Business
Digital Brands Group Reports Fourth Quarter and Fiscal Year 2021 Financial Results
AUSTIN, Texas, March 31, 2022 /PRNewswire/ -- Digital Brands Group, Inc. ("DBG") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first
About this update from Digital Brands Group, Inc.
[{"type":"text","content":"AUSTIN, Texas, March 31, 2022 /PRNewswire/ -- Digital Brands Group, Inc. (\"DBG\") (NASDAQ: DBGI), a curated collection of luxury lifestyle, digital-first brands, today reported financial results for its fourth quarter and 2021 fiscal year ended December 31, 2021. \nResults for the Fourth Quarter\nNet revenues increased 425% to $4.0 million in the fourth quarter of 2021 compared to $0.8 million in the fourth quarter of 2020. This revenue growth was experienced across all our portfolio brands.\nNet loss attributable to common stockholders in the fourth quarter of 2021 was $9.7 million, or $0.76 per diluted share. The net loss included $3.8 million in non-cash expenses. This compared to a net loss attributable to common stockholders of $2.6 million, or $3.97 per diluted share in the fourth quarter of 2020.\nResults for the Fiscal 2021\nNet revenues for fiscal 2021 increased 44.8% to $7.6 million compared to $5.2 million in 2020.\nNet loss attributable to common stockholders in fiscal 2021 was $32.4 million, or $4.21 per diluted share. The net loss included $16.4 million in non-cash expenses. This compared to a net loss attributable to common stockholders in fiscal 2020 of $10.7 million, or a net loss of $16.15 per diluted share, which includes $0.9 million in non-cash expenses.\n\"We continued to build momentum throughout 2021 as we were able to leverage the cash raised on our IPO. We believe this momentum is illustrated by our fourth quarter revenue growth of 425%, as well as our recently announced January and February 2022 revenue growth,\" said Hil Davis, Chief Executive Officer of Digital Brands Group. \"Our operating losses were driven by our low revenue results, especially in the first nine months of 2021. We expect to leverage these fixed costs in 2022 with the revenue momentum we have experienced.\"\n\"We added two brands to our portfolio in 2021. We also announced a definitive agreement to acquire Sundry in January 2022. We are confident that we can continue to drive revenue growth in 2022 and beyond though both organic revenue growth and through acquisitions. We are also confident we can leverage our fixed costs in 2022 and beyond with this revenue growth.\"\nFourth Quarter 2021 Highlights\nNet revenues increased 425% to $4.0 million in the fourth quarter of 2021 compared to $0.8 million in the fourth quarter of 2020. Th...