Social media sensation and makers of the famed Blackstone Griddle, Blackstone Products beat guidance for their Q4 2021 earnings that were released today. They had originally guided back in December 2021, that revenue would come in over $450 million and actuals came in 8% higher at $484 million. This is despite increased competition in the griddle segment by other manufacturers.
Blackstone Products has seen explosive growth ahead of their announced SPAC merger with Ackrell SPAC Partners in Q2 2022, where they’re set to go public. Overall financial highlights include a 65% increase in year-over-year revenue and a 74% increase in year-over-year gross profit. Adjusted EBITDA increased 120% from 2020 to $70 million.
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. Consumers continue to demonstrate their enthusiasm and love for our innovative griddle products and outdoor cooking accessories, which is exemplified by strong revenue and EBITDA growth. We are pleased to report that 2021 was a great year for Blackstone, as we exceeded our previously announced guidance.
Founder and Chief Executive Officer, Roger Dahle
Other competitors have given low guidance for 2022 due to supply chain issues, namely Traeger and Weber. Much like Solo Stove maker Solo Brands, Blackstone expects to overcome supply chain challenges for their Blackstone Griddle and re-affirmed it’s previously announced guidance for 2022. It’s previous guidance for 2022 was
- $608 million in revenue
- $132 million in gross profit
- $81 million in adjusted EBITDA
Blackstone also received two awards in the inaugural U.S. Outdoor Grill and Smoker Retail Performance Awards from The NPD Group, one of the largest point-of-sale data collectors. The awards were given to outdoor cooking brands for the top increase in market share across ten different segments. Blackstone received awards for both Gas Griddles and Portable Grills.