Thanks very much. Good morning, everybody. I go back to my universities and lecture every once in a while, and I make the kids come to the front of the class. I won't bite, but I won't do that here. Appreciate you guys taking the time to learn a little bit more about Solo Brands and where we are in our turnaround and some of the outlook for the future. Let's see if I get the technology right. A little background on me. I joined Solo Brands board in December. I had a friend who was on the board, had been on public company boards the previous eight years, the majority of that in a Chairman role, and had retired from a day-to-day CEO role in 2022. I thought, what a cool bunch of brands and what opportunity. I thought the stock price was really low.
I'm excited to join the board, and I joined in December. As many of you know, if you followed us before, we had a little bit of a tough fourth quarter. My first official board meeting was in February. We had realized as a board and as a management team, we were working on a turnaround plan at that point in time. The previous CEO elected to leave at that point in the board meeting, and I came in as interim. Because I liked the brands and the challenge and the people so much, the company, agreed to stay on. Laura's here as CFO. Laura's been with Solo Brands for 18 months. She came with the change 18 months ago. She's lived through very briefly one CEO, then a second CEO, and now I'm her third. I don't know if they say she's a CEO grinder or what.
I don't know what's going on here. Laura's a great partner, a great teammate. Honestly, I wouldn't have stayed to work through the challenges we had to if the team wasn't that great. Mark is here as well, who runs investor relations for us. Solo Brands, a little bit, you guys have seen a million vision statements and so have I because I'm old. I've run enthusiast brands for the last 15 years of my career as CEO, but we're a leading portfolio lifestyle brands, really built for communities to be involved with, trust us, love us, and rave about us. That's the cool thing about the category. I've had opportunities to run bigger companies. When I found out their main product was a toilet seat, I'm like, this really isn't too exciting to me.
I've always worked, whether it was the auto industry, running Buick and GMC truck, whether it was in the aftermarket in the Jeep space, running Best op with a lot of the top brands in the Jeep aftermarket industry. This is what enthuses me. This is what this company is about. Just to give you a quick high-level overview for those who don't know, we're at about $400 million in revenue and about $27 million in EBITDA if you look at our last 12 months. The key brands are really Solo Stove and Chubbies. That makes up roughly 90% of our revenue. Now we have a water sports division that's the remaining 10% that has some very unique products as well. The majority of our business really falls within those two key brands, both Solo Brands and Chubbies.
I apologize, I have a bit of a cold, so if I start losing my voice, I will drink a lot of water. These just aren't normal brands. When you look at NPS scores like this, previous companies I've run, we had an NPS score of 52, and I thought we were the absolute top of the top. I never saw a score higher than that that I worked on actively. When I saw Solo Stove at 73, that's a crazy NPS score. That's top one percentile, highest in the industry. Our customers just love our product. The community, I mean, they are huge advocates for our product. That gives you the basis for doing something great. Chubbies equally. 54, 54 is almost unheard of as well. It's just funny that it's 19 points below Solo Stove. I guess the point here is it's the reason I'm standing here today.
I looked at the company, joined the board for this reason, looked at the challenge ahead, but said, quite frankly, we have great brands and we have consumers that love us. It's just up to us to run the business the right way to be successful going forward. By the way, you can ask me questions throughout this whole thing at any time if you'd like. Coming into 2025 was a real challenge. Fourth quarter results were far below our expectation. We have a company that's really skewed towards fourth quarter results. Close to 40% of our results come in the fourth quarter. You had a company that was building to be a billion-dollar company at somewhere between $400 million- $500 million in revenue, putting infrastructure in place, putting people, distribution centers, heavy investments in brands.
The issue was that we kind of hit a freight train with a tough fourth quarter with sales, sales demand dropping at the same time. When those two things hit, we had a fourth quarter that really under-delivered from expectations. We got put in an immediate situation of needing to look at our debt refinancing. Then tariffs popped into the game and became much more apparent as we started 2025. We had a going concern disclaimer put on by our auditors, not surprising after our fourth quarter results, the leverage that we did have, and with tariffs being uncertain. New York Stock Exchange suspended trading of our account at that point in time.
Key partner challenges, there was a bit, you know, you're talking to some key retailers and you want to be the cornerstone because you have a great brand and they're saying, wait a minute, you got a going concern, they just canceled trading on your stock. Are you going to be around to make sure we plan our future around you as a brand? A bit of an uncertain consumer environment, but I'm not going to use that as an excuse. We say operating in a tough consumer climate. I just look at Shark Ninja and I go, I don't want to hear about a tough consumer environment. Do great products, do the right thing for your consumer, and you're going to win. You need to overwhelm it out there. Other than this, everything was great, Mrs. Lincoln.
It was a little bit of a challenge for sure that we were working through. It was obvious that we needed to reset and refocus. We needed to think about us as a little bit of a smaller company right now and set ourselves up for future success, how you can deliver revenue to the bottom line for your shareholders, in the end, make this a worthwhile company for the shareholders. With our current trend rate, that wasn't going to happen. What did we do? We had started this end of fourth quarter in January, had the change in CEO. I came in, I was aware of the initiatives in place. We tried not to lose stride and we tried to focus more aggressively on each of these four categories. I call them surge teams. That's just something I like to use.
We said, what are the four things we are going to focus on first? Immediately it was on organizational design. Our goal was simply to deliver a structurally smaller profit-driven business model, period. I'm a recovered finance guy. Finance degree, I was a finance guy at General Motors before I moved into general management. I'm a numbers person, I'm an analytics person. In the end, we needed to set up a structure that could actually deliver bottom line profitability. The trends were really not so favorable at a point in time. I used to be a finance guy, or at General Motors, they'd yell at me in a meeting when I was running divisions, like, you're just a finance guy. I just said, no, I'm a marketing guy who can count. The second surge team we set up was marketing effectiveness.
We spent almost $100 million on marketing with a little over $400 million in revenue. The single biggest line item of spend in the company. Maybe that was right. Maybe it was wrong. I was going to make sure we looked at every dollar of that and said, let's look at that clearly and decide, is that the best place to put capital in the company? What is the return on each dollar that we're spending? The third team we set up was pricing and promotion strategies. Every PE firm comes in and looks at pricing, the first thing you do with a company. It was more than that. It was how do you align with your retailers? How do you work with promotional strategies that are set up, that are coordinated, that make sense for a premium brand?
Is there some potential pricing opportunities that do exist for us out there to deliver more for our shareholders? Last was product innovation. The reality is you can never cut your way to success. You aren't going to be a successful company just getting leaner, leaner, leaner and getting smaller. I'm all about product. I wish I was an engineer. My product team wishes I was an engineer because the things I request maybe aren't engineering feasible. I'm always on top of looking for innovative new products that we need to deliver as a company. That's the excitement in us. That's where I think the real growth opportunity is. We'll get into that. Let me take you through the first three boxes quickly, talk a little bit about results year to date.
If you have questions, I'm going to end talking about product innovation to let you know kind of where we're moving. With that org design, meaningful strides from the beginning. We've taken a significant amount of cost out. We've got a project management office that we meet every week on a list of about 38 initiatives. The amount of cost we've taken out has been amazing as a company. Headcount, we've taken close to 20% of the people out. I think we've kept all the key leaders, despite the terrible situation we were walking into, the key management teams in place and really excited about the future and motivated about what we're doing going forward. In addition, we looked at everything, whether it was every account we had, whether it was insurance.
We've negotiated a tremendous new deal with FedEx on the bottom line, consolidated a number of operations in our warehouses. For those of you who don't know the background on Solo Stove, it was originally called DTC on the stock exchange. That's because they were going to build a big direct-to-consumer model and build this big infrastructure and just keep acquiring brands. Not the case right now. Let's take that huge infrastructure out. Let's focus on these three great divisions of lifestyle brands we have and maximize profitability for them and manage them how they need to be managed. We're not an administrative machine just shipping products out. I think Amazon has that market covered a little bit myself. They do a nice job. We created enterprise-wide centers of expertise. The reality is brand research, doing great on performance marketing, those things go across all of our divisions.
We were three pretty disparate divisions. We brought these centers of expertise that help bring headcount together. More importantly, all the contracts you have with outside consultants and all that, let's bring it in a space. It offered a lot of efficiencies as well. We feel good about where we're moving in organizational design. We've identified a handful of additional initiatives versus the restructuring that provide us some big upside. Pricing and promotion strategy. Imagine you're a public company and what you're doing, you're chasing your quarterly guidance and they're in the fourth quarter and things aren't going well. We start promoting on our website, like we promote every single day and we start discounting bigger and bigger and bigger, trying to chase the top line.
What you end up doing, other than training your consumer base and not acting like a premium brand, is you undercut all your retail partners. For the Solo Stove division in particular, that's what we were doing. You get to the end of the year and what happens? You've got retail partners that are full of inventory because you've undercut them and they're not happy about holding your inventory. I think their quote was, "Your product's great, your customers love you, we just don't like doing business with you." That's where you put yourself in a relationship. That happens when 40% of your results for the year are based in the fourth quarter. You're expecting big things on Black Friday, yet you kind of meet up.
What we did immediately, I said, "Look, I've run for 14 years companies of very premium brands with a big DTC component, but you need to treat your partners in a very special way. You make the most money on your own sales DTC, so I love DTC. Cash flow is better, margins are better, you control your destiny, you talk to your consumer directly, it's great. To be a great brand, you need key retail partners. To do that, you need to have your promotional calendars coordinated. You need to have a map strategy out there that makes sense so your margins stay whole. You're a premium brand, you're a Bose, you're an Apple. You're not out there promoting 365 days a year." We changed the entire calendar. We went out and talked to all our retailers.
We told them, "Hey, we're changing our ways." They believe it now because it happened from the week after I was there for the next six months. The problem was we loaded retailers with inventory in 2024. They were stacked with inventory and then we undercut them with pricing. We walked into the year holding probably 9 months - 12 months almost worth of inventory at our key retail partners on the Solo Stove side. A very difficult situation. We've been really living through a hangover, but we're doing the right things to become a premium brand and how you work with your retail partners. Marketing effectiveness, with the spend over 20% at $100 million, I can't tell you, let's see, I negotiated out of what, three, four contracts Laura and I worked on. We had signed some big deals.
This was a young company that went public because they had so much momentum. They were selling so many smokeless fire pits. They went from zero to $300 million in three or four years. They were taking big swings. Cash was falling out everywhere. I'm going to acquire this company. I'm going to sign up with a $100 million media deal if they take some inventory from me. There was just a lot of things done that weren't, let's just say, with the business intent and detailed focus that it needed. We really had to unwind all of that. I spent a lot of time in that first quarter doing that. Eliminate high cost, low return marketing partnerships. I think I covered that one. I love direct to consumer. I love performance marketing. You got to figure out, is every dollar spent really returning to you?
Now we wake up every morning, we got a metric that we see. We know exactly the contribution margin dollars delivered from that day before exactly to the bottom line of the company. We measure it by profitability with every single product, by every single ad, by every single medium we place it in. It is so fun because the sales team was like, "I am never going to hit these DTC numbers, John. I don't get to out promote. I don't get to undercut everybody. I got to be aligned with our map strategy." I said, "You just need to hit the profit numbers." Right now we're hitting more profit at 70% of the top line than we were making last year at the other numbers there simply because you've controlled margins, you've managed it the right way, you have marketing spend that is now far more effective.
Our marketing spend is now in the teens, which is great for a consumer brand. That's not low by any means, but it's in the mid-teens versus over 20% despite our revenue decline. What happened as we walked through all of that? We got our debt refinanced. In the midst of going through these changes and challenges, we did get our debt refinanced. We got runway through 2028. We felt good about that. We worked through it with the auditors. They saw the plan that's in place. The bank saw the plan in place, showed confidence in us, and we removed our going concern disclaimer that came off of our financials. We felt much better about that. The NYSE, we had a meeting with them, having a little debate about whether we should have been delisted or not, at least our trading being suspended.
We had a meeting set up in New York for, I think it was the 17th of July. I think it was July. They called us up the week in advance and they said, "You've satisfied every single requirement that was the reason you were delisted to begin with. We don't need to have the meeting. We're going to relist you on the exchange." We thought, you know what, this is a new beginning. Let's call us SBDS because it was available and it sounds like Solo Brands versus being DTC, which was a different time when the company was put together just to be a DTC operational machine. That was a busy two or three months. I tell you, you were this close to getting your refinancing done, and then on Friday, some guy would announce amazing tariff changes.
You'd have to redo the model all day Saturday and all day Sunday to say, "You got to be kidding me. Okay, so how do I have a financeable model here that makes sense within this window?" You think you had it good, and then the next Thursday, it would happen again. Laura and her team did just a tremendous job. I think when they walked through the plan that we had with the banks, they said, "We believe in the management team and the strategy you have. You know, we're going to work with you." We felt really good about at least giving ourselves an opportunity here to win. Let me talk truly about performance. Let's be straight and honest here. Second quarter results, $132 million in sales last year, $92 million this year. A true hangover at Solo Stove, our biggest division. What was 60% of our revenue?
Retailers full of inventory. I'm no longer undercutting them on the DTC model side. I'm working through the start of the year. I'm not getting replan orders. We were working through a hangover for sure. Yes, sir.
When that's overstock or did you take any of that stuff back?
Not really. Not much at all. They kept it. They kept it. Right. Here's my version of it. I'll give you an example of one retailer. This retailer ordered $22 million of product from us in 2024. This year so far, they've ordered $560,000 from us. I have their sales through data. The sales through data in the same timeframe was within $1 million of $11 million or $10 million. What we're getting in actual results right now isn't representative of how the product is selling through, but they're just working through that heavy inventory overhang right now. What I am really proud about, though, is if you look at top line down $40 million and our EBITDA down $4 million.
If you look at our gross margins over 60%, you look at contribution margins or flow through, probably close to 45% organizationally, you lose $40 million in revenue, you lose $18 million in EBITDA. If we walked into this meeting today, I'm just glad you're having the meeting with me today, but if we were showing $15 million and -$3 million, it'd be a different story. Really proud about the lower left-hand corner, what we've done in SG&A. Taking SG&A down $23 million has allowed us to still deliver to the bottom line despite the very aggressive sales hangover we've been working through so far. To get even more honest, it's a tale of two brands. Most of what I've been talking to you about has been Solo Stove, our biggest brand, and the challenges we have faced.
The reality is Chubbies is having a spectacular first half of the year. The beauty for us is Chubbies is a first half of the year product and Solo Stove is a back half. For our distribution centers, warehouses, staffing, and all that, it's a real nice fit for us. Thank goodness for Chubbies and the results they've had and had a really strong first six months of the year and feel really bullish about the opportunities with Chubbies and expansion going forward. I'll talk about that briefly. Solo Stove, a different story, for all the things I've already talked to you about at this point in time. I'd like to take you through some of the products here. This is that fourth box, talking about product innovation and launch and what we have to do. I'm a product guy through and through. Period. It's all I care about.
You have great products, you're going to win. I joked about Shark Ninja before. You know, I get an AI update that's sent to me every week about top competitors, how they're performing, what they're doing. Unfortunately for my team, that means we don't really have excuses about all the other macro things people like to talk about. You need to do it with great products. There was already a plan in place. A lot of research was done with Bain previously at the company to me coming in and identified where does Solo Stove have an opportunity to grow. It really identified outdoor cooking and outdoor cooling. It said, you're an outdoor lifestyle brand. People love your product. You're not going to grow, continue to build stainless steel fire pits that last forever and have a lifetime warranty because you've already sold close to 3 million of them.
Where is the opportunity? We launched our first new product in the cooling space called the Windchill 47. I'll have a video to show you briefly about it because we're kind of excited. It gives you a little better description. It's basically a rolling air conditioner. It has the capability of an air conditioner you'd put in a room. If you've got a patio or a screened-in porch or something, you can put it in there. It actually cools it on a hot summer day. If you're out there or sitting in your chair having a beer and that's sitting next to you, it is blowing cool mist over the top of you and keeping you as cool as you could be. I think the funniest videos are all the kids at the club sports events when they're playing soccer or baseball in the middle of summer.
The parent who walks in with this and has the mister going, every kid is sticking their face in it and fighting and everyone wants to be around there. Really unique technology, well executed. The product team that we put in place prior to me being at Solo Stove is an excellent team and feel great about that product and the reviews. Next, we launched the Steelf ire griddle. That just came out recently and we sold out of everyone we had produced to begin with. We're anxiously waiting and taking many orders a day for more of the Steelf ire griddle. What I'll tell you about this is what a crowded category. To jump in with the Traegers and the Green Eggs and everybody else in this space and the Blackstones and say, how are we going to compete? What the team stayed with is we're a premium brand.
It is the only brand in this, and I will say not the highest end chef in the thousands and thousands of dollars, that actually has a stainless steel cooking surface. Easy to clean, heats immediately, has a burner system that we call the racetrack burner system that has no cold spots. It's oval shaped like Solo Stove, so it's unique in the space and it has just had rave reviews. We are so excited about that product. In addition, we have two more products coming, one in three weeks and another one in Q4. Very excited about it. In addition to ancillary spaces, my general belief is we need to reinvigorate or reignite, excuse the pun, the smokeless fire pit space. Innovation in that space is going to be critical to us being great going forward and expanding smokeless fire pits into kind of the outdoor space.
Very excited about that. Why don't I go then to our videos? I have to use the mouse so if I'm technically competent, we'll see if we'll show you. The first one is the cooler, which we just launched. This will give you a little better feeling for what we're doing in the outdoors view. If you're tennis fans, I know the US Open is going on now, but the real precursor to the US Open is the Cincinnati Open. They ordered these coolers and put them on both sides for their players. In all the changeover seating, there are the Solo Stove coolers blowing, keeping them cool, sitting out there as they change over between events. It's a unique, high-end product, really well executed.
If my engineer were here, he would tell you about the ball bearings and the wheels to make it roll the best so it can be so simple. He'd talk about how the handle pulls out and he runs his finger along saying, "Do you see how we did this? It's great." The level of focus is what we need as a premium brand and we're excited about that product. Next is the griddle. This is so fun. We were making smash burgers. We had a big event with all of our employees in town. We made everyone cook on it, use it, get it. It's spectacular. Hopefully I can get it to play here for you. Many people have cooked on a griddle before. You got to season it, you got to keep it right. You hope it doesn't rust over time when it just sits there.
All that work and the cleanup on it. Oh my gosh, getting some of the stuff on it. I mean, it's great and all that. This is unbelievable. You don't even have to put oil on it. You can just put the stuff right on there. At the end, the cleanup, it rolls to a little trap door and it's done and cleaned up and it looks like a million bucks. Yes, it's propane. It's propane and we're looking for a natural gas conversion kit for it so people could build it in if they like. Yeah, a funny story about that, but I won't tell you that one. We called the Steelf ire 30 because it's about 30 in wide in surface area. We haven't announced anything publicly, but there are other sizes that would seem to make a lot of sense as well.
I don't know how many people here live in Chicago, but high rise is the stuff. Outdoor cooking space, the patio, depending on the association thing. People love to cook out.
Right.
Sure.
I could see that. Yeah, some of these got like a one-bed?
Yep. Yeah, it's a great size. You know, others are. Yep, great. Great. I'll get your name and we'll send you one. It's okay. In 2026, we have just as aggressive, if not more aggressive, product rollout strategy, and it's going to be in the outdoor cooling and in the cooking space, as you see, and probably in the fire pit space as well. Oh, okay, I've read it. You told me there's a way to go to the next slide without playing the figure. I'm trying to find it. I'll look at the entire. Yeah, yeah. Okay.
Second.
Cool. Yeah, that's the right one. Thanks, I appreciate it. I like movies better anyway. Okay, so that was Solo Stove and the products we're really excited about. You talk about Chubbies. They launched a couple of products this year, and it was unbelievable. That two-inch inseam short was a hit. We sold out immediately. You know, Chubbies, this is very irreverent if you haven't been part of it as a brand. The quality of the clothes are amazing. Shirts, shorts, really started with swimsuits and is really hitting on all cylinders. When they went to this kind of on the edge two-inch inseam, it's kind of a joke internally about how successful it's been, but it has been hugely successful and sold out for us. We're now launching a whole line of NFL gear to start with the year.
All the teams, we've licensed agreements to have products around that space. When you think about Chubbies, all in the men's space, great retail partners, great success, huge growth this year, both retail and in our DTC model. When you have 30%- 40% growth in some of your retail deal and you still increase on DTC, it tells you how strong the brand is really healthy in the marketplace right now. Maybe that brand should expand into some other verticals here in the apparel space. We're really excited about what Chubbies has coming forward. I haven't talked about water sports a lot. It's 10% of our business. Some great products. I have a handful of these products. I have two, three of them that are on the screen and have been using them this summer. We have a lot of unique technology on the Oru side and ISLE side.
We have kind of an origami folding kayak that we're most known for in the Oru brand, which is amazing. You can put it in a trunk of your car. It weighs 22 lbs. You carry it like a briefcase. You fold it out, put a few straps, and you got a kayak on the water. One of our cool products. ISLE, our other division, has some very unique things. This flywater skiff on the right continues to be sold out over and over again. It's a unique boat. You can fish out of it. You can stand on a platform. The structure is crazy. There's an all-new product coming in Q4 that we're so excited to launch, which I can't tell you the specifics about it. In about two months, you'll see it.
We think it's a whole new category that could really blow up for ISLE in terms of our unique inflatable space. All right, so quickly, kind of what we talked about today. Hey, we came into the year tough. Okay, our performance wasn't what it should be. We got great brands. We got the basis for a great company moving forward. The reality is we had a lot of work we had to get through to get the refinancing done, etc., to get rid of the going concern. We now have the financing we need. Now we need to grow our way in the financing to pay it down and really start delivering for the shareholders. We've made big moves to take structural costs down, which I feel great about. We've got a huge product line development coming.
In the end, our CapEx expenditures for new products are very small as a percent of our total revenue. There was no reason not to lean in if you're a premium brand to do that. When you're spending X amount on marketing and you hadn't had a new product in your core brand space in three years, it was time to lean in and really go with an aggressive product program as we move out. There's a lot of critical work for us to do. I'm not going to sugarcoat it here. Fourth quarter is going to be big for us. Again, it's a large percentage of our volume. We need to show that all the initiatives we put in place are going to deliver. In the end, I'm really energized. It's the reason I'm sitting here because we got great brands. We got great products coming.
It was a challenge coming in, but I'm excited with the products, the brand, and the team we have in place to get it done. Why should you invest in us? Because now you're getting in at the bottom. That's the bottom line. We are a clear leader in our core markets. Fire pits, our pizza ovens are amazing. I make pizzas in them all the time and I have so much fun. I become Giuseppe, my alter ego, when I'm making pizzas, but they're great products. We have a passionate community of people who do love our products. We're in a premium segment. We're not going in the bottom fighting with all the lower-end competitors there on Amazon that would come after you. We're going to stay premium. We understand where we sit. Clear adjacencies, where Solo Stove was. We've seen that through the research.
Any initial response to the griddle has been so strong. We feel like we have a real hit there with some success. The management team's in place. Our balance sheet is really clean now. You know, we have payables, all the things you do when you're struggling as a company right now. Right now, balance sheet is very clean. We're in a good space. We delivered an operating cash flow of $11 million despite sales going down in the second quarter because we're making all the right decisions, managing working capital directly, managing to the bottom line. We did accomplish a significant resizing of the company to put us in place to start delivering to the shareholders. With that, I'll wrap it up and open it up to any questions anyone has. Got a plant a question. You blew your wad during the presentation.
No, I had given those stoves out for years, just give some stuff like that. Everybody loves them. I know people that have them. I didn't, literally, it was like the last time he said he'd come in here. I didn't recognize it. It's probably with. I didn't know the issues you had. I'm like.
Y ou can't have the bottle.
Yeah. Yeah. Yep. Yep. Home Depot, Bass Pro Shops, Dick's Sporting Goods, SCHEELS. Those are kind of our key retailers. There's some other on the, you know, on the apparel side. You know, we've got some Dunhams. We have Kohl's. You know, we've been in a number of places. Really, premium brands, we're focusing on those key critical accounts that get you great positioning and product. DSG has been truly great for Chubbies. They were bragging their wall, sold $2 million the other week and continued to give us more space. That changed a lot over the tariff window and moving around. All different parts of Asia, whether it's Vietnam, Cambodia, some in China, some in Mexico right now. I will say, given we were going through the refinancing and the uncertainty around tariffs, it forced us to get so on top of the tariff issue on exactly.
We have costing by every major product, by every partner, by where have you sourced the steel from, given the steel tariffs that do exist, and went through a very thorough analysis. Not just that, within a month, we had moved some of our manufacturing already to other places. There's been a pretty broad shift in where we're manufactured. Right now, not in the U.S . We haven't made any public announcements, but we're continuing to evaluate each area, and near-shoring is certainly one of the options. Yeah, yeah, it really has. Part of it was we had had a previous supplier for our core products, and they happened to be in a different Asian country, in Vietnam. We went back to them. It was better to be dual-sourced, and the quality's been great. Good question. I know we're getting close to the end. They're telling me I'm over. Yes.
You know, the Solo Stove, I know there's a couple different sizes. There's actually a tabletop. It's large. It looks like a sleepy dog.
Yeah.
There's a couple different iterations of that bottom. Do you see more iterations coming in the future for that, or is it kind of like you're going to slice that piece?
Yeah, I think there's a lot of innovation that can be had there. Hang on a few weeks, and maybe we'll get your take on it too. I think there's great opportunities, and there's great ancillary accessories that can go with it. I think there's things you can do differently. My product team thinks I'm crazy, but there's a lot of new things that we're going to be doing there. Great. Anyone else? Okay, great. Thank you for your time. I really appreciate your time.