Executive Summary & Business Update [Key Strategic Highlights](index=1&type=section&id=Key%20Strategic%20Highlights) Solo Brands is transforming into a disciplined, profit-driven business, marked by successful debt refinancing, NYSE reinstatement, and a focus on cash generation - Successfully completed debt refinancing and removed the going concern disclaimer[2](index=2&type=chunk) - Class A common stock reinstated on NYSE under new ticker symbol **SBDS**[2](index=2&type=chunk) - Generated nearly **$11 million** in operating cash flow during Q2, highlighting a sharpened focus on cash generation and operational discipline[2](index=2&type=chunk) [Consolidated Second Quarter 2025 Financial Highlights](index=1&type=section&id=Consolidated%20Second%20Quarter%202025%20Financial%20Highlights) For Q2 2025, Solo Brands experienced a significant decline in net sales and an increased net loss, primarily due to headwinds in the Solo Stove segment Consolidated Second Quarter 2025 Financial Highlights | Metric | Q2 2025 | Q2 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Net Sales | $92.3M | $131.6M | -29.9% | | Gross Profit | $56.6M (61.3%) | $82.6M (62.8%) | -150 bps | | Adjusted Gross Profit | $56.9M (61.7%) | $83.6M (63.6%) | -190 bps | | Operating Expenses | $66.4M | $80.4M | -17.4% | | Net Loss | $(20.8)M (22.5%) | $(4.0)M (3.1%) | Increased | | Adjusted Net Income | $1.0M | $6.0M | Declined | | Adjusted EBITDA | $10.5M (11.4%) | $15.5M (11.7%) | Declined | | Basic & Diluted EPS | $(8.93) | $(2.14) | Increased Loss | | Adjusted Basic & Diluted EPS | $0.02 | $1.59 | Declined | - The decline in net sales was primarily within the Solo Stove segment's direct-to-consumer (DTC) channel[5](index=5&type=chunk) - Operating expenses decreased by **$14.0 million**, driven by decreases in marketing spend and distribution costs within the Solo Stove segment, partially offset by **$10.3 million** in restructuring, contract termination, and impairment charges[5](index=5&type=chunk) [Segment Second Quarter 2025 Performance Highlights](index=1&type=section&id=Segment%20Second%20Quarter%202025%20Performance%20Highlights) In Q2 2025, Solo Stove faced significant declines in net sales and Segment EBITDA, while Chubbies delivered strong growth in both metrics - **Solo Stove Segment:** Net sales declined **45.8%** to **$38.3 million**, driven primarily by declines in DTC sales due to prioritizing pricing integrity over significant promotional activity[5](index=5&type=chunk) - **Solo Stove Segment:** Segment EBITDA declined from **$14.8 million** (**20.9%** of net sales) in the prior year to **$3.4 million** (**8.9%** of net sales)[5](index=5&type=chunk) - **Chubbies Segment:** Net sales increased **13.1%** to **$44.5 million**, driven by strong performance within the retail sales channel and sustained solid demand in DTC sales[5](index=5&type=chunk) - **Chubbies Segment:** Segment EBITDA improved from **$7.7 million** (**19.7%** of net sales) to **$11.5 million** (**25.8%** of net sales) due to growth in net sales and more efficient marketing spend[5](index=5&type=chunk) [Consolidated Six Months Ended June 30, 2025 Financial Highlights](index=1&type=section&id=Consolidated%20Six%20Months%20Ended%20June%2030%2C%202025%20Financial%20Highlights) For the first six months of 2025, Solo Brands experienced decreased net sales and a substantial increase in net loss, primarily due to Solo Stove's declines Consolidated Six Months Ended June 30, 2025 Financial Highlights | Metric | H1 2025 | H1 2024 | Change | | :-------------------------------- | :------ | :------ | :----- | | Net Sales | $169.5M | $216.9M | -21.8% | | Gross Profit | $99.2M (58.5%) | $133.2M (61.4%) | -290 bps | | Adjusted Gross Profit | $99.7M (58.8%) | $134.4M (62.0%) | -320 bps | | Operating Expenses | $119.7M | $137.3M | -12.8% | | Net Loss | $(39.3)M (23.2%) | $(10.5)M (4.9%) | Increased | | Adjusted Net Loss | $(5.2)M | $7.7M | Declined | | Adjusted EBITDA | $14.0M (8.3%) | $19.7M (9.1%) | Declined | | Basic & Diluted EPS | $(17.06) | $(4.48) | Increased Loss | | Adjusted Basic & Diluted EPS | $(3.15) | $2.81 | Declined | - Net sales decreased by **$47.4 million**, driven by declines in both retail and DTC sales within the Solo Stove segment, partially offset by strong sales results in retail and DTC for the Chubbies segment[5](index=5&type=chunk) - Operating expenses decreased by **$17.6 million**, primarily driven by a reduction in distribution and marketing expenses, offset in part by a **$16.1 million** expenditure related to restructuring, contract termination, and impairment charges[5](index=5&type=chunk) [Segment Six Months Ended June 30, 2025 Performance Highlights](index=3&type=section&id=Segment%20Six%20Months%20Ended%20June%2030%2C%202025%20Performance%20Highlights) For the first half of 2025, Solo Stove experienced a substantial decrease in net sales and Segment EBITDA, while Chubbies demonstrated strong growth in both metrics - **Solo Stove Segment:** Net sales decreased **47.3%** to **$64.4 million**, driven primarily by declines in DTC sales due to prioritizing pricing integrity with retail partners over significant promotional activity[11](index=11&type=chunk) - **Solo Stove Segment:** Segment EBITDA declined from **$22.4 million** (**18.4%** of net sales) in the prior year to **$1.9 million** (**3.0%** of net sales)[11](index=11&type=chunk) - **Chubbies Segment:** Net sales increased **26.4%** to **$87.1 million**, driven by strong performance within the retail sales channel and continued solid demand within the DTC sales channel[11](index=11&type=chunk) - **Chubbies Segment:** Segment EBITDA improved from **$12.7 million** (**18.4%** of net sales) to **$22.8 million** (**26.1%** of net sales) due to strong net sales growth and more efficient marketing spend[11](index=11&type=chunk) [Balance Sheet & Liquidity Highlights](index=3&type=section&id=Balance%20Sheet%20%26%20Liquidity%20Highlights) Solo Brands improved its cash position and reduced inventory by June 30, 2025, successfully refinancing debt and eliminating going concern doubt Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | Change | | :-------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $18.1M | $12.0M | +$6.1M | | Inventory | $84.1M | $108.6M | -$24.5M | | Outstanding Borrowings (Revolving Credit Facility) | $10.0M | N/A | N/A | | Outstanding Borrowings (Term Loan, net) | $241.2M | N/A | N/A | | Revolving Credit Facility Availability | $63.8M | N/A | N/A | - Cash and cash equivalents increased to **$18.1 million** as of June 30, 2025, from **$12.0 million** at December 31, 2024[6](index=6&type=chunk) - Inventory decreased to **$84.1 million** as of June 30, 2025, from **$108.6 million** at December 31, 2024, due to inventory reduction and supply chain optimization[6](index=6&type=chunk) - On June 13, 2025, the Company entered into a 2025 Refinancing Amendment, providing for a **$240.0 million** term loan and a **$90.0 million** revolving credit facility[8](index=8&type=chunk) - As a result of the refinancing, the substantial doubt about the Company's ability to continue as a going concern has been eliminated[8](index=8&type=chunk) [Corporate & Market Updates](index=3&type=section&id=Corporate%20%26%20Market%20Updates) Solo Brands announced the lifting of its Class A common stock trading suspension on the NYSE and a ticker symbol change to "SBDS" - The NYSE lifted the trading suspension of the Company's Class A common stock[12](index=12&type=chunk) - The ticker symbol for Class A common stock changed to "**SBDS**" from "**DTC**" effective July 24, 2025[12](index=12&type=chunk) Detailed Financial Performance [Consolidated Statements of Operations and Comprehensive Income (Loss)](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20(Loss)) The consolidated statements show a significant increase in net loss for both the three and six months ended June 30, 2025, driven by lower net sales and higher expenses Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) | (In thousands, except per share

Core Insights - Solo Brands, Inc. reported a significant focus on transforming into a smaller, profit-driven business model, achieving nearly $11 million in cash from operations for Q2 2025 [2][3] - The company faced challenges in the Solo Stove segment due to excessive inventory and a shift away from a promotional sales strategy, while Chubbies showed strong growth with a 13.1% increase in sales [2][5] - The company successfully refinanced its debt, eliminated the going concern disclaimer, and reinstated trading of its Class A common stock under the new ticker symbol SBDS [2][12] Financial Performance - For Q2 2025, net sales decreased to $92.3 million, down 29.9% from $131.6 million in Q2 2024, primarily due to declines in the Solo Stove segment [5][9] - Gross profit for Q2 2025 was $56.6 million, representing 61.3% of net sales, a decrease of 150 basis points compared to the prior year [5][9] - Operating expenses decreased by $14.0 million to $66.4 million, a reduction of 17.4%, mainly due to lower marketing and distribution costs [5][9] Segment Performance - Solo Stove segment net sales fell to $38.3 million, a decline of 45.8%, primarily due to reduced direct-to-consumer sales [5][9] - Chubbies segment net sales increased to $44.5 million, up 13.1%, with segment EBITDA improving to $11.5 million, or 25.8% of net sales [9][25] - Adjusted EBITDA for the company was $10.5 million, or 11.4% of net sales, compared to $15.5 million, or 11.7% of net sales in the prior year [5][9] Balance Sheet and Cash Flow - As of June 30, 2025, cash and cash equivalents were $18.1 million, up from $12.0 million at the end of 2024, while inventory decreased to $84.1 million from $108.6 million [8][27] - The company reported a net loss of $20.8 million for Q2 2025, compared to a net loss of $4.0 million in Q2 2024 [5][9] - Total liabilities included $10.0 million in borrowings under the revolving credit facility and $241.2 million under the term loan as of June 30, 2025 [10][11]

Core Insights - ODDITY Tech Ltd. reported strong Q2 2025 results, with net sales and earnings exceeding estimates and showing year-over-year growth [1][3] - The company raised its full-year outlook, driven by robust top-line growth and strategic investments in innovation [2] Financial Performance - Adjusted EPS for Q2 was 92 cents, beating the estimate of 88 cents, and increased by 12.2% year-over-year [3] - Net sales reached $241.1 million, surpassing the estimate of $239 million, and grew by 25.1% from $192.8 million in the prior year [3] - Online DTC sales rose by 29.6% to $235.2 million, constituting 98% of total sales, up from 94% in the previous year [4] Margin and Cost Analysis - Gross profit was $174.4 million, a 25.3% increase from $139.1 million last year, with a gross margin of 72.3% [5] - SG&A expenses increased by 36.3% to $117.3 million, representing 48.6% of net sales, up 200 basis points year-over-year [5] - Operating income was $57.1 million, a 7.6% increase, while the operating margin declined to 23.7% [6] Strategic Developments - ODDITY's core brands, IL MAKIAGE and SpoiledChild, achieved double-digit online sales growth, supported by AI-driven personalization [10] - The company is on track to launch Brand 3 in Q4 2025, targeting the medical-grade dermatology segment, and Brand 4 is expected to launch in 2026 [11] - ODDITY raised $600 million through its first exchangeable note offering, indicating strong investor confidence [12] Future Guidance - For FY25, ODDITY expects net sales between $799 million and $804 million, reflecting 23-24% year-over-year growth [13] - Adjusted EBITDA is projected between $160 million and $162 million, with adjusted EPS expected between $2.06 and $2.09 [14] - For Q3 2025, net sales are anticipated to be between $144 million and $146 million, indicating year-over-year growth of 21-23% [14] Financial Health - As of June 30, 2025, ODDITY had cash and cash equivalents of $656.8 million, no long-term debt, and shareholders' equity of $351.2 million [9]

Core Insights - lululemon athletica inc.'s direct-to-consumer (DTC) channel is a significant growth driver, with DTC revenues increasing by 8% in Q1 fiscal 2025, accounting for 42% of total revenues [1][8] - Store traffic in North America has weakened due to macroeconomic pressures, while international markets, particularly China, continue to show double-digit growth [2][3] - The company is confident in its "Power of Three x2" strategy, focusing on DTC expansion, product innovation, and international growth to stabilize overall performance [3] Company Performance - lululemon's DTC revenues rose 8% in Q1, driven by mobile upgrades and personalized features that enhanced conversion and engagement [8] - The company's shares have declined by 46% year-to-date, compared to a 25.7% decline in the industry [7] - The Zacks Consensus Estimate for fiscal 2025 earnings indicates a year-over-year decline of 1.5%, while fiscal 2026 suggests a growth of 7.5% [10] Competitive Landscape - Competitors like NIKE and Ralph Lauren are also experiencing a shift towards DTC strength to mitigate in-store challenges [4] - NIKE's store traffic grew by 2% in Q4 fiscal 2025, while its digital sales dropped by 26% as the brand adjusted its promotional strategy [5] - Ralph Lauren reported a 6% increase in global DTC comps in Q4 fiscal 2025, with strong digital growth and plans for enhanced DTC experiences [6] Valuation Metrics - lululemon trades at a forward price-to-earnings ratio of 13.75X, which is higher than the industry average of 11.29X [9]

Group 1 - Solo Brands, Inc. plans to report its fiscal second quarter results on August 6, 2025, before the market opens [1] - A conference call for management's prepared remarks on Solo Brands' strategy and financial results is scheduled for 9:00 a.m. ET on the same day [1] - Investors and analysts can join the call by dialing the provided numbers or through a live webcast available on the company's investor relations website [2] Group 2 - A recorded replay of the conference call will be available shortly after its conclusion and will remain accessible until August 13, 2025 [3] - Solo Brands is headquartered in Grapevine, TX, and operates as an omnichannel lifestyle brand company [4] - The company offers products through four lifestyle brands: Solo Stove, Chubbies, ISLE, and Oru Kayak, each known for their innovative offerings [4]

Core Points - F4 Uranium Corp. is now listed on the OTCQB Exchange to enhance visibility and capital access, which is expected to attract more investor interest and improve trading liquidity [1][2] - The company's common shares began trading on the OTCQB under the symbol "FFUCF" as of June 21, 2025, while continuing to trade on the Toronto Stock Exchange (TSX) [2] - F4 Uranium is focused on uranium exploration in the Athabasca Basin, which is known for having the world's largest high-grade uranium deposits and contributes approximately 20% of global uranium supply [3] Company Overview - F4 Uranium holds a 100% interest in 17 properties in the Athabasca Basin, managed by a successful technical and management team with a long history in the region [3]

Core Insights - Levi Strauss & Co. (LEVI) is successfully advancing its Direct-to-Consumer (DTC) strategy, which is expected to drive future growth through higher margins and enhanced customer engagement [1][4] - The company reported a 6% year-over-year increase in net revenues, with DTC revenues rising 11% to $716.1 million, accounting for 50% of total revenues [2][3][11] Financial Performance - In Q2 fiscal 2025, LEVI achieved positive global comparable sales for the 13th consecutive quarter, supported by strong store traffic and e-commerce performance [2][11] - DTC net revenues increased by 11% on a reported basis and 10% on an organic basis, with notable growth in the U.S. (9%), Europe (9%), and Asia (10%) [3][11] - E-commerce revenues improved by 13% on both a reported and organic basis [3][11] Market Position and Valuation - LEVI's shares have increased by 21.2% year-to-date, outperforming the industry, which has seen a 12% decline [7] - The company trades at a forward price-to-earnings ratio of 15.23X, below the industry average of 17.92X [8] Earnings Estimates - The Zacks Consensus Estimate indicates year-over-year earnings per share (EPS) growth of 4% for fiscal 2025 and 10.9% for fiscal 2026 [9][12] - Recent EPS estimates for fiscal 2025 and fiscal 2026 have been revised upward in the past 30 days [9]

Core Viewpoint - The NYSE has lifted the trading suspension of Solo Brands' Class A common stock, allowing it to resume trading on July 18, 2025, under the symbol "DTC" [1][2]. Group 1: Trading Resumption - The trading of Solo Brands' Class A common stock on the NYSE is expected to resume on July 18, 2025, after the withdrawal of the delisting determination by NYSE Regulation [1]. - The company will update its ticker symbol to "SBDS" effective July 24, 2025, while the CUSIP number will remain unchanged [3]. Group 2: Compliance and Financial Status - Despite a reverse stock split that raised the stock price above $1.00 on July 9, 2025, the company is not currently in compliance with NYSE's continued listing standards due to an average closing price of less than $1.00 over a consecutive 30 trading-day period [2]. - The company has until August 25, 2025, to regain compliance with the minimum share price requirement, which can be achieved if the stock closes at least $1.00 on the last trading day of any calendar month during the cure period [2]. Group 3: Company Overview - Solo Brands, headquartered in Grapevine, TX, operates as an omnichannel lifestyle brand company, offering innovative products through five lifestyle brands: Solo Stove, TerraFlame, Chubbies, ISLE, and Oru Kayak [4].

Group 1 - Disney's stock remains significantly below its peak despite the company's recovery since the lockdowns, indicating potential undervaluation [1] - The company possesses invaluable intellectual property and theme parks that contribute to its fundamental strength [1] Group 2 - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities and technology [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, researching hundreds of companies [1] - The analyst expresses a preference for covering metals and mining stocks but is also comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

Core Viewpoint - Netflix's forward P/E ratio has increased significantly from 15x in mid-2022 to 51x currently, indicating a substantial rise in market valuation despite competitive pressures from other streaming services like Warner Bros.' Max [1] Group 1 - In mid-2022, Netflix was trading at a forward P/E ratio of 15x [1] - The current forward P/E ratio for Netflix is 51x, reflecting a dramatic increase [1] - The competitive landscape includes other streaming services, notably Warner Bros.' Max, which may impact Netflix's market position [1]