Revenue growth remains highly volatile, fluctuating between a 12.5% decline in 2024Q3 and a 10.4% increase in 2025Q3, while gross margins have compressed from 60.8% to 54.3% over the same period.
| Sales/Revenue | 443.1M | 437.48M | 422.16M | 446.38M | 439.88M | 380.19M | 251.82M | 201.34M |
| Revenue Growth % | 5.83% | 3.63% | -5.43% | 1.48% | 15.7% | 50.98% | 25.07% | - |
| Cost of Goods Sold | 192.57M | 185.98M | 167.76M | 189.38M | 205.59M | 192.77M | 139.52M | 116.42M |
| COGS % of Revenue | - | 42.51% | 39.74% | 42.43% | 46.74% | 50.7% | 55.4% | 57.82% |
| Gross Profit | 250.53M | 251.5M | 254.4M | 257M | 234.29M | 187.42M | 112.3M | 84.92M |
| Gross Margin % | 56.54% | 57.49% | 60.26% | 57.57% | 53.26% | 49.3% | 44.6% | 42.18% |
| Gross Profit Growth % | - | -1.14% | -1.01% | 9.69% | 25.01% | 66.89% | 32.24% | - |
| Operating Expenses | 261.26M | 256.88M | 251.05M | 252.52M | 210.96M | 147.29M | 85.71M | 90.32M |
| OpEx % of Revenue | - | 58.72% | 59.47% | 56.57% | 47.96% | 38.74% | 34.04% | 44.86% |
| Selling, General & Admin | 261.26M | 256.88M | 251.05M | 252.52M | 210.96M | 147.29M | 85.71M | 90.32M |
| SG&A % of Revenue | - | 58.72% | 59.47% | 56.57% | 47.96% | 38.74% | 34.04% | 44.86% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -10.73M | -5.38M | 3.35M | 4.48M | 23.33M | 40.13M | 26.59M | -5.39M |
| Operating Margin % | -2.42% | -1.23% | 0.79% | 1% | 5.3% | 10.56% | 10.56% | -2.68% |
| Operating Income Growth % | - | -260.48% | -25.26% | -80.79% | -41.87% | 50.91% | 592.9% | - |
| EBITDA | -5.71M | 733K | 8.66M | 8.68M | 28.48M | 40.99M | 27.24M | -4.77M |
| EBITDA Margin % | -1.29% | 0.17% | 2.05% | 1.94% | 6.47% | 10.78% | 10.82% | -2.37% |
| EBITDA Growth % | -221.17% | -91.54% | -0.23% | -69.51% | -30.52% | 50.49% | 670.67% | - |
| D&A (Non-Cash Add-back) | 5.03M | 6.11M | 5.31M | 4.2M | 5.15M | 860K | 646K | 622K |
| EBIT | -1.07M | 5.52M | 9.19M | 9.43M | 23.52M | 33.53M | 26.52M | -5.52M |
| Net Interest Income | 1.33M | -2.28M | -5.03M | -5.13M | -4.66M | -7.59M | -4.94M | -2.26M |
| Interest Income | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.17M | 2.28M | 5.03M | 5.13M | 4.66M | 7.59M | 4.94M | 2.26M |
| Other Income/Expense | 8.92M | 8.62M | 804K | -179K | -4.47M | -14.19M | -5.02M | -2.38M |
| Pretax Income | -1.81M | 3.24M | 4.15M | 4.3M | 18.86M | 25.94M | 21.58M | -7.78M |
| Pretax Margin % | -0.41% | 0.74% | 0.98% | 0.96% | 4.29% | 6.82% | 8.57% | -3.86% |
| Income Tax | 9.77M | 9.64M | 160K | -431K | -168K | -316K | 0 | 0 |
| Effective Tax Rate % | -538.7% | 297.47% | 3.85% | -10.02% | -0.89% | -1.22% | 0% | 0% |
| Net Income | -11.62M | -3.63M | 541K | 584K | 2.13M | 1.53M | 21.58M | -7.78M |
| Net Margin % | -2.62% | -0.83% | 0.13% | 0.13% | 0.49% | 0.4% | 8.57% | -3.86% |
| Net Income Growth % | -100.85% | -771.9% | -7.36% | -72.65% | 39.73% | -92.92% | 377.4% | - |
| Net Income (Continuing) | -11.59M | -6.4M | 3.99M | 4.73M | 19.02M | 26.26M | 21.58M | -7.78M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 59.94M | 67.34M | 94.05M | 84.92M | 82.21M | 74.44M | 0 | 0 |
| EPS (Diluted) | -0.07 | -0.25 | 0.03 | 0.01 | 0.02 | 0.02 | 0.23 | -0.08 |
| EPS Growth % | -1538.55% | -888.64% | - | -72.85% | 39.87% | -93.13% | 383.25% | - |
| EPS (Basic) | - | -0.25 | 0.04 | 0.05 | 0.20 | 0.16 | 2.25 | -0.81 |
| Diluted Shares Outstanding | 158.12M | 147.53M | 98.35M | 97.06M | 96.51M | 96.74M | 95.8M | 95.8M |
| Basic Shares Outstanding | 15.81M | 14.75M | 13.3M | 11.93M | 10.69M | 9.61M | 9.58M | 9.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Operating margin structural erosion
According to the provided income statement data, Brilliant Earth's revenue growth has exhibited significant volatility, fluctuating between a 12.5% decline in 2024Q3 and a 10.4% increase in 2025Q3, suggesting that the company is struggling to maintain consistent top-line momentum amidst a challenging consumer environment.
The inconsistent revenue trajectory appears to reflect the company's sensitivity to broader bridal market trends and the cooling of post-pandemic demand. Investors should monitor whether the recent 6.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary fluctuation in a highly seasonal business model.
As reported in the financial statements, Brilliant Earth's gross margin has trended downward from a peak of 60.8% in 2024Q3 to 54.3% in 2026Q1, indicating potential pricing pressure or a shift in product mix that may be eroding the company's historical luxury premium.
This contraction warrants further investigation into whether the commoditization of lab-grown diamonds is forcing the company to sacrifice margin to maintain volume. If this trend persists, the company's ability to sustain its premium brand positioning may be fundamentally compromised.
Based on the reported figures, Brilliant Earth has struggled to achieve operating leverage, with operating margins deteriorating from a positive 2.0% in 2024Q4 to a negative 8.9% in 2026Q1, suggesting that fixed costs are currently outpacing the company's ability to generate incremental gross profit.
The inability to scale operating income alongside revenue growth implies that the aggressive showroom expansion strategy may be creating an unsustainable overhead burden. Management appears to be prioritizing footprint growth over immediate profitability, which may leave the company vulnerable if consumer demand fails to accelerate.
Analysis of the income statement suggests that Brilliant Earth's reliance on high SG&A spending to drive customer acquisition may be reaching a point of diminishing returns, as evidenced by the consistent net losses reported in four of the last five quarters through 2026Q1.
Short-sellers would likely focus on the disconnect between the company's growth-oriented narrative and the reality of persistent operating losses. The lack of clear path to profitability suggests that the current business model may require a significant pivot in marketing efficiency or cost discipline to avoid further balance sheet strain.
Quick answers to the most common questions about buying BRLT stock.
For fiscal year 2025, Brilliant Earth Group, Inc. (BRLT) reported total revenue of $437.5M. This represents a 117.3% increase compared to $201.3M in 2019.
Brilliant Earth Group, Inc. (BRLT) reported a net loss of $3.6M for the fiscal year ending 2025.
Brilliant Earth Group, Inc. (BRLT) reported an operating income of $-5.4M, resulting in an operating profit margin of -1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Brilliant Earth Group, Inc. (BRLT) generated $251.5M in gross profit for the year, representing a gross profit margin of 57.5%. This demonstrates the company's core pricing power and production efficiency.