Good afternoon. Thank you for attending the Ideas Conference. I'm Sandy Martin with three-part advisors and next up we've got a really fun one. Big transformation going on. Solo brands traded on the NYC under, let's see, SVDS, I think is the ticker symbol. With management today is John Larson, the CEO, Laura Coffey, the CFO, and Mark Anderson, Investor Relations and Treasury. So I'm going to hand it over to John.

Thanks very much, Sandy. Good afternoon, everybody. One of my mentors years ago said, you're presenting late in the afternoon to a bunch of people. There's five B's of presentation. Be brief, brother. Be brief. So I'll try to hit the high points. happy to make it very interactive and answer questions as you have and I really thank everyone for being here to hear our story and it's been a bit of a whirlwind story I'll give you just a quick background on myself I joined the board of of solo brands in December and I had been chairman of a couple bigger public companies and the board role came up I knew someone and I thought wow that's really a small micro cap company but I love the brands and I love the idea around it in enthusiast products, enthusiast categories, channel management between DTC and key retailers is something that had kind of been my history. So I thought, oh, it'd be fun to be a board member. And they said, hey, would you consider ever being the chair? And I'm like, oh no, I've been a chair for eight years. Chairman is no fun. I just want to be a board member. So my first official meeting, the CEO resigns and they turned and said, could you come in here, CEO? So that's kind of how this this all started back in February. But I'm glad I did. And there was a lot to go through. We'll take you through it quickly. A tremendous team here, as Sandy mentioned, Laura and Mark, and everyone back at the company. So let's take you through the transformation briefly. Okay. So what is Solo Brands? When you go through it, it really is a collection of brands. Two really major brands, Solo Stove and Chubbies, that's 90% of the revenue of the company. And then about 10% in what we call water sports is Isle and Oru Kayak. We'll touch on that briefly. I mean, in the end, we're a lifestyle brands. We're outdoor brands, fire pits, campfires, paddleboards, you kind of name it. And then Chubbies, if you don't know what Chubbies is, I do because my boys used to own Chubbies all the time. My daughters say they only date guys who have Chubbies, dad. I mean, come on. Now I'm always getting calls from her friends like, hey, can you get a deal on chubbies for me right now but it's kind of an irreverent young men's brand that the quality is really pretty amazing and they have a unique position in a marketplace so a very strong brand solo stove we'll get in in some more detail here but outdoors started as a fire pit company we're now trying to expand in more outdoor lifestyle that exists and as I mentioned water sports so talking about revenue LTM around 366 million dollars in the last 12 months EBITDA around 15 million dollars. Roughly 400 employees. We've been leaning down a little bit. But again, I pretty much talked about this kind of innovative lifestyle brands. When I joined the board, but more importantly, when I decided to stay on as the full-time CEO, it's really because these brands are so strong. So fundamentally, we have all kinds of challenges that I will take you through. But in the end, if you've got a commodity, it is no fun running that in the midst of having a tough setup, tough capital structure, challenges in the marketplace. You have nowhere to go. But when you've got a great, strong brand that has real value, and an NPS score of 73 on Solo Stove is unheard of. That's top 1% of NPS scores. Now, the last company I ran, we were at 55, and I used to brag that I haven't seen an NPS score higher than that until I saw Solo Stove. So what it does tell you, our customers love our product. They rave about it. They're our biggest advocates. And so that at least puts you in a position that if you run the company the right way, you have the opportunity to win. Chubby's is very similar at 54. It's such a cool little brand. I love that, you know, I've bought every product we have from every division. I get it shipped to my house to see how the process works. Am I getting emails? And finally, Chubby's is killing me with follow-up emails at work. And I'm like, I can't get to my work emails because I'm getting all the damn follow-ups from Chubby's, so I cancel it. And I'm like, no more. I cancel it. And I get an email. It comes up, hey, dude, that's really harsh. I mean, come on, we just started this relationship. Can we just maybe go once a week? And that's the irreverence of the brand that made me smile. I just thought, you know, to the president of Chubby's, that's what he's done for 15 years since he founded the company. And so there's a real coolness to Chubby's as well. Okay, so start of 2005, just to take you back. So we came in the beginning, you know, what do we have? We had really elevated cost structure. The previous administration was kind of brought in, excited to grow the company. He had run a bigger public company. And they felt like this $500 million company could be a billion dollar company. So they immediately started putting an infrastructure in for a billion dollar company. That means tremendous numbers of vice presidents hired and presidents of DTC and all this infrastructure was added with a tremendous number of hires. unfortunately at that same window of time that sales were starting to trail off and the company of course trying to hit fourth quarter numbers was heavily promoting trying to sell through the website you had all this cost in place had a really tough fourth quarter so you come in and like wow here's a cost structure for a company that's a billion dollars in size and here's revenues dropping to the 400 million dollar level so that was obviously the first thing excessive inventory retailers the category was really accelerating we were the leaders and so retailers bought in really heavy q3 and in the q4 for the holiday season that was fine sales tempered the company not meeting the goals went so aggressive undercutting all the retailers so imagine the retailers bought in the heavy inventory for the holiday season we undercut them dramatically with promotions trying to hit numbers for the fourth quarter so as I entered you have retailers full of inventory and kind of pissed off, to be fair. And they should be, is how you manage a brand. Debt refinancing, it was obvious we had to refinance our debt. So we're right up against that at that moment in time. Tariff exposure is funny. We didn't know about the tariffs in the beginning of that.

I thought, what else could happen?

We got all this going on, and then the orange guy put some big tariffs on there. And so as our product is made of steel, and that's country agnostic, there wasn't really a way to run away from the tariff impact to us. We had a going concern disclaimer, NYSC suspended our trading and the key exchange. Now my big partners, retail and suppliers started calling up. I mean, I just got there, but they're like, ah, can you start paying us upfront? And are you gonna be around next year if we put you on our plan to be this big outdoor brand for us at some very key retailers? So then there's a little uncertain consumer environment, But I consider that the least of the problem. So other than that, Mrs. Lincoln, the play was really good, and we looked at coming in, too. So, you know, it was obvious that we had to reset and refocus right then. We had to immediately say, look, we can't plan for this hope of these projections that had $600 million and $700 million of revenue. How do we right-size the company so it can be profitable at a much more reasonable revenue level? So that was kind of first and foremost, but we put four plans in place. And it's funny, after I retired from being a CEO a few years before, I'd read Elon Musk's book. I was fascinated by it. And I said, you know, God, I wish I'd have run this 10 years ago because I would have been a better CEO. There are things I could have done better, you know. I mean, he was extreme, but I loved the fact that his surge teams and things he would do to get value. So I'm like, oh, hey, I have a chance again. So we had surge teams. I'm like, we're going to put surge teams in place. But we picked four areas to really focus on. and one was org design, one was marketing effectiveness, one was our pricing and promotion strategy in terms of how we aligned with our retail partners, which we had just basically violated for the whole previous quarter, and last was product innovation. And so, look, if you're a premium brand and you wanna win, it has to all start with product first. So coming in immediately, despite the financial constraints we had, I'm like, we are gonna lean into innovation, we're gonna lean more into product development, We are going to absolutely innovate our way out of this, so we have a long-term future here. Marketing effectiveness, I looked at our income statement with Laura, and I simply said, okay, we're running about $400 million of revenue, and we got almost $100 million of marketing. That's the kind of big line that's sitting on here. Years before, I'd run Buick and GMC Truck, and I'm like, I hardly had $100 million to run a $10 billion division on each one of those, and here there's 100 million at 400 million and dropping and so we said look let's look at this closely what we can do to make it much more effective brought in a cmo i'd worked for before uh very highly awarded and said hey can we attack this and make it different and she said if you're going in i'm going in with you so that was uh the first move that brought in pricing and promotion as i said before um we just had to get aligned with our retailers and change that strategy entirely we also made some price changes you know I worked in PE firms too so typically you look at prices are an opportunity quick to help margins then we had tariffs coming in so a lot to do with that and as I mentioned product innovation so let me take you through some of the details um we made a ton of progress and we jumped on it immediately and we've taken significant cost out overall you know I won't go through every every bullet point here but last quarter we had 36% lower in SG&A than we had a year ago. We had the same thing in the second quarter and despite that, you know, I expected our top line to be tough in the third quarter because the retail channel was still working through the inventory. I didn't expect it to be as tough as it was. And it just let me know that you know, I went to Laura and the team and said I'm taking the next level of structural cost out of the organization so we know for 26 we're not counting on any upside necessary to deliver the financials we need to deliver as a company so although i feel good about what we did take out we're continuing to look at ideas to take out more and we've never stopped never stopped there's been some you know i'd say some of the biggest successes has been the cost that we've identified to come out you know and i'll have some simple things and i won't i won't name the partners but for instance on the audit side we were getting hosed i'm like we're paying more for auditors than i paid at a seven billion dollar public company okay as chairman This is ridiculous. But changing auditors in the middle of a going concern doesn't exactly make investors like yourself feel comfortable. Nevertheless, we saved a million dollars. I'm like, okay, cut the fee in half and have great auditors to work with who are just as well known. So, you know, items like that. We went through every insurance broker. We rebid everything we had out, both on health care as well as our own insurance internally and had significant savings, more than another million dollars coming in. We made changes to programs, 401k, except typical stuff, right? Took a lot of cost out, but we're continuing to take more out. And it's fun as we continue to find more and more opportunities. Pricing and promotion, I've pretty much told you what the problem was. We implemented a map strategy. I was just out with our biggest retail partner on Monday with their leads walking through it. And, you know, let me tell you, it's been the toughest eight months in terms of performance and top-line revenue because what are you doing at that solo stove division? And that's the one that's hemorrhaging. Chubby's, in the same time, in the first half of the year, is setting records. Biggest sales ever, up 48%, 100% in EBITDA performance, you know basically carrying the wood here you got solo stove I've stopped promoting and undercutting all my retailers so my DTC sales are down they've stopped buying anything from me because they are stuffed with inventory and we're sitting there and that's why you see the 50 sales decline that you're just working through so it's been painful but if you want to have premium brands you want to have a great success going forward you need a retail channel I'm a big proponent of the DTC channel but you need those partners and you need to be aligned and how you go to market with your brand to get exposure etc so we made all of those changes as tough as they were and when that retail partner said to me thank you for what you did we finally worked through the inventory we had tremendous sales and the last two times we promoted together with an orchestrated calendar and for the whole year and from this point going black for black friday through the holiday season And we are completely integrated with all their big retail partners on how we're going to be promoting and pushing. And when you do that in a coordinated way, a rising tide lifts all boats in terms of awareness, et cetera. So we're excited that we're turning the corner. They also put in orders. And I'm like, thank goodness. I finally got replenished orders come in because they've worked through that level of inventory. I do like to use one example on how bad it was and why our performance on top line revenue is where it is. One retail partner bought over $20 million from us in 2024. Through the August-September time frame, their total purchases this year were $500,000. Our footprint didn't change. Our sell-through changed a little bit, but not much. They had sold through $13 million a year before, and at that time maybe $11 or $12 this year. But what they acquired last year loaded up way overstated. What they acquired this year, nothing. that's what you've seen falling through the numbers for the first three quarters of the year and particularly here in Q3 but now we're just hitting the apex of that and starting to come out of it it was a tough change there are lots of nights I laid there in bed saying I know I'm doing the right thing long term but the pain we're going through right now it's not going to be a fun Q3 earnings call and oh by the way it wasn't it wasn't it wasn't was my least favorite quarterly result. Marketing effectiveness, as I said, we were over 20% of revenue, close to $100 million. You know, when you have a small company that grows up really fast and goes from 40 to 80 to 200 to 400 million in a two or three year window, you have all this cash long before I was there, and you just start taking big swings because you think anything you turn to turns to gold it's a little bit of a founder's fallacy man it worked so good before watch this we bought big companies to add in we ended up writing them down because they didn't work out the right way we tried to hit quarterly numbers as a public company and so we did deal with these media companies by the way don't do deals with media companies that say we'll buy all your old product and we'll give you 100 million of media to make it work we had to write through that we had big promotional programs i got in and negotiated with the new york islanders we had you know tens of millions of dollars of locked in contract with no out more than five million a year on average run rate to do the sponsorship with them and so heavy negotiations we got out of that completely so five million of expense in 25 will not be there in 26 so those are the kind of things we did with marketing effectiveness there were things that I didn't think were bringing us any value at all and then we brought an incredibly analytic focus on performance marketing spend to make sure we just weren't throwing money with no return, hoping that we'd get DTC sales. Some quarters we spent as much as $26 million just on the solo brand alone previously, trying to drive sales. So what happened? We put all those in place. We announced it. We had to talk to our bank partners because we knew we had to refinance everything. And after a number of months, and bless her heart, what she went through to renegotiate this debt and recapitalization of the company in alignment with the brand and agreement for me to stay and run the company through it. We got our debt refinanced through June of 28 to give us runway. Those of you who are looking at us, we have way too much debt. We have $250 million of debt on a company that's got an LTM sitting there at $15 million. You go, oh, my God, this is completely out of whack. but it was a company that once did 70 closer to 100 million dollars of ebitda so we have the brands we have the opportunity we just need to run the company the right way to get there we got the going concern removed by our auditors walking through performance changes we've made cost reductions sales pull through etc we got reinstated by the nyse in terms of common stock and we decided to change our ticker symbol to solo brands which is more representative of what we really were versus what was DTC before because this was initially conceived as a DTC machine that would bring brands in and put an infrastructure that was more efficient back when DTC was a big deal that sounded good but you're competing with Amazons in the world and so really now we're a group of three enthusiast brand divisions that goes out there and DTC is a piece of it but it certainly isn't the core of the business okay the ugliest news the worst quarter of what we had and you know it is what it is 94 million last year in revenue we did 53 million this year close to 30 million of that decline was all sitting on solo stove division and almost all of it on the retail sales side or a large part of it on the retail sales side it was down in DTC as well it was that situation I told you about we weren't promoting DTC and undercutting all the retailers we were staying true to a calendar and you had retailers working through inventory so I'm getting no orders from retailers and I got my DTC sales down conversions down because I'm not promoting with heavy aggressive pricing in the window there now the chart on the lower left tells you how much cost did we take out from the previous year and this is real cost this isn't a bunch of individual write-offs or anything like that 61 million run rate before down to 39 million this year so in that matter of two quarters we have worked hard to change the cost structure of the company to get it more in line but you can't outrun a 40 plus point decline there in sales but we feel that's that's overstated not really indicative of the demand structure for our products the adjusted gross profit just what you expected and the EBITDA obviously not great positive six to a loss of five million dollars so a very tough quarter the bullet above said we expected a slowdown in sales because excess inventory but to be completely fair I didn't expect it to be quite that drastic so what did we do we immediately announced further structural cost reduction walking through the process again and how to get leaner AI is such an efficiency tool. And my team hates me because I'm on it morning, noon, and night. And so, you know, last night I was designing our marketing tiles on our website for the promotion because they're saying, how can we do it? How do you want to word it? What do you want to be in there? I said, I'll design it. And I'm like, wow, I can really design this in AI. And I can put it in a format that can drop into your website and your desktop and do some things. The point is this tool provides so much efficiency that we grabbed on right away. We have every two weeks an AI seminar from experts bringing people in to join us and say, how do you do your job more efficiently? I found it to be incredible in terms of efficiency, and I think we're going to continue to push that envelope as we go forward. I'll stop there for a minute and take a drink. Any questions from you guys so far? I don't want to walk through any. You're letting me off easy, let me tell you. Oh, okay. Well, I do keep telling my retail sales guy that he should be getting rewarded by the huge margins our retailers are going through because we did raise prices. Right in the middle of the tariff situation that was out there, we did have some pricing studies and research that identified a couple of our products were underpriced. so we did make an increase to offset some of the tariff but retailers had the inventory to your point at the lower price so their margins went up dramatically on what they did sell through so they had a good year and I keep reminding my sales guy remind them of that because if the margin was going the other way they'd be asking you to send the money and refunds etc so and for us our margins are really strong what we deliver to the bottom line is incredible and right now with all the efficiency we put in marketing pricing changing a promotional strategy which was really aggressive i make roughly the same amount of money at about 65 of the sales coming through our dtc channel with all the efficiency that we've taken out but my thing is i don't want to be at 65 of sales just let me be at 80 and we'll be we'll be flushing money to the bottom line in the last quarter we came more than like 55 of sales therefore the performance of where it's at but no you're absolutely right. Okay, the fun part here is some products. So I talked about that fourth quadrant being innovation and product is what's going to carry you through. And across our divisions, we've had some great innovation, but we leaned heavily into it. And you might ask why, and I'd say, well, we looked at the income statement and said, 100 million of expense for marketing. Well, that seems out of balance. We looked at the capital innovation. It doesn't cost us a lot a lot to launch these new products we might have had 10 million in capex a lot of it was system oriented net suite new sales platforms etc but an actual new product development three or four million dollars i'm like okay 98 million in marketing three million dollars on new product development well you know i could lean in a little bit and increase my product development output by 66 for two million dollars so i think i can do a little swing so we've leaned in dramatically aggressively accelerated our product launch opportunity and believe it's going to it's going to be what pulls the solo stove division what needs to be out of just being this this fire pit division which is what we were for many years. I want to take you through some of the products and I'm going to bore you because I'm a storyteller and Sandy knows it but then I have to stop. So I used to be the CFO over U.S. operations at General Motors and I'd get to go to present to these huge things of all-employee meetings, and I get to talk to numbers. And the marketing vice president, great guy, would jump up there, and he would show all these commercials and videos, and I'm like, man, I want his job one day. So now, you're a small group, I'm sorry, I said, let's put some movies in here, because I want to show them some stuff. So we got a couple of videos on a new product. This is a Steelfire 30 Griddle, in place long before I got to the company, so I take no credit for this. but when we launch a product it was the plan and they stuck to it has to be great has to meet the brand has to have a differentiator versus the core competition out there and I just told my product team the other day man you threaded a needle because I thought another griddle coming into the outdoor grill space like how can you really win there but this product is exceptional and I'll take you through a quick video that that tells you why or tells you a little bit more about the product okay so yeah it's another griddle but it's stainless steel you don't see weber doesn't have one blackstone doesn't have one they've all got the the older cast iron base that starts rusting after a week it's sitting out there your cleanup is unbelievable you got to season it let's season it now shoot it's stuck to there you got all that so we are committed to have a stainless steel cooking surface and it's actually clad with an element of material underneath it that makes the heat dispersion be completely equal. So that picture wasn't a lie. If you do infrared heat on us versus all the other cheaper, the Blackstones and all out there, ours is perfectly even around it. If you take theirs, you see their four pencil heaters. Hot, hot, hot, hot, cold in all the corners right here. I was worried launching it, though. I'm like, we have two burners. What does everyone say on line? How many BTUs and how many burners do you have? That's how they compare all the grills.

I'm like, shoot, we've got two burners.

They're going to say they've got four, you've got two, you're worse. I'm like, come on. So we branded, called it the Racetrack Burner System. We made it an advantage, talked about how it's even, and so that's how we got around it. But it is an exceptional product. It works great. It looks like a solo stainless steel, fits within the brand, and it's an example of the products we're coming out with now. The next product we're going to talk about here is the fire pit category. so if i could put it in two pieces of how you're going to win with product our vision is we have to reignite the core category that we're the leader and the winner in to bring energy and get sales back up versus the old fire pits that you had two we need to go to those ancillary categories where our customer base 3.5 million people and our CRM, 4 million fire pits sold, are willing to spend and buy. Griddles, heaters, pizza ovens, those kind of things. But we want to reignite the core category. And what could we do? So we leaned into the Summit 24 smokeless fire pit. What do we do with this product? Well, number one, selling our other products are great, but people would say, I wish I could see the fire a little bit more because it's kind of tall on the sides. I'm like, okay, I wish there'd be a little more heat coming out because it's going up. So we lowered the sides dramatically, went with a size pattern we hadn't had before. And people who were afraid of buying a wood-burning fire pit, like, I'm afraid to light it. I don't know how to do this. I would never do this. Like, I'm not going to put the wood. I'm not going to worry about all this. So we put an Instalight system in there with a cone with the gel fuel, that proprietary consistency that we produce. So you pour it on the cone. It goes in the side in these little pockets. You don't need kindling. You don't need starters. You don't need anything you light the top of that cone it runs underneath gets hotter faster smokeless right away and forms an even burn so this is our version of revolutionizing the category of what smokeless fire pits really are okay and by the way that video is compressed because it looks like the left the right makes makes it look a little tall like i should be on the right i could be six foot eight but um it's not quite indicative but spectacular product we just launched it september 24th so that was our hard launch we had quite an unveil in new york city it was pretty cool called the backyard summit we had all the new products were coming out with the griddle this fire pit etc we were featured on good morning america for the best new innovative product you know got a call from the drew barrymore show we want to put us put you in our catalog we've seen this product we think it's great so we've had some really great response to these products out here and this product is selling well i want it to sell more but it has been selling well and very solid had no idea what a new fire pit in this category to our current users would do close to 80 of the buyers are new so they're new they're not from us previously and all new to the category so it's introducing some new people is what we wanted it to do the next product i'll take you through it, I didn't have it on a slide, is we decided to get into propane space. We're known for fire. You're known for fire pits. By the way, California, parts of Colorado, a lot of areas have fire bands. You can't burn wood. You don't want to take a chance of a spark. So the propane space is crowded, but I think we have a real opportunity to play in this space. So we came out with something we call the infinity flame. But again, you don't just want to come out with a product. So what we did is we fashioned a flame around it to look a lot like our wood fire pits, which is quite different. We did this secondary burn with the little lights on the outside and our wood fire pits, it burns in the bottom, it burns at the top, that's why you don't get smoke. It burns so hot that you don't have pollution, which is smoke and it burns to a fine ash. So we're like, how do we represent this in a propane addition so it broadens our market exposure? So with that, I believe this will be it. So that will light you up outside, 72,000 BTUs, the heat that comes out of it. You want to roast a marshmallow, it happens in a second. No cleanup, you can put it under a patio if you like. You can put it in other places, other geographies where you can't use it. We sold out of that immediately. A big mistake I made, I didn't order enough. I had no idea what the demand would be for it, and quite frankly, we were rushing with our suppliers to get more in the fourth quarter. But it sold out, we got more units coming in. we got close to a thousand units on backorder right now so we feel good about that launch and what that product is offering for us talking about chubbies chubbies uh crazy the first half of the year was so so exciting they're selling in and and a little bit of the joke in the office was this new two inch inseam short took off and was sold out immediately so you know people would be in meetings and say hey if you don't if we don't keep slack as our corporate communications device i'm gonna wear chubby shorts and send a picture in you know okay we'll keep slack it's just a little bit of a joke but um so this two inch inseam was kind of the thing and chubbies is very irreverent it's sold out we got them in quickly it did great we had a big association with the nfl gear up for game day they now have a three-part youtube series coming out for the holiday season with chubbies online doing a lot with podcasts so this brand continues to be strong a little slow down in retail in terms of selling in q3 but their dtc business continued to be up so you're expanding retail but your dtc is growing too that's the definition of a strong brand presence out there so we feel great about what chubbies is doing in their new products i know i'm running a little long here and quickly in the water sports division this might look a little odd for you but what we have is patents on materials for everything from kayaks the paddle boards that blow up we have an infinity fiber that has like three times the structure and strength of a typical blow up platform and so working with a designer who had worked in this space we came up with this very unique greenhouse and costco had come to us saying hey we sell 150,000 of these a year and they're impossible to build you know they they cost a couple grand but then you got to get someone out to build it for you and put it in place and on all this and this can be built in two and a half hours with no tools and a patented attachment system with the strength and when you when you see it it is like a heavy duty structure and can be a greenhouse immediately so it's using all the technology and capability with the need that we've done with in the water sports area and pivoting a little into another opportunity so just as we look at innovation just letting you know across all three divisions that is a focus of us so quickly i've already kind of taken you through that look tough start achieved some significant milestones a lot of progress in terms of cutting cost out where we need to be aligning with our retailers pushing really heavy on the innovation side with new products we think we got marketing and promotion where it's in a sweet spot where we're spending where it makes sense but we're being reasonable about it look a lot of critical work remains in the fourth quarter is key to our success 30 percent of our revenue comes in these next six six or seven weeks over this holiday season we're a big gifting platform um but excited about the pipeline of products and if you like kind of the new products you saw coming out here we have an equally vibrant pipeline coming in 26 as well behind it so that's that's our plan and we're sticking to it okay um i won't take you through the slide i'll just open it up to further questions right now because i'm getting the red light yes sir yeah yeah I'll give it to you at a high level so the price point on the new propane fire pit is $5.99 that's all in the propane sits underneath it the margins that we run on our products are roughly 60 points in that area right there that's average margin you know a little bit higher DTC if you're talking gross margins and a little less in retail obviously um the other one summit 24 that's 599 as well um and it's 150 premium over a similar size in our kind of classic line that we had right here with the easy light system the lower frame the built-in stand etc i thought griddle 11.99 with stand 8.99 without stand and i can give you some context Most griddles are down Blackstone, you know, $4.99 to have some sales at $3.99. Some are nicer ones like Weber, closer in the $6.99 range, but none of them are stainless steel. And so those commercial-grade griddles like this, if they're built into your outdoor kitchen, are $2,800, $3,000, that kind of level. So, you know, as we talk to key retailers, they're like, we actually like that griddle because it's in this unique spot in between, and you have commercial-grade kind of cooking availability, so easy to clean. When you're done with that, you dump a little water on it, it steams, you run it to the side, you're done. So you've got no dishes inside, you go outside and make breakfast, it's cleaned up right away. But those are the price points. Margins are a little tighter on that, given where tariffs are. Yeah, so, you know, in the last 15 years, I've really dealt with knockoff brands. Because when you're premium brands and enthusiast categories, everyone's coming to knock you off and come below. And I find if you try to chase down and beat them, you get yourself in trouble and it's kind of a race to zero. So you need to continue to innovate. You need to make sure that you keep setting the stage in the category, and you don't chase down. But if you don't innovate, provide the best experience, you know. I won't say it's not painful on Amazon, all the knockoffs that are coming at us. And we play whack-a-mole because everyone uses our name. They call the product bonfire. They do all the ads. They say Solo Stove is on sale, and you click on it, and it goes to their product and the thing. So we're forever chasing because everyone's really trying to trend on our brand and take advantage of it. Yes, in the back. Yeah, that's a great question. I'll answer the last one first. It better be a lot more going forward. Actually find international is probably our biggest opportunity. So we're about 10% now in terms of outside of the US, but I'd love it to be more like 25 or 30, but we've just gotten some great opportunities in India. In Europe, we've moved into distribution strategy there. So we're now Amazon Prime aligned there in Europe. and UK we find is a big opportunity. And the first part of your question, I'm sorry, I answered the last one first. Manufacture, well, Vietnam and China was predominantly in Mexico prior to the tariffs, but given we were negotiating with the banks, restructuring ourselves, and new tariffs kept getting announced, it forced us to be on top of it immediately. So as of July of this year, we had moved to other parts of Southeast Asia and dual sourced our products where it could be, and given the geopolitical risk in China, much less reliant on China, but mostly Southeast Asia, a little bit in Mexico. I was supposed to be repeating your questions, by the way. I made a mistake. So the question is regarding tariffs. We looked at it in every different region of the world using different supply chains. And honestly, the steel price in the U.S. went up so high when the tariffs were put on otherwise and actually lowered in other parts of the world. So we've looked at it with U.S. steel, with China steel, et cetera. And right now, it's still most efficient the way we're manufacturing. We are using steel from China at this point. That's all we have time for.

Thank you.

Okay, great. Thanks very much.