American Outdoor Brands, Inc. · NASDAQ:AOUT
American Outdoor Brands — Q4 2025 Earnings Presentation
40 slides from American Outdoor Brands's earnings presentation, Jun 26, 2025
Slide 1: Investor Presentation June 2025
Nasdaq: AOUT Investor Presentation June 2025 Leveraging our culture of innovation. Delivering solutions for the moments that matter.
Slide 2: Required Disclosures
Required Disclosures In this presentation, certain non-GAAP financial measures, including “non-GAAP net income” and “Adjusted EBITDA’ are presented. A reconciliation of these and other non-GAAP financial measures are contained at the end of this press release, From time to time, the Company consider
Slide 3: Consumers walked away from purchases because they felt overwhelmed
of consumers surveyed recently by Accenture said they walked away from purchases simply because they felt overwhelmed. 3
Slide 4: We've developed a way to differentiate our brands and stand out from the noise
We've developed a way to differentiate our brands and stand out from the
Slide 5: Noise
noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise noise
Slide 6: Sources
(1) Deloitte Global Consumer Tracker (2023) (2) McKinsey & Company (2023) (3) NielsenIQ (2022) (4) The Wall Street Journal article: “These Companies May Be Best Able to Handle High and Changing Tariffs” (June 13, 2025) 6
Slide 7: We leverage our innovation advantage to widen distribution and increase profitability
We leverage our innovation advantage to widen distribution, expand brand awareness, and increase profitability, while remaining agile and asset-light. What if we could change how 54 million people fish? 7
Slide 8: Our brands serve two categories: Outdoor Lifestyle and Shooting Sports
Our 20 brands serve consumer activities organized into two categories – Outdoor Lifestyle and Shooting Sports. FY25 Net Sales FY25 Net Sales Land Management Target Shooting & Hunting Cleaning & Maintenance Rugged Outdoor (Cutlery) Reloading Personal Protection Meat Processing & Outdoor Cooking Safet
Slide 9: Approximately 175 million Americans participate in outdoor recreation
Approximately 175 million Americans participate in outdoor recreation. We thrive in categories where consumers are passionate, can participate for a lifetime, and activities are “gear-rich” in nature. 9
Slide 10: Passionate consumers seek out gear that enhances their enjoyment
These passionate consumers seek out gear that enhances their enjoyment. Our superpower is uncovering their pain points. cal ry to al (S|. CALDWELL LEAD SLED’ FINALLY, SHOOTING RESTS THAT ELIMINATE THE KICK.
Slide 11: Innovation from mixing IP and technologies across two categories
Our most innovative ideas often come from mixing IP and technologies across our two categories: Shooting Sports & Outdoor Lifestyle. This cross- pollination helps yield category disruption. 11
Slide 12: Breakthrough New Products Reflect Strength of Our Innovation Pipeline
Breakthrough New Products Reflect the Strength and Breadth of Our Innovation Pipeline. BUBBA sik! z CLAYGOPTER eFlL is ele ce PIZZA OVEN i Extending Reach. Redefining the Experience. Setting the Standard.
Slide 13: BUBBA innovation extended reach to over 50M anglers
Electric Fillet Knife introduction extended BUBBA’s reach into the large freshwater market while establishing electronics capability. Pro Series Smart Fish Scale introduction extended BUBBA’s reach beyond meat processing into fishing tournaments and catch-and-release. BUBBA App extended the reach of
Slide 14: Caldwell innovations redefine shooting experiences
Caldwell Claymore redefined traditional clay throwers with a revolutionary all-mechanical, portable design. Pull-Pup redefined handheld clay throwers by enabling throwers to adjust target angles with ease. Claymore Solo redefined portability with an ultra lightweight foot operated mechanical thrower
Slide 15: Grilla sets the standard for outdoor cooking
Grilla’s Outdoor Kitchen set the standard for modular outdoor kitchens, creating opportunity for an integrated ecosystem of products. Chimp Tailgater set the standard for portability, making pellet grills more accessible and portable without sacrificing utility. Mammoth Vertical Smoker set the stand
Slide 16: MEAT! Your Maker reached $18.4M in sales, up 33%
We created the “MEAT! Your Maker” brand in 2020. It reached $18.4M in sales last year, up 33% YOY. 16
Slide 17: Consumers are responding to our innovation
Consumers are responding to our innovation. It's starting to stack up... | “
Slide 18: Proven innovation platform yielding $93M+ incremental organic revenue
Our proven innovation platform has been stacking up, yielding $93M+ of incremental organic revenue compared to five years ago, while protecting future revenue potential with 170 new patents. Annual Net Sales Contribution from New Products $114M Products Introduced in ‘25 Products Introduced in ‘24 P
Slide 19: Our innovation engine is predictive and repeatable
Our innovation engine is predictive, driven by our repeatable and scalable process, yielding a pipeline that extends well into the future. 19
Slide 20: Value proposition: instant access to innovation for retailers
Our value proposition: We offer retailers with instant access to innovation and excitement. 20
Slide 21: Innovation enables us to bring in new consumers
Innovation enables us to bring in new consumers, like property owners Displace competition by e.g., leverage our experience Innovation opens the door to expanding our existing lines in grills to enter new untapped new customer channels categories like smokers 21
Slide 22: Because innovation is our core competency, we are asset-light
Because innovation is our core competency, we are asset-ligiit, by design.
Slide 23: Asset-light operation with outsourced manufacturing
As an innovation company, we maintain an asset-light operation with outsourced manufacturing and scalable infrastructure in place to support $400 million in revenue. Big infrastructure Small footprint (<300 employees, 1 DC) Owned manufacturing Design all products ourselves, outsource everything else
Slide 24: Even giants started out small
—— —_— —_— = Ps Even giants started out sypall. We're a small public company today, but we have 4 ~~ awinning culture, strategy, and discipline to be \ __ significantly larger. We've set our sights on $400M in future net sales, ~2x larger than today. We believe this is achievable by continuing to ex
Slide 25: Incremental margin on growth; $400M net sales and EBITDA above $70M
We have a track record of delivering incremental margin on revenue growth above $200M in net sales. We believe our brands are capable of $400M in net sales – at that level, we expect EBITDA to exceed $70M. Net Sales & Adjusted EBITDA % ($ in millions) Illustrative Future State Net Sales & EBITDA $40
Slide 26: Flexibility is important for growth and stability
We believe flexibility is important for both growth and stability. S | \ y 4 Our balance sheet would agree...
Slide 27: Debt-free balance sheet and access to capital
We have resources to fuel our growth, with a debt-free balance sheet and access to capital for organic growth, opportunistic and disciplined M&A, and stock buybacks. 1. Fuel organic growth 2. Smart acquisitions 3. Stock buybacks $23.4M (as of 4/30/25) 27
Slide 28: Investment highlights
1. Large, resilient consumer end markets 2. Innovation vitality – it’s stacking up 3. Ability to blend technologies across two categories 4. Swelling new product pipeline for future growth 5. Asset-light, by design 6. Leverageable operating model on pathway to $400M 7. Strong, flexible balance sheet
Slide 29: FY25 Highlights
FY25 Higa ights Total Net a Sales $222.3M +10.6% ~ Growth b Category/Channe Outdoor Lifestyle +16.2% Shooting Sports +3.8% Traditional +18.1% Domestic +9.9% International +20.0% Adjusted BITDA $17.7M +80.8% New Products 21.5% of Net Sales
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Slide 31: Outdoor Lifestyle and Shooting Sports category growth since FY20
Our Shooting Sports category has grown by 4.7% since FY20, and our Outdoor Lifestyle category has grown 66.1%, driven by fishing, hunting, meat processing, and outdoor cooking products. Outdoor Lifestyle Shooting Sports ($ in millions) $127.1 $109.4 $91.7 $95.2 $90.9 $76.5 FY20 FY24 FY25 FY20 FY24 F
Slide 32: Expected future net sales mix by category, geography and channel
As we grow in the future, we expect our net sales to be comprised of 65% Outdoor Lifestyle, 10% international, and an even split between Traditional and e-Commerce. By Product Category By Geography By Sales Channel ($ in millions) = Outdoor Lifestyle $400 = International $400 = Traditional $400 = Sh
Slide 33: Ever-expanding distribution network
We have an ever-expanding distribution network, delivering our products wherever consumers may shop. In addition, each of our key brands has its own dedicated e-commerce website. Home, Farm, Distributors & National Retailers Automotive Buying Groups Online Retailers OEMs DTC Websites (15+ Brand Webs
Slide 34: Management team
James Tayon Brent Vulgamott Chief Product Officer Chief Operating Officer Brian Murphy Liz Sharp President & CEO, Director VP, Investor Relations Andy Fulmer Chief Financial Officer 34
Slide 35: Income Statement
Income Statement AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES Net sales Cost of sales Gross profit Operating expenses: Research and development Selling, marketing, and distribution General and administrative Total operating expenses Operating loss Other (expense)/income, net: Other (expense}/incom
Slide 36: Balance Sheet
Balance Sheet AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS As of: Inthousands, except par value and share data ASSETS Current assets: Cash and cash equivalents $s 23,423 Accounts receivable, net of allowance for credit losses of $159 on April 30, 2025 and $133 on April
Slide 37: Statement of Cash Flows
Statement of Cash Flows AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended April 30, 2025 2024 {In thousands) Cash flows from operating activities: Net loss $ (77) Adjustments to reconcile net loss to net cash provided by operating activities: De
Slide 38: Non-GAAP Reconciliation
N 0 n- G A AP AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES {In thousands, except per share data) (Unaudited) econciliation Fete Thee Month Ended Ags 30,__FotheVeus Ended Apt 2025 2024 2025, 2024 GAAP gross profit + 25303 ¢ 13
Slide 39: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA GAAP net loss Interest income Income tax expense/(benefit) Depreciation and amortization Stock compensation Technology implementation Tariff drawback adjustment N
Slide 40: Contact Us
Contact Us: Liz Sharp VP, Investor Relations LSharp@aob.com Website: www.aob.com 40
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