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Clarus Reports Second Quarter 2026 Results
Clarus Reports Second Quarter 2026
About this update from Clarus Corporation
Grew Quarterly Sales at Outdoor by 8.5% Increased Apparel Sales in Outdoor Segment for Fifth Consecutive Quarter Repurchased 153,331 Shares of Common Stock for Approximately $0.4 Million Jefferies LLC Continues to Assist the Company with Evaluating Strategic Alternatives SALT LAKE CITY, Aug. 06, 2026 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor enthusiast markets, reported financial results for the second quarter ended June 30, 2026. Second Quarter 2026 Financial Summary vs. Same Year ‐ Ago Quarter Sales of $56.2 million compared to $55.2 million. The Company received a refund of approximately $6.1 million related to previously paid International Emergency Economic Powers Act (“IEEPA”) tariffs, which was recorded as an offset to cost of goods sold. Gross margin was 48.9% compared to 35.6%. Second quarter 2026 gross margin includes a benefit of approximately 1,090 basis points from the recovery of IEEPA tariffs. Net income of $4.7 million with a net income margin of 8.4%, or $0.12 per diluted share, compared to net loss of $8.4 million with a net loss margin of (15.3)%, or $(0.22) per diluted share. Adjusted net income of $6.8 million, or $0.18 per diluted share, compared to adjusted net loss of $(3.1) million, or $(0.08) per diluted share. Adjusted EBITDA of $7.6 million with an adjusted EBITDA margin of 13.6%, compared to Adjusted EBITDA loss of $(4.4) million with an adjusted EBITDA margin of (8.0)%. Management Commentary “Our second quarter results reflect disciplined execution of our simplification strategy,” said Warren Kanders, Clarus’ Executive Chairman. “The IEEPA tariff refund we recognized during the quarter lifted earnings and gross margin, but our underlying performance was solid and we continue to see encouraging signs of progress across both segments. At Outdoor, where second quarter revenue, margin, and EBITDA all increased year-over-year, we believe that the team’s hard work concentrating inventory on our highest-volume, highest-margin products is paying off. Our big three Outdoor categories of Mountain, Climb, and Apparel drove 95% of total segment revenues, a testament to the deliberate actions we have taken to prioritize Black Diamond’s best and most profitable styles. In the Adventure segment, we continue to carefully balance targeted investments with ongoing cost and productivity initiatives. Notably, Adventure’s second quarter gross margin improved 420 basis points year-over-year driven by price growth and better segmentation across our retailer base.” Mr. Kanders added, “Despite geopolitical and macroeconomic headwinds, we continue to expect full-year revenue to fall within our previously provided guidance range. Outdoor has performed well in a challenging market, and we remain confident that Black Diamond is positioned to capitalize on the growth opportunities ahead. With cleaner inventory, less discounting, and a shift toward a full-price premium model, we are well positioned to drive improved profitability. At Adventure, we have improved the organizational shape to capture more margin as the business re-scales. During the second quarter, we completed the bolt-on acquisition of ONWRD Supply Co. brand and related assets, enhancing our portfolio mix with complementary, high margin in-vehicle accessories. Overall, we remain committed to unlocking the intrinsic value of both segments and to maximizing long-term value for our shareholders.” Second Quarter 2026 Financial Results On a consolidated basis, sales in the second quarter were $56.2 million compared to $55.2 million in the same year‐ago quarter, up 1.6%. Sales in the Outdoor segment increased 8.5% to $39.8 million, compared to $36.7 million in the year-ago quarter. Sales in the Adventure segment decreased 11.9% to $16.4 million, compared to $18.6 million in the year-ago quarter. Sales in the Outdoor segment increased due to increases in global wholesale, independent global distributor, and global direct-to-consumer revenues, partially offset by lower PIEPS revenue due to the sale of PIEPS in July 2025. Sales in the Adventure segment decreased due to an unfavorable wholesale market in Australia and North America for Rhino-Rack and MAXTRAX, partially offset by favorable FX. Gross margin in the second quarter was 48.9% compared to 35.6% in the year‐ago quarter. The gross margin increase was primarily attributable to receiving $6.1 million of IEEPA tariff refunds, higher volumes and a favorable product mix at the Outdoor segment, and a favorable product mix at the Adventure segment, which was partially offset by lower volume at the Adventure segment. Selling, general and administrative expenses in the second quarter were $24.3 million compared to $26.9 million in the same year‐ago quarter. Second quarter 2026 expenses reflect lower marketing costs, depreciation, amortization and other expense reduction initiatives across both segments to manage costs and the removal of PIEPS due to its sale during 2025. Net income in the second quarter of 2026 was $4.7 million with a net income margin of 8.4%, or $0.12 per diluted share, compared to net loss of $(8.4) million with a net loss margin of (15.3)%, or $(0.22) per diluted share, in the year-ago quarter. Adjusted net income in the second quarter of 2026 was $6.8 million, or $0.18 per diluted share, compared to adjusted net loss of $(3.1) million, or $(0.08) per diluted share, in the year-ago quarter. Adjusted net income (loss) excludes amortization of intangibles, impairment of indefinite-lived intangible assets, restructuring charges, transaction costs, contingent consideration benefit, and stock-based compensation. Adjusted EBITDA in the second quarter was $7.6 million, or an adjusted EBITDA margin of 13.6%, compared to adjusted EBITDA of $(4.4) million, or an adjusted EBITDA margin of (8.0)%, in the same year‐ago quarter. Net cash provided by operating activities for the three months ended June 30, 2026, was $1.7 million compared to net cash used in operating activities of $(9.4) million in the prior year quarter. Capital expenditures in the second quarter of 2026 were $1.1 million compared to $1.9 million in the prior year quarter. Free cash flow for the second quarter of 2026 was $0.6 million compared to an outflow of $11.3 million in the prior year quarter. Liquidity at June 30, 2026 vs. December 31, 2025 Cash and cash equivalents totaled $28.9 million compared to $36.7 million. The balance sheet was debt free at the end of both periods. Stock Repurchase Program During the second quarter, the Company repurchased 153,331 shares of its common stock for approximately $0.4 million, or $2.92 per share, leaving approximately $42.4 million remaining under its $50 million stock repurchase program. Acquisition of ONWRD In June 2026, Rhino-Rack USA completed the acquisition of certain assets and liabilities constituting ONWRD Supply Co. (“ONWRD”), an outdoor inspired accessories brand that makes modular storage and organization systems for cars, trucks, vans, and SUVs. ONWRD’s products feature customizable panels, headrest attachments, and pouches designed to keep gear secure during off-road or daily travel. The ONWRD business has been integrated into Rhino-Rack USA’s existing operations in Colorado. Strategic Review The Company previously announced that its Board of Directors initiated a comprehensive review of strategic alternatives to enhance shareholder value. The review includes a range of potential strategic alternatives, including, among other things, the sale of all or part of the business or other strategic or financial transactions involving the Company. The review has no deadline or definitive timetable and there can be no assurance that the review will result in any transaction or other strategic outcome. The Company does not intend to disclose further developments regarding the review unless and until it determines that further disclosure is appropriate or required. Clarus has retained Jefferies LLC as its financial advisor. 2026 Outlook The Company continues to expect fiscal year 2026 sales to range between $245 million and $255 million and now expects adjusted EBITDA to range between approximately $12 million and $13 million, or an adjusted EBITDA margin of 5.0% at the mid-point of the revenue and adjusted EBITDA ranges. Capital expenditures are expected to remain between $6 million and $7 million, consistent with the Company’s prior outlook, and free cash flow is now expected to be $6 million for the full year 2026. For the third quarter of 2026, sales are expected to range between $66 million and $68 million, and adjusted EBITDA is expected to be approximately $3 million. Clarus has not provided net income or net cash provided by operating activities guidance due to the inherent difficulty of forecasting certain expenses, gains, changes in working capital and other items affecting those measures. Accordingly, the Company does not provide reconciliations of adjusted EBITDA, adjusted EBITDA margin or free cash flow guidance to their most directly comparable GAAP measures for fiscal year 2026. Conference Call The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its second quarter 2026 results. Date: Thursday, August 6, 2026 Time: 5:00 pm ET Registration Link: https://register-conf.media-server.com/register/BI19da625963174778be074ad27b47b34c To access the call by phone, please register via the live call registration link above and you will be provided with dial-in instructions and details. The conference call will be broadcast live and available for replay here and on the Company’s website at www.claruscorp.com . About Clarus Corporation Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leader in the design and development of best-in-class equipment and lifestyle products for outdoor enthusiasts. Driven by our rich history of engineering and innovation, our objective is to provide safe, simple, effective and beautiful products so that our customers can maximize their outdoor pursuits and adventures. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, RockyMounts®, and Onwrd® brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers. Use of Non‐GAAP Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This press release contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted net income (loss) and related earnings (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted net income (loss) and related earnings (loss) per diluted share, (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measures adjusted EBITDA and/or adjusted EBITDA margin for the fiscal year 2026 to net income for the fiscal year 2026, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not adjusted EBITDA and/or adjusted EBITDA margin. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies. Forward-Looking Statements Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, risks and uncertainties related to the Company’s review of strategic alternatives, including the timing and outcome of the review, whether the review results in any transaction or other strategic outcome, whether and when the Company provides further updates, and the potential impact of the review on the Company’s business and operations, as well as those risks and uncertainties more fully described from time to time in the Company’s public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release. Company Contact: Michael J. Yates Chief Financial Officer [email protected] Investor Relations: The IGB Group Leon Berman / Matt Berkowitz Tel 1-212-477-8438 / 1-212-227-7098 [email protected] / [email protected] CLARUS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except per share amounts) June 30, 2026 December 31, 2025 Assets Current assets Cash $ 28,925 $ 36,691 Accounts receivable, less allowance for credit losses of $1,269 and $1,121 43,119 44,839 Inventories 92,008 83,028 Prepaid and other current assets 8,076 5,457 Income tax receivable 1,427 1,407 Total current assets 173,555 171,422 Property and equipment, net 18,867 18,255 Other intangible assets, net 21,565 23,761 Indefinite-lived intangible assets 19,600 19,600 Deferred income taxes 55 55 Other long-term assets 21,188 15,935 Total assets $ 254,830 $ 249,028 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 17,861 $ 15,907 Accrued liabilities 20,843 24,403 Income tax payable 320 179 Total current liabilities 39,024 40,489 Deferred income taxes 1,301 1,418 Other long-term liabilities 16,433 10,728 Total liabilities 56,758 52,635 Stockholders’ Equity Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued - - Common stock, $0.0001 par value per share; 100,000 shares authorized; 43,104 and 43,054 issued and 38,288 and 38,402 outstanding, respectively 4 4 Additional paid in capital 704,909 703,487 Accumulated deficit (457,756 ) (457,253 ) Treasury stock, at cost (33,635 ) (33,156 ) Accumulated other comprehensive loss (15,450 ) (16,689 ) Total stockholders’ equity 198,072 196,393 Total liabilities and stockholders’ equity $ 254,830 $ 249,028 CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (In thousands, except per share amounts) Three Months Ended June 30, 2026 June 30, 2025 Sales Domestic sales $ 24,522 $ 24,724 International sales 31,634 30,523 Total sales 56,156 55,247 Cost of goods sold 28,684 35,567 Gross profit 27,472 19,680 Operating expenses Selling, general and administrative 24,303 26,910 Restructuring charges 140 161 Transaction costs 22 108 Contingent consideration benefit (254 ) - Legal and regulatory matter (benefit) costs (1,299 ) 1,837 Impairment of indefinite-lived intangible assets - 1,565 Total operating expenses 22,912 30,581 Operating income (loss) 4,560 (10,901 ) Other income Interest income, net 84 153 Other, net 92 1,483 Total other income, net 176 1,636 Income (loss) before income tax 4,736 (9,265 ) Income tax expense (benefit) 22 (831 ) Net income (loss) $ 4,714 $ (8,434 ) Net income (loss) per share: $ 0.12 $ (0.22 ) Basic 0.12 (0.22 ) Diluted Weighted average shares outstanding: Basic 38,369 38,402 Diluted 38,369 38,402 CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) (In thousands, except per share amounts) Six Months Ended June 30, 2026 June 30, 2025 Sales Domestic sales $ 49,402 $ 49,533 International sales 68,692 66,147 Total sales 118,094 115,680 Cost of goods sold 67,859 75,206 Gross profit 50,235 40,474 Operating expenses Selling, general and administrative 50,880 53,526 Restructuring charges 993 334 Transaction costs 44 250 Contingent consideration benefit (254 ) - Legal and regulatory matter costs 80 2,462 Impairment of indefinite-lived intangible assets - 1,565 Total operating expenses 51,743 58,137 Operating loss (1,508 ) (17,663 ) Other income Interest income, net 172 410 Other, net 3,000 1,942 Total other income, net 3,172 2,352 Income (loss) before income tax 1,664 (15,311 ) Income tax expense (benefit) 245 (1,633 ) Net income (loss) $ 1,419 $ (13,678 ) Net income (loss) per share: Basic $ 0.04 $ (0.36 ) Diluted 0.04 (0.36 ) Weighted average shares outstanding: Basic 38,389 38,384 Diluted 38,390 38,384 CLARUS CORPORATION RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN THREE MONTHS ENDED June 30, 2026 June 30, 2025 Sales $ 56,156 Sales $ 55,247 Gross profit as reported $ 27,472 Gross profit as reported $ 19,680 Adjusted gross profit $ 27,472 Adjusted gross profit $ 19,680 Gross margin as reported 48.9 % Gross margin as reported 35.6 % Adjusted gross margin 48.9 % Adjusted gross margin 35.6 % SIX MONTHS ENDED June 30, 2026 June 30, 2025 Sales $ 118,094 Sales $ 115,680 Gross profit as reported $ 50,235 Gross profit as reported $ 40,474 Plus impact of inventory fair value adjustment - Plus impact of inventory fair value adjustment 120 Adjusted gross profit $ 50,235 Adjusted gross profit $ 40,594 Gross margin as reported 42.5 % Gross margin as reported 35.0 % Adjusted gross margin 42.5 % Adjusted gross margin 35.1 % CLARUS CORPORATION RECONCILIATION FROM NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) AND RELATED EARNINGS PER DILUTED SHARE (In thousands, except per share amounts) Three Months Ended June 30, 2026 Total Gross Operating Income tax Tax Net Diluted sales profit expenses expense rate income EPS (1) As reported $ 56,156 $ 27,472 $ 22,912 $ 22 (0.5 ) % $ 4,714 $ 0.12 Amortization of intangibles - - (1,906 ) 9 1,897 Restructuring charges - - (140 ) - 140 Transaction costs - - (22 ) - 22 Contingent consideration benefit - - 254 - (254 ) Stock-based compensation - - (268 ) - 268 As adjusted $ 56,156 $ 27,472 $ 20,830 $ 31 0.5 % $ 6,787 $ 0.18 (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to net loss. Reported net income per share and adjusted net income per share are both calculated based on 38,369 diluted weighted average shares of common stock. Three Months Ended June 30, 2025 Total Gross Operating Income tax Tax Net Diluted sales profit expenses benefit rate loss EPS (1) As reported $ 55,247 $ 19,680 $ 30,581 $ (831 ) (9.0 ) % $ (8,434 ) $ (0.22 ) Amortization of intangibles - - (2,213 ) 217 1,996 Impairment of indefinite-lived intangible assets - - (1,565 ) - 1,565 Restructuring charges - - (161 ) 16 145 Transaction costs - - (108 ) 10 98 Stock-based compensation - - (1,554 ) 57 1,497 As adjusted $ 55,247 $ 19,680 $ 24,980 $ (531 ) 14.5 % $ (3,133 ) $ (0.08 ) (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to net loss. Reported net loss per share and adjusted net loss per share are both calculated based on 38,402 basic and diluted weighted average shares of common stock. CLARUS CORPORATION RECONCILIATION FROM NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS) AND RELATED EARNINGS PER DILUTED SHARE (In thousands, except per share amounts) Six Months Ended June 30, 2026 Total Gross Operating Income tax Tax Net Diluted sales profit expenses expense rate income EPS (1) As reported $ 118,094 $ 50,235 $ 51,743 $ 245 (14.7 ) % $ 1,419 $ 0.04 Amortization of intangibles - - (3,843 ) 23 3,820 Restructuring charges - - (993 ) - 993 Transaction costs - - (44 ) - 44 Contingent consideration benefit - - 254 - (254 ) Stock-based compensation - - (1,422 ) - 1,422 As adjusted $ 118,094 $ 50,235 $ 45,695 $ 268 3.5 % $ 7,444 $ 0.19 (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to net loss. Reported net income per share and adjusted net income per share are both calculated based on 38,390 diluted weighted average shares of common stock. Six Months Ended June 30, 2025 Total Gross Operating Income tax Tax Net Diluted sales profit expenses benefit rate loss EPS (1) As reported $ 115,680 $ 40,474 $ 58,137 $ (1,633 ) (10.7 ) % $ (13,678 ) $ (0.36 ) Amortization of intangibles - - (4,437 ) 512 3,925 Impairment of indefinite-lived intangible assets - - (1,565 ) - 1,565 Disposal of internally developed software - - (365 ) 48 317 Restructuring charges - - (334 ) 39 295 Transaction costs - - (250 ) 29 221 Inventory fair value of purchase accounting - 120 - 16 104 Stock-based compensation - - (3,023 ) 105 2,918 As adjusted $ 115,680 $ 40,594 $ 48,163 $ (884 ) 16.9 % $ (4,333 ) $ (0.11 ) (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to net loss. Reported net loss per share and adjusted net loss per share are both calculated based on 38,384 basic and diluted weighted average shares of common stock. CLARUS CORPORATION RECONCILIATION FROM CONSOLIDATED NET INCOME (LOSS) AND NET INCOME (LOSS) MARGIN TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN (In thousands) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Outdoor Segment Adventure Segment Corporate Costs Total (1) Outdoor Segment Adventure Segment Corporate Costs Total (1) Net income (loss) $ 4,714 $ (8,434 ) Income tax expense (benefit) 22 (831 ) Other, net (92 ) (1,483 ) Interest income, net (84 ) (153 ) Operating income (loss) $ 8,177 $ (1,333 ) $ (2,284 ) $ 4,560 $ (4,242 ) $ (2,203 ) $ (4,456 ) $ (10,901 ) Depreciation 616 322 62 1,000 534 343 - 877 Amortization of intangibles 162 1,744 - 1,906 245 1,968 - 2,213 EBITDA $ 8,955 $ 733 $ (2,222 ) $ 7,466 $ (3,463 ) $ 108 $ (4,456 ) $ (7,811 ) Restructuring charges 92 48 - 140 (42 ) 203 - 161 Transaction costs - - 22 22 86 - 22 108 Contingent consideration benefit - (254 ) - (254 ) - - - - Impairment of indefinite-lived intangible assets - - - - 1,565 - - 1,565 Stock-based compensation - - 268 268 - - 1,554 1,554 Adjusted EBITDA (2) $ 9,047 $ 527 $ (1,932 ) $ 7,642 $ (1,854 ) $ 311 $ (2,880 ) $ (4,423 ) Sales $ 39,776 $ 16,380 $ - $ 56,156 $ 36,661 $ 18,586 $ - $ 55,247 Net income (loss) margin 8.4 % (15.3 )% EBITDA margin 22.5 % 4.5 % 13.3 % (9.4 )% 0.6 % (14.1 )% Adjusted EBITDA margin 22.7 % 3.2 % 13.6 % (5.1 )% 1.7 % (8.0 )% (1) The Company reconciles consolidated Net income (loss) to EBITDA and Adjusted EBITDA as it has historically not allocated Income tax expense (benefit), Other, net, and Interest income, net to the segments or to Corporate. (2) Beginning in the first quarter of 2026, the Company will no longer add back Legal costs and regulatory matter expenses or Other inventory reserves to Adjusted EBITDA. During the three months ended June 30, 2025, the Company included an adjustment related to Legal costs and regulatory matter expenses of $1,837 ($1,150 recorded at the Outdoor segment and $687 recorded in Corporate costs) and Other inventory reserves of $490 at the Outdoor segment. The three months ended June 30, 2025 reconciliation has been restated to conform to the 2026 presentation. CLARUS CORPORATION RECONCILIATION FROM CONSOLIDATED NET INCOME (LOSS) AND NET INCOME (LOSS) MARGIN TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN (In thousands) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Outdoor Segment Adventure Segment Corporate Costs Total (1) Outdoor Segment Adventure Segment Corporate Costs Total (1) Net income (loss) $ 1,419 $ (13,678 ) Income tax expense (benefit) 245 (1,633 ) Other, net (3,000 ) (1,942 ) Interest income, net (172 ) (410 ) Operating income (loss) $ 7,959 $ (3,170 ) $ (6,297 ) $ (1,508 ) $ (4,120 ) $ (5,257 ) $ (8,286 ) $ (17,663 ) Depreciation 1,251 611 125 1,987 1,040 720 - 1,760 Amortization of intangibles 384 3,459 - 3,843 528 3,909 - 4,437 EBITDA $ 9,594 $ 900 $ (6,172 ) $ 4,322 $ (2,552 ) $ (628 ) $ (8,286 ) $ (11,466 ) Restructuring charges 885 108 - 993 131 203 - 334 Transaction costs - - 44 44 156 40 54 250 Contingent consideration benefit - (254 ) - (254 ) - - - - Impairment of indefinite-lived intangible assets - - - - 1,565 - - 1,565 Disposal of internally developed software - - - - - 365 - 365 Stock-based compensation - - 1,422 1,422 - - 3,023 3,023 Inventory fair value of purchase accounting - - - - - 120 - 120 Adjusted EBITDA (2) $ 10,479 $ 754 $ (4,706 ) $ 6,527 $ (700 ) $ 100 $ (5,209 ) $ (5,809 ) Sales $ 84,648 $ 33,446 $ - $ 118,094 $ 80,984 $ 34,696 $ - $ 115,680 Net income (loss) margin 1.2 % (11.8 )% EBITDA margin 11.3 % 2.7 % 3.7 % (3.2 )% (1.8 )% (9.9 )% Adjusted EBITDA margin 12.4 % 2.3 % 5.5 % (0.9 )% 0.3 % (5.0 )% (1) The Company reconciles consolidated Net income (loss) to EBITDA and Adjusted EBITDA as it has historically not allocated Income tax expense (benefit), Other, net, and Interest income, net to the segments or to Corporate. (2) Beginning in the first quarter of 2026, the Company will no longer add back Legal costs and regulatory matter expenses or Other inventory reserves to Adjusted EBITDA. During the six months ended June 30, 2025, the Company included an adjustment related to Legal costs and regulatory matter expenses of $2,462 ($1,728 recorded at the Outdoor segment and $734 recorded in Corporate costs) and Other inventory reserves of $490 at the Outdoor segment. The six months ended June 30, 2025 reconciliation has been restated to conform to the 2026 presentation.
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