Revenue continues to decline, evidenced by an 18.6% year-over-year contraction in 2026Q1, while operating margins remain negative at -7.0%.
| Sales/Revenue | 302.21M | 316.58M | 454.55M | 494.78M | 517.63M | 403.72M | 133.43M | 39.85M |
| Revenue Growth % | -32.31% | -30.35% | -8.13% | -4.41% | 28.22% | 202.57% | 234.81% | - |
| Cost of Goods Sold | 153.61M | 154.18M | 194.29M | 192.62M | 199.45M | 144.81M | 46.46M | 17.22M |
| COGS % of Revenue | - | 48.7% | 42.74% | 38.93% | 38.53% | 35.87% | 34.82% | 43.2% |
| Gross Profit | 148.6M | 162.41M | 260.26M | 302.15M | 318.18M | 258.91M | 86.97M | 22.64M |
| Gross Margin % | 49.17% | 51.3% | 57.26% | 61.07% | 61.47% | 64.13% | 65.18% | 56.8% |
| Gross Profit Growth % | - | -37.6% | -13.86% | -5.04% | 22.89% | 197.7% | 284.21% | - |
| Operating Expenses | 199.49M | 182.39M | 434.88M | 530M | 287.22M | 190.04M | 107.43M | 51.3M |
| OpEx % of Revenue | - | 57.61% | 95.67% | 107.12% | 55.49% | 47.07% | 80.51% | 128.73% |
| Selling, General & Admin | 170.46M | 176.25M | 262.17M | 249.43M | 259.05M | 159.52M | 40.01M | 16.37M |
| SG&A % of Revenue | - | 55.67% | 57.68% | 50.41% | 50.05% | 39.51% | 29.99% | 41.07% |
| Research & Development | 0 | 0 | 0 | 700K | 1.1M | 300K | 0 | 0 |
| R&D % of Revenue | - | - | - | 0.14% | 0.21% | 0.07% | - | - |
| Other Operating Expenses | 3M | 6.15M | 172.71M | 279.87M | 28.17M | 30.52M | 67.41M | 34.93M |
| Operating Income | -31.81M | -19.99M | -174.62M | -227.85M | 61.54M | 68.86M | -20.46M | -28.66M |
| Operating Margin % | -10.52% | -6.31% | -38.42% | -46.05% | 11.89% | 17.06% | -15.33% | -71.93% |
| Operating Income Growth % | - | 88.55% | 23.36% | -470.24% | -10.63% | 436.62% | 28.63% | - |
| EBITDA | -5.47M | 5.69M | -148.92M | -200.5M | 86.13M | 87.09M | -14.79M | -27.84M |
| EBITDA Margin % | -1.81% | 1.8% | -32.76% | -40.52% | 16.64% | 21.57% | -11.08% | -69.86% |
| EBITDA Growth % | 96.41% | 103.82% | 25.73% | -332.78% | -1.1% | 689.05% | 46.9% | - |
| D&A (Non-Cash Add-back) | 26.34M | 25.67M | 25.7M | 27.35M | 24.59M | 18.23M | 5.67M | 823K |
| EBIT | -34.82M | -19.99M | -175.15M | 21.12M | 30.95M | 68.86M | -20.9M | -29.01M |
| Net Interest Income | -28.48M | -26.56M | -14M | -11M | -6.27M | -10.13M | -2.59M | -519K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 3.21M | 6K |
| Interest Expense | 28.48M | 26.56M | 14M | 11M | 6.27M | 10.13M | 3.21M | 525K |
| Other Income/Expense | -106.66M | -122.03M | -14.53M | -3.71M | -6.98M | -10.34M | -3.65M | -872K |
| Pretax Income | -138.46M | -142.01M | -189.15M | -231.56M | -6.62M | 58.52M | -24.1M | -29.54M |
| Pretax Margin % | -45.82% | -44.86% | -41.61% | -46.8% | -1.28% | 14.5% | -18.07% | -74.12% |
| Income Tax | -6.14M | 3.42M | -8.96M | -36.23M | 1M | 2.02M | 99K | 3K |
| Effective Tax Rate % | 4.43% | -2.41% | 4.74% | 15.64% | -15.12% | 3.46% | -0.41% | -0.01% |
| Net Income | -102.5M | -145.44M | -113.36M | -111.35M | -7.62M | 48.65M | -24.2M | -29.54M |
| Net Margin % | -33.92% | -45.94% | -24.94% | -22.5% | -1.47% | 12.05% | -18.14% | -74.12% |
| Net Income Growth % | 47.54% | -28.3% | -1.8% | -1361.25% | -115.66% | 301.02% | 18.07% | - |
| Net Income (Continuing) | -132.33M | -145.44M | -180.19M | -195.33M | -7.62M | 56.49M | 13.16M | -29.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 5.4M | 59.65M | 131M | 211.57M | 213.29M | 0 | 0 |
| EPS (Diluted) | -40.88 | -91.99 | -77.60 | -73.60 | -4.80 | 30.80 | -15.60 | -12.40 |
| EPS Growth % | -252.95% | -18.54% | -5.43% | -1433.33% | -115.58% | 297.44% | -25.81% | - |
| EPS (Basic) | - | -91.99 | -77.60 | -73.60 | -4.80 | 20.40 | -15.60 | -12.40 |
| Diluted Shares Outstanding | 2.51M | 1.58M | 1.46M | 1.51M | 1.59M | 1.58M | 1.54M | 2.42M |
| Basic Shares Outstanding | 2.51M | 1.58M | 1.46M | 1.51M | 1.59M | 1.58M | 1.54M | 2.42M |
| Dividend Payout Ratio | - | - | - | - | - | 68.16% | - | - |
Structural demand saturation risk
As evidenced by the most recent quarterly data, SBDS is experiencing a sustained top-line decline, with revenue falling to $62.9M in 2026Q1, representing an 18.6% year-over-year decrease that highlights the ongoing difficulty in maintaining post-pandemic demand levels across its diversified outdoor and lifestyle product portfolio.
The consistent negative growth trajectory suggests that the company's multi-category expansion strategy has failed to offset the cooling demand for its core fire pit hardware. Investors should monitor whether this decline represents a cyclical normalization or a more permanent loss of brand relevance in a saturated discretionary market.
According to historical income statements, SBDS has struggled to maintain consistent gross margins, which fluctuated from a high of 61.3% in 2025Q2 to a low of 33.3% in 2025Q4, indicating significant sensitivity to promotional activity and potential inventory liquidation pressures within its direct-to-consumer model.
The wide variance in gross profitability suggests that the company lacks the pricing power necessary to insulate itself from rising logistics costs or the need to clear excess inventory. This instability complicates the path to profitability, as the company relies on high margins to cover its substantial fixed operating expenses.
Based on reported financial figures, the company's operating leverage is currently negative, as evidenced by the 2026Q1 operating margin of -7.0%, which demonstrates that the firm's SG&A structure remains too heavy to scale efficiently against a shrinking revenue base in the current retail environment.
The inability to achieve positive operating income despite significant revenue volume suggests that the company's cost structure is fundamentally misaligned with its current scale. Without a meaningful reduction in overhead or a return to top-line growth, the firm may continue to face significant pressure on its bottom line.
As highlighted by the persistent net losses and a -45.94% net margin in recent periods, the core business model appears to be under extreme stress, raising questions about whether the current cost structure is sustainable without a fundamental pivot in operational strategy or capital allocation.
Short-sellers would likely focus on the disconnect between the company's 'lifestyle platform' narrative and the reality of its deteriorating financial performance. The reliance on high-ticket discretionary items in a rising rate environment warrants further investigation into whether the company can survive without further dilutive financing or aggressive restructuring.
Quick answers to the most common questions about buying SBDS stock.
For fiscal year 2025, Solo Brands, Inc. (SBDS) reported total revenue of $316.6M. This represents a 694.4% increase compared to $39.9M in 2019.
Solo Brands, Inc. (SBDS) reported a net loss of $145.4M for the fiscal year ending 2025.
Solo Brands, Inc. (SBDS) reported an operating income of $-20.0M, resulting in an operating profit margin of -6.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Solo Brands, Inc. (SBDS) generated $162.4M in gross profit for the year, representing a gross profit margin of 51.3%. This demonstrates the company's core pricing power and production efficiency.