Business
AMMO, Inc. Reports Second Quarter 2023 Financial Results
SCOTTSDALE, Ariz., Nov. 14, 2022 (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., Nov. 14, 2022 (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 second quarter of fiscal 2023, ended September 30, 2022. Second Quarter Fiscal 2023 vs. First Quarter Fiscal 2022 ●Net Revenues decreased 21% to $48.3 million. ●Gross profit margin of approximately 26.6%. ●Adjusted EBITDA of $8.2 million compared to $24.0 million. ●Net loss of ($0.8) million, compared to net income of $14.1 million. ●Diluted EPS of ($0.01), compared to $0.11. ●Adjusted EPS of $0.05, compared to $0.17. GunBroker.com “Marketplace” Metrics – Second Quarter 2023 ●Marketplace revenue of approximately $14.6 million. ●New user growth averaged 36,000 per month. ●Average take rate increased to 5.3% compared to 5.0% in fiscal 2022. “This past quarter witnessed AMMO’s on-time and within budget grand opening of its new 185,000 square foot Wisconsin manufacturing facility. Our new plant is running smoothly, and we are diligently working to bring it to its full operational production capacity, to meet commercial demand and satisfy the understandably stringent technical and timeline requirements set out by our US military partners. Additionally, we continue on our charted path to strategically and continually optimize the GunBroker.com Marketplace to ensure it fully addresses our customers’ needs while leveraging that amazing platform to drive more revenue and increase earnings quarter over quarter. We are also pleased to have resolved the proxy contest issues and double the teams’ focus on the operational and financial tasks at hand. Namely, to provide optimal shareholder value as we endeavor to continue to position ourselves as leaders in the ammunition and firearms business, both as a manufacturer and operator of the premier outdoor and shooting sports Marketplace”, commented Fred Wagenhals, AMMO’s Chairman and CEO. Second Quarter 2023 Results We ended our second fiscal quarter increasing our ending cash by nearly 25% to $29 million. Current assets increased to approximately to $133M, while decreasing current liabilities to $32M. In total for the quarter, we had $424M in total asset...