Business
AMMO, Inc. Reports Preliminary Fourth Quarter and Fiscal Year 2020 Results
Fiscal Year 2020 Revenue Expected to Increase 218% to Approximately $14.5 Million SCOTTSDALE, Ariz., April 21, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTCQB:
About this update from Outdoor Holding Company
[{"type":"text","content":"Fiscal Year 2020 Revenue Expected to Increase 218% to Approximately $14.5 Million\nSCOTTSDALE, Ariz., April 21, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTCQB: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, is providing selected preliminary unaudited results for its fourth quarter and fiscal year ended March 31, 2020.\n Based on preliminary unaudited information, AMMO expects to report approximately $4.5 million in revenue for the fourth quarter of fiscal 2020, which is a 230% increase compared to $1.4 million in the fourth quarter of fiscal 2019 and a 62% sequential increase from third quarter of fiscal 2020. Revenue for the month of March was approximately $2.9 million, which represents 65% of total revenue for the entire quarter. Revenue generated in the month of March 2020 was 6% higher than the total revenue for the entire third quarter of fiscal 2020. For fiscal year 2020, AMMO’s revenue increased 218% to approximately $14.5 million compared to $4.6 million in fiscal 2019. Importantly, finished goods inventory decreased by approximately 50% sequentially from the third quarter of fiscal 2020. “Fiscal 2020 proved to be an important year strategically for AMMO as we significantly grew our presence in the commercial market, continued to expand our military and law enforcement channel, and bolstered our manufacturing and production capabilities,” said Fred Wagenhals, CEO of AMMO. “In addition, over the past five weeks, we have seen an unprecedented uptick in demand from the commercial market with a significant increase in purchase orders for both brass casings and loaded ammunition. The strong demand drove down our finished goods inventory at fiscal year-end and increased our cash conversion. “Looking to our fiscal year 2021, we anticipate commercial demand to remain robust through the upcoming election cycle, and we also expect military and law enforcement orders to be a significant growth driver. Given this significant demand environment, we anticipate revenue in fiscal 2021 to be approximately $30 million, more than doubling what we expect to report in fiscal 2020.” AMMO expects to report its full fourth quarter and fiscal year 2020 financial results in June 2020. About AMMO, Inc.AMMO was founded in 2016 with a vision to change, innovate and invigorate t...