v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments Segments
The Company conducts its worldwide operations through operating segments, each of which represents major product lines. Operations are conducted in the U.S. and various foreign locations, primarily in Europe, Canada and Asia-Pacific. Segment reporting is based upon the “management approach,” i.e., how we organize operating segments for which separate financial information is (i) available and (ii) evaluated regularly by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is our Chief Executive Officer.
During the three months ended June 30, 2026, the ISLE and Oru operating segments were revised into one operating and reportable segment, Watersports, to align with how separate financial information is evaluated by the CODM, and how that information is used to assess performance and allocate resources.
The Company’s revised three reportable segments are as follows:
SegmentKey BrandsDescription of Primary Products
Solo Stove
Solo Stove and TerraFlame(1)
Fire pits, griddles, coolers, and related accessories
ChubbiesChubbies and Cheekies
Premium casual apparel, activewear, and swimwear
WatersportsISLE and Oru
Inflatable and hard paddle boards, folding kayaks, and related accessories
(1) While certain assets and manufacturing operations of the TerraFlame business were disposed of during the second quarter of 2025, the Company continues to be sole distributor of TerraFlame products and recognizes the resulting profit or loss from the Company’s distribution activities within the Solo Stove reporting unit.
All prior period comparative segment information has been recast to reflect our current period segment determination.
IcyBreeze, which was wound down during the fourth quarter of 2024 and whose brand name has been discontinued, did not meet the criteria necessary to be considered a reportable segment. IcyBreeze’s trailing results are included within All Other for the three and six months ended June 30, 2025.
Our CODM relies on internal management reporting that analyzes our segment’s adjusted EBITDA, which he utilizes to assess performance as compared to historical results and budget and forecast amounts, and allocate capital and investment in new products. The CODM also uses segment adjusted EBITDA to determine product pricing and strategy, and marketing spending relative to revenue returns. As segment assets are not reported to or used by the CODM to measure business performance or allocate resources, total segment assets are not presented below.
We define segment adjusted EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization expenses, restructuring, contract termination and impairment charges, equity-based compensation expense, and other costs that are believed by management to be non-operating in nature and not representative of the Company’s core operating performance, including business optimization and expansion expense, changes in fair value of contingent earn-out liability, management transition costs, and costs associated with the refinancing amendment.
The following tables present segment information for net sales, significant expenses and the reconciliation of segment adjusted EBITDA to consolidated income (loss) before taxes (in thousands):
Three Months Ended June 30, 2026Three Months Ended June 30, 2025
Solo StoveChubbiesWatersportsTotalSolo StoveChubbiesWatersportsTotal
Net sales$32,684 $40,648 $15,128 $88,460 $38,298 $44,455 $9,504 $92,257 
Reconciliation to consolidated net sales:
All other— — 
Consolidated net sales$88,460 $92,257 
Cost of goods sold(1)
11,863 12,641 9,513 13,730 17,826 4,102 
Marketing expense7,660 5,470 1,198 9,088 4,211 1,342 
Employee-related compensation1,876 2,223 346 2,814 3,410 619 
Other segment operating expenses(2)
7,637 7,546 1,191 9,272 7,531 1,622 
Segment adjusted EBITDA$3,648 $12,768 $2,880 $19,296 $3,394 $11,477 $1,819 $16,690 
All other segment adjusted EBITDA(3)
— (34)
Corporate and other non-segment operating expenses(1)(4)
(9,554)(9,846)
Restructuring, contract termination and impairment charges(1,895)(10,251)
Depreciation and amortization expenses(4,334)(6,394)
Interest expense, net(7,887)(5,989)
Other non-operating income (expense)119 (3,267)
Income (loss) before income taxes$(4,255)$(19,091)
Depreciation and amortization expenses (disaggregated):
Solo Stove$2,719 $4,847 
Chubbies1,541 1,397 
Watersports74 150 
Depreciation and amortization expense$4,334 $6,394 
Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Solo StoveChubbiesWatersportsTotalSolo StoveChubbiesWatersportsTotal
Net sales$48,710 $77,323 $25,308 $151,341 $64,426 $87,144 $17,373 $168,943 
Reconciliation to consolidated net sales:
All other— 566 
Consolidated net sales$151,341 $169,509 
Cost of goods sold(1)
$18,544 $29,390 16,061 $25,200 $35,999 8,547 
Marketing expense11,079 8,752 1,563 14,800 7,525 1,952 
Employee-related compensation3,980 5,262 662 6,123 6,844 1,502 
Other segment operating expenses(2)
13,145 13,834 2,171 16,395 14,004 3,011 
Segment adjusted EBITDA$1,962 $20,085 $4,851 $26,898 $1,908 $22,772 $2,361 $27,041 
All other Segment adjusted EBITDA(3)
— (196)
Corporate and other non-segment operating expenses(1)(4)
(17,480)(17,950)
Restructuring, contract termination and impairment charges(2,200)(16,090)
Depreciation and amortization expenses(8,442)(13,283)
Interest expense, net(15,380)(11,559)
Other non-operating income (expense)267 (2,687)
Income (loss) before income taxes$(16,337)$(34,724)
Depreciation and amortization expenses (disaggregated):
Solo Stove$5,407 $9,808 
Chubbies2,878 2,786 
Watersports157 646 
All Other— 43 
Depreciation and amortization expense$8,442 $13,283 
(1)Cost of goods sold for Watersports excludes a $1.4 million inventory writedown of raw materials related to the closure of the Oru manufacturing facility for the three and six months ended June 30, 2026 as it is not considered a component of segment adjusted EBITDA for purposes of review and resource allocation by the CODM. Corporate and other non-segment operating expenses includes this inventory writedown for reconciliation purposes.
(2)Includes expenses for seller fees, shipping and fulfillment, along with certain fixed and other variable expenses incurred in the normal course of business.
(3)Includes net sales and expenses of our operating segments that did not meet the requirements to be considered a reportable segment, which includes the results of IcyBreeze for the three and six months ended June 30, 2025, as well as the consolidating elimination entries that are not specific to our reportable segments.
(4)Includes corporate general and administrative service expenses of $5.7 million and $11.7 million for the three and six months ended June 30, 2026, respectively, and $5.8 million and $12.7 million for the three and six months ended June 30, 2025, respectively, with the remaining non-segment operating expenses being primarily fixed costs.
Net sales exclude all intercompany sales between our reportable segments and All Other, as well as related profits, which were not material for the three and six months ended June 30, 2026 and 2025.