I just wanted to re-share an original post I made on $BRCC a while back. While the stock is up since my report was published, the core business has decelerated more than expected to just 2.9%, something I believe they will not be able to materially reaccelerate. Furthermore, the sales and profit outlook on the physical store business have been revised to the downside, and the sell-side consensus no longer expects the company to be profitable by the end of 2023 as it initially did under two months ago.

While the wholesale business may have upside potential, it in no way justifies the stock trading at over 12x 2023 sales without profitability in my opinion. It's times like this where it's important to not let price action within a month force a sentiment change and evaluate the long term picture. In this case I merely see a stronger margin of safety established for a thesis that was already sound.

You can read the full initial report here: https://thetathoughts.substack.com/p/wall-street-is-missing-black-rifle?s=r