Solo Stove’s parent company released their earnings for the quarter ending in September 2023. They continue to shift more into wholesale relationships as they move away from being a pure DTC player. They expect to see a decrease in DTC revenue until mid-next year, when they lap the efforts to move into brick and mortar retail.
Solo Stove is seeing customers buy fire pit accessories online, without having purchased a fire pit. They see this as evidence of their strategy working, where they attract new channel customers that also become DTC customers.
Solo Stove launched two main new products this past quarter, the Pi Prime pizza oven and the Mesa Torch. They noted on the call that they have been pleased with sales of the new launches.
Relationship with Target
Solo Brands announced a new relationship with Target on their call. While TerraFlame, a Solo Stove subsidiary, has an existing relationship there, this is a new one for the Solo Stove brand. This is notable, because not too long ago they filed a lawsuit against Target for selling what they allege were knock-off Solo Stove fire pits.
Target will roll-out a Target exclusive Solo Stove Mesa model the week of Thanksgiving. This entrance into 2,000 Target stores will capitalize on Black Friday selling. Since it’s a new relationship, the success of this launch may determine what products, if any, will be sold at Target.
New Products
Much like last year, Solo Stove will have some new product releases in the coming weeks. We’ll cover all of the releases as they happen, so stay tuned.
IcyBreeze
Solo Stove acquired IcyBreeze earlier this year, and plans to integrate the brand in 2024. For those not familiar, IcyBreeze is an air conditioner built into a cooler that uses the ice water for the cooling.
There will also be new product innovation to expect with IcyBreeze. It’s a seasonal product, but it was announced on the earnings call that there will be something new in this holiday season to make it “more giftable”.