Solo Stove parent company, Solo Brands, announced that they’ll be releasing their Q3 financials on November 7th. That wasn’t the only thing they announced though, they also reaffirmed guidance and announced an unexpected CFO resignation.
2023 Guidance
Solo Brands reaffirmed the guidance they gave previously for the current year. They expect revenue to be in the range of $520 million to $540 million, with it most likely landing at the midpoint of $530 million. They also reaffirmed their adjusted EBITDA margin guidance to be in the range of 17% to 18%.
This is good news, given what we heard from Vista Outdoor last week. They lowered their guidance for their Outdoor Products division (to be named Revelyst) from inventory concerns and promotional activity.
CFO Resignation
In a surprising announcement, Solo Brands said that their CFO, Somer Webb, has notified the company that she intends to pursue other opportunities. This was unexpected because she was hired a year and a half ago, so it’s a shorter tenure than you usually see in that role.
We appreciate Somer’s contributions to our organization and wish her well in her future endeavors. We are fortunate to have Ms. Tarbox in our organization. She is an experienced financial executive whose knowledge of the Company will enable her to successfully lead our financial function through this interim period
John Merris, Chief Executive Officer
Webb will remain with the company until December 10, 2023. Solo Brands has engaged an executive search firm to help them find a successor for the CFO role.
I want to thank the Board and the leadership team for the time at Solo Brands and I wish the team continued success.
Somer Webb, Outgoing CFO of Solo Brands
In an interim basis, Andrea Tarbox will assume the CFO role once Webb leaves the company. She currently is on the board of directors of Solo Brands and chairs the audit committee, and brings 20 years of CFO experience.