Brilliant Earth Reports Fourth Quarter and Fiscal Year 2024 Results
Brilliant Earth (NASDAQ: BRLT) reported strong Q4 and fiscal year 2024 results, delivering net sales of $119.5 million for Q4 and $422.2 million for the full year. The company achieved significant growth with total orders increasing 10% year-over-year in Q4 and 7% in 2024, while repeat orders grew 18% and 17% respectively.
Q4 highlights include expanded gross margin of 59.6% (up 90 basis points), GAAP net income of $2.6 million, and Adjusted EBITDA of $6.9 million. Fine jewelry bookings reached an all-time high of 27% of total bookings in December. The company expanded its retail presence to 40 showrooms and ended the year with $106 million in net cash.
For the full year 2024, Brilliant Earth reported GAAP net income of $4.0 million and Adjusted EBITDA of $21.1 million, marking their 14th consecutive quarter of profitability as a public company. The company achieved a 270 basis point improvement in gross margin to 60.3% and demonstrated marketing efficiency with 100 basis points of leverage in expenses.
Brilliant Earth (NASDAQ: BRLT) ha riportato risultati solidi per il quarto trimestre e per l'anno fiscale 2024, con vendite nette di 119,5 milioni di dollari per il Q4 e 422,2 milioni di dollari per l'intero anno. L'azienda ha ottenuto una crescita significativa, con ordini totali in aumento del 10% anno su anno nel Q4 e del 7% nel 2024, mentre gli ordini ripetuti sono cresciuti del 18% e del 17% rispettivamente.
Tra i punti salienti del Q4 si evidenziano un margine lordo espanso del 59,6% (in aumento di 90 punti base), un utile netto GAAP di 2,6 milioni di dollari e un EBITDA rettificato di 6,9 milioni di dollari. Le prenotazioni di gioielli di alta qualità hanno raggiunto un massimo storico del 27% delle prenotazioni totali a dicembre. L'azienda ha ampliato la sua presenza al dettaglio a 40 showroom e ha chiuso l'anno con 106 milioni di dollari in cassa netta.
Per l'intero anno 2024, Brilliant Earth ha riportato un utile netto GAAP di 4,0 milioni di dollari e un EBITDA rettificato di 21,1 milioni di dollari, segnando il quattordicesimo trimestre consecutivo di redditività come azienda pubblica. L'azienda ha ottenuto un miglioramento di 270 punti base nel margine lordo, raggiungendo il 60,3% e ha dimostrato efficienza di marketing con 100 punti base di leva nelle spese.
Brilliant Earth (NASDAQ: BRLT) reportó resultados sólidos para el cuarto trimestre y el año fiscal 2024, con ventas netas de 119.5 millones de dólares para el Q4 y 422.2 millones de dólares para el año completo. La compañía logró un crecimiento significativo, con pedidos totales aumentando un 10% interanual en el Q4 y un 7% en 2024, mientras que los pedidos repetidos crecieron un 18% y un 17% respectivamente.
Los aspectos destacados del Q4 incluyen un margen bruto expandido del 59.6% (aumento de 90 puntos básicos), un ingreso neto GAAP de 2.6 millones de dólares y un EBITDA ajustado de 6.9 millones de dólares. Las reservas de joyería fina alcanzaron un máximo histórico del 27% de las reservas totales en diciembre. La compañía amplió su presencia minorista a 40 salas de exhibición y cerró el año con 106 millones de dólares en efectivo neto.
Para el año completo 2024, Brilliant Earth reportó un ingreso neto GAAP de 4.0 millones de dólares y un EBITDA ajustado de 21.1 millones de dólares, marcando su decimocuarto trimestre consecutivo de rentabilidad como empresa pública. La compañía logró una mejora de 270 puntos básicos en el margen bruto, alcanzando el 60.3% y demostró eficiencia en marketing con 100 puntos básicos de apalancamiento en gastos.
브릴리언트 어스 (NASDAQ: BRLT)는 2024 회계연도 4분기 및 연간 실적을 발표하며, 4분기 순매출 1억 1,950만 달러, 연간 4억 2,220만 달러를 기록했습니다. 회사는 4분기 동안 전년 대비 총 주문이 10% 증가하고 2024년에는 7% 증가하는 등 상당한 성장을 이뤘으며, 재주문은 각각 18% 및 17% 증가했습니다.
4분기 주요 내용으로는 59.6%의 확장된 총 마진(90bp 증가), GAAP 순이익 260만 달러, 조정 EBITDA 690만 달러가 포함됩니다. 고급 보석 예약은 12월에 총 예약의 27%로 사상 최고치를 기록했습니다. 회사는 40개의 쇼룸으로 소매 존재를 확장했으며, 연말에는 1억 6백만 달러의 순 현금을 보유하고 있었습니다.
2024년 전체 연도에 대해 브릴리언트 어스는 GAAP 순이익 400만 달러와 조정 EBITDA 2,110만 달러를 보고했으며, 이는 상장 회사로서 14분기 연속 수익성을 기록한 것입니다. 회사는 총 마진에서 270bp 개선을 이루어 60.3%에 도달했으며, 비용에서 100bp의 레버리지를 통해 마케팅 효율성을 입증했습니다.
Brilliant Earth (NASDAQ: BRLT) a annoncé de solides résultats pour le quatrième trimestre et l'exercice fiscal 2024, avec des ventes nettes de 119,5 millions de dollars pour le Q4 et 422,2 millions de dollars pour l'année entière. L'entreprise a connu une croissance significative, avec des commandes totales en hausse de 10 % d'une année sur l'autre au Q4 et de 7 % en 2024, tandis que les commandes répétées ont augmenté de 18 % et 17 % respectivement.
Les points forts du Q4 incluent une marge brute élargie de 59,6 % (en hausse de 90 points de base), un bénéfice net GAAP de 2,6 millions de dollars et un EBITDA ajusté de 6,9 millions de dollars. Les réservations de bijoux fins ont atteint un niveau record de 27 % des réservations totales en décembre. L'entreprise a élargi sa présence de détail à 40 salles d'exposition et a terminé l'année avec 106 millions de dollars de liquidités nettes.
Pour l'année entière 2024, Brilliant Earth a rapporté un bénéfice net GAAP de 4,0 millions de dollars et un EBITDA ajusté de 21,1 millions de dollars, marquant son quatorzième trimestre consécutif de rentabilité en tant qu'entreprise publique. L'entreprise a réalisé une amélioration de 270 points de base de la marge brute à 60,3 % et a démontré une efficacité marketing avec 100 points de base de levier sur les dépenses.
Brilliant Earth (NASDAQ: BRLT) hat starke Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 gemeldet, mit Nettoumsätzen von 119,5 Millionen Dollar für das Q4 und 422,2 Millionen Dollar für das gesamte Jahr. Das Unternehmen erzielte ein signifikantes Wachstum, wobei die Gesamtbestellungen im Q4 um 10% im Jahresvergleich und 2024 um 7% zunahmen, während die Wiederbestellungen um 18% bzw. 17% wuchsen.
Zu den Highlights des Q4 gehören eine erweiterte Bruttomarge von 59,6% (plus 90 Basispunkte), ein GAAP-Nettoeinkommen von 2,6 Millionen Dollar und ein bereinigtes EBITDA von 6,9 Millionen Dollar. Die Buchungen für feine Schmuckstücke erreichten im Dezember einen Rekordanteil von 27% der Gesamtbuchungen. Das Unternehmen erweiterte seine Einzelhandelspräsenz auf 40 Showrooms und schloss das Jahr mit 106 Millionen Dollar an Nettobarmitteln ab.
Für das gesamte Jahr 2024 meldete Brilliant Earth ein GAAP-Nettoeinkommen von 4,0 Millionen Dollar und ein bereinigtes EBITDA von 21,1 Millionen Dollar, was das vierzehnte aufeinanderfolgende Quartal der Rentabilität als börsennotiertes Unternehmen markiert. Das Unternehmen erzielte eine Verbesserung der Bruttomarge um 270 Basispunkte auf 60,3% und zeigte Marketingeffizienz mit 100 Basispunkten Hebelwirkung bei den Ausgaben.
- Total orders grew 10% YoY in Q4 2024
- Repeat orders increased 18% YoY in Q4
- Gross margin expanded 90 bps to 59.6% in Q4
- Fine jewelry bookings reached record 27% of total bookings
- Q4 GAAP Net income of $2.6 million
- Marketing efficiency improved with 340 bps leverage in Q4
- $106 million net cash position, highest since 2021
- None.
Insights
Brilliant Earth's Q4 and FY2024 results demonstrate strong execution in a challenging jewelry market. The company delivered net sales of $119.5 million for Q4 and $422.2 million for FY2024, hitting the high end of guidance while driving impressive 10% year-over-year total order growth in Q4.
The most striking aspect is Brilliant Earth's margin expansion amid a notoriously promotional holiday season. Their gross margin improved 90 basis points to 59.6% in Q4 and 270 basis points to 60.3% for the full year – exceptional results that reflect strengthening pricing power and operational efficiency. This translated to Q4 GAAP net income of $2.6 million and Adjusted EBITDA of $6.9 million, significantly exceeding guidance.
The 18% growth in repeat orders during Q4 signals improving customer loyalty and lifetime value, while the strong double-digit growth in fine jewelry bookings represents successful product diversification beyond engagement rings. This category reaching 27% of December bookings creates a more balanced revenue mix that reduces cyclicality.
With $106 million in net cash (their strongest position since 2021) and continued physical expansion to 40 showrooms, Brilliant Earth has both the financial flexibility and omnichannel strategy to support sustained growth. Their 14th consecutive profitable quarter demonstrates the resilience of their premium, ethically-sourced positioning in a competitive market landscape.
Delivered Net Sales at High End of Guidance Range
Drove
Exceeded Profitability Expectations and Increased Q4 2024 Gross Margin by 90 bps Year-Over-Year to
Generated Q4 2024 GAAP Diluted EPS of
Provides Q1 and Full Year 2025 Guidance
SAN FRANCISCO, March 12, 2025 (GLOBE NEWSWIRE) -- Brilliant Earth Group, Inc. (“Brilliant Earth” or the “Company”) (Nasdaq: BRLT), an innovative, global leader in ethically sourced fine jewelry, today announced financial results for the three and twelve months ended December 31, 2024.
Fourth Quarter and Fiscal Year 2024 Highlights (quarterly and annual periods ended December 31, 2024):
- Delivered Net Sales of
$119.5 million and$422.2 million in the fourth quarter and fiscal year, respectively- Total orders grew year-over-year by
10% in Q4 and7% in 2024 - Repeat orders grew year-over-year by
18% in Q4 and17% in 2024 - Drove strong double-digit year-over-year fine jewelry bookings growth in Q4, with fine jewelry bookings reaching an all-time high as a percent of total bookings in December at
27%
- Total orders grew year-over-year by
- Expanded Gross Margin by 90 and 270 basis points to
59.6% and60.3% for the fourth quarter and fiscal year, respectively, as compared to the same prior-year periods - Delivered 340 basis points of leverage and 100 basis points of leverage in marketing expense as a percentage of Net Sales for the fourth quarter and fiscal year 2024, respectively, as compared to the same prior year periods while continuing to make strategic investments in building brand awareness
- Drove Q4 and full year profitability, significantly exceeding the Company's Adjusted EBITDA guidance range:
- GAAP Net income was
$2.6 million for the fourth quarter and$4.0 million for the fiscal year - Adjusted EBITDA was
$6.9 million for the fourth quarter and$21.1 million for the fiscal year
- GAAP Net income was
- Expanded retail showroom portfolio to 40 with the opening of a Boston Seaport showroom and the Company's first street-level location in New York City in Nolita
- Ended the fiscal year with
$106 million in net cash, the Company's highest net cash position since 2021
"I'm extremely proud of our team's performance this quarter and throughout 2024," said Beth Gerstein, Co-Founder and Chief Executive Officer of Brilliant Earth. "Despite a competitive, highly promotional holiday season, we not only hit the high end of our net sales expectations but also delivered Q4 profitability that far surpassed our guidance, marking our 14th consecutive quarter of profitability as a public company. Our compelling brand, differentiated designs, and distinctive, seamless shopping experience continue to set us apart from the rest of the industry, and our Q4 results demonstrate this success. As we look to the future, I'm confident that our continued investments in product innovation, brand amplification, and exceptional customer experiences will drive sustainable, profitable growth."
Fourth Quarter Results
| Q4 2024 | Q4 2023 | % Change* | |||||||
| Total Orders | 58,357 | 52,935 | 10.2 | % | |||||
| AOV | $ | 2,048 | $ | 2,349 | (12.8 | )% | |||
| ($ in millions, except per share amounts) | |||||||||
| Net Sales | $ | 119.5 | $ | 124.3 | (3.9 | )% | |||
| Gross Profit | $ | 71.2 | $ | 73.0 | (2.5 | )% | |||
| Gross Margin | 59.6 | % | 58.7 | % | 90bps | ||||
| Net income allocable to Brilliant Earth Group, Inc. (1) | $ | 0.4 | $ | 0.2 | 100.0 | % | |||
| Net income, as reported | $ | 2.6 | $ | 1.9 | 35.3 | % | |||
| Net income margin | 2.2 | % | 1.6 | % | 60bps | ||||
| Adjusted net income (3) | $ | 4.2 | $ | 3.5 | 20.0 | % | |||
| GAAP Diluted EPS (2) | $ | 0.02 | $ | 0.02 | — | % | |||
| Adjusted Diluted EPS (3) | $ | 0.04 | $ | 0.04 | — | % | |||
| Adjusted EBITDA (3) | $ | 6.9 | $ | 5.3 | 31.1 | % | |||
| Adjusted EBITDA margin (3) | 5.8 | % | 4.2 | % | 160bps | ||||
*Percentage changes may not recalculate due to rounding
(1) Represents net income allocable to Brilliant Earth Group, Inc. during the fourth quarter of 2024 and 2023.
(2) Represents GAAP Diluted EPS during the fourth quarter of 2024 and 2023.
(3) Adjusted net income, Adjusted Diluted EPS, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See "Disclosure Regarding Non-GAAP Financial Measures and Key Metrics" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
Fiscal Year 2024 Results
| FY 2024 | FY 2023 | % Change* | |||||||
| Total Orders | 186,030 | 174,576 | 6.6 | % | |||||
| AOV | $ | 2,269 | $ | 2,557 | (11.2 | )% | |||
| ($ in millions, except per share amounts) | |||||||||
| Net Sales | $ | 422.2 | $ | 446.4 | (5.4 | )% | |||
| Gross Profit | $ | 254.4 | $ | 257.0 | (1.0 | )% | |||
| Gross Margin | 60.3 | % | 57.6 | % | 270bps | ||||
| Net income allocable to Brilliant Earth Group, Inc. (1) | $ | 0.5 | $ | 0.6 | (16.7 | )% | |||
| Net income, as reported | $ | 4.0 | $ | 4.7 | (15.6 | )% | |||
| Net income margin | 0.9 | % | 1.1 | % | (20)bps | ||||
| Adjusted net income (3) | $ | 11.8 | $ | 16.2 | (27.2 | )% | |||
| GAAP Diluted EPS (2) | $ | 0.03 | $ | 0.04 | (25.0 | )% | |||
| Adjusted Diluted EPS (3) | $ | 0.12 | $ | 0.17 | (29.4 | )% | |||
| Adjusted EBITDA (3) | $ | 21.1 | $ | 26.2 | (19.3 | )% | |||
| Adjusted EBITDA margin (3) | 5.0 | % | 5.9 | % | (90)bps | ||||
*Percentage changes may not recalculate due to rounding
(1) Represents net income allocable to Brilliant Earth Group, Inc. during the years ended December 31, 2024 and 2023.
(2) Represents GAAP Diluted EPS during the years ended December 31, 2024 and 2023.
(3) Adjusted net income, Adjusted Diluted EPS, Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See "Disclosure Regarding Non-GAAP Financial Measures and Key Metrics" for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
2025 Outlook
First Quarter
| Net Sales | |
| Adjusted EBITDA |
Full Year
| Net Sales | |
| Adjusted EBITDA |
Webcast and Conference Call Information-update links
Brilliant Earth will host a conference call and webcast to discuss fourth quarter and full year 2024 results and business outlook today, March 12, 2025, at 5:00 p.m. ET/2:00 p.m. PT. The webcast and accompanying slide presentation can be accessed at https://investors.brilliantearth.com. The conference call can be accessed by using the following link: https://register.vevent.com/register/BI40ee600a3e2644a987050777c6a25d17. After registering, an email will be sent including dial-in details and a unique conference call pin required to join the live call. A replay of the webcast will remain available on the website after the live webcast concludes.
About Brilliant Earth
Brilliant Earth is an industry-disrupting global leader in ethically sourced fine jewelry. The Company's mission since its founding in 2005 has been to create a more transparent, sustainable, and compassionate jewelry industry. With a premium brand, curated proprietary product assortment, seamless omnichannel shopping experience, and asset-light, data driven business model, Brilliant Earth is transforming the jewelry industry. 2024 full year Net Sales were
Disclosure Regarding Non-GAAP Financial Measures and Key Metrics
In addition to the financial measures presented in this release in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company has included certain non-GAAP financial measures in this release, including Adjusted EBITDA, Adjusted Net income, Adjusted Diluted EPS and Adjusted EBITDA margin. These non-GAAP financial measures provide users of our financial information with useful information in evaluating our operating performance and exclude certain items from net income that may vary substantially in frequency and magnitude from period to period.
We define EBITDA as net income before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as net income excluding interest expense, income taxes, depreciation expense, amortization of cloud-based software implementation costs, showroom pre-opening expense, equity-based compensation expense, certain non-operating expenses and income, and other unusual and/or infrequent costs, which that we do not consider in our evaluation of ongoing performance of our core operations. We define Adjusted EBITDA margin as Adjusted EBITDA calculated as a percentage of net sales. We believe that Adjusted EBITDA and Adjusted EBITDA margin, which eliminate the impact of certain expenses that we do not believe reflect our underlying business performance, provide useful information to investors to assess the performance of our business.
We define Adjusted Net income as net income adjusted for the impact of certain additional non-cash and other items that we do not consider in our evaluation of ongoing performance of our core operations. These items include showroom pre-opening expense, equity-based compensation expense, costs to fund the Brilliant Earth Foundation and transaction costs and other expenses. We define Adjusted Diluted Earnings Per Share as Adjusted Net income, divided by the diluted weighted average shares of common stock outstanding. The diluted weighted average shares of common stock outstanding is derived from the historical diluted weighted average shares of common stock assuming such shares were outstanding for the entirety of the period presented. We believe Adjusted Net income and Adjusted Diluted Earnings Per Share, which eliminate the impact of certain expenses that we do not believe reflect our underlying business performance, provide useful information to investors to assess the performance of our business.
Please refer to “GAAP to Non-GAAP Reconciliations” located in the financial supplement in this release for a reconciliation of GAAP to non-GAAP financial information.
This release includes forward-looking guidance for certain non-GAAP financial measures, including Adjusted EBITDA. These measures will differ from net income, determined in accordance with GAAP, in ways similar to those described in the reconciliations at the end of this release. We are not able to provide, without unreasonable effort, guidance for net income, determined in accordance with GAAP, or a reconciliation of guidance for Adjusted EBITDA to the most directly comparable GAAP measure because the Company is not able to predict with reasonable certainty the amount or nature of all items that will be included in net income.
This press release also contains certain key business metrics which are used to evaluate our business and growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts, and assess operational efficiencies. We define net cash as cash and cash equivalents less the total principal balance of our outstanding debt. We define Bookings for each period as the dollar value of confirmed orders as of the date of order placement. We believe Bookings, which represent a measure of gross sales and potential future Net Sales, provide useful information to investors to assess the performance of our business. We define total orders as the total number of customer orders delivered less total orders returned in a given period (excluding those repair, resize, and other orders which have no revenue). We view total orders as a key indicator of the velocity of our business and an indication of the desirability of our products to our customers. Total orders, together with AOV, is an indicator of the net sales we expect to recognize in a given period. Total orders may fluctuate based on the number of visitors to our website and showrooms, and our ability to convert these visitors to customers. We believe that total orders is a measure that is useful to investors and management in understanding our ongoing operations and in an analysis of ongoing operating trends. We define average order value, or AOV, as net sales in a given period divided by total orders in that period. We define average selling price, or ASP, as the total retail sales price of products sold in a given period divided by the total number of product units sold during that same period. We believe that AOV and ASP are measures that are useful to investors and management in understanding our ongoing operations and in an analysis of ongoing operating trends. AOV varies depending on the product type and number of items per order. AOV and ASP may also fluctuate as we expand into and increase our presence in additional product types and price points, and open additional showrooms.
Forward-Looking Statements
This press release contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. Statements regarding our future results of operations and financial position, including expectations regarding net sales, Adjusted EBITDA, and Adjusted EBITDA margin, business strategy, plans and objectives of management for future operations, including, among others, statements regarding expected growth and increased market share, introduction of new products, future capital expenditures, and debt service obligations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms, such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “evolve,” “expect,” "future," “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “strategy,” “target,” “will,” or “would,” or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, and uncertainties that are difficult to predict. You should not rely upon forward-looking statements as predictions of future events. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to: fluctuations in the pricing and supply of diamonds, other gemstones, and precious metals, particularly responsibly sourced natural and lab-grown diamonds and repurposed precious metals such as gold; an overall decline in the health of the economy and other factors impacting consumer spending, such as recessionary or inflationary conditions, governmental instability, war and fears of war, and natural disasters; if we fail to cost-effectively turn existing customers into repeat customers or acquire new customers; our rapid growth in recent years and limited operating experience at our current scale of operations; our ability to manage growth effectively; increased lead times, supply shortages, and supply changes; our expansion plans in the United States; our ability to compete in the fine jewelry retail industry; our ability to maintain and enhance our brand and to engage or expand our base of customers; our ability to effectively develop and expand our sales and marketing capabilities and increase our customer base and achieve broader market acceptance of our e-commerce and omnichannel approach to shopping for fine jewelry; our profitability and cash flow being negatively affected if we are not successful in managing our inventory balances and inventory shrinkage; a decline in sales of Design Your Own rings; our heavy reliance on our information technology systems, as well as those of our third-party vendors and service providers, for our business to effectively operate and to safeguard confidential information and risks related to any significant failure, inadequacy or interruption of these systems, security breaches or loss of data; the impact of environmental, social, and governance matters on our business and reputation; our ability to manage risks related to our e-commerce and omnichannel business; our ability to effectively anticipate and respond to changes in consumer preferences and shopping patterns; and introduce new products and programs that appeal to new or existing customers; our dependence on distributions from Brilliant Earth, LLC, our principal asset, to pay our taxes and expenses, including payments under the Tax Receivable Agreement; risks related to our obligations to make substantial cash payments under the Tax Receivable Agreement and risks related to our organizational structure; and the other risks, uncertainties and the factors described in the section titled “Risk Factors” in our Annual Report on Form10-K for the year ended December 31, 2024, which filing is available at www.sec.gov. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we undertake no obligation to update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.
Contacts:
Investors:
Colin Bourland
investorrelations@brilliantearth.com
| BRILLIANT EARTH GROUP, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) | ||||||||
| Years ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Net sales | $ | 422,161 | $ | 446,382 | ||||
| Cost of sales | 167,759 | 189,382 | ||||||
| Gross profit | 254,402 | 257,000 | ||||||
| Operating expenses: | ||||||||
| Marketing and advertising | 108,339 | 119,341 | ||||||
| General and administrative | 142,713 | 133,177 | ||||||
| Total operating expenses | 251,052 | 252,518 | ||||||
| Income from operations | 3,350 | 4,482 | ||||||
| Interest expense | (5,031 | ) | (5,128 | ) | ||||
| Other income, net | 5,835 | 4,949 | ||||||
| Income before income tax (expense) benefit | 4,154 | 4,303 | ||||||
| Income tax (expense) benefit | (160 | ) | 431 | |||||
| Net income | 3,994 | 4,734 | ||||||
| Net income allocable to non-controlling interest | 3,453 | 4,150 | ||||||
| Net income allocable to Brilliant Earth Group, Inc. | $ | 541 | $ | 584 | ||||
| Earnings per share: | ||||||||
| Basic | $ | 0.04 | $ | 0.05 | ||||
| Diluted | $ | 0.03 | $ | 0.04 | ||||
| Weighted average shares of common stock outstanding: | ||||||||
| Basic | 13,304,227 | 11,928,308 | ||||||
| Diluted | 98,352,924 | 97,055,216 | ||||||
| BRILLIANT EARTH GROUP, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) | ||||||
| December 31, | ||||||
| 2024 | 2023 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 161,925 | $ | 155,809 | ||
| Restricted cash | 216 | 211 | ||||
| Inventories, net | 38,292 | 37,788 | ||||
| Prepaid expenses and other current assets | 10,980 | 11,048 | ||||
| Total current assets | 211,413 | 204,856 | ||||
| Property and equipment, net | 21,626 | 22,047 | ||||
| Deferred tax assets | 9,636 | 9,745 | ||||
| Operating lease right of use assets | 35,222 | 34,248 | ||||
| Other assets | 3,348 | 2,687 | ||||
| Total assets | $ | 281,245 | $ | 273,583 | ||
| Liabilities and stockholders' equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 15,733 | $ | 17,197 | ||
| Accrued expenses and other current liabilities | 31,714 | 31,138 | ||||
| Deferred revenue | 18,926 | 19,556 | ||||
| Current portion of operating lease liabilities | 6,108 | 4,993 | ||||
| Current portion of long-term debt | 5,688 | 4,063 | ||||
| Total current liabilities | 78,169 | 76,947 | ||||
| Long-term debt, net of debt issuance costs | 50,010 | 55,573 | ||||
| Operating lease liabilities | 35,856 | 35,572 | ||||
| Payable pursuant to the Tax Receivable Agreement | 7,828 | 8,035 | ||||
| Total liabilities | 171,863 | 176,127 | ||||
| Commitments and contingencies | ||||||
| Stockholders' equity | ||||||
| Preferred stock, | — | — | ||||
| Class A common stock, | 1 | 1 | ||||
| Class B common stock, | 4 | 4 | ||||
| Class C common stock, | 5 | 5 | ||||
| Class D common stock, | — | — | ||||
| Additional paid-in capital | 11,169 | 8,275 | ||||
| Treasury stock, at cost; 281,981 shares and none at December 31, 2024 and 2023, respectively | (638 | ) | — | |||
| Retained earnings | 4,788 | 4,247 | ||||
| Stockholders' equity attributable to Brilliant Earth Group, Inc. | 15,329 | 12,532 | ||||
| Non-controlling interests attributable to Brilliant Earth, LLC | 94,053 | 84,924 | ||||
| Total stockholders' equity | 109,382 | 97,456 | ||||
| Total liabilities and stockholders' equity | $ | 281,245 | $ | 273,583 | ||
| GAAP to Non-GAAP Reconciliations (Unaudited and in thousands, except share and per share amounts) ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN | |||||||||||||||
| Three months ended December 31, | Years ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income | $ | 2,627 | $ | 1,941 | $ | 3,994 | $ | 4,734 | |||||||
| Interest expense | 1,204 | 1,320 | 5,031 | 5,128 | |||||||||||
| Income tax (benefit) expense | (62 | ) | (550 | ) | 160 | (431 | ) | ||||||||
| Depreciation expense | 1,466 | 1,204 | 5,312 | 4,200 | |||||||||||
| Amortization of cloud-based software implementation costs | 158 | 175 | 817 | 583 | |||||||||||
| Showroom pre-opening expense | 484 | 199 | 1,705 | 4,953 | |||||||||||
| Equity-based compensation expense | 2,398 | 2,498 | 9,934 | 9,952 | |||||||||||
| Other income, net(1) | (1,359 | ) | (1,513 | ) | (5,835 | ) | (4,949 | ) | |||||||
| Transaction costs and other expenses(2) | — | — | — | 2,012 | |||||||||||
| Adjusted EBITDA | $ | 6,916 | $ | 5,274 | $ | 21,118 | $ | 26,182 | |||||||
| Net income margin | 2.2 | % | 1.6 | % | 0.9 | % | 1.1 | % | |||||||
| Adjusted EBITDA margin | 5.8 | % | 4.2 | % | 5.0 | % | 5.9 | % | |||||||
(1) Other income, net consists primarily of interest and other miscellaneous income, partially offset by expenses such as losses on exchange rates on consumer payments.
(2) These expenses are those that we did not incur in the normal course of business. For the year ended December 31, 2023, costs included a
| ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE | |||||||||||||||
| Three months ended December 31, | Years ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income attributable to Brilliant Earth Group, Inc., as reported(1) | $ | 358 | $ | 243 | $ | 541 | $ | 584 | |||||||
| Net income impact from assumed redemption of all LLC Units to common stock(2) | 2,269 | 1,698 | 3,453 | 4,150 | |||||||||||
| Net income, as reported | 2,627 | 1,941 | 3,994 | 4,734 | |||||||||||
| Income tax expense associated with conversion(3) | (576 | ) | (446 | ) | (878 | ) | (1,081 | ) | |||||||
| Tax effected net income after assumed conversion | 2,051 | 1,495 | 3,116 | 3,653 | |||||||||||
| Equity-based compensation expense | 2,398 | 2,498 | 9,934 | 9,952 | |||||||||||
| Showroom pre-opening expense | 484 | 199 | 1,705 | 4,953 | |||||||||||
| Transaction costs and other expense(4) | — | — | — | 2,012 | |||||||||||
| Tax impact of adjustments | (725 | ) | (726 | ) | (2,960 | ) | (4,405 | ) | |||||||
| Adjusted Net Income | $ | 4,208 | $ | 3,466 | $ | 11,795 | $ | 16,165 | |||||||
| Diluted weighted average of common stock assumed outstanding | 98,745,356 | 97,399,592 | 98,352,924 | 97,055,216 | |||||||||||
| Diluted earnings per share: | |||||||||||||||
| As reported | $ | 0.02 | $ | 0.02 | $ | 0.03 | $ | 0.04 | |||||||
| As adjusted | $ | 0.04 | $ | 0.04 | $ | 0.12 | $ | 0.17 | |||||||
(1) Represents net income allocable to Brilliant Earth Group, Inc. for the three and twelve months ended December 31, 2024 and 2023.
(2) It is assumed that we will elect to issue common stock upon redemption of LLC Units rather than cash settle.
(3) Brilliant Earth Group, Inc. is subject to U.S. Federal income taxes, in addition to state and local taxes with respect to its allocable share of any net taxable income of Brilliant Earth, LLC. Acquisition of LLC units by Brilliant Earth Group, Inc. causes all of the taxable income currently recognized by the members of Brilliant Earth, LLC to become taxable to the Company.
(4) These expenses are those that we did not incur in the normal course of business. For the year ended December 31, 2023, costs included a
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