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'Shark Tank' Season 15: Coldest founders dubbed 'worst pitchers' after duo reveal $400K loss in $30M company

Coldest founders David Stark and Joe Wayne lost the interest of the Sharks with their 'Shark Tank' pitch and $400K loss in sales

LOS ANGELES, CALIFORNIA: On the most recent episode of 'Shark Tank' Season 15, David Stark and Joe Wayne seek investment for their Florida-based firm, Coldest, which offers water bottles that can keep liquids cold for 36 hours.

However, their pitch quickly drew criticism from both the Sharks and viewers, with many labeling it as the "worst" in the history of the program.

Nothing compares to the satisfaction of sipping on an ice-cold beverage amidst the blistering summer heat. David embarked on a mission to provide this simple yet often elusive pleasure when he introduced Coldest.

At the core of their offerings is a water bottle designed to keep liquids cool for an impressive 36–100 hours. Going beyond drinkware, David and Joe have diversified their product line to encompass items for dogs, beds, and ice packs.

Entering the Tank, they sought $600,000 for a mere 2% stake in their company. Shark Daymond John declared the pitch to be the worst ever as soon as it concluded, even before the duo could begin selling.

On X, fans too reacted, "These guys seem like they are digging their own graves.." Another person added, "No more water cups and bottles."  

On Reddit, fans wrote, "Waaay too many SKUs." Another person asked, "Those are some crazy numbers. > $15M in sales and lost $400K?"

One person noted, "Everything is all over the place. I wouldn't trust them with my money." A fourth person added, "I know... none of their pitch made sense to me. It was so confusing and I don't even know if they got a deal or not. I certainly wouldn't have done a thing with them."

One fan asked, "What was up with their high pitched voices?? They sounded 14." Another agreed with Shark Daymond, "Daymond nailed it. So many SKUs that even if a small percentage of the flop and you have to sell them at cost to get rid of them, you’ve wasted a ton of time, energy and money for nothing." 

Is 'Shark Tank's Coldest profitable?

Coldest sold $5.9 million in 2019. In 2020, they earned $3.9 million.

In 2021, their sales increased to $12.4 million. In 2022, they made $15.1 million and lost $400,000.

They blame it on their inventory, which "just keeps flying out of the warehouse." Their items, which sell for $55.99, cost them $10 to $12 to produce. In 2023, they expected to earn $22 million on the low end.

'Shark Tank's Coldest has over 350 SKUs

Coldest founders disclosed to the Sharks that they are always introducing new hues. And plenty more SKUs.

With $2.5 million in inventory, they have over 350 SKUs. The founders contend that "all of our stuff moves. It just a matter of when we want to discount it and break even that product."

Coldest began as a water bottle firm, but it has now expanded its portfolio to include a variety of goods. The firm also sells Hydration Flavors, which are flavorings for water that you put in your bottle.

Each Hydration Flavor adds vitamins and electrolytes to provide an extra nutritious boost. Strawberry, fruit punch, watermelon, blueberry lemonade, and triple berry are some of the available tastes.

Coldest doesn't simply want to keep you cool while you're on the run. It also intends to help you keep cool at home in bed.

How? The firm provides cooling bedding, which helps control your body temperature while you sleep.

The company's Coldest Pillow is meant to help people whose body temperature increases fast cool down while sleeping, as it has Fusion Weave technology that keeps the pillow colder for longer and reduces night sweating. This technique is also used in the company's Cozy Comforter and Cozy Bed Sheet Set.

Did Coldest get any offer on 'Shark Tank'?

Shark Kevin O'Leary went after the founders, offering $600,000 for a 7% ownership and a royalty of $2.25 per unit until $3 million was paid. The Coldest founders stated that they are not particularly interested in a royalty contract.

The founders countered by saying they are prepared to take a $600,000 loan with a $900,000 repayment period of 3–5 years. Even though Shark Kevin thought his initial offer was "reasonable," the Coldest founders believed that giving away 7% was "definitely on the very low end."

Shark Kevin was pleased with their sales but wasn't sure whether they were making any adjustments to make the firm more lucrative. He is not convinced that the founders are doing their "best job in terms of digital spend."

Shark Kevin made a last offer of $600,000 for a 5% interest, with a royalty of $2.25 per unit until $3 million is paid. The founders countered the offer with a $1.5 million offer for a 5% interest, with the option of buying it back in three years for 1.5 times the investment.

Both of them did not like the royalty and had to eventually decline Shark Kevin's offer.

'Shark Tank' Season 15 airs on Fridays on ABC at 8 pm ET.

For those who missed the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.