SharkNinja, Inc.

Thank you for standing by.

Good morning and welcome to Shark Ninja's first quarter 2026 earnings conference call. Earlier today, we issued our Q1 earnings release, which is available on the company's website at ir.sharkninja.com. A replay of today's webcast will also be available on the site shortly after the call. Before we begin, let me remind you that today's discussion will include forward-looking statements based on our current perspective of the business environment. These statements involve risks and uncertainties and actual results may differ materially. For more details, please refer to our earnings release and the company's most recent SEC filings, which outline factors that could impact these statements. the company assumes no obligation to update or revise forward-looking statements in the future. Additionally, during the call, we will reference non-GAAP financial measures, which we believe provide valuable insight into the underlying growth trends of our business. You can find a full reconciliation of these measures to their most directly comparable GAAP measures in the earnings release. Joining me today are our Chief Executive Officer, Mark Barocas, and Chief Financial Officer, Adam Quigley. Mark will start by providing a business update, followed by Adam, who will review our Q1 financial results and share our outlook for 2026. Mark will then offer some closing remarks before we open the call to questions. During the Q&A session, please limit yourself to one question and one follow-up. I would now like to turn the call over to Mark.

Thank you, James. Good morning, everyone, and thank you for joining us today. Shark Ninja is firing on all cylinders as we kick off 2026. Our Q1 results are a powerful testament of what we believe this company is built to do. Win with consumers, execute with precision, and grow from a position of real strength. Consumers are actively seeking out Shark Ninja products, talking about them, and making them part of their daily lives. From product innovation to marketing to our expanded omnichannel presence, we see exciting momentum across the business. Global sales trends are strong and broad-based. Social engagement is surging. We're not just winning with consumers, we're becoming part of culture. And what makes this even more exciting is how we're growing. The diversification of our business across categories, geographies, and channels is powering our trajectory in a way we feel is difficult to replicate. While the macro environment has remained unpredictable, our operational discipline never wavered. We stayed focused on what matters most, delivering breakthrough accessible innovation to consumers around the world. That focus is our foundation, and today it has never felt more solid. Our Q1 financial results reflect these themes in action. Net sales increased nearly 16% year-over-year, driven by contributions from all three growth pillars. Domestic grew 8.4%, while point-of-sale growth even higher in the double digits. Our international growth accelerated to almost 32% with broad-based strength across geographies. Adjusted EBITDA increased roughly 18% with higher adjusted EBITDA margins compared to the prior period. This performance was driven by our fourth consecutive quarter of leverage in adjusted operating expense as a percentage of net sales. Finally, adjusted EPS increased more than 25% year over year, consistent with our goal of driving strong profitability and earnings growth. Across the board, Q1 was another outstanding quarter for Shark Ninja. Our recently released 2025 shareholder letter highlights last year's accomplishments and our ambitions for 2026 and beyond. I encourage everyone to read it. Today I want to expand on one of its most critical concepts, culture as Shark Ninja's superpower, and how we'll harness our unique culture to drive continued success into the future. Shark Ninja is a company of world-class problem solvers. Problem solving is at the core of how we think of who we are. That mindset, what we call outrageously extraordinary, or OE, comes to life through rapid iteration, continuous improvement, and an entrepreneurial fearlessness to test, learn, and pivot. We believe our unique culture is a powerful competitive advantage, enabling us to move faster, adapt quicker, and consistently deliver disruptive innovation at breakneck speed. Importantly, this cultural edge goes way beyond product innovation into all areas of the business, marketing, finance, operations, technology, and everywhere else. The OE mentality thrives on adapting quickly to challenges. The macro environment has unfolded in surprising and difficult ways so far in 2026. When excluding Shark Ninja's performance, the U.S. market declined in the low single-digit to mid-single-digit range across all four of our major categories in Q1, according to Sercana. In contrast, Shark Ninja just delivered our 12th consecutive quarter of double-digit organic net sales growth. While many factors drive this outperformance, we believe the key differentiator is the culture that powers our mission to positively impact people's lives in every home around the world and the existential need to be the best at what we do and to win. Our second mantra, the intrinsic drive to win, requires constant evolution as we grow. New categories, new geographies, new ways to reach and serve consumers. These will always be motivating forces behind how we scale Shark Ninja. But there's another force at play here, one that will profoundly reshape everything going forward, artificial intelligence. In a short time, Shark Ninja has rapidly and comprehensively embraced AI across the board. We expect AI will touch every part of our business. Consumer insights, product development, marketing and demand generation, supply chain, and our omni-channel strategy. Shark Ninja stands to benefit from all of it. To unleash this vision, we've launched a company-wide initiative called Jailbreak Shark Ninja. Jailbreak means hacking through limitations to enable full access to a technology. It's the perfect description of how we're leveraging our unique culture to maximize our opportunity with AI. Some companies are hiring AI consultants and taking months to develop a top-down solution. we see other companies reluctant to get started with AI or only granting access to very few. We don't think either approach is right for Shark Ninja. Instead, our program incentivizes broad-based experimentation by proliferating AI tools and trainings company-wide. It's purpose-built for everyone to participate at all levels, an opportunity for early talent to contribute meaningfully and gain senior leadership visibility. We believe that putting technology in the hands of our people, the ones who live in the details of our business every day, can maximize the insights we capture. What started off in a small way is now growing exponentially, and early signs are that it can have a transformational impact on the business. Jailbreak Shark Ninja aims to drive real business impact and reward employees who deliver breakthrough solutions. This impact is showing up in multiple ways. Our product innovation engine is benefiting from deeper consumer insights all the way through the development process. We're getting smarter at creating consumer demand with tools to improve our content and the efficiency of our media dollars. Operationally, we're discovering meaningful productivity gains. And across the business, we're unlocking intelligent insights we couldn't access before. Most importantly, we're freeing up time spent on mundane tasks to focus on strategic thinking to deliver real insights. Jailbreak is spreading across Shark Ninja like wildfire. Over 150 employees submissions and counting. Each one a signal of the ingenuity and ambition alive inside the company. A few weeks ago, a 20-year-old intern from Clark University walked up to me at lunch and asked if I had five minutes. He had been up until 4 a.m. for multiple nights building an AI solution from scratch. I called over two members of my leadership team and had him presented on the spot. The idea was that good. This is exactly the kind of boldness Jailbreak is designed to find, fuel, and reward. And the world is taking notice. When I shared this story on LinkedIn, it went viral. Over 500,000 impressions and a top 1% post across all of Shark Ninja's content on the platform. Fast Company and others have since covered the program and the $1 million prize fund we've committed to back it up. We could not be more inspired by the momentum of Jailbreak Shark Ninja so far, but we're already thinking bigger and bolder. Ten years ago, we shut down the company for a week and held our first company-wide week-long hack. That event became a defining moment for Shark Ninja. It captured exactly how we operate, moving fast, focusing intently as a team, and solving hard problems. It also made us rethink who we are and what we're capable of. As an example, the very first conversations about moving into outdoor products happened during this hack, inspiring years of innovation since. Last week, we did it again. Team members across the globe completely cleared their calendars for Jailbreak Live, an all-company hack week devoted to tackling some of our most important and complex problems as we embrace the biggest technological shift of our lifetime. We identified 20 cross-functional projects spanning product development and quality to commercial and revenue and supply chain and operations and so much more. We also hacked on over 400 departmental projects that engaged thousands of people across the world. Truly an all-hands-on-deck moment for Shark Ninja. The Jailbreak Live Hack Week is testament to our desire to find problems and then concentrate our resources to solve them. It's also a direct expression of how we can utilize AI to once again reshape who we are and how we operate. And just like a decade ago, we came away with even more excitement about where we can go from here. Shark Ninja is also thinking about the AI long game by building institutional capabilities through two parallel initiatives. First, we're investing in training and other resources to scale company-wide AI adoption from beginners to super users. We believe everyone at Shark Ninja should consider themselves part of our AI expertise. Second, we're actively recruiting the next generation of AI talent, who we call AI sharks. These are ambitious, forward-thinking builders who are already experimenting with emerging technologies and delivering solutions. This approach ensures we both capture immediate grassroots innovation and build sustainable long-term AI competency. Shark Ninja's culture is our superpower and our most durable competitive advantage. Our people don't wait to be asked. They just go. This impatience for action is the defining character trait in people who are successful at Shark Ninja. We empower, nurture, and reward this OE behavior that we feel distinguishes Shark Ninja and drives results. We view the dawn of AI as an opportunity to take this differentiation to the next level. And our jailbreak culture is the powerful force behind how we strive to be the very best and to win. With that, let me turn to our three-pillar growth strategy, beginning with our first pillar, expansion into new and adjacent categories. At the end of Q1, we launched the Shark Blast Boss, the only indoor-outdoor air blasting system that converts into a powerful blast room to clear, loosen, lift, and sweep debris with ease. This innovative multifunctional solution represents a new subcategory for Shark Ninja, taking our total to 39. We remain on track to enter another new subcategory in 2026 in line with our goal of adding two per year. Shark Ninja's product development philosophy centers on listening to consumer problems and innovating purpose-built solutions, often establishing product lines that don't exist elsewhere. The Shark Blast Boss exemplifies this, a novel portable device with multiple use cases. Our solution helps solve a problem that we identified through social media comments and other consumer insights. Initial feedback has been exciting, and we think the Blast Boss unlocks a roadmap for future product development to help us expand outdoors even further. The Shark Chill Pill is a similar story, a revolutionary personal cooling system that offers three ways to chill. a bladeless fan, a dry touch mister, and our cryo-inspired instant-chill direct contact cooling plate. This technology can lower skin temperature by up to 16 degrees Fahrenheit in seconds to offer customizable cooling and instant relief. The Shark Chill Pill has been a smash hit among consumers, generating tens of millions of social media impressions in its first month. We believe such a passionate and growing level of engagement showcases how Shark Ninja is increasingly becoming a part of popular culture. Justin Bieber headlined Coachella a few weeks ago with an exclusive chill zone featuring the Shark Chill Pill. We also partnered with Bieber and his lifestyle brand Skylark on a limited edition chill pill in a custom heat colorway. Extensive press coverage from Variety, Mashable and Rolling Stone highlighted this collaboration. As we continue to introduce exciting new products that consumers love, we're confident we can expand the ways the cultural conversation revolves around Shark Ninja. To put this in perspective, no one is saying Shark made a new fan based on our consumer insights feedback. Instead, we're being recognized as creating a new personal cooling system that didn't exist before. In doing so, we've created desire and demand at a premium price point. The Chill Pill's benefits and lifestyle appeal are resonating with consumers in a remarkable way that showcases just how influential the Shark and Ninja brands have become. We derived the instant chill cooling plate technology from the expertise we developed with our Shark Cryo Glow LED Face Mask. Within our overall Shark Beauty skincare business, the strong holiday momentum has continued into Q1. Consumer demands in POS remain incredibly robust for our disruptive skincare products globally. Our new product roadmap features exciting new skincare launches in the next 12 to 18 months, further leveraging our beauty technology platform. Let's turn to our second growth pillar, growing share in existing categories. A healthy core business is SharkNinja's cornerstone of success. Our goal is to find new ways to drive growth and productivity within legacy categories through relentless innovation. The new Shark Silky Pro Straight is a great example of how we keep existing franchises vibrant. The Silky Pro Straight cleverly combines drying, straightening, and combing hair without heat damage in one convenient device. Importantly, it's designed for every hair type, including curly and coily hair that other products don't address well, based on our consumer insights. The Shark Silky Prostrate strengthens an already robust lineup of hair care solutions designed to address a wide array of consumer needs. The Ninja Luxe Cafe is another area in which we continue to push the envelope on innovation and differentiation. Global momentum for Lux Cafe remains incredibly exciting, with consumers eager to see what's next. Last week, we launched a limited edition Lux Cafe color collection, including our first-ever collaboration with Shark Ninja Global Ambassador David Beckham. Our design leaders worked with Beckham to create a one-of-a-kind version of Luxe Cafe, featuring a matte black stainless steel body, black chestnut wood grain, and gold accents to channel his signature aesthetic. Colorways and collections present opportunities across many of our product lines, with many more exciting developments in the pipeline. Finally, our large cleaning franchise delivered an exceptional Q1, with vacuums and floor care leading the way, highlighted by a standout performance from the recently introduced Shark Stain Force Cordless Spot and Stain Cleaner. Strong results in our largest category are an important proof point. Our base business isn't just healthy, it's thriving. And that matters because healthy, profitable core businesses are the engine of everything Shark Ninja does. They establish the foundation of our growth and fund our expansion into new categories, new geographies, and new channels. Later in 2026, we plan to bring meaningful innovation to subcategories like upright vacuums and cordless sticks, driving further momentum and reinforcing the strength of the core. Our steadfast focus on refreshing and renewing legacy categories is essential to the success of Shark Ninja. The broad-based market share gains we observed this quarter validate this approach. They also underscore the power of diversification as another vital element of our strategy. Our food preparation category declined slightly year over year, driven largely by lapping a very large sell-in period for slushy in the Q1 25. Our strong overall net sales growth underscores the power of category diversification at Shark Ninja, which we also expect will drive improved trends in our food preparation category going forward. Our third pillar, international expansion, saw robust results across multiple geographies. I spoke last quarter about how our model can scale globally, particularly as we become a direct operator in more countries. Q1 showcased strong international performance, even as we work through business model transitions in certain immediate countries like Italy and Spain. Net sales growth in the UK business accelerated this quarter to over 18% year over year after a very strong second half of 2025. We're winning in multiple ways with category and channel diversification both driving success. We see a lot of excitement for Shark Ninja products in the UK and expect continued strength for the remainder of the year. Our France and Germany business are a similar story. Both continue to grow well with increasing diversification across categories. And we're eager to see what's to come with additional shelf placement in 2026. Since our last update, Shark Ninja has successfully earned larger commitments from retailers throughout EMEA for the holiday season. These outcomes reflect deeper relationships with our retail partners and continued exciting demand signals from global consumers. Latin America experienced another exceptionally strong quarter. Last year, we transitioned our Mexico business from a distributor-led to a direct business model. Since that time, our results have been outstanding. The benefits of directly operating in Mexico are multiplying. We have strong and growing relationships with retailers. Our consumer engagement continues to expand with local language social media content, and we believe our opportunity with partners like MercadoLibre is enormous. Across our international business, we're seeing a strengthening of our omni-channel strategy. Additional placement from retailers reflect the trust and success we're driving together, and we deeply appreciate the partnership. We're also excited about how our direct-to-consumer business is developing. Last fall, we meaningfully improved our capabilities by rolling out new DTC sites in the US and Canada. In the first half of 26, we're bringing this enhanced experience to all our major international markets, including the UK, France, Germany, and more. In parallel, we're activating our presence on TikTok shop in several countries within EMEA. Our success within TikTok Shop in the US and the UK allows us to launch confidently in Germany, France, Spain, and beyond. The combination of these elements, a healthy and growing retail presence, our new DTC platform, and further TikTok Shop penetration fortifies our international omni-channel strategy with additional opportunities to come in the back half of 2026. To wrap up, the year is off to a fantastic start. We're executing on the complex, multidimensional task of growing across categories, geographies, and channels, all while navigating a constantly shifting environment. Yet underneath it all, it's business as usual at Shark Ninja. Our unique, ambitious culture is as dependable as ever, and it continues to be the driving force behind our strategy and our confidence in where this company is headed. That confidence shows up in our guidance rates for 2026. Even against the backdrop of changing cost dynamics, our momentum is undeniable. And the signs we're seeing give us every reason to lean in. Consumers are responding to our innovation with real enthusiasm. Shark Ninja products are becoming an increasingly embedded part of culture. And the partnership and support we're seeing from retailers continues to strengthen. The macro environment will likely stay dynamic, but we believe we built this company to handle uncertainty better than anyone. Most of all, we're genuinely energized about everything ahead. With the momentum and fresh creativity coming out of our global hack week propelling Shark Ninja boldly into the future. With that, I'll turn it over to Adam, who will walk you through our financial results and share our updated outlook for 2026.