#1solo brands Roadshow Presentation October 2021 ISLE Asolo stove ISI#2Disclaimer; Basis of Presentation € Solo Brands has filed a registration statement (including a preliminary prospectus) on Form S-1 [File No. 333-260026) with the Securities and Exchange Commission ("SEC") for the offering to which this presentation relates. The registration statement has not become effective as of the date of this presentation. Before you invest, you should read the preliminary prospectus and the other documents Solo Brands has filed (or will file) with the SEC for more complete information about Solo Brands and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the preliminary prospectus or final prospectus Iwhen available) may be obtained from: BofA Securities Inc., Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, or by email at [email protected]; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 866-803-9204 or by email at [email protected] and Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws or any such state or jurisdiction. Information in this presentation and the accompanying oral presentation contains forward-looking statements about Solo Brands and the industry in which Solo Brands operates, including statements regarding future results of operations expectations regarding its total addressable market, expectations with respect to the continued growth of its customer base, anticipated trends, growth rates, and challenges in its business, and its financial performance, which are subject to known and unknown uncertainties and contingencies outside of Solo Brands' control and which are largely based on its current expectations and projections about future events and financial trends that Solo Brands believes may affect its financial condition, results of operations, business strategy, and financial needs. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as "anticipate," "believe," "contemplate," " ." "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would," or similar expressions and the negatives of those terms. Solo Brands' actual results, events, or circumstances may differ materially from these statements. Information in this presentation and the accompanying oral presentation also includes statements relating to past performance, which, together with forward-looking statements, should not be regarded as a reliable indicator of future performance. These forward-looking statements are based on assumptions and expectations that may not be correct, may have changed rapidly since the date the forward-looking statements were made, and relate only to events as of the date on which the statements are made. Solo Brands undertakes no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law. Solo Brands may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Its forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments. This presentation and the accompanying oral presentation does not purport to contain all of the information that may be required to evaluate any investment in Solo Brands, or any of its securities and should not be relied upon to form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is intended to present background information on Solo Brands, its business and the industry in which it operates and is not intended to provide complete disclosure upon which an investment decision could be made. The merit and suitability of an investment in Solo Brands should be independently evaluated and any person considering such an investment in Solo Brands is advised to obtain independent advice as to the legal, tax, accounting, financial, credit and other related advice prior to making an investment. In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures, including Adjusted EBITDA, EBITDA Margin, Gross Fees and Free Cash Flow Conversion. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by Solo Brands may differ from the non-GAAP financial measures used by other companies. A reconciliation of these measures to the most directly comparable U.S. GAAP measure is included in these slides. Unless otherwise indicated, all references in this presentation to "Solo Brands", "we", "our", "us", or similar terms refer to Solo Brands, Inc. and its subsidiaries.#3Offering Summary Issuer 1 Ticker / Exchange Base Shares Offered Filing Range Base Offer Size Over-Allotment Option Use of Proceeds Expected Pricing Active Bookrunners Solo Brands, Inc. "DTC" / NYSE 12.9 million total shares (100% primary shares) $14.00 - $17.00 per share $200,000,000 at mid-point of range 15% of Base Deal (100% Primary) General corporate purposes, including the repayment of certain indebtedness October 27, 2021 BofA Securities, J.P. Morgan, Jefferies €#4Today's Presenters 2 P SOLO John Merris President, Chief Executive Officer clarus MULTIVIEW ESTIONELL COMPANY Sam Simmons Chief Financial Officer LogMe JIVE ORU KAYAK €#5R ORU KAYAK CREATING GOOD MOMENTS THAT BECOME LASTING MEMORIES 3 TELF#6solo brands Company Introduction.#7Evolution of Solo Brands 2011 Solo Stove Founded Source Company Information 2015 All marketing brought in-house November 2016 Launched the revolutionary Bonfire October 2018 John Merris joined as CEO November 2018 May 2019 Launched the Yukon and Ranger Introduced Fulfilled-by-Solo ("FBS"), which brought fulfillment in-house 2021 Future Organic growth coupled with product innovation and international expansion Solo Stove acquired Oru, ISLE, and Chubbies creating Solo Brands#8Solo Brands at a Glance WE ARE A LARGE, DTC E-COMMERCE PLATFORM FOR RAPIDLY GROWING LIFESTYLE BRANDS 5 (4) (5) (6) (8) $225M 6m 2021 Brand Net Sales (1) fal $73M Pro Forma 6m 2021 Adj. EBITDA (6) solo stove® $208M Pro Forma 6m 2021 Net Sales 121 35% Pro Forma 6m 2021 Adj. EBITDA Margin (7) -320% Organic Net Sales Growth 1H'2021 (3) ORU KAYAK 97% Pro Forma 6m 2021 FCF Conversion 18) 92% % DTC Sales in 2020 (4) ISLE Source: Company Information. In the case of each of Chubbies and (SLE these net sales were generated prior to our acquisition of the brand. In the case of Oru. this figure includes net sales generated both prior to and following our acquisition of the brand. Pro forme for the Chubbies acquisition. Represents the sum of net sales for the six months ended June 30, 2021 (Solo Stove Haldings) and July 31, 2021 (Chubbies). Does not include net sales of Oru or ISLE Refers to net sales growth over 1 fiscal year zozo for Solo Stove Holdings, and does not include Chubbies or Isle (which were acquired subsequent to June 30, 2027) DTC sales defined as net sales via owned brand websites and third party e commerce marketplaces. Data as of fiscal year 2020. Data as af fiscal year 2020 for currently owned brands. Pro forma for the Chubbies acquisition Represents the sum of Adjusted EBITDA for the six months ended June 30, 2021 (Solo Stove Holdings) and July 31, 2021 (Chubbies) Adjusted EBITDA defined as net income (loss) before interest expense, income taxes and depreciation and amortization expenses, adjusted for one-time transaction costs, acquisition related costs changes in fair value of contingent earn-out liability, inventory fair value write-up. management fees. employee compensation offering expenses, business expansion expense and relocation costs. See Appendix for a reconciliation of Net Income (Loss) to Adjusted EBITDA Pra farme for the Chubbies acquisition Adjusted EBITDA margin defined as Adjusted EBITDA divided by net sales. See Appendix for a reconciliation of Net Income (Loss) to Adjusted EBITDA. Pro forma for the Chubbies acquisition. Based on Pro Forma Adjusted EBITDA, and sum of Solo Stove Holdings and Chubbies purchases of property & equipment (Capex) in each case for the six months ended June 30, 2021 (Solo Stove Holdings) and July 31, 2021 (Chubbies) Free Cash Flow Conversion calculated as (Adj. EBITDA ($72.967)- Capex ($2.048))/ Adj. EBITDA (172.967) -97% Y JTXT fal 4.5m Social Media Followers (9) 84% % DTC Sales from owned Brand Websites in 2020 (5) >2mm Installed Base of Customers chubbies#9Four Authentic and Disruptive DTC Lifestyle Brands... solo brands (2020 Brand Net Sales, $ millions) ) DRU KAYAK ISLE $12 $21 6% 10% $44 chubbies 21% $133 64% (2) (2) solo stove $210mm 2020 Brand Net Sales Platform led by largest brand Solo Stove, whose growth allowed for investments in marketing and supply chain, laying the foundation for a scalable DTC platform solo stove Category disrupting products that make lighting fires simple so customers can enjoy the moment ▪ Enthusiastic following who passionately advocate for the products Source Company Informations In the case of each of Chubbies. ISLE, and Oru. these net sales were generated prior to our acquisition of the brand. 2020 U.S. paddle sports market, Ducker Research & Consulting ORU KAYAK RUKA Innovative origami folding kayaks that can be stored in closets or car trunks, and assembled in minutes Wide appeal from beginners to performance kayakers alike |||| ISLE One of the fastest growing online U.S. retailers of paddle boards(2) Mission to bring quality paddle boarding to as many people as possible chubbies ▪ Digital-first brand designing premium, casual apparel, and activewear ▪ Connects with Millennial and Gen-Z males with authentic, inclusive brand voice and differentiated marketing that evokes the "Friday at 5" feeling#10...That Are Rapidly Growing 7 Individual Brand Net Sales ($mm) $225 Al $210 $133 $44 $21 $12 20200) $152 $50 $12 $11 6M 2021(2) solo stove chubbies ISLE DRU KAYAK +132% 2016 - 6M 2021 CAGR +44% 2012-2020 CAGR Source: Company Information. In the case of each of Oru. (SLE. and Chubbies, these net sales were generated prior to our acquisition of the brand In the 18 Fan Chubbine thorn net soter. dadar tof the bound to the find the bad dekt.www. € Underpinned by Iconic, Virtually Smokeless Fire Pits that Pioneered a New Product Category Anchored by Franchise Products#11Our Brands Are Stronger Together 00 8 ODIAN chubbies solo brands 1,479 likes chubbies Greetings Fellow Chubsters, Today we come to you with quite literally the most exciting announcement of all time. WE HAVE OFFICIALLY JOINED SOLO BRANDS. If there were ever a time to slam a boom, this is it, and we'll tell you why: Joining Solo Brands is like lightning striking the jet- fuel-pool we store beneath the launch pad upon which the TNT-laden rocketship that is Chubbies resides. Source: Company information Comments 12h 1 like Reply Our Customers Love us Together mattclt76 When can we see more options in the 5.5" shorts? (Not swimsuits or workout wear) 16h 1 like Reply mistercapelo | bought everything 12h Reply mistercapelo I bought everything 12h Reply ray.the.notorious This is sick @bro_monroe_show 16h 2 likes Reply flomodobro huge congratulations to the incredible @chubbies team!!!!!! 16h 1 like Reply nemosdad Congrats man!!!! @mase_d 15h 1 like Reply sbginasup Awesome! 15h Reply V miatheflaxensaxon Congrats, you guys!! I love how Solo Brands is already featuring y'all and your mission for mental health on their own website. It seems like a really aligned partnership and I'm excited for y'all 3m Reply rho_jo So Awesome! Congrats to John Merris and all the Solo brands! Looking forward to seeing and hearing the greatness! 28m 1 like Reply blakevonthaden Prepare for takeoff! 6m 1 like Reply _therealsam 0 16m Reply _thejillybean @karaakieran an expanded line of future products we NEED. 29m Reply o Customer Email Responses "This makes me very excited as I worked with Anton as he was developing Oru and we love* our solo stove at home and on the road." "This partnership with Chubbies is like finding out two of my good friends already are best friends." "This is fantastic!! We are new Oru kayakers & enamored with our fun new foldable getaway vehicles, and we've loved our solo stove for quite awhile now too. What a great fit. Congrats!!" "Woohoo! Congratulations with the Solo Brands partnership." 3#12"Plug and Play" Digital DTC Platform... 9 LD 2020 Sales by Channel fal 8% Wholesale 92% DTC(1) 84%12) From our currently owned brands' websites Source: Company Information. DTC defined as owned brand websites and third party e-commerce marketplaces. Dil D 10000 Ju DTC Advantages Provides a curated brand experience and direct interaction with our customers Key differentiator in an industry that is traditionally reliant on wholesale channels Shortens our product innovation timeline as we utilize real- time consumer insights to inform our product development roadmap Our product offerings are easily scalable online with most products fitting in small parcel packaging and easily transportable through our existing fulfillment system Attractive financial model, including rapid growth, scalability, and robust FCF generation Ability to Operate and Scale Brands that Share Our Values of Authenticity, Product Quality, and Community €#13...that Leverages Consumer Data 10 Improve Marketing EFFICIENCY Increase Customer ENGAGEMENT Drive Loyalty and REPEAT PURCHASES Source: Company Information, (2) Reflects fiscal year 2020. Defined as net sales through currently owned brands websites. 84%+ Sales Through Owned eCommerce (1) Massive Customer Data Set Incorporate Consumer Insights in PRODUCT INNOVATION COLLECT Informative Data Points ACQUIRE New Customers 3#14Track-Record of Disruptive Product Innovation Protected by Strong Underlying Intellectual Property 11 -18% of 2020 Sales from New Product Launches(1) 14 Patents Solo Stove: Signature 360° Airflow Design™ 00000 47 Patent Applications Pending Flame Ring: Acts as a windscreen while still allowing oxygen to fuel the flame. Secondary Burn: Vent holes near the top fuel the flame with less smoke. Nichrome Wire Grate: Feeds oxygen directly to embers from below, burning biofuel faster and hotter. Ash Pan: Prevents loose ash from clogging airflow and acts as a heat shield to protect the ground underneath. Airflow: Air movement fuels the fire's base and sends a boost of preheated air to the top of the burn chamber. Source: Company Information. Note: Statistics as of June 30, 2021. In fiscal year 2020, approximately 1876 of Solo Brands revenue was generated from products launched in 2019. 106 Trademarks 67 Trademark RAYAK Oru Kayak: Origami Kayak FROM BOX TO BOAT IN MINUTES Applications Pending Origami Design: Uses high-tech OruPlast™M technology, created from five millimeter double-layered, custom-extruded polypropylene with a 10- year UV treatment € OruPlastTM: Enables kayaks to be lightweight, incredibly puncture resistant, and built to last#15Scalable Global Infrastructure to Support Organic Growth and Integration of DTC Acquisitions Salt Lake City, UT Southlake, TX* Mexicali, Mexico Asolostove Toronto, ON Manchester, PA Grapevine, TX* Asolostove Source Company Information Current headquarters located in Southlake, TX New headquarters located in Grapevine, TX with expected facility completion in 2021 Rotterdam, Netherlands So New headquarters (2021)* Leased warehouses Manufacturing and fulfillment facility Our Fulfillment Footprint Drives Results Competitive shipping rates with no 3PL markup/labor/shortage costs Three strategically located U.S. warehouse facilities enables expedited delivery Allows brand flexibility and direct link to users Global Supply Chain Qualified 3rd Party Manufacturing Partners Significant Investments In: Supply Chain Infrastructure Fulfillment Information Technology Customer Service#16solo brands Growth Pillars ORD#17Multiple Tangible Growth Opportunities 13 1 ACCELERATE ORGANIC GROWTH - BRAND AWARENESS, NEW CUSTOMERS, INNOVATION 2 UTILIZE SCALE AND DRIVE PLATFORM EFFICIENCIES 3 4 ACQUIRE AND OPTIMIZE BRANDS THAT EXTEND OUR REACH EXPAND INTERNATIONALLY 5 STRATEGICALLY EXPAND RETAIL AND CORPORATE CHANNELS#181 Grow Brand Awareness and Acquire New Customers 14 solo stove Massive TAM and Untapped Opportunity of the Platform United States 76 Million Households ~1% Current U.S. penetration for Solo Stove Source: Company Information except as otherwise indicated. 2020 U.S. single family detached homes, Statista. 2020 US. padelle sports market. Ducker Research & Consulting (3) 2020 U.S. online clothing and accessories market Cowen Research. DRU KAYAK ISLE ~$1 BILLION MARKET SIZE(2) -3% MARKET PENETRATION ORU KAYAK $12 MILLION FY 2020 BRAND SALES ISLE $21 MILLION FY 2020 BRAND SALES chubbies $124 BILLION MARKET SIZE(3) $44 MILLION FY 2020 BRAND SALES €#191 Culture of Innovation 15 solo stove Yukon Colorways/ Customization Our Brands Are United by a Desire to Constantly Innovate - We Plan to Continue Building out Our Product Portfolio Source Company Information. solostove Grill Accessories chubbies Swim Trunks Polos Casual Shorts Shirts ORU KAYAK Inlet Bay ST Accessories KVAK A ISLE KUR Pioneer INLE ISLE Accessories € Voyager#202 Continue To Drive Platform Efficiencies 16 Source: Company information Investments in Product Innovation to Drive Long-Term Growth Diversified Sourcing DTC Platform Infrastructure Align Back-Office Structure solo stove ORU KAYAK ISLE chubbies ☆ In-House Fulfillment Enhance Technical E-commerce Capabilities Build Best-In- Class Teams Develop The Digital Marketing Engine Benefits of Scale, Combined Marketing Expertise, and Acquisition of Talent €#213 Acquire and Optimize Brands that Extend our Reach 17 CLEARLY DEFINED ACQUISITION CRITERIA X Source Company Information Category creators / disruptive brands that have a competitive moat Share our DTC-orientation or have a large opportunity to expand DTC penetration Opportunity to accelerate growth, optimize brands and drive efficiencies through our proprietary platform Enthusiast cult-like following, showing emotional connection with customers. Will not pursue brands that don't have established relationships with their consumers and strong product and market fit WINNING FORMULA Foster relationships with independent brands early on for key intel and market trends Be founder-friendly with ability to move quickly Track-record of partnering with founders Disciplined valuation through unique deal sourcing and bilateral negotiations Willingness to be flexible on deal structure / true partnership approach €#224 Expand Internationally 18 Replicate Successful U.S. DTC Model Digitally native expertise Cost-effective access Brand experience Responsive service levels Rapid delivery times Global Infrastructure Hired VP of International Development focused on international expansion Local infrastructure for marketing and customer services Fulfillment setup replicating U.S. model Source: Company Information Solo Brands Strives to Lead International Expansion Leveraging Global Infrastructure Anticipated opening of Rotterdam facility in November 2021 - Launch of our European DTC channel Near- and Medium-Term Targets Long-Term Targets 3#235 Strategically Grow Retail and Corporate Channels 19 Strategic View on Retail We have retailers banging at our door to carry our products Choose partners based on reputation, commitment to our brand and adherence to our pricing standards Provides a channel that allows customers to have an in-person, tactile purchasing experience Deliberately Selected Retail Partners Academy SPORTS+OUTDOORS KREI Source Company Information ACE Hardware DICK'S SPORTING GOODS SCHEELS Carefully Designed Corporate Strategy Drive growth by customers' appreciation for our brand and product quality Customization options create long-term memories with corporate clients and their teammates Corporate sale drives further organic marketing and spreads brand awareness Customizable options to create long-term memories with clients and teammates ******* ✰✰✰✰✰✰‒‒‒‒‒ ******* P BONFIRE above 6.5" x 8.5" Fire Pits TITAN back 2.5" x 3.5 YUKON below 2.0" x 6.0" above 6.5" x 12.5 Portable Camp Stoves below 2.0" x 6.0" € CAMPFIRE back 3.0" x 4.0#24solo brands ISLE Financial Overview LANCE NCE#25Unique Interplay of Growth, Margins, and Cash Flow 20 Disciplined Approach to Gross Margin Rapid Organic Sales Growth(¹) Capital Expenditures (2) Operating Cost Management Source: Company Information. For Sola Stove Holdings. sl We organically grew net sales by 235%(2) in 2020, and by 321% (3) during the six months ended Jun 30, 2021 6M 2021 organic growth largely driven by a 299% increase in orders to 511,941 Average order size increase of 5.6% to -$308 during the six months ended Jun 30, 2021 1H'2021 brand net sales already exceeding FY 2020 brand net sales in aggregate Low penetration in large TAM Not dependent on retailer prices, and priced direct-to-consumer with real-time price adjustment capability Brands with passionate customer following seeking premium outdoor lifestyle products Robust supply chain and manufacturing provide competitive COGS Strategic spend directed to advertisement and marketing to drive growth Leverage fixed costs as we scale Leverage FBS (Fulfilled by Solo) in-house warehousing and fulfillment to provide a better customer experience at low cost Asset-light model drives minimal capital expenditure spend DTC model drives efficient working capital dynamics Refers to net sales growth for Solo Stove Holdings, excluding Chubbies and other subsequently acquired brands, for the year ended December 31, 2020 over the year ended December 31, 2019. Dafar in car els th for Sale Stowe Usldiner aveheting Phukhins and other subramantiu seuired brands for the six months anda luna I 303 m the six months anded us to#26Historical Financial Summary (s) (4) 21 (5) (6) (3) ($ millions) nl Organic Growth (8) Source: Company Informations $39.9 2019 (1) [1] +345% Net Sales $177.5 2020 PF¹² +235% $37.5 +456% 6M 2020¹³ (3) $207.7 6M 2021 PFKI +321% ($ millions) Refers to net sales growth for Solo Stove Holdings, and does not include Chubbies or Isle (which were acquired subsequent to June 30, 2021) Alated CRITMA. Abeced CRUTTA IL not endor San Anandinformation Match da Adidad FRIDA 2019 Pro Forme for the Chubbies coquisition. Represents the sum of Adjusted EBDA for the 12 months ended December 31, 2020 (Solo Stove Holdings) and January 30, 20z (Chubbies) Pro Forma for the Chubbies acquisition. Represents the sum of Adjusted EBITDA for the six months ended June 30, 2021 (Solo Stove Holdings) and July 31, 2021 (Chubbies! [11 Margin¹⁹ 28.9% +429% $61.0 AA $15.5 $11.5 2020 PF¹6 6M 2020¹31 Adj. EBITDA(5) 34.4% +370% 41.4% $73.0 6M 2021 PF¹7 Solo Stove Holdings for fiscal year ended December 31, 2019. Pro Forma for the Chubbies acquisition. Represents the sum of net sales for the 12 months ended December 31, 2020 (Solo Stove Holdings) and January 30, 2021 (Chubbles! Solo Stove Holdings for the six months ended June 30, 2020. Pro Forma for the Chubbies acquisition. Represents the sum of net sales for the six months ended June 30, 2021 (Solo Stove Holdings) and July 31, 2021 (Chubbies). Adjusted EBITDA defined as net income (loss) before interest expense, income taxes and depreciation and amortization expenses, adjusted for one time transaction costs, acquisition related costs, changes in fair value of contingent earn out liability, inventory fair value write-up. management fees, employee compensation, offering expenses, business expansion expense and relocation costs. See Appendix for a reconciliation of Net Income (Loss) to Adjusted EBITDA. 35.1% €#27Continued Momentum Through Q3'21 ($mm) Net Sales Adj. Gross Profit % Margin Adj. EBITDA % Margin Adj. Net Income (3) Total Debt Total Cash Net Debt Net Debt After Offering (3) Three Months Ended September 30, 2021 Low-End $67 45 67.5% 17 24.8% 14 I $375 10 366 183 High-End $69 46 66.7% 18 25.7% 15 Commentary ▪ Continued momentum in top- line performance driven by website sales generated by proprietary marketing engine ▪ Strong profitability with Adj. gross margin of 67% and Adj EBITDA margin of 25%, driven by company infrastructure designed to generate operating leverage and profitability Source: Company Information Note: Closing procedures for the three months ended September 30, 2021 have not been completed. Set forth above are selected unoudited, preliminary, estimated financial results for the third quarter ended September 30, 2021. These estimated financial results are preliminary and subject to change. Our Independent registered public accountants have not oudited, reviewed, compiled or performed any procedures with respect to these estimated financial results and, accordingly, do not express on opinion or any other form of assurance with respect to these preliminary estimates 22 ( Adjusted for gross profit before inventory fair value write-up. Please refer to page 27 for a reconciliation of Adjusted gross profit to gross profit Adjusted for net income before interest expense, income tax expense, depreciation and amortization expense, transaction costs, acquisition related costs, inventory fair value write-up, unit based compensation expense, and business expansion expense. Please refer to page 27 for a reconciliation of Adjusted EBITDA to net income. Adjusted for net income before amortization expense, transaction costs, acquisition related costs, inventory fow value write-up, unit based compensation expense, and business expansion expense. Please refer to page 27 for a reconciliation of Adjusted net income to net income. Assuming $200 million IPO raise at mid-point of range and $77.5 million in fees and expenses. €#28Long-Term Target Growth Algorithm 23 Product Innovation & Extensions 20%+ Net Sales Growth -20% EBITDA Growth -25% Adj. Net Income Growth 95%+ FCF Conversion (1) International Acceleration Future M&A Upside Source Company Information. Note: This slide includes goals that are forward-looking are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management and are based on assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved, and the Company undertakes no duty to update its goals Free cash flow conversion defined as Adi EBITDA lass copex)/capex#29solo brands Appendix#30Reconciliation to GAAP Metrics 24 ($ in thousands) Net Income (Loss) Transaction Costs Acquisition Related Costs Changes in Fair Value of Contingent Earn-Out Liability Inventory Fair Value Write-Up Management Fees Interest Expense Income Tax Expense Depreciation and Amortization Expense Unit Based Compensation Expense Businesss Expansion Expense Adjusted EBITDA Memo: Net Sales Memo: Adjusted EBITDA Margin SOLO STOVE HOLDINGS ADJUSTED EBITDA RECONCILIATION Ca. Pomon Informati.. FYE 12/31/19 ($29,540) 33,195 210 903 5,272 136 519 3 823 $11,521 $39,852 28.9% FYE 12/31/201 ($24,203) 42,731 409 19,073 7,638 250 3,207 99 5,672 $54,876 $133,428 41.1% 6M 6/30/20 $11,207 6 78 1,717 125 868 1,524 $15,525 $37,457 41.4% 6M 6/30/21 $41,962 1,147 1,303 1,405 5,117 172 7,905 490 160 $59,661 $157,816 37.8% €#31Reconciliation to GAAP Metrics 25 Ca. Pomon Informati.. CHUBBIES ADJUSTED EBITDA RECONCILIATION ($ in thousands) Net Income (Loss) Interest expense Income tax expense Employee compensation expense Depreciation and amortization expense Transaction costs Corporate relocation costs Adjusted EBITDA Memo: Net Sales Memo: Adjusted EBITDA Margin FYE 1/30/21 $5,711 311 [1,461) 636 166 104 645 $6,112 $44,065 | 13.9% | 6M 7/31/21 $10,082 70 2,669 223 89 40 138 $13,311 $49,885 26.7% €#32Reconciliation to GAAP Metrics 4830 ($ in thousands) Solo Stove Holdings Net Sales Chubbies Net Sales Pro Forma Net Sales Pal [3] Solo Stove Holdings Adjusted EBITDA Chubbies Adjusted EBITDA Pro Forma Adjusted EBITDA Pro Forma Adjusted EBITDA Margin 26 Source: Company Information. PRO FORMA RECONCILIATION Solo Stove Holdings Purchases of Property & Equipment Chubbies Purchases of Property & Equipment Pro Forma Capex FYE 12/31/19 39,852 $39,852 11,521 $11,521 28.9% Pro Forma Free Cash Flow Conversion (Adj. EBITDA - Capex) / Adj. EBITDA FYE 12/31/20 133,428 44,065" $177,493 54,876 6,112 $60,988 34.4% Represents Chubbies net sales and Adjusted EBITDA for the 12 months ended January 30, 2001. Represents Chubbies net sales. Adjusted EBITDA and copex for the six months ended July 31, 2021 Adjusted EBITDA defined as net income (loss) before interest expense, income taxes and depreciation and amortization expenses, adjusted for one-time transaction costs, acquisition related costs, changes in fair value of contingent carn-out liability, inventory fair value write-up, management fees, employee compensation, offering expenses, business expansion expense and relocation costs Adboarda CRITMA to de boda CRITRA J hermal cole [1] 6M 6/30/20 37,457 $37,457 15,525 $15,525 41.4% 6M 6/30/21 157,816 49,885¹2) $207,701 59,661 13,311 $72,972 35.1% 12) 1,811 237 $2,048 97% €#33Reconciliation to GAAP Metrics 27 Source: Company Information SOLO BRANDS THIRD QUARTER FLASH UPDATE RECONCILIATION ($ in thousands) Gross Profit Fair-Value Write-Up of Inventory From Acquisitions Adjusted Gross Profit Adj. Gross Profit Margin Net Income (Loss) Amortization Expense Transaction Costs Acquisition Related Costs Inventory Fair-Value Write-Up Unit Based Compensation Expense Business Expansion Expense Adjusted Net Income (Loss) Interest Expense Income Tax Expense Depreciation and Amortization Expense Adj. EBITDA Adj. EBITDA Margin Three Months Ended September 30, 2021 Low-End High-End $39,561 5,605 $45,166 67.5% ($1,204) 5,005 1,883 2,311 5,605 266 166 $14,032 2,274 145 141 $16,592 24.8% $40,761 5,475 $46,236 66.7% $451 4,905 1,853 2,271 5,475 261 156 $15,372 2,234 45 141 $17,792 25.7% €#34THANK YOU!