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BRILLIANT EARTH Brilliant Earth Reports Outstanding Third Quarter 2021 Results November 12 , 2021 Delivered 33 % Net Sales Growth Generated Net Income of $ 4.0 million and Adjusted EBITDA of $ 13.6 million Generated GAAP Diluted EPS of $ 0.01 and Adjusted Diluted EPS of $ 0.09 Successfully Completed its Initial Public Offering Introduces Fiscal 2021 Outlook SAN FRANCISCO , Nov. 12 , 2021 ( GLOBE NEWSWIRE ) -- Brilliant Earth Group , Inc. ( " Brilliant Earth " or the " Company " ) ( Nasdaq : BRLT ) , an innovative , digital - first jewelry company and global leader in ethically sourced fine jewelry , today announced financial results for the three and nine months ended September 30 , 2021 . Third Quarter 2021 Highlights ( period ended September 30 , 2021 ) : • Net sales increased by 33 % with robust sales across the Company's products and continued strong performance of its omnichannel model . • Gross margin expanded by 720 basis points driven by the Company's strong brand affinity and premium positioning , its price optimization engine , and procurement efficiencies . • Generated strong profitability with Net income of $ 4.0 million and Adjusted EBITDA of $ 13.6 million . • Continued omnichannel leadership : The Company opened a new San Francisco flagship and four new showroom locations in Portland , Austin , Dallas , and New York , including innovative new store formats , with promising early results . The Company ended the quarter with 14 showrooms . The Company also continued to add new capabilities such as a virtual showroom to enhance the digital and omnichannel experience . • Compelling new product collection releases : Leveraging its agile , data - driven approach to product design and development , the Company launched a record number of new collections . The Company's fine jewelry products experienced over 100 % sales growth in Q3 . • Significant ESG achievements : The Company established and funded the Brilliant Earth Foundation and significantly expanded the number of blockchain - enabled diamonds available on the Brilliant Earth website at www.brilliantearth.com . Beth Gerstein , Brilliant Earth's Co - Founder and CEO , commented , " We delivered an outstanding third quarter , highlighted by strong performance across our financial metrics and significant accomplishments on our key strategic initiatives . Our authentic brand , premium product designs and omnichannel model continued to resonate strongly with our millennial and Gen - Z consumers . Our omnichannel experience , digitally native technology platform , distinctive and award - winning designs , and mission - driven ethos all worked in synergy to drive profitable growth and strong third - quarter performance . We believe these factors , supported by our capital - efficient negative working capital model and our obsessive customer focus , will continue to set us apart and drive our results in the upcoming holiday quarter and beyond . " Third Quarter 2021 Financial Highlights • Net sales increased 33.3 % to $ 95.2 million compared to $ 71.4 million in the third quarter of 2020 , with strength across the Company's products leading to a 29.6 % increase in Total Orders and a 2.8 % increase in average order value ( " AOV " ) . • Gross profit was $ 48.0 million , or a 50.4 % gross profit margin , compared to $ 30.8 million , or a 43.2 % gross profit margin in the third quarter of 2020 . • Net income was $ 4.0 million , compared to net income of $ 8.0 million in the third quarter of 2020 . • Adjusted net income was $ 8.5 million ( 3 ) . • Adjusted EBITDA was $ 13.6 million , compared to $ 9.5 million in the third quarter of 2020 ( 3 ) . Third Quarter Results Total Orders AOV ( $ in millions , except per share amounts ) Net Sales Net income allocable to Brilliant Earth Group , Inc. ( 1 ) Net income , as reported Net income margin Adjusted net income ( 3 ) GAAP Diluted EPS ( 2 ) Adjusted Diluted EPS ( 3 ) Q3 2021 $ 28,855 3,301 $ Q3 2020 22,259 3,210 % Change 29.6 % 2.8 % EA EA SA $ 95.2 $ $ 0.1 $ $ 4.0 $ SA SA SA 71.4 33.3 % nm * nm * 8.0 ( 50.7 ) % 4.2 % 11.3 % -710 bps $ 8.5 $ 0.01 $ 0.09 SA SASA $ nc * nc * $ nm * nm * $ nc * nc *