0001866757-24-000073 | 10-Q | XBRL Viewer | Brilliant Earth Group INC

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Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term - operating leases	7 years	7 years 6 months
Weighted-average discount rate - operating leases	5.60%	4.50%

Inventories, Net - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Allowance for inventory obsolescence	$ (289)	$ (355)	$ (371)	$ (307)
Total inventories, net	38,905	37,788
Loose diamonds
Inventory [Line Items]
Inventory, gross	7,490	8,168
Fine jewelry and other
Inventory [Line Items]
Inventory, gross	$ 31,704	$ 29,975

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 97,337	$ 97,698
United States
Disaggregation of Revenue [Line Items]
Net sales	93,653	92,615
International
Disaggregation of Revenue [Line Items]
Net sales	$ 3,684	$ 5,083

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) applicable to Brilliant Earth Group, Inc. by the weighted average shares of Class A common stock outstanding (and Class D common stock, if outstanding) during the period. Diluted earnings per share is computed by adjusting the net income (loss) available to Brilliant Earth Group, Inc. and the weighted average shares outstanding to give effect to potentially dilutive securities. Shares of Class B and Class C common stock are not entitled to receive any distributions or dividends and are therefore excluded from this presentation since they are not participating securities.

Basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023 have been computed as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
Numerator:		2024		2023
Net income (loss) attributable to Brilliant Earth Group, Inc., BASIC		$	139	$	(52)
Add: Net income (loss) impact from assumed redemption of all LLC Units to common stock		928		(388)
(Less) add: Income tax (expense) benefit on net income (loss) attributable to NCI		(237)		100
Net income (loss) attributable to Brilliant Earth Group, Inc., after adjustment for assumed conversion, DILUTED		$	830	$	(340)

Denominator:
Weighted average shares of common stock outstanding, BASIC		12,736,014		11,387,936
Dilutive effects of:
Vested LLC Units that are exchangeable for common stock		84,821,000		—
Unvested LLC Units that are exchangeable for common stock		102,040		—
RSUs		191,234		—
Weighted average shares of common stock outstanding, DILUTED		97,850,288		11,387,936

BASIC earnings per share		$	0.01	$	0.00
DILUTED earnings per share		$	0.01	$	0.00

Net income (loss) attributable to the non-controlling interest is added back to net income (loss) in the fully dilutive computation and has been adjusted for income taxes which would have been (expensed) benefited had the income (loss) been recognized by Brilliant Earth Group, Inc., a taxable entity. The weighted average common shares outstanding in the diluted computation per share assumes all outstanding LLC Units are converted and the Company will elect to issue shares of common stock upon redemption rather than cash-settle.

For the three months ended March 31, 2024 and 2023, the dilutive impact of LLC Units convertible into common stock were included in the computation of diluted earnings per share under the if-converted method, except when the effect would be anti-dilutive. The dilutive impact of unvested LLC Units and RSUs were included using the treasury stock method.

The following table presents potentially dilutive securities that have been excluded from the computations of earnings per share because such impact would have been anti-dilutive for three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
		2024	2023
RSUs		3,062,750	3,326,439
Stock options		750,420	832,152
Vested LLC Units		—	84,617,787
Unvested LLC Units		18,290	575,208

Debt - Narrative (Details)	3 Months Ended
Debt - Narrative (Details)	Mar. 31, 2024 USD ($)	Mar. 31, 2023	May 24, 2022 USD ($)
Silicon Valley Bank Credit Agreement
Debt Instrument [Line Items]
Amount outstanding	$ 0
Secured Debt \| Silicon Valley Bank Credit Agreement
Debt Instrument [Line Items]
Debt instrument, face amount			$ 65,000,000
Fixed charge coverage ratio			1.25
Consolidated rotal leverage ratio			4
Consolidated borrower leverage ratio			3
Secured Debt \| Term Loan Agreement
Debt Instrument [Line Items]
Interest rate during period	8.10%	7.72%
Line of Credit \| Silicon Valley Bank Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 40,000,000

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

Disaggregation of Revenue

The following table discloses total net sales by geography for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
		2024		2023
United States		$	93,653	$	92,615
International		3,684		5,083
Total net sales		$	97,337	$	97,698

Contract Balances

Transactions where payment has been received from customers, but control has not transferred, are recorded as customer deposits in deferred revenue and revenue recognition is deferred until delivery has occurred. Deferred revenue also includes payments on the Company's three-year extended service plan that customers have elected to purchase.

As of March 31, 2024, December 31, 2023, and December 31, 2022, total deferred revenue that includes our contract balances was $22.8 million, $19.6 million, and $18.6 million, respectively.

During the three months ended March 31, 2024 and 2023, the Company recognized $16.2 million and $17.4 million, respectively, of revenue that was deferred as of December 31, 2023 and December 31, 2022, respectively.

Sales Returns and Allowances

A returns asset account and a refund liabilities account are maintained to record the effects of estimated product returns and sales returns allowance. Returns asset and refund liabilities are updated at the end of each financial reporting period and the effect of such changes are accounted for in the period in which such changes occur.

The Company estimates anticipated product returns in the form of a refund liability based on historical return percentages and current period sales levels and accrues a related returns asset for goods expected to be returned in salable condition less any expected costs to recover such goods, including return shipping costs that the Company may incur.

As of March 31, 2024 and December 31, 2023, refund liabilities balances were $1.5 million and $2.4 million, respectively, and are included as a provision for sales returns and allowances within accrued expenses and other current liabilities in the unaudited condensed consolidated balance sheets.

As of March 31, 2024 and December 31, 2023, returns asset balances were $0.5 million and $1.0 million, respectively, and are included within prepaid expenses and other current assets in the unaudited condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Equity-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Nonvested Share Activity

The following table summarizes the activity related to the Company's restricted stock units ("RSUs") for the three months ended March 31, 2024:


	Number of RSUs	Weighted average grant date fair value
Balance as of December 31, 2023, unvested	3,942,052	$	6.10
Granted	1,468,413	$	2.89
Vested	(506,264)	$	6.41
Forfeited	(52,726)	$	7.00
Balance as of March 31, 2024, unvested	4,851,475	$	5.09

Schedule of Stock Options Roll Forward

The following table summarizes the activity related to the outstanding and exercisable stock options for the three months ended March 31, 2024:


	Number of options	Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2023	758,458	$	12.00	$	4.27	7.7

Forfeited	(17,257)	$	12.00	$	4.29	—
Outstanding as of March 31, 2024	741,201	$	12.00	$	4.27	7.5

Exercisable as of March 31, 2024	604,443	$	12.00	$	4.26	7.5
Unvested as of March 31, 2024	136,758	$	12.00	$	4.29	7.5
Vested and expected to vest as of March 31, 2024	741,201	$	12.00	$	4.27	7.5

Schedule of Activity Related to the Unvested LLC Units

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

DEBT

The following table summarizes the net carrying amount of the Company's outstanding debt as of March 31, 2024 and December 31, 2023, net of debt issuance costs (in thousands):


	March 31, 2024						December 31, 2023
	Outstanding principal		Debt issuance costs		Net carrying amount		Outstanding principal		Debt issuance costs		Net carrying amount




Current portion	$	4,469	$	—	$	4,469	$	4,063	$	—	$	4,063
Long term	54,844		(507)		54,337		56,063		(490)		55,573
Total debt	$	59,313	$	(507)	$	58,806	$	60,126	$	(490)	$	59,636

Credit Agreement - Silicon Valley Bank

On May 24, 2022, Brilliant Earth, LLC, as borrower, and Silicon Valley Bank ("SVB"), as administrative agent and collateral agent for the lenders, entered into a credit agreement (the "SVB Credit Agreement") 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").

The SVB Credit Facilities are subject to customary affirmative covenants and negative covenants as well as financial maintenance covenants. The financial covenants are tested at the end of each fiscal quarter, and require that (a) the Company and its subsidiaries not have a Consolidated Fixed Charge Coverage Ratio (defined as the ratio of (i) Consolidated EBITDA, less cash taxes (including tax distributions), less certain capital expenditures, less cash dividends and other cash restricted payments, to (ii) the sum of cash interest expense and scheduled principal payments on outstanding debt (in each case, as further defined in the SVB Credit Agreement)) of less than 1.25 to 1.00, (b) the Company and its subsidiaries not have a Consolidated Total Leverage Ratio of more than 4.00 to 1.00, and (c) Brilliant Earth, LLC and its subsidiaries not have a Consolidated Borrower Leverage Ratio (defined substantially similar as Consolidated Total Leverage Ratio, but limited to Brilliant Earth, LLC and its subsidiaries) in excess of 3.00 to 1.00 (which level is subject to temporary increases to 4.00 to 1.00 in connection with certain acquisitions).

On February 21, 2024, we entered into the First Amendment to the SVB Credit Agreement (the "First Amendment"), pursuant to which the lenders agreed to suspend the requirement to comply with the Consolidated Fixed Charge Coverage Ratio covenant on the last day of the fiscal quarters ending December 31, 2023, March 31, 2024, and June 30, 2024. The First Amendment also requires us to maintain Balance Sheet Cash (defined as unrestricted cash and cash equivalents held in accounts with the lenders and their affiliates ) in an amount greater than the sum of the aggregate principal amount outstanding under the SVB Revolving Facility (including issued letters of credit) and the aggregate principal amount of the SVB Term Loan outstanding at such time, which requirement applies at all times commencing on February 21, 2024 until the last day of the fiscal quarter ending June 30, 2024. After such time, the minimum Balance Sheet Cash covenant no longer applies.

As of March 31, 2024, the Company was in compliance with all applicable covenants under the SVB Credit Agreement.

The Company's debt effective interest rate was 8.10% and 7.72% for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, there were no amounts outstanding under the SVB Revolving Facility.

As of March 31, 2024, the aggregate future principal payments under the SVB Term Loan were as follows (in thousands):


	Principal
For the remainder of the year ending December 31, 2024	$	3,250
Years ending December 31,
2025	5,688
2026	6,500
2027	43,875

Total aggregate future principal payments	$	59,313

Equity-Based Compensation - RSU Activity (Details) - RSUs	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of RSUs
Unvested, beginning balance (in shares) \| shares	3,942,052
Grants in period (in shares) \| shares	1,468,413
Vested (in shares) \| shares	(506,264)
Forfeited (in shares) \| shares	(52,726)
Unvested, ending balance (in shares) \| shares	4,851,475
Weighted average grant date fair value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 6.10
Granted (in dollars per share) \| $ / shares	2.89
Vested (in dollars per share) \| $ / shares	6.41
Forfeited (in dollars per share) \| $ / shares	7.00
Unvested ending balance (in dollars per share) \| $ / shares	$ 5.09

Equity-Based Compensation - Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of options
Outstanding as of December 31, 2022 (in shares)	758,458
Forfeited (in shares)	(17,257)
Outstanding as of June 30, 2023 (in shares)	741,201	758,458
Weighted average exercise price
Outstanding as of December 31, 2022 (in dollars per share)	$ 12.00
Forfeited (in dollars per share)	12.00
Outstanding as of March 31, 2023 (in dollars per share)	12.00	$ 12.00
Weighted average exercise price
Outstanding as of December 31, 2022 (in dollars per share)	4.27
Forfeited (in dollars per share)	4.29
Outstanding as of June 30, 2023 (in dollars per share)	$ 4.27	$ 4.27
Weighted average remaining contractual term (years)
Weighted average remaining contractual term	7 years 6 months	7 years 8 months 12 days
Weighted average remaining contractual term, exercisable	7 years 6 months
Weighted average remaining contractual term, Unvested	7 years 6 months
Weighted average remaining contractual term, vested and expected to vest	7 years 6 months
Options, Vested and Expected to Vest
Options exercisable (in shares)	604,443
Options unvested (in shares)	136,758
Options, vested and expected to vest (in shares)	741,201
Options exercisable, weighted average exercise price (in dollars per share)	$ 12.00
Options unvested, weighted average exercise price (in dollars per share)	12.00
Vested and expected to vest, weighted average exercise price (in dollars per share)	12.00
Options exercisable, weighted average grant date fair value (in dollars per share)	4.26
Options unvested, weighted average grant date fair value (in dollars per share)	4.29
Options vested and expected to vest, weighted average grant date fair value (in dollars per share)	$ 4.27

Inventories, Net - Allowance for Inventory Obsolescence (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory Valuation Reserves [Roll Forward]
Balance at beginning of period	$ (355)	$ (307)
Change in allowance for inventory obsolescence	66	(64)
Balance at end of period	$ (289)	$ (371)

Equity-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

EQUITY-BASED COMPENSATION

Grants of Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock units ("RSUs") for the three months ended March 31, 2024:


	Number of RSUs	Weighted average grant date fair value
Balance as of December 31, 2023, unvested	3,942,052	$	6.10
Granted	1,468,413	$	2.89
Vested	(506,264)	$	6.41
Forfeited	(52,726)	$	7.00
Balance as of March 31, 2024, unvested	4,851,475	$	5.09

Total compensation expense for RSUs was $2.4 million and $2.0 million for three months ended March 31, 2024 and 2023 respectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of March 31, 2024, total compensation cost related to unvested RSUs not yet recognized is $22.6 million and is expected to be recognized over a weighted-average period of approximately 2.6 years.

Grants of Stock Options

The following table summarizes the activity related to the outstanding and exercisable stock options for the three months ended March 31, 2024:


	Number of options	Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of December 31, 2023	758,458	$	12.00	$	4.27	7.7

Forfeited	(17,257)	$	12.00	$	4.29	—
Outstanding as of March 31, 2024	741,201	$	12.00	$	4.27	7.5

Exercisable as of March 31, 2024	604,443	$	12.00	$	4.26	7.5
Unvested as of March 31, 2024	136,758	$	12.00	$	4.29	7.5
Vested and expected to vest as of March 31, 2024	741,201	$	12.00	$	4.27	7.5

As of March 31, 2024, the vested stock options did not have an aggregated intrinsic value as the exercise price exceeded the estimated fair market value of the stock options.

Total compensation expense for stock options was approximately $0.2 million and $0.2 million, for the three months ended March 31, 2024 and 2023 respectively, and is included in selling, general and administrative expenses in the unaudited condensed consolidated statements of operations.

As of March 31, 2024, total compensation cost related to unvested options not yet recognized is $0.6 million and is expected to be recognized over a weighted-average period of approximately 1.0 year.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income (loss)	$ 1,067	$ (440)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	1,203	951
Equity-based compensation	2,587	2,258
Non-cash operating lease cost	1,281	1,085
Amortization of debt issuance costs	69	67
Deferred tax expense (benefit)	73	(14)
Other	(65)	74
Changes in assets and liabilities:
Inventories	(1,051)	1,403
Prepaid expenses and other current assets	15	778
Other assets	(312)	(135)
Accounts payable, accrued expenses and other current liabilities	(12,544)	(10,456)
Deferred revenue	3,259	3,327
Operating lease liabilities	(1,372)	(880)
Net cash used in operating activities	(5,790)	(1,982)
Investing activities
Purchases of property and equipment	(562)	(4,414)
Net cash used in investing activities	(562)	(4,414)
Financing activities
Payments on SVB term loan	(813)	(813)
Repurchases of common stock	(100)	0
Payment of debt issuance costs	(100)	0
Tax distributions to members	(988)	(1,468)
Net cash used in financing activities	(2,001)	(2,281)
Net decrease in cash, cash equivalents and restricted cash	(8,353)	(8,677)
Cash, cash equivalents and restricted cash at beginning of period	156,020	154,854
Cash, cash equivalents and restricted cash at end of period	147,667	146,177
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	147,454	145,972
Restricted cash	213	205
Total cash, cash equivalents, and restricted cash	147,667	146,177
Non-cash investing and financing activities
Right-of-use assets obtained in exchange for new operating lease liabilities	3,441	7,535
Change in deferred tax assets associated with redemption of LLC Units	(177)	374
TRA Obligation associated with redemption of LLC Units	(13)	439
Purchases of property and equipment included in accounts payable and accrued liabilities	273	245
Change in APIC related to redemption of LLC Units	$ (164)	$ 65

Income Taxes and Tax Receivable Agreement	3 Months Ended
Income Taxes and Tax Receivable Agreement	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes and Tax Receivable Agreement	INCOME TAXES AND TAX RECEIVABLE AGREEMENT Overview of Income Taxes Brilliant Earth Group, Inc. is taxed as a subchapter C corporation and is subject to federal and state income taxes. Brilliant Earth Group, Inc.'s sole material asset is its ownership interest in Brilliant Earth, LLC, which is a limited liability company that is taxed as a partnership for U.S. federal and certain state and local income tax purposes. Brilliant Earth, LLC's net taxable income or loss and related tax credits, if any, are passed through to its members on a pro-rata basis and included in the member's tax returns. The income tax burden on the earnings taxed to the non-controlling interest holders is not reported by the Company in its unaudited condensed consolidated financial statements under U.S. GAAP. The Company files U.S. federal and certain state income tax returns. The income tax returns of the Company are subject to examination by U.S. federal and state taxing authorities for various time periods, depending on those jurisdictions' rules, generally after the income tax returns are filed. Tax Provision and Deferred Tax Asset At the end of each interim period, Brilliant Earth Group, Inc. estimates the effective tax rate expected to be applicable for the full fiscal year. This differs from the method utilized at the end of an annual period. The Company's effective tax rate of 6.40% for the three months ended March 31, 2024, differs from the U.S. federal statutory tax rate of 21% primarily due to income associated with the non-controlling interest, state tax expense and other permanent items. The Company recorded net decreases in deferred tax assets of $0.3 million during the three months ended March 31, 2024, with a corresponding decrease to additional paid in capital, resulting from changes in the outside basis difference on Brilliant Earth Group Inc.'s investment in Brilliant Earth, LLC. The Company has determined it is more-likely-than-not that it will be able to realize this deferred tax asset in the future. Tax Receivable Agreement As each of the Continuing Equity Owners elect to convert their LLC Interests into Class A common stock or Class D common stock, as applicable, Brilliant Earth Group, Inc. will succeed to their aggregate historical tax basis which will create a net tax benefit to the Company. These tax benefits are expected to be amortized over 15 years pursuant to Sections 743(b) and 197 of the Code. The Company will only recognize a deferred tax asset for financial reporting purposes when it is "more-likely-than-not" that the tax benefit will be realized. In addition, as part of the IPO, the Company entered into a the TRA with the Continuing Equity Owners to pay 85% of the tax savings from the tax basis adjustment to them as such savings are realized. Amounts payable under the TRA are contingent upon, among other things, generation of sufficient future taxable income during the term of the TRA. The amounts to be recorded for both the deferred tax assets and the liability for our obligations under the TRA will be estimated at the time of any purchase or redemption as a reduction to shareholders' equity, and the effects of changes in any of our estimates after this date will be included in net income. Similarly, the effect of subsequent changes in the enacted tax rates will be included in net income. As of March 31, 2024, related to the TRA, the Company has recorded (i) a deferred tax asset in the amount of $8.6 million, (ii) a corresponding estimated liability with a balance of $8.0 million representing 85% of the projected tax benefits to the Continuing Equity Owners; and (iii) $0.6 million of additional paid-in capital.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities is a Provision For Sales Returns (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract with Customer, Refund Liability [Roll Forward]
Balance at beginning of period	$ 2,449	$ 2,332
Provision	5,942	5,110
Returns and allowances	(6,904)	(5,922)
Balance at end of period	$ 1,487	$ 1,520

Inventories, Net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, Net

INVENTORIES, NET

Inventories, net consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Loose diamonds	$	7,490	$	8,168
Fine jewelry and other	31,704		29,975
Allowance for inventory obsolescence	(289)		(355)
Total inventories, net	$	38,905	$	37,788

The allowance for inventory obsolescence consists of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	(355)	$	(307)
Change in allowance for inventory obsolescence	66		(64)
Balance at end of period	$	(289)	$	(371)

As of March 31, 2024 and December 31, 2023, the Company had $21.1 million and $24.8 million, respectively, in consigned inventory held on behalf of suppliers which is not recorded in the unaudited condensed consolidated balance sheets.

Debt - Term Loan (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Outstanding principal	$ 59,313	$ 60,126
Debt issuance costs	(507)	(490)
Net carrying amount	58,806	59,636
Current portion	4,469	4,063
Long term outstanding principal	54,844	56,063
Long term net carrying amount	$ 54,337	$ 55,573

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Income Taxes and Tax Receivable Agreement - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Effective income tax rate	6.40%
Changes in outside basis difference	$ (0.3)
Tax benefit distributions to noncontrolling interest holders, percent	85.00%
Deferred tax assets	$ 8.6
Tax receivable agreement liability	8.0
Tax receivable agreement, recognition in additional-paid-in-capital	$ 0.6

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the net carrying amount of the Company's outstanding debt as of March 31, 2024 and December 31, 2023, net of debt issuance costs (in thousands):


	March 31, 2024						December 31, 2023
	Outstanding principal		Debt issuance costs		Net carrying amount		Outstanding principal		Debt issuance costs		Net carrying amount




Current portion	$	4,469	$	—	$	4,469	$	4,063	$	—	$	4,063
Long term	54,844		(507)		54,337		56,063		(490)		55,573
Total debt	$	59,313	$	(507)	$	58,806	$	60,126	$	(490)	$	59,636

Schedule of Maturities of Long-term Debt

As of March 31, 2024, the aggregate future principal payments under the SVB Term Loan were as follows (in thousands):


	Principal
For the remainder of the year ending December 31, 2024	$	3,250
Years ending December 31,
2025	5,688
2026	6,500
2027	43,875

Total aggregate future principal payments	$	59,313

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories, Net

Inventories, net consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Loose diamonds	$	7,490	$	8,168
Fine jewelry and other	31,704		29,975
Allowance for inventory obsolescence	(289)		(355)
Total inventories, net	$	38,905	$	37,788

The allowance for inventory obsolescence consists of the following (in thousands):


	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	(355)	$	(307)
Change in allowance for inventory obsolescence	66		(64)
Balance at end of period	$	(289)	$	(371)

Accrued Expenses and Other Current Liabilities - Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Vendor expenses	$ 11,406	$ 12,400
Inventory received not billed	10,333	12,686
Payroll expenses	3,107	6,027
Sales and other tax payable	2,564	4,040
Provision for sales returns and allowances	1,487	2,449	$ 1,520	$ 2,332
Current portion of TRA	0	186
Other	4,702	6,036
Total accrued expenses and other current liabilities	$ 33,599	$ 43,824

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

LEASES

The Company leases its executive offices, retail showrooms, office and operational locations under operating leases. The fixed, non-cancelable terms of our real estate leases are generally 5-10 years. Certain lease agreements include options to renew or terminate the lease, which are not reasonably certain to be exercised and therefore are not factored into the determination of lease payments. Most of the real estate leases require payment of real estate taxes, insurance and certain common area maintenance costs in addition to future minimum lease payments.

Total operating lease costs were as follows (in thousands):


		Three Months Ended March 31,
	Classification	2024		2023
Operating lease costs	Selling, general and administrative expense	$	1,855	$	1,553
Operating lease costs	Cost of sales	68		—
Variable lease costs	Selling, general and administrative expense	329		265
Variable lease costs	Cost of sales	34		—
Total lease costs		$	2,286	$	1,818

The maturity analysis of the operating lease liabilities as of March 31, 2024 was as follows (in thousands):


	Amount
For the remainder of the year ending December 31, 2024	$	5,462
Years ending December 31,
2025	8,472
2026	8,249
2027	6,896
2028	5,897
2029	5,054
Thereafter	12,273
Total minimum lease payments(1)	52,303
Less: imputed interest	(9,669)
Net present value of operating lease liabilities	42,634
Less: current portion	(5,372)
Long-term portion	$	37,262

(1) Future minimum lease payments exclude $4.6 million of future payments required under signed lease agreements that has not yet commenced. These operating leases will commence after March 31, 2024 with a lease term of five to seven years.

The weighted-average remaining lease term and weighted-average discount rate on long-term leases was as follows:


	March 31,		March 31,
	2024		2023
Weighted-average remaining lease term - operating leases	7.0 years		7.5 years
Weighted-average discount rate - operating leases	5.6	%	4.5	%

Cash paid for amounts included in the measurement of lease liabilities was $1.9 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.

Equity-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 2.4	$ 2.0
Unamortized compensation cost	$ 22.6
Cost not yet recognized, period for recognition	2 years 7 months 6 days
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.2	$ 0.2
Cost not yet recognized, period for recognition	1 year
Option, cost not yet recognized	$ 0.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 97,337	$ 97,698
Cost of sales	39,031	44,022
Gross profit	58,306	53,676
Operating expenses:
Selling, general and administrative	57,429	53,766
Income (loss) from operations	877	(90)
Interest expense	(1,214)	(1,206)
Other income, net	1,477	843
Income (loss) before tax	1,140	(453)
Income tax (expense) benefit	(73)	13
Net income (loss)	1,067	(440)
Net income (loss) allocable to non-controlling interest	928	(388)
Net income (loss) allocable to Brilliant Earth Group, Inc.	$ 139	$ (52)
Earnings per share:
Basic (in dollars per share)	$ 0.01	$ 0.00
Diluted (in dollars per share)	$ 0.01	$ 0.00
Weighted average shares of common stock outstanding:
Basic (in shares)	12,736,014	11,387,936
Diluted (in shares)	97,850,288	11,387,936

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Additional Lease Information

Total operating lease costs were as follows (in thousands):


		Three Months Ended March 31,
	Classification	2024		2023
Operating lease costs	Selling, general and administrative expense	$	1,855	$	1,553
Operating lease costs	Cost of sales	68		—
Variable lease costs	Selling, general and administrative expense	329		265
Variable lease costs	Cost of sales	34		—
Total lease costs		$	2,286	$	1,818

The weighted-average remaining lease term and weighted-average discount rate on long-term leases was as follows:


	March 31,		March 31,
	2024		2023
Weighted-average remaining lease term - operating leases	7.0 years		7.5 years
Weighted-average discount rate - operating leases	5.6	%	4.5	%

Schedule of Future Minimum Lease Payments Under Long-term Non-cancelable Operating Leases

The maturity analysis of the operating lease liabilities as of March 31, 2024 was as follows (in thousands):


	Amount
For the remainder of the year ending December 31, 2024	$	5,462
Years ending December 31,
2025	8,472
2026	8,249
2027	6,896
2028	5,897
2029	5,054
Thereafter	12,273
Total minimum lease payments(1)	52,303
Less: imputed interest	(9,669)
Net present value of operating lease liabilities	42,634
Less: current portion	(5,372)
Long-term portion	$	37,262

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table discloses total net sales by geography for the three months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
		2024		2023
United States		$	93,653	$	92,615
International		3,684		5,083
Total net sales		$	97,337	$	97,698

Debt - Debt Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
For the remainder of the year ending December 31, 2024	$ 3,250
2025	5,688
2026	6,500
2027	43,875
Outstanding principal	$ 59,313	$ 60,126

Leases - Total Operating Lease Right-of-Use Assets and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Total lease costs	$ 2,286	$ 1,818
Selling, general and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease costs	1,855	1,553
Variable lease costs	329	265
Cost of sales
Lessee, Lease, Description [Line Items]
Operating lease costs	68	0
Variable lease costs	$ 34	$ 0

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Vendor expenses	$	11,406	$	12,400
Inventory received not billed	10,333		12,686
Payroll expenses	3,107		6,027
Sales and other tax payable	2,564		4,040
Provision for sales returns and allowances	1,487		2,449
Current portion of TRA	—		186
Other	4,702		6,036
Total accrued expenses and other current liabilities	$	33,599	$	43,824

Included in accrued expenses and other current liabilities is a provision for sales returns and allowances. Returns are estimated based on past experience and current expectations and are recorded as an adjustment to revenue. Activity for the three months ended March 31, 2024 and 2023, was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	2,449	$	2,332
Provision	5,942		5,110
Returns and allowances	(6,904)		(5,922)
Balance at end of period	$	1,487	$	1,520

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Extended service plan period	3 years
Deferred revenue	$ 22,800		$ 19,600	$ 18,600
Revenue recognized	16,200	$ 17,400
Provision for sales returns and allowances	1,487	$ 1,520	2,449	$ 2,332
Refund assets	$ 500		$ 1,000

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") and the requirements of the Securities and Exchange Commission (the "SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements of the Company, which are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023, as disclosed in the 2023 Form 10-K.
Principles of Consolidation and Non-Controlling Interest	The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiary, Brilliant Earth, LLC. All intercompany balances and transactions have been eliminated in consolidation. The non-controlling interest on the unaudited condensed consolidated statements of operations represents the portion of earnings or loss attributable to the economic interest in Brilliant Earth, LLC held by the Continuing Equity Owners. The non-controlling interest on the unaudited condensed consolidated balance sheets represents the portion of net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Interests owned by such unit holders.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Some of the more significant estimates include inventory valuation, allowance for sales returns, estimates of current and deferred income taxes payable pursuant to the TRA, useful lives and depreciation of long-lived assets. Actual results could differ materially from those estimates. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in its business or new information available.
Fair Value Measurements	Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP prescribes three levels of inputs that may be used to measure fair value: Level 1 Valuation based on quoted prices (unadjusted) observed in active markets for identical assets or liabilities. Level 2 Valuation techniques based on inputs that are quoted prices of similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not in active markets; inputs other than quoted prices used in a valuation model that are observable for that instrument; and inputs that are derived from, or corroborated by, observable market data by correlation or other means. Level 3 Valuation techniques with significant unobservable market inputs. The Company is required to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities in its financial statements, in accordance with U.S. GAAP. At March 31, 2024 and December 31, 2023, there were no financial instruments (assets or liabilities) measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued expenses and other current liabilities approximate fair value due to their short-term maturities and were classified as Level 1. The carrying value of long-term debt, net of debt issuance costs, also approximates its fair value, which has been estimated by management based on the consideration of applicable interest rates (including certain instruments at variable or floating rates) for similar types of borrowing arrangements and were classified as Level 2.
Marketing Expenses	Marketing Expenses Marketing, advertising and promotional costs are generally expensed as incurred, except for certain production costs that are expensed the first time the advertising takes place. During the three months ended March 31, 2024 and 2023, the Company recorded marketing, advertising and promotional costs of $23.2 million and $22.8 million, respectively.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to provide all annual disclosures about segments in interim periods. All disclosure requirements are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on the Company's consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 147,454	$ 155,809
Restricted cash	213	211
Inventories, net	38,905	37,788
Prepaid expenses and other current assets	11,183	11,048
Total current assets	197,755	204,856
Property and equipment, net	21,679	22,047
Deferred tax assets	9,495	9,745
Operating lease right of use assets	36,258	34,248
Other assets	3,012	2,687
Total assets	268,199	273,583
Current liabilities:
Accounts payable	2,473	4,511
Accrued expenses and other current liabilities	33,599	43,824
Deferred revenue	22,815	19,556
Current portion of operating lease liabilities	5,372	4,993
Current portion of long-term debt	4,469	4,063
Total current liabilities	68,728	76,947
Long-term debt, net of debt issuance costs	54,337	55,573
Operating lease liabilities	37,262	35,572
Payable pursuant to the Tax Receivable Agreement	8,014	8,035
Total liabilities	168,341	176,127
Commitments and contingencies (Note 10)
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued and outstanding at March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	8,978	8,275
Treasury stock, at cost; 32,371 shares and none at March 31, 2024 and December 31, 2023, respectively	(100)	0
Retained earnings	4,386	4,247
Stockholders' equity attributable to Brilliant Earth Group, Inc.	13,274	12,532
Non-controlling interests attributable to Brilliant Earth, LLC	86,584	84,924
Total stockholders' equity	99,858	97,456
Total liabilities and stockholders' equity	268,199	273,583
Class A Common Stock
Stockholders' equity
Common stock, value, issued	1	1
Class B Common Stock
Stockholders' equity
Common stock, value, issued	4	4
Class C Common Stock
Stockholders' equity
Common stock, value, issued	5	5
Common Class D
Stockholders' equity
Common stock, value, issued	$ 0	$ 0

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Basic and diluted earnings per share of common stock for the three months ended March 31, 2024 and 2023 have been computed as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
Numerator:		2024		2023
Net income (loss) attributable to Brilliant Earth Group, Inc., BASIC		$	139	$	(52)
Add: Net income (loss) impact from assumed redemption of all LLC Units to common stock		928		(388)
(Less) add: Income tax (expense) benefit on net income (loss) attributable to NCI		(237)		100
Net income (loss) attributable to Brilliant Earth Group, Inc., after adjustment for assumed conversion, DILUTED		$	830	$	(340)

Denominator:
Weighted average shares of common stock outstanding, BASIC		12,736,014		11,387,936
Dilutive effects of:
Vested LLC Units that are exchangeable for common stock		84,821,000		—
Unvested LLC Units that are exchangeable for common stock		102,040		—
RSUs		191,234		—
Weighted average shares of common stock outstanding, DILUTED		97,850,288		11,387,936

BASIC earnings per share		$	0.01	$	0.00
DILUTED earnings per share		$	0.01	$	0.00

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
		2024	2023
RSUs		3,062,750	3,326,439
Stock options		750,420	832,152
Vested LLC Units		—	84,617,787
Unvested LLC Units		18,290	575,208

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Treasury Stock	Retained Earnings	Stockholders' Equity	Non-Controlling Interest	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock	Class C Common Stock	Class C Common Stock Common Stock
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2022								11,246,694		35,482,534		49,119,976
Stockholders' equity, beginning balance at Dec. 31, 2022	$ 93,141	$ 7,256		$ 3,663	$ 10,929			$ 1		$ 4		$ 5
Units, beginning balance (in shares) at Dec. 31, 2022						84,602,510
Units, beginning balance at Dec. 31, 2022						$ 82,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax distributions to members	(1,468)					$ (1,468)
Conversion of convertible securities (in shares)						(71,886)		71,886		(71,886)
RSU vesting during period (in shares)								252,941
Class B shares issued upon vesting of LLC units (in shares)						115,437				115,437
Change in deferred tax asset and TRA liability related to redemption of LLC Units	(65)	(65)			(65)
Equity-based compensation	2,258	2,204			2,204	$ 54
Net income (loss)	(440)			(52)	(52)	(388)
Rebalancing of controlling and non-controlling interest		(1,780)			(1,780)	$ 1,780
Stockholders' equity, ending balance (in shares) at Mar. 31, 2023								11,571,521		35,526,085		49,119,976
Stockholders' equity, ending balance at Mar. 31, 2023	93,426	7,615		3,611	11,236			$ 1		$ 4		$ 5
Units, ending balance (in shares) at Mar. 31, 2023						84,646,061
Units, ending balance at Mar. 31, 2023						$ 82,190
Stockholders' equity, beginning balance (in shares) at Dec. 31, 2023							12,522,146	12,522,146	35,688,349	35,688,349	49,119,976	49,119,976
Stockholders' equity, beginning balance at Dec. 31, 2023	97,456	8,275	$ 0	4,247	12,532			$ 1		$ 4		$ 5
Units, beginning balance (in shares) at Dec. 31, 2023						84,808,325
Units, beginning balance at Dec. 31, 2023						$ 84,924
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Tax distributions to members	(988)					$ (988)
Conversion of convertible securities (in shares)						(16,260)		16,260		(16,260)
RSU vesting during period (in shares)								506,264
Repurchases of common stock	(100)		(100)		(100)
Repurchases of common stock (in shares)								(32,371)
Class B shares issued upon vesting of LLC units (in shares)						84,187				84,187
Change in deferred tax asset and TRA liability related to redemption of LLC Units	(164)	(164)			(164)
Equity-based compensation	2,587	2,541			2,541	$ 46
Net income (loss)	1,067			139	139	928
Rebalancing of controlling and non-controlling interest	0	(1,674)			(1,674)	$ 1,674
Stockholders' equity, ending balance (in shares) at Mar. 31, 2024							13,012,299	13,012,299	35,756,276	35,756,276	49,119,976	49,119,976
Stockholders' equity, ending balance at Mar. 31, 2024	$ 99,858	$ 8,978	$ (100)	$ 4,386	$ 13,274			$ 1		$ 4		$ 5
Units, ending balance (in shares) at Mar. 31, 2024						84,876,252
Units, ending balance at Mar. 31, 2024						$ 86,584

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-40836
Entity Registrant Name	Brilliant Earth Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1015499
Entity Address, Address Line One	300 Grant Avenue
Entity Address, Address Line Two	Third Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94108
City Area Code	800
Local Phone Number	691-0952
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	BRLT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001866757
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,986,143
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		35,763,920
Class C Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		49,119,976

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Brilliant Earth Group, Inc., BASIC	$ 139	$ (52)
Add: Net income (loss) impact from assumed redemption of all LLC Units to common stock	928	(388)
(Less) add: Income tax (expense) benefit on net income (loss) attributable to NCI	(237)	100
Net income (loss) attributable to Brilliant Earth Group, Inc., after adjustment for assumed conversion, DILUTED	$ 830	$ (340)
Weighted average shares of common stock outstanding, BASIC (in shares)	12,736,014	11,387,936
Weighted average shares of common stock outstanding, DILUTED (in shares)	97,850,288	11,387,936
BASIC earnings per share (in dollars per share)	$ 0.01	$ 0.00
DILUTED earnings per share (in dollars per share)	$ 0.01	$ 0.00
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effects (in shares)	191,234	0
Antidilutive securities excluded (in shares)	3,062,750	3,326,439
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded (in shares)	750,420	832,152
Vested LLC Units that are exchangeable for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effects (in shares)	84,821,000	0
Antidilutive securities excluded (in shares)	0	84,617,787
Unvested LLC Units that are exchangeable for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effects (in shares)	102,040	0
Antidilutive securities excluded (in shares)	18,290	575,208

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31,		December 31,
	2024		2023
Vendor expenses	$	11,406	$	12,400
Inventory received not billed	10,333		12,686
Payroll expenses	3,107		6,027
Sales and other tax payable	2,564		4,040
Provision for sales returns and allowances	1,487		2,449
Current portion of TRA	—		186
Other	4,702		6,036
Total accrued expenses and other current liabilities	$	33,599	$	43,824

Schedule of Accrued Expenses And Other Current Liabilities Provision For Sales Returns

Activity for the three months ended March 31, 2024 and 2023, was as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Balance at beginning of period	$	2,449	$	2,332
Provision	5,942		5,110
Returns and allowances	(6,904)		(5,922)
Balance at end of period	$	1,487	$	1,520

Inventories, Net - Narratives (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Consigned inventory	$ 21.1	$ 24.8

Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Noncontrolling Interest [Line Items]
Marketing, advertising and promotional costs	$ 23.2	$ 22.8
Brilliant Earth, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage	86.70%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 139	$ (52)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities	$ 1,900	$ 1,300
Minimum
Lessee, Lease, Description [Line Items]
Term of contracts	5 years
Maximum
Lessee, Lease, Description [Line Items]
Term of contracts	10 years

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, common, shares	32,371	0
Class A Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	13,044,670	12,522,146
Common stock, shares outstanding (in shares)	13,012,299	12,522,146
Class B Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	35,756,276	35,688,349
Common stock, shares outstanding (in shares)	35,756,276	35,688,349
Class C Common Stock
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	49,119,976	49,119,976
Common stock, shares outstanding (in shares)	49,119,976	49,119,976
Common Class D
Common stock, par or stated value per share (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Brilliant Earth Group, Inc. was formed as a Delaware corporation on June 2, 2021 for the purpose of facilitating an initial public offering ("IPO") and executing other related organizational transactions to acquire and carry on the business of Brilliant Earth, LLC. Brilliant Earth, LLC was originally incorporated in Delaware on August 25, 2005, and subsequently converted to a limited liability company on November 29, 2012. Brilliant Earth Group, Inc., the sole managing member of Brilliant Earth, LLC, consolidates Brilliant Earth, LLC and both are collectively referred to herein as the "Company". The Company designs, procures and sells ethically sourced diamonds, gemstones and jewelry online and through showrooms operating within the United States ("U.S."). Co-headquarters are located in San Francisco, California and Denver, Colorado. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP" or "GAAP") and the requirements of the Securities and Exchange Commission (the "SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements of the Company, which are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments consisting only of normal recurring adjustments necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2023, as disclosed in the 2023 Form 10-K. There have been no material changes or updates to the Company's significant accounting policies from those described in the audited consolidated financial statements included in the 2023 Form 10-K except for the updates noted below. Principles of Consolidation and Non-Controlling Interest The unaudited condensed consolidated financial statements include the accounts of the Company and its controlled subsidiary, Brilliant Earth, LLC. All intercompany balances and transactions have been eliminated in consolidation. The non-controlling interest on the unaudited condensed consolidated statements of operations represents the portion of earnings or loss attributable to the economic interest in Brilliant Earth, LLC held by the Continuing Equity Owners. The non-controlling interest on the unaudited condensed consolidated balance sheets represents the portion of net assets of the Company attributable to the Continuing Equity Owners, based on the portion of the LLC Interests owned by such unit holders. As of March 31, 2024, the non-controlling interest was 86.7%. At the end of each reporting period, equity related to Brilliant Earth, LLC that is attributable to Brilliant Earth Group, Inc. and the Continuing Equity Owners is rebalanced to reflect Brilliant Earth Group, Inc.'s and the Continuing Equity Owners' ownership in Brilliant Earth, LLC. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Some of the more significant estimates include inventory valuation, allowance for sales returns, estimates of current and deferred income taxes payable pursuant to the TRA, useful lives and depreciation of long-lived assets. Actual results could differ materially from those estimates. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in its business or new information available. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. U.S. GAAP prescribes three levels of inputs that may be used to measure fair value: Level 1 Valuation based on quoted prices (unadjusted) observed in active markets for identical assets or liabilities. Level 2 Valuation techniques based on inputs that are quoted prices of similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not in active markets; inputs other than quoted prices used in a valuation model that are observable for that instrument; and inputs that are derived from, or corroborated by, observable market data by correlation or other means. Level 3 Valuation techniques with significant unobservable market inputs. The Company is required to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities in its financial statements, in accordance with U.S. GAAP. At March 31, 2024 and December 31, 2023, there were no financial instruments (assets or liabilities) measured at fair value on a recurring basis. The carrying amounts of cash and cash equivalents, restricted cash, accounts payable and accrued expenses and other current liabilities approximate fair value due to their short-term maturities and were classified as Level 1. The carrying value of long-term debt, net of debt issuance costs, also approximates its fair value, which has been estimated by management based on the consideration of applicable interest rates (including certain instruments at variable or floating rates) for similar types of borrowing arrangements and were classified as Level 2. Marketing Expenses Marketing, advertising and promotional costs are generally expensed as incurred, except for certain production costs that are expensed the first time the advertising takes place. During the three months ended March 31, 2024 and 2023, the Company recorded marketing, advertising and promotional costs of $23.2 million and $22.8 million, respectively. Recent Accounting Pronouncements Accounting Pronouncements Issued but Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to provide all annual disclosures about segments in interim periods. All disclosure requirements are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on the Company's consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily through changes to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Legal Proceedings In the ordinary course of business, the Company may be subject from time to time to various proceedings, lawsuits, disputes or claims. In addition, the Company is regularly audited by various tax authorities. Although the Company cannot predict with assurance the outcome of any litigation or audit, it does not believe there are currently any such actions that, if resolved unfavorably, would have a material impact on the Company's financial condition, results of operations or cash flows. The Company accrues for loss contingencies when losses become probable and are reasonably estimable. If the reasonable estimate of the loss is a range and no amount within the range is a better estimate, the minimum amount of the range is recorded as a liability. The Company does not accrue for contingent losses that, in its judgment, are considered to be reasonably possible, but not probable; however, to the extent possible, the Company discloses the range of such reasonably possible losses. On December 5, 2022, plaintiff Veronica Cusimano, a former employee of the Company, filed a representative action against the Company pursuant to the Private Attorneys General Act of 2004 in California Superior Court, Los Angeles County. The complaint alleges, on behalf of the plaintiff and similarly situated employees and former employees in California, various claims under the California Labor Code related to wages, overtime, meal and rest breaks, reimbursement of business expenses, wage statements and records, and other similar allegations. The plaintiff seeks civil penalties, attorneys' fees and costs in unspecified amounts, and other unspecified damages. On February 10, 2023, the Company filed a petition to compel arbitration on the basis of an agreement between the plaintiff and the Company to arbitrate any claims between them. On April 28, 2023, the petition was denied. The Company intends to vigorously defend the alleged individual and representative claims, and, on May 9, 2023, the Company appealed the Superior Court's denial of its petition to compel arbitration to the California Court of Appeal, Second Appellate District, and the appeal remains pending as of the date of this Quarterly Report on Form 10-Q. At this time, any liability related to the alleged claims is not currently probable or reasonably estimable.

Leases - Future Minimum Lease Payments Under Long-term Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
For the remainder of the year ending December 31, 2024	$ 5,462
2025	8,472
2026	8,249
2027	6,896
2028	5,897
2029	5,054
Thereafter	12,273
Total minimum lease payments	52,303
Less: imputed interest	(9,669)
Net present value of operating lease liabilities	42,634
Less: current portion	(5,372)	$ (4,993)
Long-term portion	37,262	$ 35,572
Amount of operating leases not yet commenced	$ 4,600
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	7 years
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, term of contract	5 years