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Solo Brands, Inc.(DTC) has released its unaudi ted consolidated financial statements for the second quarter of 2023, showing a net income of $7.4 million. The company also reported revenue of $130.9 million during the same period.
Consolidated Balance Sheets
The company's total assets as of June 30, 2023, amounted to $881.2 million, compared to $862.3 million as of December 31, 2022. The current assets stood at $211.7 million, while non-current assets reached $669.5 million.
Consolidated Statements of Operations and Comprehensive Income (Loss)
Solo Brands, Inc. reported net sales of $130.9 million for the three months ended June 30, 2023, compared to $136.0 million for the same period in 2022. The cost of goods sold was $47.9 million, resulting in a gross profit of $83.1 million. Operating expenses amounted to $72.0 million. Despite facing a challenging financial environment, the company managed to achieve an income from operations of $11.1 million.
Non-operating expenses, including interest expense and other items, totaled $3.1 million, resulting in an income before income taxes of $14.1 million. The income tax expense for the quarter was $2.6 million. After accounting for income attributable to non-controlling interests, Solo Brands, Inc. reported a net income of $7.4 million for the quarter.
Consolidated Statements of Cash Flows
The company's cash flows from operating activities showed a net increase of $51.8 million for the six months ended June 30, 2023. Cash flows from investing activities indicated a net decrease of $8.9 million, mainly driven by capital expenditures and acquisitions. Cash flows from financing activities resulted in a net decrease of $5.8 million, primarily due to stock repurchases and debt repayments.
Consolidated Statement of Equity
For the six months ended June 30, 2023, Solo Brands, Inc. reported total equity of $583.1 million. The company's Class A common stock stood at 58.3 million shares, with a par value of $0.001 per share, while the Class B common stock amounted to 32.6 million shares, also with a par value of $0.001 per share.
The increase in equity can be attributed to net income for the period, equity-based compensation, and other comprehensive income, partially offset by common stock repurchases and distributions to non-controlling interests.
Solo Brands, Inc. continues to navigate a dynamic market, focusing on growth opportunities and optimizing operational efficiency to drive long-term shareholder value.