BRLT on Nasdaq

Brilliant Earth

Logo: Brilliant Earth, Public domain, via Wikimedia Commons4

American jewelry company

Brilliant Earth is an American company that sells jewelry featuring diamonds and other gemstones that are asserted to be ethically sourced. The company was established in August 2005 by Beth Gerstein and Eric Grossberg, and is headquartered in San Francisco, California.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$437.5MRevenue, fiscal 20255
-$3.6MNet income, fiscal 20255
Aug 2005Founded1

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  • TickerBRLT on Nasdaq1
  • Industryjewelry industry1
  • HeadquartersSan Francisco1
  • Websitewww.brilliantearth.com
  • Incorporated inNV6
  • Business address300 Grant Avenue, 3Rd Floor, San Francisco, Ca 941086
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company6

Brilliant Earth is an American company that sells jewelry featuring diamonds and other gemstones that are asserted to be ethically sourced. The company was established in August 2005 by Beth Gerstein and Eric Grossberg, and is headquartered in San Francisco, California. According to Businessweek, the company has been influential in creating a market for ethically sourced jewelry. Some provenance claims were disputed as per a 2017 The Next Web article.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

57.5%Gross margin5
-1.2%Operating margin5
-0.8%Net margin5
3.6%Revenue growth, 20255
-29.6%Return on equity5
0.00×Debt to equity5
$5.8MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Regions

United States brought in 96% of the revenue Brilliant Earth broke down this way in fiscal 2025.

  1. United States$422.0M596%up 4% from 2024
  2. Outside the United States$15.5M54%down 3% from 2024
Regions by year
Regions20242025
United States$406.2M$422.0M
Outside the United States$16.0M$15.5M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue43¢$186.0M
  • Other costs55¢$241.9M
  • Income tax2¢$9.6M

Out of $437.5M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending41¢$4.0M
  • Dividends paid39¢$3.8M
  • Share buybacks5¢$456.0K
  • Kept or used elsewhere15¢$1.5M

Out of $9.7M of cash from operations.5

Financial statements

Revenue8910115$437.5M in 2025+117% since 2019
0$200.0M$400.0M$600.0M2019: $201.3M$201.3M20192020: $251.8M$251.8M2020+25%2021: $380.2M$380.2M2021+51%2022: $439.9M$439.9M2022+16%2023: $446.4M$446.4M2023+1%2024: $422.2M$422.2M2024−5%2025: $437.5M$437.5M2025+4%
Gross profit8910115$251.5M in 2025+196% since 2019
0$100.0M$200.0M$300.0M2019: $84.9M$84.9M20192020: $112.3M$112.3M2020+32%2021: $187.4M$187.4M2021+67%2022: $234.3M$234.3M2022+25%2023: $257.0M$257.0M2023+10%2024: $254.4M$254.4M2024−1%2025: $251.5M$251.5M2025−1%
Operating income8910115-$5.4M in 2025−0% since 2019
-$20.0M0$20.0M$40.0M$60.0M2019: -$5.4M-$5.4M20192020: $26.6M$26.6M20202021: $40.1M$40.1M2021+51%2022: $23.3M$23.3M2022−42%2023: $4.5M$4.5M2023−81%2024: $3.4M$3.4M2024−25%2025: -$5.4M-$5.4M2025
Net income8910115-$3.6M in 2025−53% since 2019
-$10.0M0$10.0M$20.0M$30.0M2019: -$7.8M-$7.8M20192020: $21.6M$21.6M20202021: $1.5M$1.5M2021−93%2022: $2.1M$2.1M2022+40%2023: $584.0K$584.0K2023−73%2024: $541.0K$541.0K2024−7%2025: -$3.6M-$3.6M2025

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-12-312024-12-31
Net sales$437.5M$422.2M
Cost of sales$186.0M$167.8M
Gross profit$251.5M$254.4M
Marketing and advertising$106.0M$108.3M
General and administrative$150.9M$142.7M
Total operating expenses$256.9M$251.1M
(Loss) income from operations-$5.4M$3.4M
Interest expense-$2.3M-$5.0M
Other income, net$3.7M$5.8M
Gain on TRA liability adjustment$7.8M$0
Loss on extinguishment of debt-$573.0K$0
Income before income tax expense$3.2M$4.2M
Income tax expense-$9.6M-$160.0K
Net (loss) income-$6.4M$4.0M
Net (loss) income allocable to non-controlling interest-$2.8M$3.5M
Net (loss) income allocable to Brilliant Earth Group, Inc.-$3.6M$541.0K
Basic (in dollars per share)-$0.25$0.04
Diluted (in dollars per share)-$0.25$0.03
Basic (in shares)14.8M shares13.3M shares
Diluted (in shares)14.8M shares98.4M shares

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The story

The idea for Brilliant Earth was conceived in 2004 by two Stanford alumni, Beth Gerstein and Eric Grossberg. Gerstein has said she was looking for an ethically produced engagement ring in 2003, failing which she partnered with Grossberg to establish Brilliant Earth in August 2005, and launched their e-commerce website in July 2006.

The company has since opened showrooms in San Francisco, Atlanta, and elsewhere in the United States.

The company completed an initial public offering in September 2021.

From Wikipedia’s article on Brilliant Earth, shared under CC BY-SA 4.0.7

Products and brands

Operations

Brilliant Earth uses both natural diamonds and lab-created diamonds in its jewelry. The natural diamonds are sourced from Diavik and Ekati mines in Canada, and from Namibia and Botswana. The company's sapphires are from either Australia or Malawi.

The company uses recycled materials such as gold, silver and platinum or obtains them from co-ops that meet standards set by the Alliance for Responsible Mining.

Community service

Brilliant Earth donates a part of its profits to charities that help African communities affected by conflict diamonds. In 2015, the company funded a mobile school in Lungudi, a village in the Democratic Republic of the Congo, for students at risk of working in the local diamond mines. It has also partnered with Rainforest Alliance, an international non-profit organisation.

From Wikipedia’s article on Brilliant Earth, shared under CC BY-SA 4.0.7

Timeline

  1. Aug 2005Founded Founded1

Recent filings

  1. Aug 26, 20264
  2. Aug 26, 20264
  3. Aug 19, 20264
  4. Aug 19, 20264
  5. Aug 19, 20264
  6. Aug 17, 20264
  7. Aug 17, 2026144
  8. Aug 12, 20264
  9. Aug 12, 20264
  10. Aug 10, 2026144
  11. Aug 10, 2026144
  12. Aug 10, 2026144
  13. Aug 6, 20268-K
  14. Aug 6, 202610-Q
  15. Jun 23, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2