•
Mar 31, 2024
Solo Brands Q1 2024 Earnings Report
First quarter results were announced, with sales and adjusted EBITDA exceeding expectations due to strong wholesale performance and sales trends accelerating throughout the quarter. Full year 2024 guidance was reaffirmed.
Key Takeaways
Solo Brands reported a decrease in net sales to $85.3 million, a net loss of $6.5 million, and an adjusted EBITDA of $4.3 million. Despite a decline in direct-to-consumer revenue, wholesale revenue increased. The company reaffirmed its full-year 2024 revenue guidance of $490 million to $510 million and adjusted EBITDA margin guidance of 10% to 12%.
Net sales decreased by 3.3% to $85.3 million compared to the first quarter of 2023.
Net loss was $6.5 million, a decrease of $7.4 million from the previous year.
Adjusted EBITDA decreased by 72.1% to $4.3 million.
Direct-to-consumer revenues decreased by 6.8%, while wholesale revenues increased by 2.5%.
Solo Brands
Solo Brands
Forward Guidance
Solo Brands reaffirmed its full year 2024 guidance.
Positive Outlook
- Total revenue is expected to be between $490 million to $510 million for 2024.
- Adjusted EBITDA margin is expected to be between 10% to 12% for 2024.
Challenges Ahead
- The Company’s full year 2024 guidance is based on a number of assumptions that are subject to change, many of which are outside the Company’s control.
- If actual results vary from these assumptions, the Company’s expectations may change.
- There can be no assurance that the Company will achieve these results.