Business
AMMO, Inc. Reports First Quarter 2024 Financial Results
SCOTTSDALE, Ariz., Aug. 09, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest
About this update from Outdoor Holding Company
[{"type":"text","content":"SCOTTSDALE, Ariz., Aug. 09, 2023 (GLOBE NEWSWIRE) -- AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically integrated producer of high-performance ammunition and components, today reported results for its first quarter of fiscal 2024, ended June 30, 2023. First Quarter Fiscal 2024 vs. First Quarter Fiscal 2023 ● Net Revenues of $34.3 million. ● Gross profit margin of approximately 40.9% compared to 29.8%. ● Adjusted EBITDA of $6.6 million compared to $10.6 million. ● Net loss of ($1.1) million, compared to net income of $3.3 million. ● Diluted EPS of ($0.02), compared to $0.02. ● Adjusted EPS of $0.05, compared to $0.07. GunBroker.com “Marketplace” Metrics – First Quarter 2024 ● Marketplace revenue of approximately $13.9 million. ● New user growth averaged 27,000 per month. ● Average take rate increased to 5.8% compared to 5.3% in fiscal 2023. Jared Smith, AMMO’s CEO, commented “Our work toward achieving our strategic goals are starting to pay off as we have already begun to see the positive effects here in the 1st quarter, with significant improvements in gross margin and strong cash flow. Despite a difficult industry environment in the near term, I remain confident that the initiatives we have undertaken in both the marketplace and ammunition divisions will continue to improve profitability. “We couldn't be more excited about the transformation we have made over these last six months and just how quickly we have been able to capture real results. Long term, the industry fundamentals are strong and while the consumer currently faces major economic challenges, we remain confident that our strategic approach will pay long-term dividends for our shareholders,\" Mr. Smith concluded. First Quarter 2024 Results The margins on our marketplace segment remain strong and our gross margins have increased on our ammunition segment as we are beginning to see the benefits of the transition to our leaner operating model with a higher focus on brass sales. We remain confident with the progress we have made to date, but still face headwinds as we continue to see softening in the US commercial ammunition markets. We have, however, continued to increase our cash position with $13.0 in cash from operations ...