Thank you for attending the Ideas Conference. I'm Sandy Martin with Three Part Advisors. Next up, we've got a really fun one, big transformation going on. Solo Brands traded on the NYSE under, let's see, SBDS, 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. 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 Bs of presentation. Be brief, brother. Be brief." I'll try to hit the high points. Happy to make it very interactive and answer questions if you have. I really thank everyone for being here to hear our story. It's been a bit of a whirlwind story. I'll give you just a quick background on myself. I joined the board of Solo Brands in December, and I had been chairman of a couple of bigger public companies. When the board role came up, I knew someone, and I thought, "Wow, that's really a small microcap company." I loved the brands, and I loved the idea around it. Enthusiast products, enthusiast categories, channel management between DTC and key retailers is something that had kind of been my history. I thought, "Oh, it'd be fun to be a board member." They said, "Hey, would you consider ever being the chair?" I am like, "Oh, no. I have been a chair for eight years. Chairman is no fun. I just want to be a board member." My first official meeting, the CEO resigns, and they turned and said, "Could you come in here, CEO?" That is kind of how this all started back in February. I am glad I did. There was a lot to go through. We will take you through it quickly. A tremendous team here, as Sandy mentioned, Laura and Mark, and everyone back at the company. Let us take you through the transformation briefly. Okay. 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. Then about 10%, 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 brand. We're outdoor brands, fire pits, campfires, paddleboards, you kind of name it. 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?" It's kind of an irreverent young men's brand that the quality is really pretty amazing. They have a unique position in a marketplace, so a very strong brand. Solo Stove, we'll get in some more detail here. Outdoors, started as a fire pit company. We're now trying to expand in more outdoor lifestyle that exists. As I mentioned, water sports. Talking about revenue, LTM around $366 million in the last 12 months. EBITDA around $15 million. Roughly 400 employees. We've been leaning down a little bit. 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. Fundamentally, we have all kinds of challenges that I will take you through. In the end, if you 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. 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. The last company I ran, we're at 55, and I used to brag that I haven't seen an NPS score higher than that until I saw Solo Stove. What it does tell you, our customers love our product. They rave about it. They're our biggest advocates. That at least puts you in a position that if you run the company right way, you have the opportunity to win. Chubbies very similar. At 54, it's such a cool little brand. I love that 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? Finally, Chubbies is killing me with follow-up emails at work. I'm like, "I can't get to my work emails because I'm getting all the damn follow-ups from Chubbies." I cancel it. I'm like, "No more." I cancel it. 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?" That's the irreverence of the brand that made me smile. I just thought, you know, to the president of Chubbies, that's what he's done for 15 years since he founded the company. There's a real coolness to Chubbies as well. Okay. Started 2005, just to take you back. 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. They felt like this $500 million company could be a billion-dollar company. They immediately started putting an infrastructure in for a billion-dollar company. That means tremendous numbers of vice presidents hired and presidents of DTC. All this infrastructure was added with a tremendous number of hires. Unfortunately, at that same window of time, sales were starting to trail off. 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. You come in and like, "Wow. Here's a cost structure for a company that's a billion dollars in size. Here's revenues dropping to the $400 million level. That was obviously the first thing. Excessive inventory of retailers. The category was really accelerating. We were the leaders. Retailers bought in really heavy Q3 and into Q4 for the holiday season. That was fine. Sales tempered. The company not meeting the goals went so aggressive, undercutting all the retailers. 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. 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. We were right up against that at that moment in time. Tariff exposure is funny. We did not know about the tariffs in the beginning of that. I thought, "What else could happen? We got all this going on." Then the orange guy put some big tariffs on there. As our product is made of steel, and that is country agnostic, there was not really a way to run away from the tariff impact to us. We had a going concern disclaimer. NYSE suspended our trading on the key exchange. Now my big partners, retail and suppliers, started calling up. I mean, I just got there. They are like, "Can you start paying us upfront? Are you going to be around next year if we put you on our plan to be this big outdoor brand for us at some very key retailers? There is a little uncertain consumer environment, but I consider that the least of the problem. Other than that, Mrs. Lincoln, the play was really good. We looked at coming into it. 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?" That was kind of first and foremost. We put four plans in place. It's funny, after I retired from being a CEO a few years before, I had read Elon Musk's book. I was fascinated by it. 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. I'm like, "Oh, hey, I have a chance again." We had surge teams. I'm like, "We're going to put surge teams in place." We picked four areas to really focus on. 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. Last was product innovation. Look, if you're a premium brand and you want to win, it has to all start with product first. Coming in immediately, despite the financial constraints we had, I'm like, "We are going to lean in innovation. We're going to 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. We got almost $100 million of marketing." That's a kind of big line that's sitting on here. Years before, I'd run Buick and GMC truck. I'm like, "I hardly had $100 million to run a $10 billion division on each one of those. Here's $100 million at $400 million and dropping. 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, very highly awarded, and said, "Hey, can we attack this and make it different?" She said, "If you're going in, I'm going in with you." That was the first move that brought in. Pricing and promotion, as I said before, we just had to get aligned with our retailers and change that strategy entirely. We also made some price changes. I worked in PE firms too. Typically, you look at prices, there are an opportunity quick to help margins. We had tariffs coming in. A lot to do with that. As I mentioned, product innovation. Let me take you through some of the details. We made a ton of progress, and we jumped on it immediately. We've taken significant cost out overall. I won't go through 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. Despite that, 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. It just let me know that I went to Laura and the team and said, "I'm taking the next level of structural cost out of the organization. We know for 2026, we're not counting on any upside necessary to deliver the financials we need to deliver as a company. Although I feel good about what we did take out, we're continuing to look at ideas to take out more. We've never stopped. There's been some, I'd say some of the biggest successes has been the cost that we've identified to come out. I'll have some simple things, and 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 $7 billion public company." As Chairman, this is ridiculous. Changing auditors in the middle of a going concern doesn't exactly make investors like yourself feel comfortable. Nevertheless, we saved $1 million. I'm like, "Okay, cut the fee in half and have great auditors to work with who are just as well known." Items like that. We went through every insurance broker. We rebid everything we had out, both on healthcare as well as our own insurance internally, and had significant savings, more than another $1 million coming in. We made changes to programs, 401(k)s, typical stuff, right? Took a lot of cost out, but we're continuing to take more out. 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. 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? That's the one that's hemorrhaging. Chubbies, in the same time, in the first half of the year, is setting records. Biggest sales ever, up 48%, 100% in EBITDA performance, basically carrying the wood. Here you got Solo Stove. I've stopped promoting and undercutting all my retailers. My DTC sales are down. They've stopped buying anything from me because they are stuffed with inventory. We're sitting there, and that's why you see the 50% sales decline that you're just working through. It's been painful. If you want to have premium brands, you want to have 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 in how you go to market with your brand to get exposure, etc. We made all of those changes as tough as they were. When that retail partner said to me, "Thank you for what you did," we finally worked through the inventory. We had tremendous sales in the last two times we promoted together with an orchestrated calendar. For the whole year and from this point going Black Friday through the holiday season, we are completely integrated with all our big retail partners on how we're going to be promoting and pushing. When you do that in a coordinated way, a rising tide lifts all boats in terms of awareness, etc. 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 coming 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 timeframe, their total purchases this year were $500,000. Okay? Our footprint did not change. Our sell-through changed a little bit, but not much. They had sold through $13 million a year before in that time, maybe $11 million or $12 million this year. What they acquired last year loaded up, way overstated. What they acquired this year, nothing. That is what you've seen falling through the numbers for the first three quarters of the year, and particularly here in Q3. Now we're just hitting the apex of that and starting to come out of it. It was a tough change. There were 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." Oh, by the way, it wasn't. It wasn't. It 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 million to $80 million to $200 million 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 had tried to hit quarterly numbers as a public company. 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 in 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 tens of millions of dollars of locked-in contract with no out, more than $5 million a year on average run rate to do the sponsorship with them. Heavy negotiations, we got out of that completely. $5 million of expense in 2025 will not be there in 2026. Those are the kind of things we did with marketing effectiveness. There were things that I did not think were bringing us any value at all. Then we brought an incredibly analytic focus on performance marketing spend to make sure we just were not throwing money with no return, hoping that we get DTC sales. Some quarters, we spent as much as $26 million just on the Solo brand alone previously, trying to drive sales. 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. After a number of months, and bless her heart, what she went through to renegotiate this debt and recapitalization of the company and alignment with the brand and agreement for me to stay and run the company through it, we got our debt refinanced through June of 2028 to give us runway. For 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." It was a company that once did $70 million, closer to $100 million at EBITDA. 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 made, cost reductions, sales pull-through, etc. We got reinstated by the NYSE in terms of common stock. 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. Really now we're a group of three enthusiast brand divisions that goes out there. 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. 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 were not promoting DTC and undercutting all the retailers. We were staying true to our calendar. You had retailers working through inventory. I am getting no orders from retailers. I got my DTC sales down, conversions down because I am 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. This is real cost. This is not a bunch of individual write-offs or anything like that. $61 million run rate before, down to $39 million this year. In that matter of two quarters, we have worked hard to change the cost structure of the company to get it more in line. You can't outrun a 40+ point decline there in sales. We feel that's overstated and not really indicative of the demand structure for our products. The adjusted gross profit, just what you expected. The EBITDA, obviously not great, +$6 million to a loss of $5 million. A very tough quarter. The bullet above said we expected a slowdown in sales because of excess inventory. To be completely fair, I didn't expect it to be quite that drastic. What did we do? We immediately announced further structural cost reduction, walking through the process again, how to get leaner. AI is such an efficiency tool. My team hates me because I'm on it morning, noon, and night. 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." I'm like, "Wow, I can really design this in AI. 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. 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'll let me off easy, let me tell you. Oh, okay. I have a follow-up question on the product year to year. What was this? Silver lining to all the inventory after we break tariffs? Do you have a bunch of steel that we're able to cut? Were retailers able to promote? Hey, we didn't raise prices. 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. We did make an increase to offset some of the tariff. Retailers had the inventory, to your point, at the lower price. Their margins went up dramatically on what they did sell through. They had a good year. I keep reminding my sales guy, "Remind them of that." If the margin was going the other way, they'd be asking you to send them money and refunds, etc. For us, our margins are really strong. What we delivered at the bottom line is incredible. 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. My thing is I do not want to be at 65% of sales. Just let me be at 80%, and we will be flushing money to the bottom line. Last quarter, we came more like 55% of sales there for the performance of where it is at. No, you are absolutely right. The fun part here is some products. I talked about that fourth quadrant being innovation, and product is what is going to carry you through. Across our divisions, we have had some great innovation, but we leaned heavily into it. You might ask why. I’d say, "We looked at the income statement and said $100 million of expense for marketing. That seems out of balance." We looked at the capital innovation. It does not cost us a lot to launch these new products. We might have had $10 million in CapEx. A lot of it was system-oriented, NetSuite, new sales platforms, etc. On actual new product development, $3 million or $4 million. I’m like, "Okay, $98 million of marketing, $3 million on new product development." I could lean in a little bit and increase my product development output by 66% for $2 million. I think I can do a little swing. We have leaned in dramatically, aggressively accelerated our product launch opportunity and believe it is going to be what pulls the Solo Stove division, what needs to be out of just being this firepit division, which is what we were for many years. I want to take you through some of the products. I am going to bore you because I am a storyteller and Sandy knows it, but then I have to stop. I used to be the CFO over U.S. operations at General Motors. I would get to go to present to these huge things of all employee meetings, and I would get to talk to numbers. The marketing vice president, great guy, would jump up there and he would show all these commercials and videos. I am like, "Man, I want his job one day." Now you are a small group, I am sorry. I said, "Let's put some movies in here because I want to show them some stuff." We got a couple of videos on a new product. This is a Steel fire 30 Griddle in place long before I got to the company. I take no credit for this. 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. I just told my product team the other day, "Man, you threaded a needle." I thought another griddle coming into the outdoor grill space, like, "How can you really win there?" This product is exceptional. I'll take you through a quick video that tells you why or tells you a little bit more about the product. Okay. 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 older cast iron base that starts rusting after a week. It's sitting out there. Your cleanup is unbelievable. Oh, you got to season it. Let's season it now. Oh, shoot, it's stuck to there. You got all that. 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. 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 there are 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 online? How many BTUs and how many burners do you have?" That's how they compare all the grills. Like, "Shoot, we got two burners." They're going to say they got four, you got two, you're worse. I'm like, "Come on." We branded, called it the Racetrack Burner System. We made it an advantage, talked about how it's even. That is how we got around it. 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 firepit category. 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 firepits that you had. Two, we need to go to those ancillary categories where our customer base, 3.5 million people on our CRM, 4 million firepits sold, are willing to spend and buy griddles, heaters, pizza ovens, those kind of things. We want to reignite the core category. What could we do? We leaned into the Summit 24 smokeless fire pit. What do we do with this product? 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 would be a little more heat coming out because it's going up." We lowered the sides dramatically, went with a size pattern we hadn't had before. 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. I'm not going to put the wood. I'm not going to worry about all this." We put an Instalight System in there with a cone with a gel fuel, that proprietary consistency that we produce. 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. This is our version of revolutionizing the category of what smokeless fire pits really are. By the way, that video is compressed because it looks like the left. The right makes it look a little tall. Like, I should be on the right. I could be 6 ft 8 in. It is not quite indicative. Spectacular product. We just launched it September 24th. 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. Got a call from the Drew Barrymore show. We want to put you in our catalog. We've seen this product. We think it's great. We have had some really great response to these products out here. 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. They are new. They are not from us previously and all new to the category. It is introducing some new people, which is what we wanted it to do. The next product I'll take you through, and I did not have it on a slide, is we decided to get in the propane space. We are known for fire. You're known for fire pits. By the way, California, parts of Colorado, a lot of areas have fire bans. You can't burn wood. You don't want to take a chance of a spark. The propane space is crowded, but I think we have a real opportunity to play in this space. We came out with something we called the Infinity Flame. Again, you don't just want to come out with a B2 product. 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 the secondary burn with the little lights on the outside. In 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 do not have pollution, which is smoke, and it burns to a fine ash. We are like, "How do we represent this in a propane edition so it broadens our market exposure?" With that, I believe this will be it. 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 cannot use it. We sold out of that immediately. A big mistake I made. I did not order enough. I had no idea what the demand would be for it. 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 1,000 units on back order right now. We feel good about that launch and what that product is offering for us. Talking about Chubbies, Chubbies is crazy. The first half of the year was so exciting. They are selling in. The little bit of the joke in the office was this new two-inch inseam short took off and was sold out immediately. People would be in meetings and say, "Hey, if we do not keep Slack as our corporate communications device, I am going to wear Chubbies shorts and send a picture in." We are like, "Okay, we will keep Slack." It is just a little bit of a joke. This two-inch inseam was kind of the thing. Chubbies is very irreverent. It 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. This brand continues to be strong. A little slowdown in retail in terms of selling in Q3, but their DTC business continued to be up. You are expanding retail, but your DTC is growing too. That is the definition of a strong brand presence out there. We feel great about what Chubbies is doing in their new products. I know I am running a little long here. 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 to paddleboards that blow up. We have an Infinity Fiber that has like three times the structure and strength of a typical blow-up platform. Working with a designer who had worked in this space, we came up with this very unique greenhouse. Costco had come to us saying, "Hey, we sell 150,000 of these a year. They're impossible to build. They cost a couple of grand, but then you got to get someone out to build it for you and put it in place and all this. This can be built in two and a half hours with no tools and a patented attachment system with the strength. When you see it, it is like a heavy-duty structure and can be a greenhouse immediately. It is using all the technology and capability with the need that we have done within the water sports area and pivoting a little into another opportunity. Just as we look at innovation, just letting you know across all three divisions, that is a focus of us. Quickly, I have 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 is in a sweet spot, where we are spending where it makes sense, but we are being reasonable about it. Look, a lot of critical work remains in the fourth quarter is key to our success. 30% of our revenue comes in these next six or seven weeks over this holiday season. We're a big gifting platform, but excited about the pipeline of products. If you like kind of the new products you saw coming out here, we have an equally vibrant pipeline coming in 2026 as well behind it. That is our plan and we're sticking to it. Okay. I will not take you through the slide. I will just open it up to further questions right now because I am getting the red light. Yes, sir. What are the price points on the new products and the margins that you? Yeah. Yeah, I will give it to you at a high level. The price point on the new propane fire pit is $599. That is 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, a little bit higher DTC if you're talking gross margins and a little less in retail, obviously. The other one, Summit 24, that's $599 as well. It's a $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. Griddle. Griddle. Griddle. $1,199 with stand, $899 without stand. I can give you some context. Most griddles are down Blackstone, $499. They have some sales at $399. Some are nicer ones like Weber, closer in the $699 range, but none of them are stainless steel. Those commercial-grade griddles like this, if they're built into your outdoor kitchen, are $2,800, $3,000, that kind of level. As we talked 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. It's so easy to clean. When you're done with them, you dump a little water on it, it steams, you run it to the side, you're done." You got no dishes inside. You go outside and make breakfast. It's cleaned up right away. Those are the price points. Margins a little tighter on that, given where tariffs are. How do you deal with knock-off brands? I'm going to have I don't know if you've heard of Martex. They're here right at the desk, and they just got killed by. Yeah. In the last 15 years, I've really dealt with knock-off brands because when you're premium brands and enthusiast categories, everyone's coming to knock you off and come below. 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. 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. If you don't innovate, provide the best experience. I won't say it's not painful on Amazon, all the knock-offs that are coming at us. We play Whac-A-Mole because everyone uses our name. They call a 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. We're forever chasing because everyone's really trying to trend on our brand and take advantage of it. Yes, in the back. What do you manufacture? And And also, what percentage of your sales are from global sales outside of the U.S.? Yeah, that's a great question. I'll answer the last one first. It better be a lot more going forward. Actually, I find international is probably our biggest opportunity. We're about 10% now in terms of outside of the U.S., but I'd love it to be more like 25% or 30%. We've just gotten some great opportunities in India. In Europe, we've moved into distribution strategy there. We're now Amazon Prime aligned there in Europe. In the U.K., we find this big opportunity. The first part of your question, I'm sorry, I answered the last one first. Manufacturer. Vietnam and China was predominantly in Mexico prior to the tariffs. 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. As of July of this year, we had moved to other parts of Southeast Asia and dual-sourced our products where it could be. Given the geopolitical risk in China, much less reliant on China, but mostly Southeast Asia, a little bit in Mexico. Can you just follow up on this question with the tariffs on steel coming outside of America? I was supposed to be repeating your questions, by the way. I made a mistake. The question is regarding tariffs. We looked at it in every different region of the world using different supply chains. 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. We have looked at it with U.S. steel, with China steel, etc. Right now, it is still most efficient the way we are manufacturing. We are using steel from China at this point. That is all we have time for. Thank you. Okay, great. Thanks very much.