1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook. Get CNBC's free Warren Buffett Guide to Investing, which distills the billionaire's No. "We're excited to be a billion-dollar brand we believe there's a lot of possibilities here," Merris says. An international expansion could follow, pushing Solo Brands to Merris' ultimate goal of hitting a billion-dollar market cap.īut really, the CEO is betting on a more visceral feeling: that hanging out around a campfire, without the rude intrusion of billowing smoke, is more than just an American pastime. The company's range of available stoves and acquisitions of other brands may help drive that turnaround, Merris says. His longer-term prediction is rosier: Keith says Solo Brands will likely succeed at giving customers multiple opportunities to come back and buy more items, and that its market valuation will climb again. ![]() "There is some concern with Wall Street investors," Keith says. ![]() Solo Brands' year-over-year revenue growth also slowed in 2022, after a massive jump a year earlier - a potential sign that consumers are only buying one Solo Stove each, rather than becoming repeat customers. Today, the company is valued at just over $400 million, which Merris says is partly a result of the stock market at large being "pretty brutal" over the past year. Stoking the flamesīut over the past 16 months, the company's stock price has plummeted by nearly 75%. "They had made it accessible for an everyday person in a neighborhood, in a town, to be able to have a campfire-type experience without having to have a 50-acre ranch," he says. The Bonfire is just two parts: the actual fire pit and the flame ring, which provides protection from wind and enhances the look of the fire. Then, the brothers sent Merris home with a Solo Stove - and the first time he tried it out on his Texas ranch, he was "absolutely blown away." I mean, fire has been around for thousands of years and you guys are somehow the ones that figured this thing out in some special way?" "I thought, 'Man, that's a bold statement. "I remember in that first conversation with them, Spencer and Jeff telling me that they had reinvented fire," Merris tells CNBC Make It. The co-founders were looking for an experienced executive to help them grow the business, and Merris says they initially came on a bit strong. It's a Kickstarter success story: The stove's campaign hit its $15,000 goal in just two hours back in 2016, ultimately raising more than $1.1 million.Īs of Tuesday morning, the company now has a $406.74 million market cap under the stewardship of CEO John Merris, who signed on in 2018 after meeting with the brothers. Treat your Bonfire like a hot fireplace.Their company, Grapevine, Texas-based Solo Brands, makes the Solo Stove - a backyard fire pit that the Jan brothers describe as a "virtually smokeless" campfire alternative.
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