin expansion above 40% medium-term.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management describes "exceptional performance", "remarkable 46% year-over-y - **2025 Q1:** Zepp Health posted 10% YoY Amazfit revenue growth, raised Q2 sales guidance to 23-35%, highlighted new product launches and supply‑chain diversification while noting macro‑tariff uncertainty. - **2024 Q4:** Zepp Health reported >40% QoQ Q4 sales growth, gross margin expansion to 37%, launched T‑Rex 3, Active 2 and Bip 6, and reaffirmed 2025 growth guidance while noting macro headwinds, supply constraints and a continued stock‑buyback program. - **2024 Q3:** Zepp Health posted record gross margin (41%) and 10% QoQ self-branded sales growth in Q3 2024, but operating loss widened due to T-Rex 3 supply constraints, front-loaded marketing, and FX headwind; management expects Q4 recovery and sustained 2025 growth from product renewal cycle. Share buyback ext - **2024 Q2:** Zepp Health Q2 aligned with guidance, gross margin record 40.3%, new AI products and smart ring/earbuds at IFA to drive H2 growth; NYSE compliance deadline Oct 31.','tone': {'mgmt': 0.6, 'mgmt_rationale': 'Management emphasizes transformation progress, record gross margin, upcoming product launches ## Theme arcs - **Gross margin improvement** (improving): Margins rose from 40.3% in Q2 2024 to 40.4% in Q4 2025, with FY 2025 margin at 38.5% and sequential expansion to 38.2% in Q3 2025. - **Revenue growth acceleration** (improving): YoY revenue grew from modest levels to 46% in Q2 2025, 78.5% in Q3 2025, and 43% in Q4 2025. - **Product launch cadence** (improving): Series of new devices (T‑Rex 3, Active 2, Bip 6, Amazfit Vital AI, Zepp OS 4.5, T‑Rex 3 Pro, Balance 2, Helio Strap) launched or delivered across 2024‑2025. - **Supply‑chain constraints** (deteriorating): Initial T‑Rex 3 bottlenecks in Q4 2024 persisted, prompting dual‑sourcing and diversification efforts. - **Macro‑economic and tariff risk** (stable): Consistent mention of macro headwinds, U.S./Vietnam tariff uncertainty across calls. - **Operating profitability** (improving): Shift from widening operating loss in Q3 2024 to breakeven in Q3 2025 and record margins thereafter. - **Share‑buyback and capital management** (stable): Ongoing buyback program and cash balance of $112 M reported in Q4 2024. - **AI integration and premiumization** (new): Introduction of GPT‑4.5 integration, AI‑driven hybrid training platform and premium mix emphasized in late‑2025. ## Fear persistence - **Macroeconomic headwinds** [recurring]: Cited in Q4 2024, Q1 2025 and remains a concern. - **Supply constraints** [recurring]: Initially highlighted for T‑Rex 3 in Q4 2024 and referenced again in Q1 2025. - **Tariff uncertainty** [recurring]: U.S. and Vietnam tariff risks mentioned in Q4 2024 and Q1 2025. - **Competitive pressure** [recurring]: Noted in Q4 2024 and persists through later calls. - **Pricing pressure** [recurring]: Raised in Q1 2025 due to Apple and Garmin moves. - **FX headwinds** [recurring]: Currency headwind reported in Q1 2025. - **Seasonal profit pressure** [recurring]: Low‑season fixed‑cost impact noted in Q1 2025. - **Declining Xiaomi sales** [resolved]: Mentioned only in Q4 2024 and not repeated later. ## Guidance path 2024 Q2:vague → 2024 Q3:vague → 2024 Q4:maintained → 2025 Q1:raised → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/ZEPP`