Brilliant Earth (BRLT) - 2025 Q1 - Quarterly Results

Financial Performance - Delivered Net Sales of $93.9 million in Q1 2025, a decrease of 3.5% compared to Q1 2024[5] - Reported a GAAP Net loss of $3.3 million for Q1 2025, with an Adjusted EBITDA of $1.1 million, down 78.8% from the previous year[5] - Net sales for the three months ended March 31, 2025, were $93,884 thousand, a decrease of 3.7% from $97,337 thousand in the same period of 2024[22] - Gross profit decreased to $55,042 thousand, down 5.0% from $58,306 thousand year-over-year[22] - The company reported a net loss of $3,267 thousand for Q1 2025, compared to a net income of $1,067 thousand in Q1 2024[22] - Adjusted EBITDA for the three months ended March 31, 2025, was $1,078 thousand, a decline of 78.8% from $5,085 thousand in the same period of 2024[26] - The adjusted EBITDA margin was 1.1% for Q1 2025, down from 5.2% in Q1 2024[26] - The diluted earnings per share for Q1 2025 was $(0.03), compared to $0.01 in Q1 2024[27] Sales and Orders - Total orders grew by 12% year-over-year to 45,535, while repeat orders increased by 13%[6] - The average order value (AOV) decreased by 14.2% to $2,062 compared to Q1 2024[6] - The company reported positive engagement ring unit growth and strong double-digit growth in fine jewelry bookings during Q1[5] Operational Metrics - Achieved a Gross Margin of 58.6%, consistent with the company's medium-term target[5] - Total operating expenses increased to $58,565 thousand, up 2.0% from $57,429 thousand in the prior year[22] Cash and Equity - Ended the quarter with $92.5 million in net cash, representing a 5% year-over-year growth[5] - Total current assets decreased to $197,956 thousand as of March 31, 2025, from $211,413 thousand at December 31, 2024[24] - Total liabilities decreased to $166,678 thousand as of March 31, 2025, down from $171,863 thousand at December 31, 2024[24] - Stockholders' equity attributable to Brilliant Earth Group, Inc. decreased to $14,928 thousand as of March 31, 2025, from $15,329 thousand at December 31, 2024[24] Strategic Outlook - Expanded retail showroom portfolio to 41 locations, including a new showroom in Southlake, Dallas-Fort Worth metro area[5] - The company plans to continue investing in its growth strategy while maintaining profitability in a fragmented industry[3] - Reiterated annual guidance with expected Net Sales growth of 1% to 3% year-over-year for 2025[9]