EXCLUSIVE: Blackstone Products Announces Preliminary Fourth Quarter And Full Year 2021 Results

Blackstone Products,a design-driven company that produces griddle cooking appliances and accessories, today announced preliminary financial results for its full fiscal year ended Dec. 31, 2021. Blackstone also reiterated its guidance for the fiscal year ending Dec. 31, 2022.

“Blackstone continues to be successful and gain momentum even in the face of supply chain disruptions that have impacted numerous industries and many of our competitors,” said Roger Dahle, founder and CEO of Blackstone. “We are pleased to report that 2021 was a great year for Blackstone, as we exceeded our previously announced guidance.”

Fourth Quarter 2021 Financial Highlights (Preliminary and Unaudited)

• Net Revenue increased 108% to approximately $143 million, compared to $69 million in the fourth quarter of 2020.
• Gross Profit increased 192% to approximately $34 million, compared to $12 million in the fourth quarter of 2020.
• Adjusted EBITDA increased 1,195% to approximately $29 million, compared to $2 million in the fourth quarter of 2020.

Full Year 2021 Financial Highlights (Preliminary and Unaudited)

• Net Revenue increased 65% to approximately $484 million, compared to $293 million in 2020.
• Gross Profit increased 74% to approximately $98 million, compared to $56 million in 2020.
• Adjusted EBITDA increased 120% to approximately $70 million, compared to $32 million in 2020.

Full Year 2022 Guidance

• Net Revenue of $608 million, representing estimated 26% growth compared to 2021.
• Gross Profit of $132 million, representing estimated 35% growth compared to 2021.
• Adjusted EBITDA of $81 million, representing estimated 15% growth compared to 2021.

On Dec. 23, 2021, Blackstone announced it entered into a definitive business combination agreement with Ackrell SPAC Partners I Co. ACKIU, a special purpose acquisition company.

Upon the closing of the business combination, which is expected in the second quarter of 2022, the combined company will be named Blackstone Products, Inc. Blackstone intends to list the common shares of the combined company on the Nasdaq under the new ticker symbol, “BLKS.”