Business
AMMO, Inc. Reports Third Quarter 2023 Financial Results
SCOTTSDALE, Ariz., Feb. 14, 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., Feb. 14, 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 third quarter of fiscal 2023, ended December 31, 2023. Third Quarter Fiscal 2023 vs. Third Quarter Fiscal 2022 ●Net Revenues decreased 40% to $38.7 million. ●Gross profit margin of approximately 32.3%. ●Historical Adjusted EBITDA of $7.9 million compared to $20.1million. ●Updated Adjusted EBITDA of $4.8 million compared to $10.7 million. ●Net loss of ($4.1) million, compared to net income of $9.1 million. ●Diluted EPS of ($0.04), compared to $0.07. ●Historical Adjusted EPS of $0.05, compared to $0.14. ●Updated Adjusted EPS of $0.05 compared to $0.08 GunBroker.com “Marketplace” Metrics – Third Quarter 2023 ●Marketplace revenue of approximately $15.4 million. ●New user growth averaged 40,000 per month. ●Average take rate increased to 5.7% compared to 5.4% in fiscal 2022. Fred Wagenhals, AMMO’s Chairman & CEO, commented that “[t]he entire ammunition market is currently facing significant headwinds primarily due to the current inflationary and recessionary drivers impacting the consumer. Despite these near-term challenges, the management team and AMMO Board remains excited about the Company’s prospects in both the short and long term. Our confidence is supported by the continued ramp up in the production capacity at our state-of-the-art facility in Manitowoc, along with the continuing rollout of enhancements to our Gunbroker.com Marketplace site. “These opportunities, coupled with the exciting addition of our newest executive management team member, Jared Smith, President & COO, supports the high level of confidence I have in AMMO’s future. Jared’s experience, the wealth of his relationships, intellect and drive are all valuable assets for our organization as we chart our path forward to a bright future through the balance of this fiscal year and beyond,” Mr. Wagenhals concluded. Third Quarter 2023 Results We ended our third quarter with total revenues of approximately $38.7M in comparison to approximately $64.7M in the prior year quarter - this was a decrease of 40% from the prior year quar...