Digital Brands Group Inc. (DBGI) shares rose 6.63% in after-hours on Thursday, November 11, 2021, and closed the daily trading at $4.18. However, in the regular trading session, DBGI’s stock lost 1.75%. The stock volume remained 1.26 million shares. DBGI shares have moved up 1.82% in the past week. Over the past three months, the stock has gained 26.45%, while over the past six months, it has gained 15.29%.
Let’s discuss its recent news and developments.
DBGI recent financial results
On November 11, 2021, Digital Brands Group, Inc. (DBGI), announced its financial results for its third quarter ended September 30, 2021.
Q3 2021 financial highlights
- DBGI reported total revenue of $2.2 million in Q3 2021 compared to $1.2 million in Q3 2020.
- The cost of revenue was $0.95 million in Q3 2021 compared to $1.73 million in Q3 2020.
- Total operating expenses were $9.12 million in Q3 2021 compared to $2.9 million in Q3 2020.
- The gross profit margin was55.9% inQ3 2021 compared to negative 40.1% in Q3 2020.
- It suffered a net loss of $8.9 million, or $0.76 per diluted share in Q3 2021 compared to a net loss of $3.9 million, or $5.89 per diluted share, in the prior-year period.
FY 2022 financial outlook
- For FY 2022, the company is expecting net revenue in the range of $5 million to $42.5 million.
- The company is expecting a positive EBITDA for 2022.
DBGI new appointments
On November 11, 2021, Digital Brands Group, Inc. (DBGI), announced that Lucy Doan has been elected to the Digital Brands Group, Inc. Board of Directors.
Doan has 25 years of financial and strategic experience in the consumer industry. She currently serves on the Board of Directors of Grunt Style, an online apparel company.
DBGI accepting cryptocurrencies payments
On November 4, 2021, Digital Brands Group, Inc. (DBGI) start accepting cryptocurrencies as a form of payment across all its brands.
The Chief Executive Officer of Digital Brands Group, Hil Davis said that Shopify enables our brands to accept cryptocurrencies as a form of payment. He further said that this form of payment will continue to grow as a potential currency in our industry.
DBGI on Amazon
On October 28, 2021, Digital Brands Group, Inc launched DSTLD on Amazon Prime, while it also launched its affiliate program across all its brands.
DSTLD’s Brand Store will launch on Amazon with DSTLD’s videos and branded content. In addition to this, DBGI is also is launching an affiliate program across all its brands.
Conclusion
The recent financial results were the reason behind its turnaround and positive performance in the after-hours on Thursday. it can continue to perform well on Friday as well.
