HomeCamp Stove ManufacturersSolo Brands Releases Q1 2022 Earnings, Misses on Revenue

Solo Brands Releases Q1 2022 Earnings, Misses on Revenue

Solo Stove maker Solo Brands (NYSE: DTC), released Q1 2022 earnings this morning before market open. Unlike Traeger, who released earnings yesterday, Solo Brands missed expectations on revenue causing it to be down in trading today, despite hitting EPS estimates. In the quarter they saw revenue of $82.2 million and adjusted EPS of $0.19.

In the first quarter Solo Stove released their much anticipated heat deflectors, which had unit sales of over 26,000, exceeding internal expectations. They also noted that they are “encouraged” by the early sales and enthusiasm for the Solo Stove Pi pizza oven that was released in Q1. Hurting sales of the Pi are some supply chain challenges that Solo Brands is facing. There have been factory closures in China that have impacted the delivery timing, which can be seen by the 2 month backorder on the Pi at the time of writing.

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They noted the strong demand for customization of their Solo Stoves on the call. They are offering various colors, collegiate team logos and for corporate clients, custom etching. They are planning on releasing custom etching on individual sales by year end.

Despite noted increases on overseas shipping rates, Solo Brand reaffirmed their guidance on the year.

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