Achieved record Q4 net sales driven by 34% year-over-year growth in fine jewelry bookings, which now represent 23% of the quarterly mix.

Attributed margin resilience to a premium brand positioning and a data-driven price optimization engine that mitigated unprecedented metal and tariff headwinds.

Shifted product mix toward higher-priced items within assortments, reflecting sustained demand from higher-income consumers despite broader macroeconomic volatility.

Expanded the physical retail footprint to 42 showrooms, noting that orders from walk-in retail customers grew 61% year over year in Q4.

Leveraged an asset-light business model to maintain 4x inventory turns, significantly outpacing the industry average of one to two times.

Successfully diversified the revenue base, with fine jewelry bookings now more than triple their levels from four years ago at the time of the IPO.

Anticipates mid-single-digit net sales growth for 2026, supported by continued momentum in fine jewelry and showroom expansion.

Expects 2026 gross margins to remain in the mid-50s percent range, assuming gold and platinum prices persist at or near historical highs.

Projects positive adjusted EBITDA for the full year, though total dollars are expected to be slightly lower than 2025 due to the speed and magnitude of metal cost increases.

Assumes the majority of 2026 adjusted EBITDA will be generated in Q4, following historical seasonality where fixed costs are amortized over a larger revenue base.

Suspended medium-term targets beyond 2026 due to the extreme volatility and lack of visibility in the precious metals market.

Identified record-high gold and platinum prices as a primary headwind, with gold up approximately 67% and platinum up 144% year over year at Q4 end.

Increased inventory by 39% year over year through strategic procurement to secure diamond and jewelry stock at advantageous prices ahead of tariff changes.

Noted a 2.3% decline in Q4 Average Order Value (AOV) primarily due to the success of lower-priced fine jewelry, despite rising ASPs in engagement and wedding categories.

Flagged Q1 2026 adjusted EBITDA margin is expected to be in the negative mid-single-digit range as pricing adjustments lag the rapid spike in metal costs.

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Management utilizes a mix of financial hedging, vendor optimization, and product engineering to manage costs without compromising quality.

The company relies heavily on its data-driven pricing algorithm to dynamically adjust to market shifts, though Q4 was more restrictive for price hikes due to consumer sensitivity.

Growth is expected to be driven by fine jewelry expansion and increased brand awareness through high-visibility celebrity partnerships.

Approximately half of all new customers now discover the brand through fine jewelry, providing a significant customer acquisition funnel beyond the traditional bridal cycle.

The company expects a third consecutive year of marketing leverage by utilizing AI and machine learning to drive spend efficiencies.

While employee costs may rise due to showroom investments, G&A is expected to benefit from scale as the revenue base grows.

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