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    Solo Brands, Inc. Announces Fourth Quarter and Fiscal Year 2024 Results

    3/12/25 7:00:00 AM ET
    $DTC
    Recreational Games/Products/Toys
    Consumer Discretionary
    Get the next $DTC alert in real time by email

    Company Accelerates Strategic Transformation Plan to Stabilize the Business

    Solo Brands, Inc. (NYSE:DTC) ("Solo Brands" or "the Company") a leading portfolio of lifestyle brands (Solo Stove, Chubbies, Isle and Oru) that are redefining the outdoor and apparel industries, today announced its financial results for the three months and the year ended December 31, 2024.

    John Larson, Interim President and Chief Executive Officer, commented, "During the fourth quarter, the Board and management team engaged in developing an aggressive turnaround plan for 2025. As a part of our transformation plan, we hired external financial advisors to help us go through every line item of the business. Notwithstanding challenging results, Solo Brands has a solid foundation for success, including great "enthusiasts" brands, a pipeline of new products and highly loyal customers. Our Board and management team are fully aligned and engaged on the turnaround plan and taking appropriate steps to implement 30+ value accretive initiatives identified in our turnaround plan."

    Liz Vanzura, a member of the Solo Brands Board of Directors has been appointed as the Company's Interim Chief Marketing Officer. Ms. Vanzura will continue to serve as a member of the Board. Ms. Vanzura has a successful track record as CMO and Head of Brand Strategy for companies such as Cadillac and Hummer. She also earned the Ad Age's Marketer of the Year award and was inducted into the AAF Advertising Hall of Achievement.

    This release reflects current and prior period results revised to align with our new segment reporting structure, under which we report as two reportable segments.

    Consolidated Fourth Quarter 2024 Highlights Compared to Fourth Quarter 2023

    • Net sales decreased $21.8 million to $143.5 million, down 13.2%, driven by declines in both retail and direct to consumer ("DTC") channels within the Solo Stove segment, partially offset by an increase in net sales in the Chubbies segment.
    • Gross profit of $87.8 million, or 61.1% of net sales, an increase of 280 basis points versus a year ago. Adjusted gross profit(2) of $87.6 million, or 61.0% of net sales, an increase of 170 basis points versus the prior year.
    • Operating expenses decreased $194.2 million to $143.0 million, down 57.6%, primarily driven by the reduction in restructuring, contract termination and impairment charges of $192.2 million in the current period.
    • Net loss of $58.2 million, or (40.6)% of net sales and $0.63 per basic and diluted Class A common share, improved over the prior year period. Adjusted net income(2)(3) of $2.3 million, or $0.03 earnings per basic and diluted share, declined from the prior year period.
    • Adjusted EBITDA(2) of $6.3 million, or 4.4% of net sales, declined from the prior year period.

    Segment Fourth Quarter 2024 Highlights Compared to Fourth Quarter 2023

    Solo Stove

    • Net sales decreased $23.6 million to $116.6 million, down 16.8%, driven by declines in both retail and DTC channel net sales, as a result of the lack of significant new product launches.
    • Segment EBITDA of $6.1 million, or 5.2% of net sales, declined from the prior year period.

    Chubbies

    • Net sales increased $2.6 million to $24.2 million, up 12.2%, driven primarily by increased demand within the retail net sales channel.
    • Segment EBITDA of $3.3 million, or 13.7% of net sales, improved over the prior year period.

    Consolidated Full Year 2024 Highlights Compared to Full Year 2023

    • Net sales decreased $40.2 million to $454.6 million, down 8.1%, driven by declines in both retail and DTC channel net sales within the Solo Stove segment, partially offset by an increase in net sales in the Chubbies segment.
    • Gross profit of $260.3 million, or 57.3% of net sales, a decrease of 390 basis points versus a year ago, includes a write down of inventory resulting from the wind-down of IcyBreeze. Adjusted gross profit(2) of $280.3 million, or 61.7% of net sales, an increase of 30 basis points versus the prior year.
    • Operating expenses decreased $95.1 million to $434.9 million, down 17.9%, primarily driven by the reduction in restructuring, contract termination and impairment charges of $112.9 million in the current year.
    • Net loss of $180.2 million, or (39.6)% of net sales and $1.94 loss per basic and diluted Class A common share, improved over the prior year. Adjusted net income(2)(3) of $11.4 million, or $0.12 earnings per basic and diluted share, declined from the prior year.
    • Adjusted EBITDA(2) of $32.6 million, or 7.2% of net sales, declined from the prior year.

    Segment Full Year 2024 Highlights Compared to Full Year 2023

    Solo Stove

    • Net sales decreased $54.2 million to $297.4 million, down 15.4%, driven by declines in retail and DTC channel net sales, as a result of the lack of significant new product launches and a non-recurring retail channel transaction in the prior year.
    • Segment EBITDA of $45.9 million, or 15.4% of net sales, declined from the prior year.

    Chubbies

    • Net sales increased $11.1 million to $112.7 million, up 10.9%, driven by continued demand within the DTC net sales channel driven by both website and owned retail store performance, coupled with increases realized in the retail net sales channel as a result of continued growth within our retail strategic partnerships.
    • Segment EBITDA of $15.8 million, or 14.0% of net sales, improved over the prior year.

    Consolidated Balance Sheet

    Cash and cash equivalents were $12.0 million as of December 31, 2024 compared to $19.8 million at December 31, 2023.

    Inventory was $108.6 million as of December 31, 2024 compared to $111.6 million at December 31, 2023.

    Outstanding borrowings were $69.0 million under the Revolving Credit Facility, and $83.0 million under the Term Loan as of December 31, 2024. Subsequent to December 31, 2024, we drew an additional $277.3 million under our Revolving Credit Facility, which matures on May 12, 2026 together with the Term Loan.

    Going Concern

    Our 2024 Annual Report on Form 10-K discloses that there is substantial doubt about our ability to continue as a going concern. We are evaluating strategies to refinance our existing debt and our plans are focused on improving our results and liquidity through a variety of operational improvements throughout 2025. More information on these topics will be provided on today's conference call.

    (1)

    This release reflects a change to the presentation of our reportable segments, with Solo Stove and Chubbies being presented as our reportable segments, while previous releases presented as one reportable segment. Prior periods are presented on this new basis for comparability purposes.

    (2)

    This release includes references to non-GAAP financial measures. Refer to "Non-GAAP Financial Measures" later in this release for the definitions of the non-GAAP financial measures presented and a reconciliation of these measures to their closest comparable GAAP measures.

    (3)

    This release reflects a previously disclosed change to the presentation of adjusted net income (loss) per Class A common stock from periods prior to the three and twelve months ended December 31, 2023, in order to provide a more concise view. Prior periods are presented on this new basis for comparability purposes. Please see the definition of "Adjusted Net Income (Loss) per Class A Common Stock" below for more information.

    Conference Call Details

    Prepared remarks about the Company's fourth quarter and full year 2024 results are scheduled for March 12, 2025, at 9:00 a.m. ET. Investors and analysts who wish to listen to the call are invited to dial +1-866-652-5200 (international callers, please dial +1-412-317-6060) approximately 10 minutes prior to the start of the call. A live webcast of the conference call will be available in the investor relations section of DTC's website, https://investors.solobrands.com, where accompanying materials will be posted prior to the conference call.

    A recorded replay of the call will be available shortly after the conclusion of the call and remain available until March 19, 2025. To access the telephone replay, dial +1-877-344-7259 (international callers, please dial +1-412-317-0088). The access code for the replay is 2589860. A replay of the webcast will also be available within two hours of the conclusion of the call and will remain available on the website, https://investors.solobrands.com, for one year.

    About Solo Brands, Inc.

    Solo Brands, headquartered in Grapevine, TX, is a leading omnichannel lifestyle brand company. Leveraging e-commerce, strategic retail relationships and physical retail stores, Solo Brands offers innovative products to consumers through five lifestyle brands – Solo Stove and TerraFlame, known for firepits, stoves, and accessories; Chubbies, a premium casual apparel and activewear brand; ISLE, maker of inflatable and hard paddle boards and accessories; and Oru Kayak, innovator of origami folding kayaks.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding our future financial position, turnaround efforts, strategic transformation goals, future growth and shareholder value, our ability to continue as a going concern, our plans and strategy to improve our liquidity, the expected benefits of operational improvements and restructuring efforts, and seasonal trends. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "guidance," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These statements are neither promises nor guarantees, and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to continue as a going concern; our ability to realize expected benefits from our strategic plans, our ability to implement any restructuring and cost-reduction efforts; our limited liquidity; our dependence on cash generated from operations to support our business and our growth initiatives; the limits placed by our indebtedness to invest in the ongoing needs of our business; our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products; our ability to design, develop and introduce new products; our ability to manage our future growth effectively; our ability to expand into additional markets; our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products; our ability to mitigate the impact of new and increased tariffs and similar restrictions on our business; risks associated with our international operations; our reliance on third-party manufacturers and problems with, or the loss of, our suppliers or an inability to obtain raw materials; our ability to sustain historic growth rates;; our ability to cost-effectively attract new customers and retain our existing customers; the highly competitive market in which we operate; our failure to maintain product quality and product performance at an acceptable cost; the impact of product liability and warranty claims and product recalls; business interruptions resulting from fluctuations in the price of our Class A common stock; failure to regain compliance with the continued listing requirements of the New York Stock Exchange or any future failure to meet such requirements; geopolitical actions, natural disasters, or pandemics; risks associated with our international operations; problems with, or loss of, our suppliers or an inability to obtain raw materials; and the ability of our largest stockholders to influence corporate matters. These and other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, or other filings we make with the Securities and Exchange Commission could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Forward-looking statements speak only as of the date the statements are made and are based on information available to Solo Brands at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

    Availability of Information on Solo Brands' Website and Social Media Profiles

    Investors and others should note that Solo Brands routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Solo Brands investors website at https://investors.solobrands.com. We also intend to use the social media profiles listed below as a means of disclosing information about us to our customers, investors and the public. While not all of the information that the Company posts to the Solo Brands investors website or to social media profiles is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media, and others interested in Solo Brands to review the information that it shares at the "Investors" link located at the top of the page on https://solobrands.com and to regularly follow our social media profiles. Users may automatically receive email alerts and other information about Solo Brands when enrolling an email address by visiting "Investor Email Alerts" in the "Resources" section of Solo Brands investor website at https://investors.solobrands.com.

    Social Media Profiles:

    https://linkedin.com/company/solo-brands/

    https://instagram.com/solobrands/

    https://www.facebook.com/groups/368095467245044/

     

    SOLO BRANDS, INC.

    Consolidated Statements of Operations and Comprehensive Income (Loss)

     
     

     

    Three Months Ended December 31,

     

    Twelve Months Ended December 31,

    (In thousands, except per share data)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net sales

    $

    143,537

     

     

    $

    165,318

     

     

    $

    454,550

     

     

    $

    494,776

     

    Cost of goods sold

     

    55,773

     

     

     

    68,899

     

     

     

    194,286

     

     

     

    192,624

     

    Gross profit

     

    87,764

     

     

     

    96,419

     

     

     

    260,264

     

     

     

    302,152

     

    Operating expenses

     

     

     

     

     

     

     

    Selling, general & administrative expenses

     

    81,835

     

     

     

    84,270

     

     

     

    262,172

     

     

     

    249,432

     

    Restructuring, contract termination and impairment charges

     

    52,481

     

     

     

    244,650

     

     

     

    136,099

     

     

     

    248,967

     

    Depreciation and amortization expenses

     

    6,447

     

     

     

    7,014

     

     

     

    25,702

     

     

     

    26,593

     

    Other operating expenses

     

    2,221

     

     

     

    1,274

     

     

     

    10,909

     

     

     

    5,010

     

    Total operating expenses

     

    142,984

     

     

     

    337,208

     

     

     

    434,882

     

     

     

    530,002

     

    Income (loss) from operations

     

    (55,220

    )

     

     

    (240,789

    )

     

     

    (174,618

    )

     

     

    (227,850

    )

    Non-operating (income) expense

     

     

     

     

     

     

     

    Interest expense, net

     

    3,652

     

     

     

    3,462

     

     

     

    14,004

     

     

     

    11,004

     

    Other non-operating (income) expense

     

    906

     

     

     

    (436

    )

     

     

    528

     

     

     

    (7,297

    )

    Total non-operating (income) expense

     

    4,558

     

     

     

    3,026

     

     

     

    14,532

     

     

     

    3,707

     

    Income (loss) before income taxes

     

    (59,778

    )

     

     

    (243,815

    )

     

     

    (189,150

    )

     

     

    (231,557

    )

    Income tax expense (benefit)

     

    (1,560

    )

     

     

    (32,953

    )

     

     

    (8,958

    )

     

     

    (36,225

    )

    Net income (loss)

     

    (58,218

    )

     

     

    (210,862

    )

     

     

    (180,192

    )

     

     

    (195,332

    )

    Less: net income (loss) attributable to noncontrolling interests

     

    (21,239

    )

     

     

    (87,039

    )

     

     

    (66,836

    )

     

     

    (83,985

    )

    Net income (loss) attributable to Solo Brands, Inc.

    $

    (36,979

    )

     

    $

    (123,823

    )

     

    $

    (113,356

    )

     

    $

    (111,347

    )

     

     

     

     

     

     

     

     

    Other comprehensive income (loss)

     

     

     

     

     

     

     

    Foreign currency translation, net of tax

     

    (210

    )

     

     

    204

     

     

     

    (204

    )

     

     

    (268

    )

    Comprehensive income (loss)

     

    (58,428

    )

     

     

    (210,658

    )

     

     

    (180,396

    )

     

     

    (195,600

    )

    Less: other comprehensive income (loss) attributable to noncontrolling interests

     

    (69

    )

     

     

    74

     

     

     

    (66

    )

     

     

    (97

    )

    Less: net income (loss) attributable to noncontrolling interests

     

    (21,239

    )

     

     

    (87,039

    )

     

     

    (66,836

    )

     

     

    (83,985

    )

    Comprehensive income (loss) attributable to Solo Brands, Inc.

    $

    (37,120

    )

     

    $

    (123,693

    )

     

    $

    (113,494

    )

     

    $

    (111,518

    )

     

     

     

     

     

     

     

     

    Net income (loss) per Class A common stock

     

     

     

     

     

     

     

    Basic and diluted

    $

    (0.63

    )

     

    $

    (2.14

    )

     

    $

    (1.94

    )

     

    $

    (1.84

    )

     

     

     

     

     

     

     

     

    Weighted-average Class A common stock outstanding

     

     

     

     

     

     

     

    Basic and diluted

     

    58,643

     

     

     

    57,882

     

     

     

    58,388

     

     

     

    60,501

     

     

    Solo Brands, Inc.

    Segment Operating Results

     
     

     

    Three Months Ended December 31, 2024

    (in thousands)

    Solo Stove

     

    Chubbies

    Net sales

    $

    116,612

     

    $

    24,155

    Cost of goods sold

     

    45,072

     

     

    10,910

    Gross profit

     

    71,540

     

     

    13,245

     

     

     

     

    Marketing expense

     

    32,254

     

     

    1,644

    Employee related compensation

     

    3,632

     

     

    3,448

    Other segment operating expenses

     

    29,546

     

     

    4,837

    Segment EBITDA

     

    6,108

     

     

    3,316

     

     

    Year Ended December 31, 2024

    (in thousands)

    Solo Stove

     

    Chubbies

    Net sales

    $

    297,379

     

    $

    112,713

    Cost of goods sold

     

    113,977

     

     

    45,707

    Gross profit

     

    183,402

     

     

    67,006

     

     

     

     

    Marketing expense

     

    67,682

     

     

    14,569

    Employee related compensation

     

    12,642

     

     

    13,833

    Other segment operating expenses

     

    57,165

     

     

    22,791

    Segment EBITDA

     

    45,913

     

     

    15,813

     

    Solo Brands, Inc.

    Segment Operating Results

     
     

     

    Three Months Ended December 31, 2023

    (in thousands)

    Solo Stove

     

    Chubbies

    Net sales

    $

    140,206

     

    $

    21,537

    Cost of goods sold

     

    57,542

     

     

    10,159

    Gross profit

     

    82,664

     

     

    11,378

     

     

     

     

    Marketing expense

     

    43,099

     

     

    2,406

    Employee related compensation

     

    2,660

     

     

    2,761

    Other segment operating expenses

     

    22,527

     

     

    4,356

    Segment EBITDA

     

    14,378

     

     

    1,855

     

     

    Year Ended December 31, 2023

    (in thousands)

    Solo Stove

     

    Chubbies

    Net sales

    $

    351,583

     

    $

    101,599

    Cost of goods sold

     

    135,544

     

     

    40,004

    Gross profit

     

    216,039

     

     

    61,595

     

     

     

     

    Marketing expense

     

    71,837

     

     

    13,863

    Employee related compensation

     

    8,848

     

     

    10,942

    Other segment operating expenses

     

    55,710

     

     

    23,234

    Segment EBITDA

     

    79,644

     

     

    13,556

     

    SOLO BRANDS, INC.

    Consolidated Balance Sheets

     
     

    (In thousands, except par value and per unit data)

    December 31, 2024

     

    December 31, 2023

    ASSETS

     

     

     

    Current assets

     

     

     

    Cash and cash equivalents

    $

    11,980

     

     

    $

    19,842

     

    Accounts receivable, net of allowance for credit losses of $1.1 million and $1.3 million for the

    years ended December 31, 2024 and 2023, respectively

     

    39,440

     

     

     

    42,725

     

    Inventory

     

    108,575

     

     

     

    111,613

     

    Prepaid expenses and other current assets

     

    12,223

     

     

     

    21,893

     

    Total current assets

     

    172,218

     

     

     

    196,073

     

    Non-current assets

     

     

     

    Property and equipment, net

     

    24,195

     

     

     

    26,159

     

    Intangible assets, net

     

    189,701

     

     

     

    221,010

     

    Goodwill

     

    73,119

     

     

     

    169,648

     

    Operating lease right-of-use assets

     

    27,683

     

     

     

    30,788

     

    Other non-current assets

     

    8,144

     

     

     

    15,640

     

    Total non-current assets

     

    322,842

     

     

     

    463,245

     

    Total assets

    $

    495,060

     

     

    $

    659,318

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

    Current liabilities

     

     

     

    Accounts payable

    $

    69,598

     

     

    $

    21,846

     

    Accrued expenses and other current liabilities

     

    41,661

     

     

     

    55,155

     

    Deferred revenue

     

    1,829

     

     

     

    5,310

     

    Current portion of long-term debt

     

    8,625

     

     

     

    6,250

     

    Total current liabilities

     

    121,713

     

     

     

    88,561

     

    Non-current liabilities

     

     

     

    Long-term debt, net

     

    142,060

     

     

     

    142,993

     

    Deferred tax liability

     

    6,795

     

     

     

    17,319

     

    Operating lease liabilities

     

    22,079

     

     

     

    24,648

     

    Other non-current liabilities

     

    9,056

     

     

     

    13,534

     

    Total non-current liabilities

     

    179,990

     

     

     

    198,494

     

     

     

     

     

    Commitments and contingencies (Note 17)

     

     

     

     

     

     

     

    Equity

     

     

     

    Class A common stock, par value $0.001 per share; 468,767,205 shares authorized, 58,800,001 shares issued and outstanding; 468,767,205 authorized, 57,947,711 issued and outstanding

     

    59

     

     

     

    58

     

    Class B common stock, par value $0.001 per share; 50,000,000 shares authorized, 33,091,989 shares issued and outstanding; 50,000,000 shares authorized, 33,047,780 issued and outstanding

     

    33

     

     

     

    33

     

    Additional paid-in capital

     

    363,601

     

     

     

    357,385

     

    Retained earnings (accumulated deficit)

     

    (228,814

    )

     

     

    (115,458

    )

    Accumulated other comprehensive income (loss)

     

    (434

    )

     

     

    (230

    )

    Treasury stock

     

    (733

    )

     

     

    (526

    )

    Equity attributable to the controlling interest

     

    133,712

     

     

     

    241,262

     

    Equity attributable to noncontrolling interests

     

    59,645

     

     

     

    131,001

     

    Total equity

     

    193,357

     

     

     

    372,263

     

    Total liabilities and equity

    $

    495,060

     

     

    $

    659,318

     

     

    SOLO BRANDS, INC.

    Consolidated Statements of Cash Flows

     
     

     

    Year Ended December 31,

    (In thousands)

     

    2024

     

     

     

    2023

     

    CASH FLOWS FROM OPERATING ACTIVITIES:

     

     

     

    Net income (loss)

    $

    (180,192

    )

     

    $

    (195,332

    )

    Adjustments to reconcile net income (loss) to net cash and cash equivalents provided by (used in) operating activities

     

     

     

    Restructuring, contract termination and impairment charges

     

    136,099

     

     

     

    248,967

     

    Depreciation and amortization

     

    26,632

     

     

     

    27,349

     

    Inventory charges associated with restructuring and consolidation activities

     

    18,309

     

     

     

    —

     

    Noncash operating lease expense

     

    8,517

     

     

     

    8,373

     

    Equity-based compensation

     

    6,754

     

     

     

    15,050

     

    Change in fair value of contingent consideration

     

    4,438

     

     

     

    (1,573

    )

    Prepaid marketing charges

     

    1,871

     

     

     

    —

     

    Amortization of debt issuance costs

     

    860

     

     

     

    860

     

    Other noncash adjustments

     

    922

     

     

     

    1,204

     

    Barter credits

     

    —

     

     

     

    (7,160

    )

    Deferred income taxes

     

    (11,684

    )

     

     

    (47,040

    )

    Changes in assets and liabilities

     

     

     

    Inventory

     

    (14,673

    )

     

     

    28,182

     

    Accrued expenses and other current liabilities

     

    (14,133

    )

     

     

    6,811

     

    Accounts receivable

     

    3,195

     

     

     

    (16,328

    )

    Other non-current assets and liabilities

     

    176

     

     

     

    2,409

     

    Deferred revenue

     

    (3,481

    )

     

     

    (1,571

    )

    Operating lease liabilities

     

    (8,586

    )

     

     

    (8,113

    )

    Prepaid expenses and other current assets

     

    343

     

     

     

    (9,222

    )

    Accounts payable

     

    38,150

     

     

     

    9,557

     

    Payments of contingent consideration

     

    (3,000

    )

     

     

    —

     

    Net cash provided by (used in) operating activities

     

    10,517

     

     

     

    62,423

     

    CASH FLOWS FROM INVESTING ACTIVITIES:

     

     

     

    Capital expenditures

     

    (14,512

    )

     

     

    (9,093

    )

    Payments of contingent consideration

     

    —

     

     

     

    (9,386

    )

    Acquisitions, net of cash acquired

     

    —

     

     

     

    (34,600

    )

    Net cash provided by (used in) investing activities

     

    (14,512

    )

     

     

    (53,079

    )

    CASH FLOWS FROM FINANCING ACTIVITIES:

     

     

     

    Proceeds from long-term debt

     

    80,000

     

     

     

    70,000

     

    Repayments of long-term debt

     

    (79,250

    )

     

     

    (35,000

    )

    Debt issuance costs paid

     

    (167

    )

     

     

    —

     

    Finance lease liability principal paid

     

    (144

    )

     

     

    (379

    )

    Exercise of Options for Class A common stock

     

    —

     

     

     

    39

     

    Common stock repurchases

     

    —

     

     

     

    (36,957

    )

    Distributions to non-controlling interests

     

    (4,284

    )

     

     

    (10,511

    )

    Taxes paid related to net share settlement of equity awards

     

    (207

    )

     

     

    (305

    )

    Stock issued under employee stock purchase plan

     

    395

     

     

     

    247

     

    Net cash provided by (used in) financing activities

     

    (3,657

    )

     

     

    (12,866

    )

    Effect of exchange rate changes on cash

     

    (210

    )

     

     

    71

     

    Net change in cash and cash equivalents

     

    (7,862

    )

     

     

    (3,451

    )

    Cash and cash equivalents balance, beginning of period

     

    19,842

     

     

     

    23,293

     

    Cash and cash equivalents balance, end of period

    $

    11,980

     

     

    $

    19,842

     

     

    Non-GAAP Financial Measures

    We report our financial results in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"); however, management believes that certain non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. We use adjusted gross profit, adjusted gross profit margin, free cash flow, adjusted net income, adjusted net income (loss) per Class A common stock, adjusted EBITDA and adjusted EBITDA margin non-GAAP financial measures, because we believe they are useful indicators of our operating performance. Our management uses these non-GAAP measures principally as measures of our operating performance, and in the case of free cash flow of our liquidity, and believes that these non-GAAP measures are useful to our investors because they are frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance and liquidity of companies in industries similar to ours. Our management also uses these non-GAAP measures for planning purposes, including the preparation of our annual operating budget and financial projections.

    None of these non-GAAP measures is a measurement of financial performance under U.S. GAAP. These non-GAAP measures should not be considered in isolation or as a substitute for a measure of our liquidity or operating performance prepared in accordance with U.S. GAAP and are not indicative of net income (loss) as determined under U.S. GAAP. In addition, the exclusion of certain gains or losses in the calculation of non-GAAP financial measures should not be construed as an inference that these items are unusual or infrequent as they may recur in the future, nor should it be construed that our future results will be unaffected by unusual or non-recurring items. These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate our liquidity or financial performance. Some of these limitations are as follows.

    These non-GAAP measures exclude certain tax payments that may require a reduction in cash available to us; do not reflect our cash expenditures, or future requirements, for capital expenditures (including capitalized software developmental costs) or contractual commitments; do not reflect changes in, or cash requirements for, our working capital needs; do not reflect the cash requirements necessary to service interest or principal payments on our debt; exclude certain purchase accounting adjustments related to acquisitions; and exclude equity-based compensation expense, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy.

    In addition, other companies may define and calculate similarly-titled non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. Because of these and other limitations, you should consider our non-GAAP measures only as supplemental to other U.S. GAAP-based financial performance measures.

    Free Cash Flow

    We calculate free cash flow as net cash provided by (used in) operating activities, reduced by capital expenditures (consisting of purchases of property and equipment, purchases of intangible assets and capitalization of internal use software). We believe free cash flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations.

    Adjusted Free Cash Flow

    Adjusted free cash flow is defined as free cash flow eliminating the cash impact of the following costs that are believed by management to be non-operating in nature and not representative of the Company's core operating performance, as listed below under "Non-GAAP Adjustments": business optimization and expansion expense, management transition costs, transaction costs, sales tax audit expense, tax refunds, prepaid marketing charges (in the period in which cash outflows occurred) and payments of contingent consideration included in net cash provided by (used in) operating activities. We believe that adjusted free cash flow enhances investors' understanding of the liquidity of our ongoing operations. Our definition of adjusted free cash flow may differ from those used by other companies.

    Adjusted Net Income (Loss)

    We calculate adjusted net income as net income (loss) excluding impairment charges and the costs that are believed by management to be non-operating in nature and not representative of the Company's core operating performance, as listed below under "Non-GAAP Adjustments". Adjusted net income (loss) attributable to noncontrolling interests is calculated as income (loss) before income taxes, adjusted in the same manner as adjusted net income, adjusted for the allocable attribution to the noncontrolling interest.

    Adjusted Net Income (Loss) per Class A Common Stock

    We calculate adjusted net income (loss) per Class A common stock as adjusted net income, as defined above, less the allocable portion of net income to the noncontrolling interest, divided by weighted average diluted shares or weighted average shares of Class A common stock, respectively, as calculated under U.S. GAAP.

    Beginning with the reporting of our results for the three and twelve month periods ended December 31, 2023, adjusted net income (loss) per Class A Common Stock removes the portion of adjusted net income (loss) attributable to noncontrolling interests as management believes this presentation provides investors with a more concise view of the Company's results. The Company intends to present adjusted net income (loss) per Class A Common Stock on this basis going forward and has presented prior periods on the same basis for comparability purposes.

    EBITDA

    We calculate EBITDA as net income (loss) before interest expense, income taxes, and depreciation and amortization expenses.

    Adjusted EBITDA

    We calculate adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization expenses, impairment charges, equity-based compensation expense, and the costs that are believed by management to be non-operating in nature and not representative of the Company's core operating performance, as listed below under "Non-GAAP Adjustments".

    Adjusted EBITDA Margin

    We calculate adjusted EBITDA margin as adjusted EBITDA, divided by net sales.

    Adjusted Gross Profit

    We calculate adjusted gross profit as gross profit, less inventory charges associated with restructuring and consolidation activities, inventory fair value write-ups and tooling depreciation.

    Adjusted Gross Profit Margin

    We calculate adjusted gross profit margin as adjusted gross profit, divided by net sales.

    Non-GAAP Adjustments

    In addition to the costs specifically noted under the non-GAAP metrics above, the Company believes that evaluation of its financial performance can be enhanced by a supplemental presentation of results that exclude costs believed by management to be non-operating in nature and not representative of the Company's core operating performance. These costs are excluded in order to enhance consistency and comparability with results in prior periods that do not include such items and to provide a basis for evaluating operating results in future periods.

    • Restructuring, contract termination, impairment and related charges - Represents contract termination, impairment and restructuring charges related to the termination of underperforming marketing contracts, reorganization of the Oru and ISLE reporting units of the Company under a revised management structure, and charges related to the IcyBreeze reporting unit and the related inventory charges associated with the restructuring and consolidation activities, as well as the goodwill impairment charges related to the Solo Stove reporting unit driven by the sustained decline in share price.
    • Amortization expense - Represents the non-cash amortization of intangible assets related to the reorganization transactions in 2020 and the 2021 and 2023 acquisitions and additions to patents in regard to their defense.
    • Business optimization and expansion expenses - Represents select consulting and software implementation fees.
    • Equity-based compensation expense - Represents the non-cash expense related to the incentive units, restricted stock units, options, performance stock units, executive performance stock units and employee stock purchases, with vestings occurring over time and settled with the Company's Class A common stock.
    • Changes in fair value of contingent earn-out liability - Represents the charge to mark the contingent earn-out consideration to fair value in connection with the 2023 acquisitions.
    • Management transition costs - Represents costs primarily related to executive transition costs for executive search fees and related costs for the transition of certain members of management, such as severance costs.
    • Transaction costs - Represents transaction costs primarily related to professional service fees incurred in connection with the secondary offering, Form S-3 registration statement filed in 2023 and acquisition activities, including financial diligence and legal fees.
    • Prepaid marketing charges - Represents the write-off of marketing campaigns that were determined to be inconsistent with current marketing strategies.
    • Inventory fair value write-ups - Represents the recognition of fair market value write-ups of inventory accounted for under ASC 805 related to the 2023 acquisitions.
    • Sales tax audit expense - Represents a sales tax assessment related to prior periods.
    • Tax refunds - Represents a one-time tax refund related to COVID-19 era benefits.
    • Tooling depreciation - Represents the depreciation applicable to the tooling used in the manufacturing process that is recognized within cost of goods sold.
    • Tax impact of adjusting items - Represents the tax impact of the respective adjustments for each non-GAAP financial measure calculated at an expected statutory rate of 21.0%, adjusted to reflect the allocation to the controlling interest.
    • Removal of valuation allowance - Represents the removal of the valuation allowance recorded within the period, as determined through revision of the current period tax provision to reflect the Non-GAAP Adjustments to income (loss) before income taxes.

    SOLO BRANDS, INC.

    Reconciliation of Non-GAAP Financial Information to GAAP

    (Unaudited) (In thousands, except per share amounts)

    Adjusted Gross Profit

    The following tables reconcile the non-GAAP financial measures to their most comparable GAAP measure for the periods presented:

     

    Three Months Ended December 31,

     

    Year Ended December 31,

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Gross profit

    $

    87,764

     

     

    $

    96,419

     

     

    $

    260,264

     

     

    $

    302,152

     

    Inventory charges associated with restructuring and consolidation activities

     

    (433

    )

     

     

    —

     

     

     

    18,309

     

     

     

    —

     

    Inventory fair value write-up

     

    —

     

     

     

    907

     

     

     

    805

     

     

     

    907

     

    Tooling depreciation

     

    240

     

     

     

    756

     

     

     

    927

     

     

     

    756

     

    Adjusted gross profit

    $

    87,571

     

     

    $

    98,082

     

     

    $

    280,305

     

     

    $

    303,815

     

     

     

     

     

     

     

     

     

    Gross profit margin

    (Gross profit as a % of net sales)

     

    61.1

    %

     

     

    58.3

    %

     

     

    57.3

    %

     

     

    61.1

    %

     

     

     

     

     

     

     

     

    Adjusted gross profit margin

    (Adjusted gross profit as a % of net sales)

     

    61.0

    %

     

     

    59.3

    %

     

     

    61.7

    %

     

     

    61.4

    %

     

    Free Cash Flow

    The following table reconciles net cash (used in) provided by operating activities to free cash flow and adjusted free cash flow for the periods presented:

     

    Year Ended December 31,

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

    Net cash (used in) provided by operating activities (as reported)

    $

    10,517

     

     

    $

    62,423

     

    Capital expenditures

     

    (14,512

    )

     

     

    (9,093

    )

    Free cash flow

    $

    (3,995

    )

     

    $

    53,330

     

    Business optimization and expansion expense

     

    8,108

     

     

     

    462

     

    Management transition costs

     

    3,133

     

     

     

    1,621

     

    Transaction costs

     

    1,029

     

     

     

    3,347

     

    Sales tax audit expense

     

    485

     

     

     

    —

     

    Tax refunds

     

    —

     

     

     

    (5,121

    )

    Prepaid marketing charges

     

    1,871

     

     

     

    —

     

    Payments of contingent consideration

     

    3,000

     

     

     

    —

     

    Adjusted free cash flow

    $

    13,631

     

     

    $

    53,639

     

     

    Consolidated Adjusted Net Income and Adjusted EPS

    The following table reconciles net income (loss) to adjusted net income (loss) for the periods presented:

     

    Three Months Ended December 31,

     

    Year Ended December 31,

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss)

    $

    (58,218

    )

     

    $

    (210,862

    )

     

    $

    (180,192

    )

     

    $

    (195,332

    )

    Restructuring, contract termination, impairment and related charges

     

    52,048

     

     

     

    244,650

     

     

     

    154,408

     

     

     

    248,967

     

    Amortization expense

     

    4,944

     

     

     

    6,133

     

     

     

    20,107

     

     

     

    22,396

     

    Business optimization and expansion expense

     

    1,852

     

     

     

    6

     

     

     

    8,108

     

     

     

    462

     

    Equity-based compensation expense

     

    2,062

     

     

     

    21

     

     

     

    6,802

     

     

     

    14,787

     

    Changes in fair value of contingent earn-out liability

     

    (283

    )

     

     

    669

     

     

     

    4,438

     

     

     

    (1,573

    )

    Management transition costs

     

    43

     

     

     

    706

     

     

     

    3,133

     

     

     

    1,621

     

    Transaction costs

     

    41

     

     

     

    492

     

     

     

    1,029

     

     

     

    3,347

     

    Prepaid marketing charges

     

    —

     

     

     

    —

     

     

     

    1,871

     

     

     

    —

     

    Inventory fair value write-ups

     

    —

     

     

     

    907

     

     

     

    805

     

     

     

    907

     

    Sales tax audit expense

     

    —

     

     

     

    —

     

     

     

    485

     

     

     

    —

     

    Tax refunds

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (5,121

    )

    Tax impact of adjusting items

     

    (8,180

    )

     

     

    (31,401

    )

     

     

    (27,033

    )

     

     

    (35,708

    )

    Reversal of valuation allowance

     

    7,955

     

     

     

    —

     

     

     

    17,463

     

     

     

    —

     

    Adjusted net income (loss)

    $

    2,264

     

     

    $

    11,321

     

     

    $

    11,424

     

     

    $

    54,753

     

    Less: adjusted net income (loss) attributable to noncontrolling interests

     

    335

     

     

     

    3,548

     

     

     

    4,334

     

     

     

    19,697

     

    Adjusted net income (loss) attributable to Solo Brands, Inc.

    $

    1,929

     

     

    $

    7,773

     

     

    $

    7,090

     

     

    $

    35,056

     

     

     

     

     

     

     

     

     

    Net income (loss) per Class A common stock

    $

    (0.63

    )

     

    $

    (2.14

    )

     

    $

    (1.94

    )

     

    $

    (1.84

    )

     

     

     

     

     

     

     

     

    Adjusted net income (loss) per Class A common stock

    $

    0.03

     

     

    $

    0.13

     

     

    $

    0.12

     

     

    $

    0.58

     

     

     

     

     

     

     

     

     

    Weighted-average Class A common stock outstanding - basic and diluted

     

    58,643

     

     

     

    57,882

     

     

     

    58,388

     

     

     

    60,501

     

    Adjusted EBITDA

    Consolidated Adjusted EBITDA Reconciliation

    The following table reconciles consolidated net income (loss) to consolidated adjusted EBITDA for the periods presented:

     

    Three Months Ended December 31,

     

    Year Ended December 31,

    (dollars in thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss)

    $

    (58,218

    )

     

    $

    (210,862

    )

     

    $

    (180,192

    )

     

    $

    (195,332

    )

    Interest expense

     

    3,652

     

     

     

    3,462

     

     

     

    14,004

     

     

     

    11,004

     

    Income tax (benefit) expense

     

    (1,560

    )

     

     

    (32,953

    )

     

     

    (8,958

    )

     

     

    (36,225

    )

    Depreciation and amortization expense

     

    6,687

     

     

     

    7,770

     

     

     

    26,629

     

     

     

    27,349

     

    EBITDA

    $

    (49,439

    )

     

    $

    (232,583

    )

     

    $

    (148,517

    )

     

    $

    (193,204

    )

    Restructuring, contract termination, impairment and related charges

     

    52,048

     

     

     

    244,650

     

     

     

    154,408

     

     

     

    248,967

     

    Equity-based compensation expense

     

    2,062

     

     

     

    21

     

     

     

    6,802

     

     

     

    14,787

     

    Business optimization and expansion expense

     

    1,852

     

     

     

    6

     

     

     

    8,108

     

     

     

    462

     

    Changes in fair value of contingent earn-out liability

     

    (283

    )

     

     

    669

     

     

     

    4,438

     

     

     

    (1,573

    )

    Management transition costs

     

    43

     

     

     

    706

     

     

     

    3,133

     

     

     

    1,621

     

    Prepaid marketing charges

     

    —

     

     

     

    —

     

     

     

    1,871

     

     

     

    —

     

    Inventory fair value write-ups

     

    —

     

     

     

    907

     

     

     

    805

     

     

     

    907

     

    Transaction costs

     

    41

     

     

     

    492

     

     

     

    1,029

     

     

     

    3,347

     

    Sales tax audit expense

     

    —

     

     

     

    —

     

     

     

    485

     

     

     

    —

     

    Tax refunds

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (5,121

    )

    Consolidated Adjusted EBITDA

    $

    6,324

     

     

    $

    14,868

     

     

    $

    32,562

     

     

    $

    70,193

     

     

     

     

     

     

     

     

     

    Net income (loss) margin

    (Net income (loss) as a % of net sales)

     

    (40.6

    )%

     

     

    (127.5

    )%

     

     

    (39.6

    )%

     

     

    (39.5

    )%

     

     

     

     

     

     

     

     

    Adjusted EBITDA margin

    Adjusted EBITDA as a % of net sales)

     

    4.4

    %

     

     

    9.0

    %

     

     

    7.2

    %

     

     

    14.2

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250311871971/en/

    Mark Anderson, Senior Director of Treasury & Investor Relations

    [email protected]



    Three Part Advisors, LLC

    Sandy Martin: [email protected], 214-616-2207

    Steven Hooser: [email protected], 214-872-2710

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    1/10/2024$10.00 → $4.00Buy → Neutral
    Citigroup
    1/10/2024$12.00 → $4.00Buy → Hold
    Jefferies
    1/8/2024Outperform → Mkt Perform
    William Blair
    1/8/2024Overweight → Neutral
    Piper Sandler
    1/8/2024$5.00Buy → Hold
    Craig Hallum
    12/12/2023$5.50Neutral
    B. Riley Securities
    9/25/2023$8.00Buy
    Craig Hallum
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    $DTC
    Insider Purchases

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    • President & CEO Metz Christopher T bought $324,804 worth of shares (250,000 units at $1.30), increasing direct ownership by 100% to 500,000 units (SEC Form 4)

      4 - Solo Brands, Inc. (0001870600) (Issuer)

      8/12/24 6:02:02 PM ET
      $DTC
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    • President & CEO Metz Christopher T bought $294,618 worth of shares (150,000 units at $1.96), increasing direct ownership by 150% to 250,000 units (SEC Form 4)

      4 - Solo Brands, Inc. (0001870600) (Issuer)

      6/13/24 6:55:56 PM ET
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    • Metz Christopher T bought $226,560 worth of shares (100,000 units at $2.27) (SEC Form 4)

      4 - Solo Brands, Inc. (0001870600) (Issuer)

      3/18/24 5:25:26 PM ET
      $DTC
      Recreational Games/Products/Toys
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    • Solo Brands, Inc. Fiscal 2025 First Quarter Financial Results To Be Released Monday, May 12, 2025

      GRAPEVINE, Texas, May 07, 2025 (GLOBE NEWSWIRE) -- Solo Brands, Inc (NYSE:DTC, OTC:DTCB), ("Solo Brands" or the "Company"), an omni-channel platform of beloved brands Solo Stove, Chubbies, Oru Kayak, ISLE and TerraFlame, today announced that it plans to report its fiscal 2025 first quarter financial results on May 12, 2025, before the market opens. In conjunction with the release, the Company has scheduled a conference call for management's prepared remarks on Solo Brands strategy and financial results that will begin at 9:00 a.m. ET. Investors and analysts are invited to listen to the call by dialing 1-866-652-5200 (international callers, please dial 1-412-317-6060) at least 10 minutes p

      5/7/25 4:00:00 PM ET
      $DTC
      Recreational Games/Products/Toys
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    • Solo Brands, Inc. Announces Fourth Quarter and Fiscal Year 2024 Results

      Company Accelerates Strategic Transformation Plan to Stabilize the Business Solo Brands, Inc. (NYSE:DTC) ("Solo Brands" or "the Company") a leading portfolio of lifestyle brands (Solo Stove, Chubbies, Isle and Oru) that are redefining the outdoor and apparel industries, today announced its financial results for the three months and the year ended December 31, 2024. John Larson, Interim President and Chief Executive Officer, commented, "During the fourth quarter, the Board and management team engaged in developing an aggressive turnaround plan for 2025. As a part of our transformation plan, we hired external financial advisors to help us go through every line item of the business. Notwiths

      3/12/25 7:00:00 AM ET
      $DTC
      Recreational Games/Products/Toys
      Consumer Discretionary
    • Solo Brands, Inc. Fourth Quarter and Fiscal Year 2024 Financial Results To Be Released Wednesday, March 12, 2025

      GRAPEVINE, Texas, March 05, 2025 (GLOBE NEWSWIRE) -- Solo Brands, Inc (NYSE:DTC), ("Solo Brands" or the "Company"), an omni-channel platform of beloved brands Solo Stove, Chubbies, Oru Kayak, ISLE and TerraFlame, today announced that it plans to report its fourth quarter and fiscal year 2024 financial results on March 12, 2025, before the market opens. In conjunction with the release, the Company has scheduled a conference call for management's prepared remarks on Solo Brands strategy and financial results that will begin at 9:00 a.m. ET. Investors and analysts are invited to listen to the call by dialing 1-866-652-5200 (international callers, please dial 1-412-317-6060) at least 10 m

      3/5/25 8:00:00 AM ET
      $DTC
      Recreational Games/Products/Toys
      Consumer Discretionary

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    • Solo Brands Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Solo Brands, Inc. (0001870600) (Filer)

      5/6/25 4:35:05 PM ET
      $DTC
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    • SEC Form 8-K filed by Solo Brands Inc.

      8-K - Solo Brands, Inc. (0001870600) (Filer)

      4/22/25 4:45:40 PM ET
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    • SEC Form DEF 14A filed by Solo Brands Inc.

      DEF 14A - Solo Brands, Inc. (0001870600) (Filer)

      4/21/25 5:29:55 PM ET
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    • Amendment: SEC Form SC 13G/A filed by Solo Brands Inc.

      SC 13G/A - Solo Brands, Inc. (0001870600) (Subject)

      11/8/24 11:01:10 AM ET
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      Recreational Games/Products/Toys
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    • SEC Form SC 13G/A filed by Solo Brands Inc. (Amendment)

      SC 13G/A - Solo Brands, Inc. (0001870600) (Subject)

      6/10/24 9:37:47 AM ET
      $DTC
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      Consumer Discretionary
    • SEC Form SC 13G/A filed by Solo Brands Inc. (Amendment)

      SC 13G/A - Solo Brands, Inc. (0001870600) (Subject)

      2/12/24 11:43:24 AM ET
      $DTC
      Recreational Games/Products/Toys
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    Insider Trading

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    • SEC Form 4 filed by Interim CMO Vanzura Elisabeth

      4 - Solo Brands, Inc. (0001870600) (Issuer)

      3/14/25 4:32:29 PM ET
      $DTC
      Recreational Games/Products/Toys
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    • SEC Form 4 filed by Interim President and CEO Larson John P.

      4 - Solo Brands, Inc. (0001870600) (Issuer)

      3/13/25 4:29:34 PM ET
      $DTC
      Recreational Games/Products/Toys
      Consumer Discretionary
    • SEC Form 3 filed by new insider Laurinaitis Peter

      3 - Solo Brands, Inc. (0001870600) (Issuer)

      3/12/25 5:03:29 PM ET
      $DTC
      Recreational Games/Products/Toys
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    • Solo Brands, Inc. Fiscal 2025 First Quarter Financial Results To Be Released Monday, May 12, 2025

      GRAPEVINE, Texas, May 07, 2025 (GLOBE NEWSWIRE) -- Solo Brands, Inc (NYSE:DTC, OTC:DTCB), ("Solo Brands" or the "Company"), an omni-channel platform of beloved brands Solo Stove, Chubbies, Oru Kayak, ISLE and TerraFlame, today announced that it plans to report its fiscal 2025 first quarter financial results on May 12, 2025, before the market opens. In conjunction with the release, the Company has scheduled a conference call for management's prepared remarks on Solo Brands strategy and financial results that will begin at 9:00 a.m. ET. Investors and analysts are invited to listen to the call by dialing 1-866-652-5200 (international callers, please dial 1-412-317-6060) at least 10 minutes p

      5/7/25 4:00:00 PM ET
      $DTC
      Recreational Games/Products/Toys
      Consumer Discretionary
    • Solo Brands, Inc. Appeals NYSE Delisting Determination

      GRAPEVINE, Texas, May 06, 2025 (GLOBE NEWSWIRE) -- Solo Brands, Inc. (NYSE:DTC, OTC:DTCB) ("Solo Brands" or "the Company") a leading portfolio of lifestyle brands (Solo Stove, Chubbies, Isle and Oru) that are redefining the outdoor and apparel industries, today announced that it has formally appealed the determination of the staff of NYSE Regulation to commence proceedings to delist the Company's Class A common stock from the New York Stock Exchange ("NYSE"). As previously announced, on April 22, 2025, the staff of NYSE Regulation determined that the Company's Class A common stock was no longer suitable for listing based on "abnormally low" price levels pursuant to Section 802.01D of th

      5/6/25 4:30:00 PM ET
      $DTC
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      Consumer Discretionary
    • GoPro Appoints Mick Lopez to Board of Directors

      Mike Dennison and Emily Culp Nominated to Join Board of Directors SAN MATEO, Calif., April 8, 2025 /PRNewswire/ -- Today, GoPro, Inc. (NASDAQ:GPRO) ("GoPro" or "Company") is pleased to announce the appointment of Mick Lopez to GoPro's Board of Directors, effective immediately. "We are excited to welcome Mick Lopez to GoPro's Board of Directors," said Nicholas Woodman, GoPro's founder and CEO. "He is an experienced CFO and board partner with strategic and financial governance expertise that will greatly benefit GoPro." Mr. Lopez, a seasoned financial expert, brings decades of e

      4/8/25 9:01:00 AM ET
      $DTC
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    • GoPro Appoints Mick Lopez to Board of Directors

      Mike Dennison and Emily Culp Nominated to Join Board of Directors SAN MATEO, Calif., April 8, 2025 /PRNewswire/ -- Today, GoPro, Inc. (NASDAQ:GPRO) ("GoPro" or "Company") is pleased to announce the appointment of Mick Lopez to GoPro's Board of Directors, effective immediately. "We are excited to welcome Mick Lopez to GoPro's Board of Directors," said Nicholas Woodman, GoPro's founder and CEO. "He is an experienced CFO and board partner with strategic and financial governance expertise that will greatly benefit GoPro." Mr. Lopez, a seasoned financial expert, brings decades of e

      4/8/25 9:01:00 AM ET
      $DTC
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      Recreational Games/Products/Toys
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    • Solo Brands Announces Appointment of Peter Laurinaitis to its Board of Directors

      Brings Extensive Experience in Financial Strategy, Special Situations, Capital-Raising, M&A and Restructuring Advisory Solo Brands, Inc. (NYSE:DTC) ("Solo Brands" or "the Company") a leading portfolio of lifestyle brands (Solo Stove, Chubbies, Isle and Oru) that are redefining the outdoor and apparel industries, today announced that Peter Laurinaitis has been appointed to the Company's Board of Directors. "Solo Brands welcomes Peter to the Board during this important time for our Company, as we work to strengthen our financial position. His appointment is another step to solidify our strategy and team and enhance the Board's oversight as we execute against our plan," said Matthew Guy-Hami

      3/12/25 7:03:00 AM ET
      $DTC
      Recreational Games/Products/Toys
      Consumer Discretionary
    • Solo Brands Announces Leadership Transition

      Appoints John Larson as Interim Chief Executive Officer Solo Brands, Inc. (NYSE:DTC) ("Solo Brands" or "the Company") today announced that John Larson, a member of the Solo Brands Board of Directors, has been appointed Interim President and Chief Executive Officer (CEO) of the Company, effective immediately. Mr. Larson succeeds Chris Metz who informed the Board of his decision to step down as President, CEO and a member of the Board. Mr. Metz is committed to supporting a smooth and orderly transition and will remain with the Company in a non-executive capacity through March 7, 2025. "John has the strategic expertise and necessary leadership skills to serve as Interim CEO at Solo Brands,"

      2/18/25 4:26:00 PM ET
      $DTC
      Recreational Games/Products/Toys
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    • Solo Brands downgraded by JP Morgan

      JP Morgan downgraded Solo Brands from Overweight to Underweight

      2/2/24 6:16:01 AM ET
      $DTC
      Recreational Games/Products/Toys
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    • Solo Brands downgraded by Citigroup with a new price target

      Citigroup downgraded Solo Brands from Buy to Neutral and set a new price target of $4.00 from $10.00 previously

      1/10/24 7:01:10 AM ET
      $DTC
      Recreational Games/Products/Toys
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    • Solo Brands downgraded by Jefferies with a new price target

      Jefferies downgraded Solo Brands from Buy to Hold and set a new price target of $4.00 from $12.00 previously

      1/10/24 7:01:10 AM ET
      $DTC
      Recreational Games/Products/Toys
      Consumer Discretionary