Solo Brands, Inc. Announces Fourth Quarter and Fiscal Year 2024 Results
Solo Brands (NYSE: DTC) reported challenging Q4 2024 results with net sales declining 13.2% to $143.5 million. The company posted a net loss of $58.2 million, or $0.63 per share. The decline was primarily driven by the Solo Stove segment, while Chubbies showed growth.
Key Q4 metrics include:
- Gross profit margin improved to 61.1%, up 280 basis points
- Operating expenses decreased 57.6% to $143.0 million
- Adjusted EBITDA was $6.3 million, representing 4.4% of net sales
The company disclosed substantial doubt about its ability to continue as a going concern. As of December 31, 2024, Solo Brands had $12.0 million in cash, $108.6 million in inventory, and outstanding borrowings of $152 million. The company is implementing a transformation plan with 30+ value accretive initiatives and evaluating strategies to refinance existing debt.
Solo Brands (NYSE: DTC) ha riportato risultati difficili per il quarto trimestre del 2024, con vendite nette in calo del 13,2% a 143,5 milioni di dollari. L'azienda ha registrato una perdita netta di 58,2 milioni di dollari, corrispondente a 0,63 dollari per azione. Il calo è stato principalmente guidato dal segmento Solo Stove, mentre Chubbies ha mostrato una crescita.
I principali indicatori del quarto trimestre includono:
- Il margine di profitto lordo è migliorato al 61,1%, con un aumento di 280 punti base
- Le spese operative sono diminuite del 57,6% a 143,0 milioni di dollari
- Il EBITDA rettificato è stato di 6,3 milioni di dollari, pari al 4,4% delle vendite nette
L'azienda ha manifestato un significativo dubbio sulla sua capacità di continuare come entità operativa. Al 31 dicembre 2024, Solo Brands aveva 12,0 milioni di dollari in contante, 108,6 milioni di dollari in inventario e prestiti in essere di 152 milioni di dollari. L'azienda sta attuando un piano di trasformazione con oltre 30 iniziative di creazione di valore e sta valutando strategie per rifinanziare il debito esistente.
Solo Brands (NYSE: DTC) reportó resultados desafiantes para el cuarto trimestre de 2024, con ventas netas disminuyendo un 13.2% a 143.5 millones de dólares. La compañía registró una pérdida neta de 58.2 millones de dólares, o 0.63 dólares por acción. La disminución fue impulsada principalmente por el segmento Solo Stove, mientras que Chubbies mostró crecimiento.
Los principales indicadores del cuarto trimestre incluyen:
- El margen de ganancia bruta mejoró al 61.1%, aumentando 280 puntos básicos
- Los gastos operativos disminuyeron un 57.6% a 143.0 millones de dólares
- El EBITDA ajustado fue de 6.3 millones de dólares, representando el 4.4% de las ventas netas
La compañía reveló dudas sustanciales sobre su capacidad para continuar como una entidad en funcionamiento. Al 31 de diciembre de 2024, Solo Brands tenía 12.0 millones de dólares en efectivo, 108.6 millones de dólares en inventario y préstamos pendientes de 152 millones de dólares. La compañía está implementando un plan de transformación con más de 30 iniciativas de creación de valor y evaluando estrategias para refinanciar la deuda existente.
솔로 브랜드(Solo Brands) (NYSE: DTC)는 2024년 4분기 어려운 실적을 보고하며, 순매출이 13.2% 감소하여 1억 4,350만 달러에 이르렀습니다. 회사는 5,820만 달러의 순손실을 기록했으며, 주당 0.63 달러에 해당합니다. 감소는 주로 솔로 스토브(Solo Stove) 부문에 의해 주도되었고, 처비스(Chubbies)는 성장을 보였습니다.
4분기 주요 지표는 다음과 같습니다:
- 총 이익률이 61.1%로 개선되었으며, 280 베이시스 포인트 증가했습니다.
- 운영 비용이 57.6% 감소하여 1억 4,300만 달러에 이르렀습니다.
- 조정된 EBITDA는 630만 달러로, 순매출의 4.4%를 차지했습니다.
회사는 계속 운영할 수 있는 능력에 대해 상당한 의구심을 드러냈습니다. 2024년 12월 31일 기준으로 솔로 브랜드는 1,200만 달러의 현금, 1억 860만 달러의 재고, 1억 5,200만 달러의 미지급 대출을 보유하고 있었습니다. 회사는 30개 이상의 가치 창출 이니셔티브를 포함한 변혁 계획을 시행하고 있으며, 기존 부채를 재융자할 전략을 평가하고 있습니다.
Solo Brands (NYSE: DTC) a annoncé des résultats difficiles pour le quatrième trimestre 2024, avec des ventes nettes en baisse de 13,2 % à 143,5 millions de dollars. L'entreprise a enregistré une perte nette de 58,2 millions de dollars, soit 0,63 dollar par action. Le déclin a été principalement causé par le segment Solo Stove, tandis que Chubbies a montré une croissance.
Les principaux indicateurs du quatrième trimestre incluent:
- La marge brute a augmenté à 61,1 %, soit une hausse de 280 points de base
- Les dépenses d'exploitation ont diminué de 57,6 % pour atteindre 143,0 millions de dollars
- Le EBITDA ajusté s'élevait à 6,3 millions de dollars, représentant 4,4 % des ventes nettes
L'entreprise a exprimé de sérieux doutes quant à sa capacité à continuer ses activités. Au 31 décembre 2024, Solo Brands disposait de 12,0 millions de dollars en liquidités, de 108,6 millions de dollars en stocks et de prêts en cours de 152 millions de dollars. L'entreprise met en œuvre un plan de transformation avec plus de 30 initiatives créatrices de valeur et évalue des stratégies pour refinancer sa dette existante.
Solo Brands (NYSE: DTC) meldete herausfordernde Ergebnisse für das vierte Quartal 2024, wobei die Nettoumsätze um 13,2 % auf 143,5 Millionen Dollar zurückgingen. Das Unternehmen verzeichnete einen Nettoverlust von 58,2 Millionen Dollar, was 0,63 Dollar pro Aktie entspricht. Der Rückgang wurde hauptsächlich durch das Segment Solo Stove verursacht, während Chubbies Wachstum zeigte.
Wichtige Kennzahlen für das vierte Quartal sind:
- Die Bruttogewinnmarge verbesserte sich auf 61,1 %, ein Anstieg um 280 Basispunkte
- Die Betriebskosten sanken um 57,6 % auf 143,0 Millionen Dollar
- Das bereinigte EBITDA betrug 6,3 Millionen Dollar, was 4,4 % des Nettoumsatzes entspricht
Das Unternehmen äußerte erhebliche Zweifel an seiner Fähigkeit, als fortlaufendes Unternehmen zu bestehen. Zum 31. Dezember 2024 hatte Solo Brands 12,0 Millionen Dollar in bar, 108,6 Millionen Dollar an Lagerbeständen und ausstehende Kredite in Höhe von 152 Millionen Dollar. Das Unternehmen setzt einen Transformationsplan mit über 30 wertschöpfenden Initiativen um und prüft Strategien zur Refinanzierung bestehender Schulden.
- Gross profit margin improved 280 basis points to 61.1%
- Chubbies segment sales grew 12.2% to $24.2 million
- Operating expenses decreased significantly by 57.6%
- Inventory levels improved slightly to $108.6M from $111.6M YoY
- Net sales declined 13.2% to $143.5 million in Q4
- Net loss of $58.2 million in Q4
- Substantial doubt about ability to continue as going concern
- Solo Stove segment sales dropped 16.8%
- Cash position decreased to $12.0M from $19.8M YoY
- Additional $277.3M drawn on credit facility after Q4
Insights
Solo Brands' Q4 and FY 2024 results reveal a company in serious financial distress. The most alarming disclosure is the "substantial doubt about ability to continue as a going concern" statement, which is essentially an accounting red flag indicating potential inability to meet obligations without significant changes.
Q4 revenue declined
The company's
While gross margins improved to
The company faces a critical refinancing challenge with debt maturities in May 2026, but given the current trajectory, they may face covenant violations or liquidity issues well before then.
Solo Brands' strategic position has deteriorated significantly, necessitating what management describes as an "aggressive turnaround plan." The core issues appear structural rather than cyclical, with the flagship Solo Stove segment experiencing a
The appointment of an Interim CEO and now an Interim CMO (from the board) indicates organizational instability at the executive level precisely when steady leadership is most needed. The board's direct operational involvement through Ms. Vanzura's dual role suggests governance concerns about management's ability to execute the turnaround independently.
The company's multi-brand portfolio strategy now appears questionable. While diversification was likely intended as a growth driver, it has potentially diverted resources and focus from the core Solo Stove business. The bright spot is Chubbies with
The engagement of external financial advisors to review "every line item" indicates the board recognizes the severity of the situation. However, the lack of specific details about the 30+ initiatives raises questions about implementation feasibility. Turnarounds typically require focus on fewer, high-impact changes rather than numerous smaller ones.
Without substantial operational improvements and potential asset sales, Solo Brands faces existential challenges. Their financial trajectory suggests they may need to explore strategic alternatives beyond internal turnaround efforts, including potential divestitures or seeking acquisition by a stronger operator.
Company Accelerates Strategic Transformation Plan to Stabilize the Business
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 $143.5 million 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 61.1% of net sales, an increase of 280 basis points versus a year ago. Adjusted gross profit(2) of$87.6 million 61.0% of net sales, an increase of 170 basis points versus the prior year. -
Operating expenses decreased
$194.2 million $143.0 million 57.6% , primarily driven by the reduction in restructuring, contract termination and impairment charges of$192.2 million -
Net loss of
$58.2 million $0.63 $2.3 million $0.03 -
Adjusted EBITDA(2) of
$6.3 million 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 $116.6 million 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 5.2% of net sales, declined from the prior year period.
Chubbies
-
Net sales increased
$2.6 million $24.2 million 12.2% , driven primarily by increased demand within the retail net sales channel. -
Segment EBITDA of
$3.3 million 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 $454.6 million 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 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 61.7% of net sales, an increase of 30 basis points versus the prior year. -
Operating expenses decreased
$95.1 million $434.9 million 17.9% , primarily driven by the reduction in restructuring, contract termination and impairment charges of$112.9 million -
Net loss of
$180.2 million $1.94 $11.4 million $0.12 -
Adjusted EBITDA(2) of
$32.6 million 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 $297.4 million 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 15.4% of net sales, declined from the prior year.
Chubbies
-
Net sales increased
$11.1 million $112.7 million 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 14.0% of net sales, improved over the prior year.
Consolidated Balance Sheet
Cash and cash equivalents were
Inventory was
Outstanding borrowings were
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
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.
|
|||||||||||||||
|
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.
|
|||||
|
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.
|
|||||
|
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.
|
|||||||
(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 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 |
|
59 |
|
|
|
58 |
|
Class B common stock, par value |
|
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.
|
|||||||
|
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
None of these non-GAAP measures is a measurement of financial performance under
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
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
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
|
|
61.1 |
% |
|
|
58.3 |
% |
|
|
57.3 |
% |
|
|
61.1 |
% |
|
|
|
|
|
|
|
|
||||||||
Adjusted gross profit margin
|
|
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
|
|
(40.6 |
)% |
|
|
(127.5 |
)% |
|
|
(39.6 |
)% |
|
|
(39.5 |
)% |
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA margin
|
|
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
Investors@solobrands.com
Three Part Advisors, LLC
Sandy Martin: smartin@threepa.com, 214-616-2207
Steven Hooser: shooser@threepa.com, 214-872-2710
Source: Solo Brands, Inc.
FAQ
What caused Solo Brands (DTC) sales decline in Q4 2024?
How much debt does Solo Brands (DTC) have as of Q4 2024?
What is Solo Brands (DTC) doing to address its financial challenges?
How did Chubbies segment perform for Solo Brands (DTC) in Q4 2024?
What is Solo Brands (DTC) current cash position?
