REVENUE

9 Months Ended

Sep. 27, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

Contract Balances

Accounts receivable represent an unconditional right to receive consideration from a customer and are recorded at net invoiced amounts, less an estimated allowance for credit losses.

Contract liabilities are recorded when the customer pays consideration before the transfer of a good to the customer and thus represent our obligation to transfer the good to the customer at a future date. Our contract liabilities include advance cash deposits received from customers for certain customized product orders and unredeemed gift card liabilities. As products are shipped and control transfers, we recognize contract liabilities as revenue.

During the second quarter of 2023, we began issuing gift cards as remedies in connection with a voluntary recall of certain products. We recognize sales from gift cards as they are redeemed for products. Contract liabilities that represented unredeemed gift card liabilities were $3.3 million and $2.9 million as of September 27, 2025 and December 28, 2024, respectively.

The following table provides information about accounts receivable and contract liabilities at the periods indicated (in thousands):

	September 27, 2025		December 28, 2024
Accounts receivable, net	$	157,431	$	120,190
Contract liabilities	$	(15,674)	$	(10,462)

For the nine months ended September 27, 2025, we recognized $10.5 million of revenue that was previously included in the contract liability balance at the beginning of the period.

Disaggregation of Revenue

The following table disaggregates our net sales by channel, product category, and geography (based on end-consumer location) for the periods indicated (in thousands):

	Three Months Ended				Nine Months Ended
	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Net Sales by Channel
Wholesale	$	199,047	$	197,629	$	551,255	$	564,326
Direct-to-consumer	288,719		280,811		733,531		719,007
Total net sales	$	487,766	$	478,440	$	1,284,786	$	1,283,333
Net Sales by Category
Coolers & Equipment	$	215,386	$	192,595	$	556,175	$	518,443
Drinkware	263,791		274,981		705,830		736,084
Other	8,589		10,864		22,781		28,806
Total net sales	$	487,766	$	478,440	$	1,284,786	$	1,283,333
Net Sales by Geographic Region
United States	$	387,329	$	390,176	$	1,026,376	$	1,052,858
International	100,437		88,264		258,410		230,475
Total net sales	$	487,766	$	478,440	$	1,284,786	$	1,283,333

For each of the three and nine months ended September 27, 2025 and September 28, 2024, no single customer represented over 10% of gross sales.