Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number 001-40979 Solo Brands, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 87- ...

Solo Brands (NYSE:DTC) Q4 2025 Earnings call March 19, 2026 09:00 AM ET Company ParticipantsJohn Larson - President and CEOLaura Coffey - CFOMark Anderson - Senior Director of Treasury and Investor RelationsMitchell Sacks - Chief Investment Officer and FounderWill Hamilton - PartnerOperatorGood morning, everyone, and welcome to the Solo Brands Fourth Quarter and Full Year 2025 Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a confe ...

Financial Data and Key Metrics Changes - In Q4 2025, consolidated sales were $94 million, down 34.5% year-over-year, primarily due to declines in direct-to-consumer and retail sales channels, especially within the Solo Stove segment [13] - Full-year sales for 2025 were $167.2 million, with Chubbies achieving $122.9 million in sales, representing a 9.1% growth [17] - Adjusted EBITDA for Q4 was positive $9.6 million, a 52% year-over-year improvement, reversing the negative EBITDA reported in Q3 [16] - The company reported a net loss of $83.2 million in Q4, largely due to non-cash impairment charges and restructuring costs [16] Business Line Data and Key Metrics Changes - Solo Stove segment sales declined, while Chubbies delivered over 9% year-over-year growth, driven by strong online demand and strategic partnerships [8] - New products accounted for approximately 25% of Q4 sales in the DTC business, indicating strong reception and performance [29] Market Data and Key Metrics Changes - The fire pit category remained flat, with increased low-end competition impacting market share, although the company maintained a higher average order value (AOV) [27] - Chubbies gained market share in the apparel category, particularly with new introductions in their shorts line [27] Company Strategy and Development Direction - The company is focused on a product-led turnaround, emphasizing a leaner, profit-driven business model [5] - Strategic investments are being made for future growth, with a strong pipeline of new product launches scheduled for 2025 and beyond [8] - The company aims to stem revenue decline in the Solo Stove division while expanding into adjacent categories with new product launches [41] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the consumer market and geopolitical factors affecting business, emphasizing the need for a structurally smaller and leaner company [33][41] - The company plans to continue investing in innovation and new product categories while maintaining a disciplined approach to cost management and profitability [22][23] Other Important Information - The company ended the year with $20 million in cash and cash equivalents and reduced inventory balances by nearly 25% year-over-year [18] - A significant restructuring and impairment charge of $75.5 million was recorded in Q4, primarily non-cash [15] Q&A Session Summary Question: Performance across different brands in Q4 - Management noted that the fire pit category was flat, with market share down but at a higher AOV, while Chubbies gained market share with new shorts introductions [27] Question: Performance of new products and expectations for 2026 - New products constituted about 25% of Q4 sales in the DTC business, with strong reception for recent launches [29] Question: Future cost-cutting measures - Management indicated ongoing cost reductions, particularly in payroll, and emphasized the need for a leaner operational structure [31][32] Question: Concerns and opportunities for 2026 - Management highlighted risks in the consumer market and the need to stem revenue decline in the Solo Stove division while launching new products [41]

Financial Data and Key Metrics Changes - In Q4 2025, consolidated sales were $94 million, down 34.5% year-over-year, primarily due to declines in direct-to-consumer and retail sales channels, especially within the Solo Stove segment [12] - Full-year sales for 2025 were $167.2 million, with Chubbies achieving $122.9 million in sales, representing a 9.1% growth [16] - Adjusted EBITDA for Q4 was positive $9.6 million, a 52% year-over-year improvement, reversing the negative EBITDA reported in Q3 [15] - The company reported a net loss of $83.2 million in Q4, largely due to non-cash impairment charges and restructuring costs [15] Business Line Data and Key Metrics Changes - Solo Stove segment sales declined, while Chubbies delivered over 9% year-over-year growth, driven by strong online demand and strategic partnerships [7] - New products accounted for approximately 25% of Q4 sales in the DTC business, indicating strong reception for recent launches [27] Market Data and Key Metrics Changes - The fire pit category remained flat, facing low-end competition, while Chubbies gained market share with new product introductions [26] - The company is monitoring consumer behavior, noting that average order values (AOV) are up, indicating that customers willing to shop are spending more [31] Company Strategy and Development Direction - The company is focused on a product-led turnaround, aiming to build a structurally leaner, profit-driven business [5] - Strategic investments are being made for future growth, with a strong pipeline of new product launches scheduled for 2025 and beyond [7] - The company is pursuing international opportunities where returns justify the investment and remains disciplined in converting revenue growth into positive earnings and cash [22] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the consumer market and geopolitical factors affecting business, emphasizing the need to stem revenue decline in the Solo Stove division [40] - The company plans to continue investing in innovation and new product categories while maintaining a focus on profitability and cash generation [20] Other Important Information - The company ended the year with $20 million in cash and cash equivalents and reduced inventory balances by nearly 25% year-over-year [17] - A streamlined organizational structure was implemented, eliminating the Up-C structure and enhancing corporate governance [11] Q&A Session Summary Question: Performance across different brands in Q4 - Management noted that the fire pit category was flat, with market share down but at a higher average order value, while Chubbies gained market share with new introductions [26] Question: Performance of new products and expectations for 2026 - New products made up roughly 25% of Q4 sales in the DTC business, with strong reception for recent launches [27] Question: Future cost-cutting measures - Management indicated ongoing cost reductions, particularly in payroll, and emphasized the need to operate as a leaner, profitable company [30]

Core Insights - Defence Therapeutics Inc. is actively participating in major international industry events in March 2026 to advance strategic partnerships and enhance its Accum® platform for drug delivery [1][2] Group 1: Event Participation - Defence will attend BIO-Europe Spring from March 23-26 in Lisbon, focusing on strategic partnerships with biopharmaceutical companies to improve the efficacy of antibody-drug conjugates (ADCs) using Accum® [3] - The company will also participate in DCAT Week during the same dates in New York, aiming to strengthen its biomanufacturing capabilities and meet with contract research and manufacturing partners [4] - Additionally, Defence will engage in the South Florida Life Sciences Showcase on March 24 and FII PRIORITY Miami from March 25-27 to enhance its investor outreach and business development in the U.S. [5] Group 2: Strategic Goals - The company aims to build meaningful collaborations that support the growth and adoption of Accum®, which enhances the intracellular delivery of complex biologics, potentially improving therapeutic performance and tolerability [6] - Defence has recently joined BioFlorida to strengthen its presence in the Florida life sciences ecosystem, indicating a commitment to expanding its network [5] Group 3: Company Overview - Defence Therapeutics is focused on making cancer treatment more effective and safer through its Accum® precision drug delivery platform, which aims to enhance the potency of ADCs and other biologics while reducing side effects [7]

Core Insights - Vitalist Inc. has achieved DTC and FAST eligibility for its common shares, facilitating electronic clearing and settlement in the U.S. [1][2][3] Group 1: Company Overview - Vitalist Inc. specializes in smart wearable technology and is a licensee of prominent global brands [1] - The company aims to enhance human potential by providing seamlessly connected devices and applications through its platform, VitalOS [5] Group 2: Trading and Market Impact - The DTC and FAST eligibility is expected to simplify trading processes, reduce transaction costs, and enhance liquidity for Vitalist shares in the U.S. [2][3] - Vitalist shares are now trading on the OTCQB under the ticker symbol VTLSF, in addition to trading on the TSX Venture Exchange under the symbol VITA [4]

Core Viewpoint - Defence Therapeutics Inc. is enhancing its collaboration with Canadian Nuclear Laboratories to accelerate its radiopharmaceutical program, which is a key part of its strategy to develop effective cancer therapies [1][5]. Group 1: Collaboration and Program Development - Defence has been working with CNL on an Accum®-enhanced radio-immunoconjugate program, which is nearing a critical stage for candidate selection and preparation for first-in-human clinical studies [2]. - The collaboration is expanding to include multiple other radioisotope programs utilizing Defence's proprietary Accum®, allowing for rapid expansion of its radiopharmaceutical portfolio [3]. Group 2: Technology and Efficacy - Radiopharmaceutical therapies require precise intracellular and nuclear localization to maximize efficacy, which Defence's Accum® platform facilitates by enabling active transport to the cell nucleus [4]. - This technology aims to enhance the potency of targeted radiotherapies while reducing toxicity, thereby improving treatment outcomes for cancer patients [4]. Group 3: Strategic Importance - The collaboration with CNL is described as a cornerstone of Defence's radiopharmaceutical strategy, positioning it alongside the company's antibody-drug conjugate (ADC) program as a top development priority [5]. - The partnership leverages CNL's nuclear science expertise to advance Defence's proprietary pipeline in radiopharmaceuticals, aiming to transform advanced biologics into safer, more effective cancer therapies [5].

Financial Results - Solo Brands, Inc. issued a press release on January 26, 2026, providing preliminary unaudited financial results for Q4 2025[5] - The financial results are based on current estimates and are subject to change pending completion of closing and review procedures[6] Company Classification - The Company is classified as an emerging growth company under the Securities Act of 1933[4]

Core Perspective - Defence Therapeutics Inc. is evolving its corporate positioning to focus on its proprietary Accum® platform, aimed at enhancing intracellular drug delivery for cancer treatments [1][2][4] Group 1: Company Strategy - The company is prioritizing the Accum® platform through a dual strategy that combines internal R&D programs with strategic partnerships in the biotech and pharmaceutical sectors [3][4] - Accum® is designed to improve cellular uptake and payload release, increasing therapeutic potency at lower doses while potentially reducing toxicity [2][3] Group 2: Commitment to Precision Oncology - Defence Therapeutics aims to transform therapies traditionally used in later lines into safer, more effective first-line treatment options [3] - The company emphasizes collaboration and the translation of cutting-edge science into life-changing treatments, with a business model focused on generating scalable value for partners and long-term value for shareholders [4][5]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]