Business
Digital Brands Group Forecasts $27M to $30M in Revenue, $6M to $7M in Internal Free Cash Flow and $1.5M to $2.0M in EBITDA for 2024
AUSTIN, Texas, Jan. 3, 2024 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands,
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, Jan. 3, 2024 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBG\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today announces its initial 2024 revenue guidance of $27 million to $30 million, an increase of 70% to 90% from 2023 revenue expectations. As we stated on our most recent quarterly call, we expect our first quarter 2024 revenues to approximate $6 million, based on $4.5 million in confirmed wholesale bookings. \n\nThe Company forecasts EBITDA of $1.5 million to $2.0 million for 2024, as it leverages its shared services platform and increased wholesale bookings. Additionally, the Company forecasts $6.0 million to $7.0 million in internal free cash flow for 2024.\n\"We are excited to showcase our commitment to shareholder growth in 2024. As part of this commitment, we continue to review strategic alternatives, especially given our assets and operating forecast relative to our public market value. We have several options to maximize shareholder value, which we will pursue if this dislocation remains,\" said Hil Davis, Chief Executive Officer of Digital Brands Group.\nForward-looking Statements\nCertain statements included in this release are \"forward-looking statements\" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting DBG and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as \"will,\" \"anticipate,\" \"estimate,\" \"expect,\" \"should,\" and \"may\" and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding DBG's plans, objectives, projections and expectations relating to DBG's operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. DBG undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential ri...