ADDED
As of March 13, 2026 , there were 16,162,992 shares of the registrant's Class A common stock, $0.0001 par value per share, outstanding, 35,822,342 shares of the registrant s Class B common stock, $0.0001 par value per share, outstanding, 49,119,976 shares of the registrant s Class C common stock, $0.0001 par value per share, outstanding and no shares of the registrant s Class D common stock, $0.0001 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 7A.
The sources of certain statistical data, estimates, and forecasts contained in this Annual Report on Form 10-K are in the following independent industry reports: Bain Company, The Global Diamond Industry 2021-22, February 2022 ( the Bain Report ).
SVB Credit Agreement refers to the credit agreement entered into on May 24, 2022, and as subsequently amended, by Brilliant Earth, LLC, as borrower, and Silicon Valley Bank, as administrative agent and collateral agent for the lenders, which provides for a secured term loan credit facility of $65.0 million (the SVB Term Loan ) and a secured revolving credit facility in an amount of up to $40.0 million (the SVB Revolving Facility , and together with the SVB Term Loan, the SVB Credit Facilities ).
In August 2025, the Company prepaid all principal amounts outstanding of $34.8 million under the SVB Term Loan and terminated all commitments outstanding under the SVB Credit Agreement.
Our made-to-order capabilities and virtual inventory model generate attractive inventory turns allowing us to operate wit h negative working capital, w hich we define as our current assets less non-restricted cash minus our current liabilities.
Below is a summary of our performance for the year ended December 31, 2025: Net sales of $437.5 million, compared to $422.2 million for the year ended December 31, 2024; Net loss o f $6.4 million compared to net income of $4.0 million for the year ended December 31, 2024; and Net loss margin o f 1.5% compared to net income margin of 0.9% for the year ended December 31, 2024.
Our Opportunity Global Jewelry Market The global jewelry industry was estimated to be approxima tely $350 billion in 2024, a ccording to Statista.
According to the Bain Report, approximatel y 65% o f the diamond jewelry retail industry is composed of small retailers.
As of December 31, 2025, we ha d 42 sho wrooms across the United States.
REMOVED
As of March 10, 2025 , there were 14,433,900 shares of the registrant's Class A common stock, $0.0001 par value per share, outstanding, 35,835,012 shares of the registrant s Class B common stock, $0.0001 par value per share, outstanding, 49,119,976 shares of the registrant s Class C common stock, $0.0001 par value per share, outstanding and no shares of the registrant s Class D common stock, $0.0001 per share, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 68 Item 7A.
Statements regarding our future results of operations and financial position, business strategy, plans and objectives of management for future operations, including, among others, statements regarding expected growth, introduction of new products, market opportunity, future capital expenditures, and debt service obligations, are forward-looking statements.
In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in Risk Factors and Cautionary Note Regarding Forward-Looking Statements.
Our made-to-order capabilities and virtual inventory model generate attractive inventory turns allowing us to operate with negative working capital, which we define as our current assets less cash minus our current liabilities.
Below is a summary of our performance for the year ended December 31, 2024: Net sales of $422.2 million, compared to $446.4 million for the year ended December 31, 2023; Net income o f $4.0 million compared to $4.7 million for the year ended December 31, 2023; and Net income margin o f 0.9% compared to 1.1% for the year ended December 31, 2023.
Our Opportunity Global Jewelry Market The global jewelry industry was estimated to be approxima tely $350 billion i n 2024, according to Statista.
According to the Bain Report, approximately 65% of the diamond jewelry retail industry is composed of small retailers.
As of December 31, 2024, we had 40 showrooms across the United States.
We were among the first retail jewelers to offer blockchain-verified diamonds at scale, defining next-generation traceability standards in the jewelry industry, and offer thousands of blockchain-verified diamonds.