By Karen E. Roman
Solo Brands, Inc. (NYSE: DTC) said net income increased 176.7% for the third quarter of 2023, compared to the same period of 2022.
Net sales rose 8% to $110.3 million for 3Q 2023 compared to 3Q 2022, and its adjusted EBITDA grew 33% to $15 million for the third quarter on a year-over-year basis, the company stated.
The lifestyle brands company estimates its 2023 annual revenue will be in the range of $520 to $540 million, and it expects to convey an adjusted EBITDA margin of 17% to 18% for 2023, the company said.
“We are well positioned to navigate an uncertain consumer environment given the resilience and strength of our financial model,” said John Merris, the company’s CEO. “Solo Brands generates healthy EBITDA margins, has low financial leverage, a balanced omnichannel sales approach, and is capital-lite, leading to strong free cash flow.”
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