Solo Brands (Solo Stove)
Solo Brands owns Solo Stove, Chubbies, Oru Kayak and ISLE, selling outdoor and lifestyle gear direct to consumers.
On the record
Checkpoint: Q2 FY2026 earnings report and NYSE delisting appeal resolution
The call
Solo Brands sells a design that's easy to copy, and both cheap online sellers and big housewares makers are already copying it while revenue keeps shrinking.
Solo Brands sells fire pits and outdoor gear, mainly through the Solo Stove brand. The original smokeless fire pit design that made the company famous is now sold by at least six other companies like Breeo and Tiki, so the company's main advantage is gone. Sales dropped 39% from peak in 2022 and keep falling, the company left the stock market, and it laid off over a third of workers. The one thing that could matter: the company's Chubbies clothing brand is actually growing, so if that business can get big enough or be sold off separately, it might change how bad things look.
Why
01
AI pressure: AI-optimized marketplace sellers (Amazon, TikTok Shop clones like East Oak, Outland). AI-driven ad targeting and generated listings let cheap smokeless fire-pit clones outbid Solo Stove for the same searches. Could AI do the core job? Only partly.
02
Bigger players: Cuisinart (Conair). A much larger housewares company already sells its own smokeless fire pit at a lower price point through mass retail. Could a giant copy it? Yes, easily.
03
What protects it. Brand recognition as the original smokeless fire pit and an existing direct customer list still drive some repeat sales.
What would change this call
Solo Brands' Q2/Q3 2026 revenue report shows whether the decline rate slows or stays near -18.6% YoY. Would show if competitors are still eroding Solo Stove's core fire-pit sales or if losses are stabilizing.
Outcome of Solo Brands' NYSE delisting appeal and continued OTCQB trading status. Would confirm whether investors still see a viable standalone path or expect further decline.
Whether Chubbies' revenue growth rate (+9.1% in FY2025) continues to outpace the shrinking Solo Stove segment. Would show if apparel is offsetting fire-pit losses or if the whole portfolio is weakening together.
Outcome of Solo Brands' NYSE delisting appeal and continued OTCQB trading status. Would confirm whether investors still see a viable standalone path or expect further decline.
Whether Chubbies' revenue growth rate (+9.1% in FY2025) continues to outpace the shrinking Solo Stove segment. Would show if apparel is offsetting fire-pit losses or if the whole portfolio is weakening together.
Key numbers
- Revenue fell from $517.6M (2022) to $316.6M (FY2025)
- Market cap ~$18.7M vs all-time high $935.6M
- $358.6M cumulative goodwill impairments taken
Named risks
- Second NYSE delisting in a year moved stock to OTCQB effective April 2026, reducing liquidity and investor access.
- Core Solo Stove segment revenue collapsed to $167.2M in FY2025 amid commoditized fire pit category.
- Cumulative $358.6M goodwill impairments since 2021 signal acquisitions destroyed rather than created value.
- Ongoing revenue decline (down 18.6% YoY in Q1 2026) despite management reaffirming annual guidance.
- 37.8% headcount cut in one year raises execution and morale risk during turnaround attempt.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Breeo | losing to | Cited as direct smokeless fire pit competitor with made-in-USA cooking focus, 2026-04-23 |
| BioLite | contesting | Competes with Bluetooth fan-assisted smokeless fire pit tech, per 2026-04-23 review |
| Tiki Brand | losing to | Undercuts on price ($150-$300) versus Solo Stove's $200-$600+, 2026 reviews |
| Cuisinart, Outland Living, East Oak | losing to | Budget and propane alternatives cited among 6+ direct rivals as of 2026-04-23 |
| YETI, Traeger, Weber | losing to | Adjacent outdoor lifestyle giants encroaching on Solo Brands' expanded product categories, 2026 |
Questions people ask
- Is Solo Brands profitable in 2026?
- No. Solo Brands posted a FY2025 net loss of $145.4 million, driven largely by cumulative $358.6 million in goodwill impairments since its 2021 acquisitions, even as it reported Q4 2025 Adjusted EBITDA of $9.6 million and positive operating cash flow for three straight quarters.
- Is Solo Brands stock still on the NYSE?
- No. Solo Brands (ticker SBDS) was moved to the OTCQB market effective April 6, 2026 after NYSE again initiated delisting proceedings for falling below the $15 million market-cap minimum, its second delisting episode within a year.
- Who is Solo Stove's biggest competitor?
- Solo Stove faces at least six direct smokeless fire-pit rivals as of 2026, including Breeo, BioLite, Tiki Brand, Cuisinart, Outland Living, and East Oak, per fireplace and outdoor gear reviewers, eroding the category-defining moat Solo Stove once held.
- Could AI replace Solo Brands' business?
- Unlikely to replace core operations. Solo Brands makes physical fire pits and outdoor gear; AI mainly touches marketing, customer service, and demand forecasting, not manufacturing or retail relationships, per a 2026 evidence brief; no AI deployment has been publicly disclosed.
- Is Solo Brands revenue growing or shrinking?
- Shrinking. Net sales fell from a $517.6 million peak in FY2022 to $316.6 million in FY2025 (down 30.4% YoY), and Q1 2026 net sales dropped a further 18.6% YoY to $62.9 million, per company earnings reports.
- Who owns Solo Brands / Solo Stove?
- Solo Brands is a public company (OTCQB: SBDS) that eliminated its UP-C structure via a corporate simplification merger effective January 1, 2026, leaving about 2.5 million shares of a single Class A common stock outstanding, per a December 2025 filing.
Timeline
- 2026-05-28Solo Stove launches expanded fire/cooking/cooling lineup in Europe via Rotterdam subsidiary
- 2026-05-14Q1 2026 net sales reported at $62.9M, down 18.6% YoY
- 2026-04-06Stock moved to OTCQB after second NYSE delisting proceeding
- 2026-03-19FY2025 results: net sales $316.6M, net loss $145.4M reported
- 2026-03-12Steelfire 22 griddle and Windchill 30 cooler launched ahead of Backyard Day
- 2026-01-01Corporate simplification merger eliminates UP-C structure, ~2.5M shares outstanding
- 2025-12-18Stock falls 17.9% on corporate structure simplification announcement
- 2025-07-18Company briefly reinstated on NYSE under new ticker SBDS
- 2025-07-081-for-40 reverse stock split takes effect
- 2025-04-22NYSE suspends trading for falling below $15M market-cap minimum
Revision history
24 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Solo Stove Acquires Chubbies, Oru Kayak, and ISLE to Form Southlake-Based Solo Brands (2021-09-13)
- Solo Brands teardown: a $358M goodwill wipeout (2026-06-26)
- Solo Brands Inc. Profile (2025-05-15)
- NYSE to Commence Delisting Proceedings Against Solo Brands, Inc. (DTC) (2025-04-21)
- Solo Brands, Inc. Class A Common Stock to be Reinstated on the NYSE (2025-07-14)
- Solo Brands Faces NYSE Delisting Again (2026-04-02)
- gurufocus.com (2026-07-23)
- Solo Brands to establish single class of common stock (2025-12-22)
- Solo Brands stock plunges after announcing corporate structure simplification (2025-12-18)
- Solo Brands: how acquisitions grew revenue but broke margin (2026-07-05)
- Solo Brands, Inc. Announces Fiscal 2025 Fourth Quarter and Full Year Results (2026-03-19)
- Solo Brands (SBDS) Q4 2025 Earnings Transcript (2026-03-19)