{"success":true,"data":{"pressRelease":{"id":"113980","rtpr_id":"nGNX3qyftf","ticker":"POWW","exchange":"NASDAQ","all_tickers":["POWW"],"title":"Outdoor Holding Company Reports First Quarter Fiscal 2027 Financial Results","author":"Globe Newswire","published_at":"2026-08-10T12:05:00.308Z","article_body":"Revenue increased 22%, net income from continuing operations increased to\n$3.6 million, Adjusted EBITDA more than doubled to $7.9 million, and operating\ncash flow improved by $11.1 million year over year\n\nAtlanta, Ga., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company\n(Nasdaq: POWW, POWWP) (“OHC,” “we,” “us,” “our” or the\n“Company”), the owner of GunBroker.com, the largest online marketplace\ndedicated to firearms, hunting, shooting, and related products, today reported\nits financial results for its fiscal first quarter ended June 30, 2026.\n\nFirst Quarter Fiscal 2027 vs. First Quarter Fiscal 2026\n* Revenue growth continued: net revenues increased 22.1% to $14.5 million from\n$11.9 million, marking the fourth consecutive quarter of year-over-year growth\n* Gross profit increased 18.5% to $12.2 million from $10.3 million\n* Gross profit margin was 84.5% compared to 87.2% in the prior year period,\nprimarily reflecting the addition of lower-margin Federal Firearms License\n(“FFL”) transfer revenue as well as related implementation costs, which\nare not expected to recur\n* Operating expenses decreased 45.3% to $8.9 million from $16.3 million,\nreflecting the resolution of certain legacy legal matters and continued cost\ndiscipline\n* Returned to profitability: net income from continuing operations was $3.6\nmillion, compared to the prior year period’s net loss from continuing\noperations of $(5.9) million\n* Net income attributable to common shareholders of $2.8 million improved from\na net loss of $(7.2) million in the prior year period and represented 19.4% of\nnet revenues\n* Adjusted EBITDA(1) increased to $7.9 million compared to $3.1 million in the\nsame period last year and represented 54.6% of net revenues\n* Grew gross merchandise value (“GMV”) 18.1% year-over-year to\napproximately $223.7 million from approximately $189.5 million in the prior\nyear period\n* Operating cash flow improved by $11.1 million: net cash provided by\noperating activities was $4.4 million, compared with net cash used in\noperating activities of $6.7 million in the prior-year quarter.\nOperational Highlights\n* Generated positive net income in three of the last four quarters\n* Outperformed the broader firearms market as Firearm unit sales increased\n11.6%, compared with a 5.3% increase in adjusted NICS checks, increasing the\nCompany’s estimated share of adjusted NICS activity by 41 basis points to\napproximately 6.4%\n* Increased take rate 21 basis points year-over-year to 6.47%; new FFL\ntransfer revenue contributed 39 basis points, demonstrating the opportunity to\nexpand transaction monetization without increasing the base final value fee\n* GMV in the silencers and suppressed firearms category increased\napproximately 71% year-over-year after the federal transfer tax on silencers\nwas reduced to $0\n* Repurchased just over 1 million shares of common stock during the quarter\nfor $2.0 million at an average price of $1.98 per share excluding commissions\nand fees, leaving approximately $12.0 million available under the $15.0\nmillion repurchase authorization\n* Grew cash and cash equivalents to $68.8 million, an increase of $0.7 million\nduring the quarter, after funding share repurchases, preferred stock\ndividends, and scheduled related-party note payments\n“This quarter demonstrates the earnings power of a leaner, more focused\nGunBroker and the value of disciplined execution,” said Steve Urvan,\nChairman and CEO of Outdoor Holding Company. “Revenue increased 22%,\noperating income improved by more than $9 million, Adjusted EBITDA more than\ndoubled to $7.9 million, and operating cash flow improved by $11.1 million\nyear over year. Just as importantly, the improvement was broad-based: traffic,\nconversion, average order value and firearm unit sales all increased, and\nGunBroker gained share relative to adjusted NICS activity. Our operating\nphilosophy is simple: Continuous Improvement. Disciplined Growth. We will\ncontinue to simplify the business, improve efficiency and allocate capital to\nits highest and best use, while investing in initiatives that strengthen the\nplatform, expand monetization through value-added services and create durable\nlong-term shareholder value.”\n\nThe first quarter results demonstrate the operating leverage of the\nCompany’s post-divestiture business model. Year-over-year, net revenues\nincreased 22.1% to $14.5 million, driven by higher marketplace volume and the\nCompany’s new FFL transfer revenue stream, which began in April 2026. Total\noperating expenses declined $7.4 million, or approximately 45%, to $8.9\nmillion, reflecting the resolution of certain legacy legal matters and\ncontinued cost discipline. Gross margin was 84.5%, compared to 87.2% in the\nprior-year quarter, reflecting the addition of lower-margin FFL transfer\nrevenue and related implementation costs. Income from operations was $3.3\nmillion, compared to a loss from operations of $(6.0) million in the\nprior-year quarter. Net income from continuing operations was $3.6 million and\n24.7% of net revenues, compared with a net loss from continuing operations of\n$(5.9) million and (49.4)% of net revenues. Net income attributable to common\nstockholders was $2.8 million, or $0.02 per basic and diluted share, compared\nto $(7.2) million, or $(0.06) per basic and diluted share, in the comparable\nperiod. Adjusted EBITDA was $7.9 million, or 54.6% of net revenues, compared\nwith $3.1 million, or 26.5% of net revenues, in the same period last year. The\nCompany has now generated year-over-year revenue growth in four consecutive\nquarters and positive net income in three of the last four quarters.\nManagement believes these results demonstrate that the turnaround is no longer\ndependent solely on cost reduction: marketplace growth, improved transaction\nproductivity and new revenue streams are now contributing alongside the lower\noperating-cost structure.\n\nGunBroker.com delivered strong performance during the first fiscal quarter,\nwith traffic, conversion, and average order value all increasing\nyear-over-year, reflecting continued engagement from both buyers and sellers\nand demonstrating the effect of recent platform investments.\n\n ● Firearm unit sales increased 11.6% year-over-year, outpacing the 5.3% increase in adjusted National Instant Criminal Background Check System (“NICS”) checks and reflecting a 41 basis point increase in the Company’s share of adjusted NICS checks, to approximately 6.4% \n ● Total GMV increased 18.1% year-over-year to approximately $223.7 million \n ● Take rate (net revenues divided by GMV) increased 21 basis points year-over-year to 6.47%, driven primarily by new FFL transfer revenue, which contributed 39 basis points \n ● Average order value grew 7.5% year-over-year to $477 \n\nDuring the quarter, the Company continued to introduce platform enhancements\ndesigned to improve marketplace efficiency and user experience. The\nCompany’s FFL transfer integration, launched at the beginning of the fiscal\nyear, delivered an expanded dealer network, centralized verification, and\nstreamlined transfers workflows, while contributing a new FFL transfer revenue\nstream. The launch included certain startup and implementation costs during\nthe quarter that are not expected to recur. FFL transfer revenue also carries\na lower gross margin than the Company’s legacy marketplace revenue, which\nhas historically generated exceptionally high gross margins exceeding 87%.\nManagement does not view this mix shift as a deterioration in the underlying\neconomics of the business. New transaction-related services are expected to\ngenerate attractive incremental margins, increase gross-profit dollars and\nexpand take rate by monetizing additional portions of the transaction without\nrequiring an increase in the base final value fee. In its first quarter of\noperation, FFL transfer revenue contributed 39 basis points to take rate.\nExcluding FFL transfer revenue, legacy take rate was 6.08%, compared with\n6.26% in the prior-year quarter. The decrease primarily reflected a higher\nproportion of volume from the Company’s largest sellers, which qualify for\ndiscounted fee tiers, and increased sales of higher-value items, which carry a\nlower inherent take rate.\n\nThe Company continues to implement AI where management believes it can produce\nmeasurable improvements in marketplace productivity and user experience. The\nAI-powered listing tool launched in March continued to standardize product\ndescriptions across the marketplace. The Company is also piloting an\nAI-supported customer-service agent, with a phased rollout expected once it\nmeets the Company’s quality and escalation standards. Additional AI\ninitiatives are being evaluated to improve listing efficiency, reduce\ncustomer-service response times, lower transaction friction and support\nconversion.\n\nDemand during the quarter was supported in part by legislation-driven\npurchasing activity ahead of the scheduled July 1, 2026 effective date of\nrecently enacted Virginia legislation restricting future sales and transfers\nof certain semiautomatic firearms and magazines. The Company believes this\nactivity contributed a meaningful portion of the year-over-year GMV growth in\nthe quarter. Enforcement of that law is currently subject to preliminary\ninjunctions, and the related litigation is ongoing. Because this\nVirginia-specific demand was pulled forward ahead of a deadline that did not\ntake effect as scheduled, the Company is not assuming that this activity will\nrepeat in the second quarter. Nevertheless, the quarter’s growth was\nbroad-based. Excluding Virginia, GMV increased approximately $23 million year\nover year, supported by higher traffic, improved conversion and increased\naverage order value across both new and used products.\n\nBalance Sheet and Liquidity\n\nThe Company ended the quarter with $68.8 million in cash and cash equivalents,\nan increase of $0.7 million from March 31, 2026. Net cash provided by\noperating activities was $4.4 million during the quarter, compared with net\ncash used in operating activities of $6.7 million in the prior-year period.\nThe Company grew its cash balance despite funding $2.0 million of share\nrepurchases, $0.8 million of preferred stock dividends, and a $0.2 million\nprincipal payment and $0.8 million of interest on the related-party note. The\nstrengthened balance sheet and liquidity position provide significant\nflexibility to support ongoing platform investments, pursue selective\nstrategic opportunities, and return value to shareholders through the share\nrepurchase program. With reduced leverage, lower fixed costs, and more\nconsistent profitability, the Company is well-positioned to fund organic\ngrowth initiatives while maintaining a disciplined approach to capital\nallocation and shareholder value creation.\n\nFiscal 2027 Execution Priorities\n\nThe Company’s post-divestiture strategy is focused on four execution\npriorities for the remainder of fiscal 2027: growing marketplace activity and\nmarket share through improvements in traffic, conversion, seller participation\nand transaction velocity; expanding transaction monetization by scaling FFL\ntransfer revenue and implementing universal payments; protecting the reset\ncost structure through disciplined hiring, vendor management and return-based\ninvestment; and deploying AI where it can produce measurable improvements in\nlisting quality, customer-service efficiency, transaction friction and\nconversion. Management believes these initiatives can increase revenue earned\nfrom each transaction, capture incremental market share and support durable\nprofitability without increasing the base final value fee.\n\nDiscontinued Operations\n\nAs previously disclosed, in April 2025, the Company completed the sale of all\nassets of its business of designing, manufacturing, marketing, distributing\nand selling ammunition and ammunition components, along with certain related\nassets and liabilities (the “Transaction”), which previously comprised the\nCompany’s Ammunition segment. Following the Transaction, the Company\ncontinues to operate its online e-commerce marketplace business GunBroker.com.\n\nFor the purposes of this earnings release and the financial information\nprovided herein, the results of the Ammunition segment are presented as\ndiscontinued operations in the consolidated statements of operations for all\nperiods presented, if applicable.\n\nConference Call\n\nManagement will host a conference call at 9:00 AM ET on August 10, 2026 to\nreview financial results and provide an update on corporate developments.\nFollowing management’s formal remarks there will be a question-and-answer\nsession.\n\nThe conference call will primarily be available through a live webcast at the\nfollowing link: https://events.q4inc.com/attendee/378705617, which is also\navailable through the Company’s website. The recording of the webcast will\nbe posted on the Company’s website after the call is completed.\n\nThose without internet access may dial in by calling (855) 761-5600 (domestic)\nor +1 (646) 307-1097 (international). Please join at least 5-10 minutes prior\nto the scheduled start and follow the operator’s instructions. When\nrequested, please ask for the “Outdoor Holding Company Conference Call” or\nreference Conference ID #: 8625467.\n\nAbout Outdoor Holding Company\n\nOutdoor Holding Company is the publicly traded parent and operator of\nGunBroker.com, the largest online marketplace dedicated to firearms, hunting,\nshooting and related products. Third-party sellers list items on the site and\nfederal and state laws govern the sale of firearms and other restricted items.\nFirearms sold through the marketplace are transferred through federally\nlicensed firearms dealers in accordance with applicable law. Launched in 1999,\nthe GunBroker.com\n(https://www.globenewswire.com/Tracker?data=JADYnstzvDFwcALvSjxc9ZzCWDKN5WEvVk4-W4ysXVfg88MKRrTYlvHILIOQ3W7IRLZPO_rW6RahRhTiBp8MWGm9jkzNtJog1kmQtCO5l3A=)\nwebsite is an informative, secure and safe way to buy and sell firearms,\nammunition, shooting accessories and outdoor gear online. GunBroker promotes\nresponsible ownership of guns and firearms. For more information, visit:\nwww.gunbroker.com.\n\nCautionary Statement Concerning Forward-Looking Statements\n\nStatements contained or incorporated by reference in this press release that\nare not historical are considered “forward-looking statements” within the\nmeaning of the federal securities laws and are presented pursuant to the safe\nharbor provisions of the Private Securities Litigation Reform Act of 1995.\nForward-looking statements can be identified by words such as “target,”\n“believe,” “expect,” “will,” “may,” “anticipate,”\n“estimate,” “would,” “positioned,” “future,” and other similar\nexpressions that predict or indicate future events or trends or that are not\nstatements of historical matters. These forward-looking statements include,\namong others, statements under the heading “Fiscal 2027 Execution\nPriorities” statements about the Company’s ability to unlock\npost-divestiture efficiencies, the Company’s expected legal and other\nprofessional services expenses, the Company’s business strategy, plans,\nobjectives, expectations and intentions, the Company’s anticipated future\noperating results and operating expenses, cash flow, capital resources,\ndividends and liquidity, the Company’s future expansion or growth plans and\npotential for future growth, including its plan to expand its e-commerce\nplatform, the Company’s ability to attract new customers, the Company’s\nongoing evaluation of strategic opportunities, expectations regarding\nVirginia-related demand and second-quarter activity, expected improvement in\nmargins on FFL transfer revenue, the implementation and expected benefits of\nuniversal payments, AI-enabled tools and other platform initiatives,\nanticipated operating efficiency, profitability and capital allocation, and\nother statements that are not historical facts. Instead, they are based only\non Company management’s current beliefs, expectations and assumptions.\nBecause forward-looking statements relate to the future, they are subject to\ninherent uncertainties, risks and changes in circumstances that are difficult\nto predict and many of which are outside of the Company’s control. Important\nfactors that could cause actual results to differ materially from those\ndescribed in forward-looking statements include, but are not limited to, the\nCompany’s ability to maintain and expand its e-commerce business, the\nCompany’s ability to introduce new features on its e-commerce platform that\nmatch consumer preferences, the success of the Company’s recent and future\nplatform enhancements, including the integration with Master FFL and the\ndeployment of a proprietary AI-powered listing tool; the Company’s ability\nto retain and grow its customer base of buyers and sellers on the GunBroker\nMarketplace; the impact of lawsuits, including securities class action\nlawsuits, stockholder derivative suits and enforcement actions by regulatory\nauthorities; the impact of the Company’s obligation to indemnify its current\nand former directors, officers and employees in connection with litigation and\nother actions; the Company’s ability to maintain effective internal control\nover financial reporting; reputational harm resulting from the Special\nCommittee Investigation, the SEC Investigation and the restatement of the\nCompany’s financial statements; investor perceptions regarding the\nreliability of the Company’s historical financial statements following the\nrestatement, which could adversely affect the Company’s access to capital\nmarkets and the market price of its securities; the impact of adverse economic\nmarket conditions, including from social and political factors; the\nCompany’s ability to meet its future capital requirements; the effect of\nsecurity breaches on the Company’s information systems and other\ndisruptions; the Company’s ability, and the ability of the third parties\nwith whom the Company works, to comply with evolving obligations related to\ndata privacy and security; the impact of generative artificial intelligence on\nthe Company’s business, operations and competitive position; risks related\nto the operation, development and regulation of the Company’s payments\nsystem and financial services offerings; the Company’s ability to retain and\nrecruit key personnel; the intense competition in the markets in which the\nCompany operates and its ability to compete within those markets; changes in\nlaws, government regulations and policies and interpretations thereof,\nincluding those specifically applicable to the sale of firearms and\nammunition, and adverse changes to interpretations of the Second Amendment;\nthe Company’s ability to develop and maintain its brand cost-effectively;\nthe Company’s ability to adequately protect its intellectual property\nrights, including the costs of litigation, the diversion of its management’s\ntime and attention and the impacts of any resulting loss of a competitive\nadvantage; the loss of relationships with retailers and distributors, war,\nterrorism, civil unrest, and natural or manmade disasters that may disrupt the\nCompany’s operations or the markets in which it operates; fluctuations in\nthe Company’s financial results due to factors beyond its control; and the\noccurrence of any other event, change or other circumstances that could give\nrise to impacts on operating results. Therefore, investors should not rely on\nany of these forward-looking statements and should review the risks and\nuncertainties described under the caption “Risk Factors” in the\nCompany’s Annual Report on Form 10-K for the year ended March 31, 2026 and\nadditional disclosures the Company makes in its other filings with the SEC,\nwhich are available on the SEC’s website at www.sec.gov. Forward-looking\nstatements are made as of the date of this press release, and except as\nrequired by law, the Company expressly disclaims any obligation or undertaking\nto publicly release any updates or revisions to any forward-looking statements\ncontained herein to reflect any change in its expectations or any change in\nevents, conditions or circumstances on which any such statement is based.\n\nContacts\n\nFor investors:\nDarrow Associates\nPhone: (917) 886-9071\nIR@outdoorholding.com\n\nSource: Outdoor Holding Company\n\nOUTDOOR HOLDING COMPANY\nNON-GAAP FINANCIAL MEASURES (Unaudited)\n\nTo supplement the Company’s financial information presented in accordance\nwith generally accepted accounting principles in the United States\n(“GAAP”), we present a non-GAAP financial measure in this press release,\nAdjusted EBITDA. We analyze operational and financial data to evaluate our\nbusiness, allocate our resources, and assess our performance. In addition to\ntotal net revenues, net income (loss), and other results under GAAP, the\nfollowing information includes key operating metrics and non-GAAP financial\nmeasures that we use to evaluate our business. We believe that these measures\nare useful for period-to-period comparisons of the Company’s performance. We\nhave included these non-GAAP financial measures in this press release because\nthey are key measures management uses to evaluate our operational performance,\nproduce future strategies for our operations, and make strategic decisions,\nincluding those relating to operating expenses and the allocation of our\nresources. Accordingly, we believe that these measures provide useful\ninformation to investors and others in understanding and evaluating our\noperating results in the same manner as our management and Board of Directors.\nThe Adjusted EBITDA reconciliation presented below begins with net income\n(loss) from continuing operations, which the Company believes is the most\ndirectly comparable GAAP financial measure.\n\nAdjusted EBITDA\n \n\n For the Three Months Ended June 30, \n 2026 2025 \n Reconciliation of GAAP net income (loss) from continuing operations to Adjusted EBITDA \n Net income (loss) from continuing operations $ 3,574,061 $ (5,862,693 ) \n Provision for income taxes 36,715 — \n Depreciation and amortization 3,713,954 3,510,021 \n Interest expense, net 244,363 348,330 \n Stock-based compensation 300,035 787,826 \n Interest and other income (expense), net (559,334 ) (496,312 ) \n Acquisitions and divestitures — 79,398 \n Special Committee Investigation and restatement — 1,304,908 \n SEC Investigation 596,368 676,080 \n Delaware Litigation legal and professional fees — 1,354,864 \n Corporate restructuring costs — 1,435,693 \n Adjusted EBITDA $ 7,906,162 $ 3,138,115 \n\nAdjusted EBITDA is a non-GAAP financial measure that displays our net income\n(loss) from continuing operations (the most directly comparable financial\nmeasure prepared in accordance with GAAP), adjusted to eliminate the effect of\ncertain items described below. We define Adjusted EBITDA as net income (loss)\nfrom continuing operations excluding (i) provision or benefit for income\ntaxes, (ii) depreciation and amortization, (iii) interest expense, net, (iv)\nstock-based compensation expenses relating to stock awards and common stock\npurchase options, (v) interest and other income (expense), net, (vi) expenses\nrelated to acquisitions and divestitures, (vii) gain on extinguishment of\ndebt, (viii) professional service and legal fees related to an investigation\nconducted by a special committee of the Board of Directors (the “Special\nCommittee Investigation”), an investigation by the SEC (“the SEC\nInvestigation”) and the now-settled lawsuit related to the GunBroker\nacquisition (the “Delaware Litigation”) (ix) other nonrecurring expenses,\nsuch as contingencies associated with litigation or settlements and (x)\ncorporate restructuring costs related to headcount reductions, severance, and\nexpense consolidation.\n\nWe believe that it is useful to exclude these expenses because the amount of\nsuch expenses in any specific period may not directly correlate to the\nunderlying performance of our business operations. Non-GAAP financial measures\nhave limitations, should be considered as supplemental in nature and are not\nmeant as a substitute for the related financial information prepared in\naccordance with GAAP. These limitations include the following:\n* stock-based compensation expense has been, and will continue to be for the\nforeseeable future, a significant recurring expense for the Company and an\nimportant part of our compensation strategy;\n* the assets being depreciated or amortized may have to be replaced in the\nfuture, and the non-GAAP financial measures do not reflect cash capital\nexpenditure requirements for such replacements or for new capital expenditures\nor other capital commitments;\n* non-GAAP measures do not reflect changes in, or cash requirements for, our\nworking capital needs; and\n* other companies, including companies in our industry, may calculate their\nnon-GAAP financial measures differently or not at all, which reduces their\nusefulness as comparative measures.\nBecause of these limitations, you should consider the non-GAAP financial\nmeasures alongside other financial performance measures, including our net\nincome (loss) from continuing operations and our other financial results\npresented in accordance with GAAP.\n\n For the Three Months Ended June 30, \n 2026 2025 \n (Unaudited) \n Reconciliation of GAAP net income (loss) from continuing operations to Adjusted EBITDA \n Net income (loss) from continuing operations $ 0.03 $ (0.05 ) \n Provision for income taxes 0.00 - \n Depreciation and amortization 0.03 0.03 \n Interest expense, net 0.00 0.00 \n Stock based compensation 0.00 0.01 \n Other income (expense), net (0.00 ) (0.00 ) \n Acquisitions and divestitures - 0.00 \n Special Committee Investigation and restatement - 0.01 \n SEC Investigation 0.00 0.01 \n Delaware Litigation legal and professional fees - 0.01 \n Corporate restructuring costs - 0.01 \n Adjusted EBITDA $ 0.06 $ 0.03 \n\n\n\n Total diluted income (loss) before discontinued operations, net of tax $ 0.03 $ (0.05 ) \n Preferred stock dividend (0.01 ) (0.01 ) \n Total diluted income (loss) from continuing operations $ 0.02 $ (0.06 ) \n\n\n\n For the Three Months Ended March 31, \n 2026 2025 \n Weighted average number of shares outstanding \n Basic 116,490,584 116,841,148 \n Diluted 124,029,987 116,841,148 \n\n*Per share amounts may not sum due to rounding\n\nOUTDOOR HOLDING COMPANY\nCONSOLIDATED BALANCE SHEETS\n\n June 30, 2026 (Unaudited) March 31, 2026 \n ASSETS \n Current Assets: \n Cash and cash equivalents $ 68,777,371 $ 68,103,395 \n Accounts receivable, net of allowance for credit losses of $2,343,518 as of June 30, 2026 and $2,362,847 as of March 31, 2026 9,504,489 10,361,158 \n Prepaid expenses and other current assets 3,935,286 3,523,921 \n Total Current Assets 82,217,146 81,988,474 \n \n Property and equipment, net 6,903,818 6,927,868 \n \n Other Assets: \n Other noncurrent assets 429,830 465,247 \n Other intangible assets, net 83,869,482 86,890,053 \n Goodwill 90,870,094 90,870,094 \n Right of use assets - operating leases 283,638 342,034 \n TOTAL ASSETS $ 264,574,008 $ 267,483,770 \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY \n Current Liabilities: \n Accounts payable $ 14,380,740 $ 15,743,606 \n Accrued liabilities 2,215,790 4,241,349 \n Current portion of operating lease liability 511,438 515,579 \n Notes payable - related parties, current maturities 234,300 220,000 \n Total Current Liabilities 17,342,268 20,720,534 \n \n Long-term Liabilities: \n Notes payable - related parties, net of debt discounts of $1,913,216 as of June 30, 2026 and $1,963,771 as of March 31, 2026 9,632,483 9,816,229 \n Operating lease liability, net of current portion 498,445 616,904 \n Other noncurrent liabilities 1,145,833 1,375,000 \n Total Liabilities 28,619,029 32,528,667 \n \n Contingencies (Note 14) \n \n Shareholders’ Equity: \n Series A cumulative perpetual preferred stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of June 30, 2026 and March 31, 2026 1,400 1,400 \n Common stock, $0.001 par value, 200,000,000 shares authorized; 119,479,220 and 119,346,452 shares issued and 116,015,388 and 116,902,624 shares outstanding as of June 30, 2026 and March 31, 2026, respectively 116,018 116,905 \n Additional paid-in capital 455,124,157 454,877,083 \n Accumulated deficit (207,645,232 ) (210,453,668 ) \n Treasury stock, at cost (11,641,364 ) (9,586,617 ) \n Total Shareholders’ Equity 235,954,979 234,955,103 \n TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 264,574,008 $ 267,483,770 \n\nOUTDOOR HOLDING COMPANY\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n For the Three Months Ended June 30, \n 2026 2025 \n Net revenues $ 14,480,654 $ 11,857,376 \n Cost of revenues 2,237,828 1,522,398 \n Gross Profit 12,242,826 10,334,978 \n \n Operating Expenses \n Selling and marketing 28,693 56,531 \n Corporate general and administrative 2,891,091 7,337,936 \n Employee salaries and related expenses 2,313,283 5,441,165 \n Depreciation and amortization expense 3,713,954 3,510,021 \n Total operating expenses 8,947,021 16,345,653 \n Income (loss) from operations 3,295,805 (6,010,675 ) \n \n Other Income (Expense) \n Interest and other income 559,334 496,312 \n Interest expense (244,363 ) (348,330 ) \n Total other income, net 314,971 147,982 \n \n Income (loss) before income taxes from continuing operations 3,610,776 (5,862,693 ) \n \n Provision for income taxes 36,715 — \n \n Net income (loss) from continuing operations 3,574,061 (5,862,693 ) \n \n Preferred stock dividend (765,625 ) (774,132 ) \n \n Net income (loss) before discontinued operations 2,808,436 (6,636,825 ) \n \n Loss from discontinued operations, net of tax — (595,634 ) \n \n Net income (loss) attributable to common stock shareholders $ 2,808,436 $ (7,232,459 ) \n \n Basic income (loss) per share of common stock: \n Continuing operations $ 0.02 $ (0.06 ) \n Discontinued operations — (0.00 ) \n Total basic income (loss) per share of common stock $ 0.02 $ (0.06 ) \n \n Diluted income (loss) per share of common stock: \n Continuing operations $ 0.02 $ (0.06 ) \n Discontinued operations — (0.00 ) \n Total diluted income (loss) per share of common stock $ 0.02 $ (0.06 ) \n \n Weighted average number of shares outstanding: \n Basic 116,490,584 116,841,148 \n Diluted 124,029,987 116,841,148 \n\n*Per share amounts may not sum due to rounding\n\n(1) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and\nthe reconciliations at the end of this release for additional information.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6eaceb70-e5d7-4094-9a4f-02972c3cb575)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX3qyftf","title":"Outdoor Holding Company Reports First Quarter Fiscal 2027 Financial Results","author":"Globe Newswire","ticker":"POWW","created":"2026-08-10T12:05:00.308Z","tickers":["POWW"],"exchange":"NASDAQ","article_body":"Revenue increased 22%, net income from continuing operations increased to\n$3.6 million, Adjusted EBITDA more than doubled to $7.9 million, and operating\ncash flow improved by $11.1 million year over year\n\nAtlanta, Ga., Aug. 10, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company\n(Nasdaq: POWW, POWWP) (“OHC,” “we,” “us,” “our” or the\n“Company”), the owner of GunBroker.com, the largest online marketplace\ndedicated to firearms, hunting, shooting, and related products, today reported\nits financial results for its fiscal first quarter ended June 30, 2026.\n\nFirst Quarter Fiscal 2027 vs. First Quarter Fiscal 2026\n* Revenue growth continued: net revenues increased 22.1% to $14.5 million from\n$11.9 million, marking the fourth consecutive quarter of year-over-year growth\n* Gross profit increased 18.5% to $12.2 million from $10.3 million\n* Gross profit margin was 84.5% compared to 87.2% in the prior year period,\nprimarily reflecting the addition of lower-margin Federal Firearms License\n(“FFL”) transfer revenue as well as related implementation costs, which\nare not expected to recur\n* Operating expenses decreased 45.3% to $8.9 million from $16.3 million,\nreflecting the resolution of certain legacy legal matters and continued cost\ndiscipline\n* Returned to profitability: net income from continuing operations was $3.6\nmillion, compared to the prior year period’s net loss from continuing\noperations of $(5.9) million\n* Net income attributable to common shareholders of $2.8 million improved from\na net loss of $(7.2) million in the prior year period and represented 19.4% of\nnet revenues\n* Adjusted EBITDA(1) increased to $7.9 million compared to $3.1 million in the\nsame period last year and represented 54.6% of net revenues\n* Grew gross merchandise value (“GMV”) 18.1% year-over-year to\napproximately $223.7 million from approximately $189.5 million in the prior\nyear period\n* Operating cash flow improved by $11.1 million: net cash provided by\noperating activities was $4.4 million, compared with net cash used in\noperating activities of $6.7 million in the prior-year quarter.\nOperational Highlights\n* Generated positive net income in three of the last four quarters\n* Outperformed the broader firearms market as Firearm unit sales increased\n11.6%, compared with a 5.3% increase in adjusted NICS checks, increasing the\nCompany’s estimated share of adjusted NICS activity by 41 basis points to\napproximately 6.4%\n* Increased take rate 21 basis points year-over-year to 6.47%; new FFL\ntransfer revenue contributed 39 basis points, demonstrating the opportunity to\nexpand transaction monetization without increasing the base final value fee\n* GMV in the silencers and suppressed firearms category increased\napproximately 71% year-over-year after the federal transfer tax on silencers\nwas reduced to $0\n* Repurchased just over 1 million shares of common stock during the quarter\nfor $2.0 million at an average price of $1.98 per share excluding commissions\nand fees, leaving approximately $12.0 million available under the $15.0\nmillion repurchase authorization\n* Grew cash and cash equivalents to $68.8 million, an increase of $0.7 million\nduring the quarter, after funding share repurchases, preferred stock\ndividends, and scheduled related-party note payments\n“This quarter demonstrates the earnings power of a leaner, more focused\nGunBroker and the value of disciplined execution,” said Steve Urvan,\nChairman and CEO of Outdoor Holding Company. “Revenue increased 22%,\noperating income improved by more than $9 million, Adjusted EBITDA more than\ndoubled to $7.9 million, and operating cash flow improved by $11.1 million\nyear over year. Just as importantly, the improvement was broad-based: traffic,\nconversion, average order value and firearm unit sales all increased, and\nGunBroker gained share relative to adjusted NICS activity. Our operating\nphilosophy is simple: Continuous Improvement. Disciplined Growth. We will\ncontinue to simplify the business, improve efficiency and allocate capital to\nits highest and best use, while investing in initiatives that strengthen the\nplatform, expand monetization through value-added services and create durable\nlong-term shareholder value.”\n\nThe first quarter results demonstrate the operating leverage of the\nCompany’s post-divestiture business model. Year-over-year, net revenues\nincreased 22.1% to $14.5 million, driven by higher marketplace volume and the\nCompany’s new FFL transfer revenue stream, which began in April 2026. Total\noperating expenses declined $7.4 million, or approximately 45%, to $8.9\nmillion, reflecting the resolution of certain legacy legal matters and\ncontinued cost discipline. Gross margin was 84.5%, compared to 87.2% in the\nprior-year quarter, reflecting the addition of lower-margin FFL transfer\nrevenue and related implementation costs. Income from operations was $3.3\nmillion, compared to a loss from operations of $(6.0) million in the\nprior-year quarter. Net income from continuing operations was $3.6 million and\n24.7% of net revenues, compared with a net loss from continuing operations of\n$(5.9) million and (49.4)% of net revenues. Net income attributable to common\nstockholders was $2.8 million, or $0.02 per basic and diluted share, compared\nto $(7.2) million, or $(0.06) per basic and diluted share, in the comparable\nperiod. Adjusted EBITDA was $7.9 million, or 54.6% of net revenues, compared\nwith $3.1 million, or 26.5% of net revenues, in the same period last year. The\nCompany has now generated year-over-year revenue growth in four consecutive\nquarters and positive net income in three of the last four quarters.\nManagement believes these results demonstrate that the turnaround is no longer\ndependent solely on cost reduction: marketplace growth, improved transaction\nproductivity and new revenue streams are now contributing alongside the lower\noperating-cost structure.\n\nGunBroker.com delivered strong performance during the first fiscal quarter,\nwith traffic, conversion, and average order value all increasing\nyear-over-year, reflecting continued engagement from both buyers and sellers\nand demonstrating the effect of recent platform investments.\n\n ● Firearm unit sales increased 11.6% year-over-year, outpacing the 5.3% increase in adjusted National Instant Criminal Background Check System (“NICS”) checks and reflecting a 41 basis point increase in the Company’s share of adjusted NICS checks, to approximately 6.4% \n ● Total GMV increased 18.1% year-over-year to approximately $223.7 million \n ● Take rate (net revenues divided by GMV) increased 21 basis points year-over-year to 6.47%, driven primarily by new FFL transfer revenue, which contributed 39 basis points \n ● Average order value grew 7.5% year-over-year to $477 \n\nDuring the quarter, the Company continued to introduce platform enhancements\ndesigned to improve marketplace efficiency and user experience. The\nCompany’s FFL transfer integration, launched at the beginning of the fiscal\nyear, delivered an expanded dealer network, centralized verification, and\nstreamlined transfers workflows, while contributing a new FFL transfer revenue\nstream. The launch included certain startup and implementation costs during\nthe quarter that are not expected to recur. FFL transfer revenue also carries\na lower gross margin than the Company’s legacy marketplace revenue, which\nhas historically generated exceptionally high gross margins exceeding 87%.\nManagement does not view this mix shift as a deterioration in the underlying\neconomics of the business. New transaction-related services are expected to\ngenerate attractive incremental margins, increase gross-profit dollars and\nexpand take rate by monetizing additional portions of the transaction without\nrequiring an increase in the base final value fee. In its first quarter of\noperation, FFL transfer revenue contributed 39 basis points to take rate.\nExcluding FFL transfer revenue, legacy take rate was 6.08%, compared with\n6.26% in the prior-year quarter. The decrease primarily reflected a higher\nproportion of volume from the Company’s largest sellers, which qualify for\ndiscounted fee tiers, and increased sales of higher-value items, which carry a\nlower inherent take rate.\n\nThe Company continues to implement AI where management believes it can produce\nmeasurable improvements in marketplace productivity and user experience. The\nAI-powered listing tool launched in March continued to standardize product\ndescriptions across the marketplace. The Company is also piloting an\nAI-supported customer-service agent, with a phased rollout expected once it\nmeets the Company’s quality and escalation standards. Additional AI\ninitiatives are being evaluated to improve listing efficiency, reduce\ncustomer-service response times, lower transaction friction and support\nconversion.\n\nDemand during the quarter was supported in part by legislation-driven\npurchasing activity ahead of the scheduled July 1, 2026 effective date of\nrecently enacted Virginia legislation restricting future sales and transfers\nof certain semiautomatic firearms and magazines. The Company believes this\nactivity contributed a meaningful portion of the year-over-year GMV growth in\nthe quarter. Enforcement of that law is currently subject to preliminary\ninjunctions, and the related litigation is ongoing. Because this\nVirginia-specific demand was pulled forward ahead of a deadline that did not\ntake effect as scheduled, the Company is not assuming that this activity will\nrepeat in the second quarter. Nevertheless, the quarter’s growth was\nbroad-based. Excluding Virginia, GMV increased approximately $23 million year\nover year, supported by higher traffic, improved conversion and increased\naverage order value across both new and used products.\n\nBalance Sheet and Liquidity\n\nThe Company ended the quarter with $68.8 million in cash and cash equivalents,\nan increase of $0.7 million from March 31, 2026. Net cash provided by\noperating activities was $4.4 million during the quarter, compared with net\ncash used in operating activities of $6.7 million in the prior-year period.\nThe Company grew its cash balance despite funding $2.0 million of share\nrepurchases, $0.8 million of preferred stock dividends, and a $0.2 million\nprincipal payment and $0.8 million of interest on the related-party note. The\nstrengthened balance sheet and liquidity position provide significant\nflexibility to support ongoing platform investments, pursue selective\nstrategic opportunities, and return value to shareholders through the share\nrepurchase program. With reduced leverage, lower fixed costs, and more\nconsistent profitability, the Company is well-positioned to fund organic\ngrowth initiatives while maintaining a disciplined approach to capital\nallocation and shareholder value creation.\n\nFiscal 2027 Execution Priorities\n\nThe Company’s post-divestiture strategy is focused on four execution\npriorities for the remainder of fiscal 2027: growing marketplace activity and\nmarket share through improvements in traffic, conversion, seller participation\nand transaction velocity; expanding transaction monetization by scaling FFL\ntransfer revenue and implementing universal payments; protecting the reset\ncost structure through disciplined hiring, vendor management and return-based\ninvestment; and deploying AI where it can produce measurable improvements in\nlisting quality, customer-service efficiency, transaction friction and\nconversion. Management believes these initiatives can increase revenue earned\nfrom each transaction, capture incremental market share and support durable\nprofitability without increasing the base final value fee.\n\nDiscontinued Operations\n\nAs previously disclosed, in April 2025, the Company completed the sale of all\nassets of its business of designing, manufacturing, marketing, distributing\nand selling ammunition and ammunition components, along with certain related\nassets and liabilities (the “Transaction”), which previously comprised the\nCompany’s Ammunition segment. Following the Transaction, the Company\ncontinues to operate its online e-commerce marketplace business GunBroker.com.\n\nFor the purposes of this earnings release and the financial information\nprovided herein, the results of the Ammunition segment are presented as\ndiscontinued operations in the consolidated statements of operations for all\nperiods presented, if applicable.\n\nConference Call\n\nManagement will host a conference call at 9:00 AM ET on August 10, 2026 to\nreview financial results and provide an update on corporate developments.\nFollowing management’s formal remarks there will be a question-and-answer\nsession.\n\nThe conference call will primarily be available through a live webcast at the\nfollowing link: https://events.q4inc.com/attendee/378705617, which is also\navailable through the Company’s website. The recording of the webcast will\nbe posted on the Company’s website after the call is completed.\n\nThose without internet access may dial in by calling (855) 761-5600 (domestic)\nor +1 (646) 307-1097 (international). Please join at least 5-10 minutes prior\nto the scheduled start and follow the operator’s instructions. When\nrequested, please ask for the “Outdoor Holding Company Conference Call” or\nreference Conference ID #: 8625467.\n\nAbout Outdoor Holding Company\n\nOutdoor Holding Company is the publicly traded parent and operator of\nGunBroker.com, the largest online marketplace dedicated to firearms, hunting,\nshooting and related products. Third-party sellers list items on the site and\nfederal and state laws govern the sale of firearms and other restricted items.\nFirearms sold through the marketplace are transferred through federally\nlicensed firearms dealers in accordance with applicable law. Launched in 1999,\nthe GunBroker.com\n(https://www.globenewswire.com/Tracker?data=JADYnstzvDFwcALvSjxc9ZzCWDKN5WEvVk4-W4ysXVfg88MKRrTYlvHILIOQ3W7IRLZPO_rW6RahRhTiBp8MWGm9jkzNtJog1kmQtCO5l3A=)\nwebsite is an informative, secure and safe way to buy and sell firearms,\nammunition, shooting accessories and outdoor gear online. GunBroker promotes\nresponsible ownership of guns and firearms. For more information, visit:\nwww.gunbroker.com.\n\nCautionary Statement Concerning Forward-Looking Statements\n\nStatements contained or incorporated by reference in this press release that\nare not historical are considered “forward-looking statements” within the\nmeaning of the federal securities laws and are presented pursuant to the safe\nharbor provisions of the Private Securities Litigation Reform Act of 1995.\nForward-looking statements can be identified by words such as “target,”\n“believe,” “expect,” “will,” “may,” “anticipate,”\n“estimate,” “would,” “positioned,” “future,” and other similar\nexpressions that predict or indicate future events or trends or that are not\nstatements of historical matters. These forward-looking statements include,\namong others, statements under the heading “Fiscal 2027 Execution\nPriorities” statements about the Company’s ability to unlock\npost-divestiture efficiencies, the Company’s expected legal and other\nprofessional services expenses, the Company’s business strategy, plans,\nobjectives, expectations and intentions, the Company’s anticipated future\noperating results and operating expenses, cash flow, capital resources,\ndividends and liquidity, the Company’s future expansion or growth plans and\npotential for future growth, including its plan to expand its e-commerce\nplatform, the Company’s ability to attract new customers, the Company’s\nongoing evaluation of strategic opportunities, expectations regarding\nVirginia-related demand and second-quarter activity, expected improvement in\nmargins on FFL transfer revenue, the implementation and expected benefits of\nuniversal payments, AI-enabled tools and other platform initiatives,\nanticipated operating efficiency, profitability and capital allocation, and\nother statements that are not historical facts. Instead, they are based only\non Company management’s current beliefs, expectations and assumptions.\nBecause forward-looking statements relate to the future, they are subject to\ninherent uncertainties, risks and changes in circumstances that are difficult\nto predict and many of which are outside of the Company’s control. Important\nfactors that could cause actual results to differ materially from those\ndescribed in forward-looking statements include, but are not limited to, the\nCompany’s ability to maintain and expand its e-commerce business, the\nCompany’s ability to introduce new features on its e-commerce platform that\nmatch consumer preferences, the success of the Company’s recent and future\nplatform enhancements, including the integration with Master FFL and the\ndeployment of a proprietary AI-powered listing tool; the Company’s ability\nto retain and grow its customer base of buyers and sellers on the GunBroker\nMarketplace; the impact of lawsuits, including securities class action\nlawsuits, stockholder derivative suits and enforcement actions by regulatory\nauthorities; the impact of the Company’s obligation to indemnify its current\nand former directors, officers and employees in connection with litigation and\nother actions; the Company’s ability to maintain effective internal control\nover financial reporting; reputational harm resulting from the Special\nCommittee Investigation, the SEC Investigation and the restatement of the\nCompany’s financial statements; investor perceptions regarding the\nreliability of the Company’s historical financial statements following the\nrestatement, which could adversely affect the Company’s access to capital\nmarkets and the market price of its securities; the impact of adverse economic\nmarket conditions, including from social and political factors; the\nCompany’s ability to meet its future capital requirements; the effect of\nsecurity breaches on the Company’s information systems and other\ndisruptions; the Company’s ability, and the ability of the third parties\nwith whom the Company works, to comply with evolving obligations related to\ndata privacy and security; the impact of generative artificial intelligence on\nthe Company’s business, operations and competitive position; risks related\nto the operation, development and regulation of the Company’s payments\nsystem and financial services offerings; the Company’s ability to retain and\nrecruit key personnel; the intense competition in the markets in which the\nCompany operates and its ability to compete within those markets; changes in\nlaws, government regulations and policies and interpretations thereof,\nincluding those specifically applicable to the sale of firearms and\nammunition, and adverse changes to interpretations of the Second Amendment;\nthe Company’s ability to develop and maintain its brand cost-effectively;\nthe Company’s ability to adequately protect its intellectual property\nrights, including the costs of litigation, the diversion of its management’s\ntime and attention and the impacts of any resulting loss of a competitive\nadvantage; the loss of relationships with retailers and distributors, war,\nterrorism, civil unrest, and natural or manmade disasters that may disrupt the\nCompany’s operations or the markets in which it operates; fluctuations in\nthe Company’s financial results due to factors beyond its control; and the\noccurrence of any other event, change or other circumstances that could give\nrise to impacts on operating results. Therefore, investors should not rely on\nany of these forward-looking statements and should review the risks and\nuncertainties described under the caption “Risk Factors” in the\nCompany’s Annual Report on Form 10-K for the year ended March 31, 2026 and\nadditional disclosures the Company makes in its other filings with the SEC,\nwhich are available on the SEC’s website at www.sec.gov. Forward-looking\nstatements are made as of the date of this press release, and except as\nrequired by law, the Company expressly disclaims any obligation or undertaking\nto publicly release any updates or revisions to any forward-looking statements\ncontained herein to reflect any change in its expectations or any change in\nevents, conditions or circumstances on which any such statement is based.\n\nContacts\n\nFor investors:\nDarrow Associates\nPhone: (917) 886-9071\nIR@outdoorholding.com\n\nSource: Outdoor Holding Company\n\nOUTDOOR HOLDING COMPANY\nNON-GAAP FINANCIAL MEASURES (Unaudited)\n\nTo supplement the Company’s financial information presented in accordance\nwith generally accepted accounting principles in the United States\n(“GAAP”), we present a non-GAAP financial measure in this press release,\nAdjusted EBITDA. We analyze operational and financial data to evaluate our\nbusiness, allocate our resources, and assess our performance. In addition to\ntotal net revenues, net income (loss), and other results under GAAP, the\nfollowing information includes key operating metrics and non-GAAP financial\nmeasures that we use to evaluate our business. We believe that these measures\nare useful for period-to-period comparisons of the Company’s performance. We\nhave included these non-GAAP financial measures in this press release because\nthey are key measures management uses to evaluate our operational performance,\nproduce future strategies for our operations, and make strategic decisions,\nincluding those relating to operating expenses and the allocation of our\nresources. Accordingly, we believe that these measures provide useful\ninformation to investors and others in understanding and evaluating our\noperating results in the same manner as our management and Board of Directors.\nThe Adjusted EBITDA reconciliation presented below begins with net income\n(loss) from continuing operations, which the Company believes is the most\ndirectly comparable GAAP financial measure.\n\nAdjusted EBITDA\n \n\n For the Three Months Ended June 30, \n 2026 2025 \n Reconciliation of GAAP net income (loss) from continuing operations to Adjusted EBITDA \n Net income (loss) from continuing operations $ 3,574,061 $ (5,862,693 ) \n Provision for income taxes 36,715 — \n Depreciation and amortization 3,713,954 3,510,021 \n Interest expense, net 244,363 348,330 \n Stock-based compensation 300,035 787,826 \n Interest and other income (expense), net (559,334 ) (496,312 ) \n Acquisitions and divestitures — 79,398 \n Special Committee Investigation and restatement — 1,304,908 \n SEC Investigation 596,368 676,080 \n Delaware Litigation legal and professional fees — 1,354,864 \n Corporate restructuring costs — 1,435,693 \n Adjusted EBITDA $ 7,906,162 $ 3,138,115 \n\nAdjusted EBITDA is a non-GAAP financial measure that displays our net income\n(loss) from continuing operations (the most directly comparable financial\nmeasure prepared in accordance with GAAP), adjusted to eliminate the effect of\ncertain items described below. We define Adjusted EBITDA as net income (loss)\nfrom continuing operations excluding (i) provision or benefit for income\ntaxes, (ii) depreciation and amortization, (iii) interest expense, net, (iv)\nstock-based compensation expenses relating to stock awards and common stock\npurchase options, (v) interest and other income (expense), net, (vi) expenses\nrelated to acquisitions and divestitures, (vii) gain on extinguishment of\ndebt, (viii) professional service and legal fees related to an investigation\nconducted by a special committee of the Board of Directors (the “Special\nCommittee Investigation”), an investigation by the SEC (“the SEC\nInvestigation”) and the now-settled lawsuit related to the GunBroker\nacquisition (the “Delaware Litigation”) (ix) other nonrecurring expenses,\nsuch as contingencies associated with litigation or settlements and (x)\ncorporate restructuring costs related to headcount reductions, severance, and\nexpense consolidation.\n\nWe believe that it is useful to exclude these expenses because the amount of\nsuch expenses in any specific period may not directly correlate to the\nunderlying performance of our business operations. Non-GAAP financial measures\nhave limitations, should be considered as supplemental in nature and are not\nmeant as a substitute for the related financial information prepared in\naccordance with GAAP. These limitations include the following:\n* stock-based compensation expense has been, and will continue to be for the\nforeseeable future, a significant recurring expense for the Company and an\nimportant part of our compensation strategy;\n* the assets being depreciated or amortized may have to be replaced in the\nfuture, and the non-GAAP financial measures do not reflect cash capital\nexpenditure requirements for such replacements or for new capital expenditures\nor other capital commitments;\n* non-GAAP measures do not reflect changes in, or cash requirements for, our\nworking capital needs; and\n* other companies, including companies in our industry, may calculate their\nnon-GAAP financial measures differently or not at all, which reduces their\nusefulness as comparative measures.\nBecause of these limitations, you should consider the non-GAAP financial\nmeasures alongside other financial performance measures, including our net\nincome (loss) from continuing operations and our other financial results\npresented in accordance with GAAP.\n\n For the Three Months Ended June 30, \n 2026 2025 \n (Unaudited) \n Reconciliation of GAAP net income (loss) from continuing operations to Adjusted EBITDA \n Net income (loss) from continuing operations $ 0.03 $ (0.05 ) \n Provision for income taxes 0.00 - \n Depreciation and amortization 0.03 0.03 \n Interest expense, net 0.00 0.00 \n Stock based compensation 0.00 0.01 \n Other income (expense), net (0.00 ) (0.00 ) \n Acquisitions and divestitures - 0.00 \n Special Committee Investigation and restatement - 0.01 \n SEC Investigation 0.00 0.01 \n Delaware Litigation legal and professional fees - 0.01 \n Corporate restructuring costs - 0.01 \n Adjusted EBITDA $ 0.06 $ 0.03 \n\n\n\n Total diluted income (loss) before discontinued operations, net of tax $ 0.03 $ (0.05 ) \n Preferred stock dividend (0.01 ) (0.01 ) \n Total diluted income (loss) from continuing operations $ 0.02 $ (0.06 ) \n\n\n\n For the Three Months Ended March 31, \n 2026 2025 \n Weighted average number of shares outstanding \n Basic 116,490,584 116,841,148 \n Diluted 124,029,987 116,841,148 \n\n*Per share amounts may not sum due to rounding\n\nOUTDOOR HOLDING COMPANY\nCONSOLIDATED BALANCE SHEETS\n\n June 30, 2026 (Unaudited) March 31, 2026 \n ASSETS \n Current Assets: \n Cash and cash equivalents $ 68,777,371 $ 68,103,395 \n Accounts receivable, net of allowance for credit losses of $2,343,518 as of June 30, 2026 and $2,362,847 as of March 31, 2026 9,504,489 10,361,158 \n Prepaid expenses and other current assets 3,935,286 3,523,921 \n Total Current Assets 82,217,146 81,988,474 \n \n Property and equipment, net 6,903,818 6,927,868 \n \n Other Assets: \n Other noncurrent assets 429,830 465,247 \n Other intangible assets, net 83,869,482 86,890,053 \n Goodwill 90,870,094 90,870,094 \n Right of use assets - operating leases 283,638 342,034 \n TOTAL ASSETS $ 264,574,008 $ 267,483,770 \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY \n Current Liabilities: \n Accounts payable $ 14,380,740 $ 15,743,606 \n Accrued liabilities 2,215,790 4,241,349 \n Current portion of operating lease liability 511,438 515,579 \n Notes payable - related parties, current maturities 234,300 220,000 \n Total Current Liabilities 17,342,268 20,720,534 \n \n Long-term Liabilities: \n Notes payable - related parties, net of debt discounts of $1,913,216 as of June 30, 2026 and $1,963,771 as of March 31, 2026 9,632,483 9,816,229 \n Operating lease liability, net of current portion 498,445 616,904 \n Other noncurrent liabilities 1,145,833 1,375,000 \n Total Liabilities 28,619,029 32,528,667 \n \n Contingencies (Note 14) \n \n Shareholders’ Equity: \n Series A cumulative perpetual preferred stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of June 30, 2026 and March 31, 2026 1,400 1,400 \n Common stock, $0.001 par value, 200,000,000 shares authorized; 119,479,220 and 119,346,452 shares issued and 116,015,388 and 116,902,624 shares outstanding as of June 30, 2026 and March 31, 2026, respectively 116,018 116,905 \n Additional paid-in capital 455,124,157 454,877,083 \n Accumulated deficit (207,645,232 ) (210,453,668 ) \n Treasury stock, at cost (11,641,364 ) (9,586,617 ) \n Total Shareholders’ Equity 235,954,979 234,955,103 \n TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 264,574,008 $ 267,483,770 \n\nOUTDOOR HOLDING COMPANY\nCONSOLIDATED STATEMENTS OF OPERATIONS\n\n For the Three Months Ended June 30, \n 2026 2025 \n Net revenues $ 14,480,654 $ 11,857,376 \n Cost of revenues 2,237,828 1,522,398 \n Gross Profit 12,242,826 10,334,978 \n \n Operating Expenses \n Selling and marketing 28,693 56,531 \n Corporate general and administrative 2,891,091 7,337,936 \n Employee salaries and related expenses 2,313,283 5,441,165 \n Depreciation and amortization expense 3,713,954 3,510,021 \n Total operating expenses 8,947,021 16,345,653 \n Income (loss) from operations 3,295,805 (6,010,675 ) \n \n Other Income (Expense) \n Interest and other income 559,334 496,312 \n Interest expense (244,363 ) (348,330 ) \n Total other income, net 314,971 147,982 \n \n Income (loss) before income taxes from continuing operations 3,610,776 (5,862,693 ) \n \n Provision for income taxes 36,715 — \n \n Net income (loss) from continuing operations 3,574,061 (5,862,693 ) \n \n Preferred stock dividend (765,625 ) (774,132 ) \n \n Net income (loss) before discontinued operations 2,808,436 (6,636,825 ) \n \n Loss from discontinued operations, net of tax — (595,634 ) \n \n Net income (loss) attributable to common stock shareholders $ 2,808,436 $ (7,232,459 ) \n \n Basic income (loss) per share of common stock: \n Continuing operations $ 0.02 $ (0.06 ) \n Discontinued operations — (0.00 ) \n Total basic income (loss) per share of common stock $ 0.02 $ (0.06 ) \n \n Diluted income (loss) per share of common stock: \n Continuing operations $ 0.02 $ (0.06 ) \n Discontinued operations — (0.00 ) \n Total diluted income (loss) per share of common stock $ 0.02 $ (0.06 ) \n \n Weighted average number of shares outstanding: \n Basic 116,490,584 116,841,148 \n Diluted 124,029,987 116,841,148 \n\n*Per share amounts may not sum due to rounding\n\n(1) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and\nthe reconciliations at the end of this release for additional information.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/6eaceb70-e5d7-4094-9a4f-02972c3cb575)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-08-10T12:05:00.35491633Z","server_sent_at_ms":1786363500354},"received_at":"2026-08-10T12:05:00.529Z","source_url":"https://www.globenewswire.com/news-release/2026/08/10/3341805/0/en/outdoor-holding-company-reports-first-quarter-fiscal-2027-financial-results.html"},"analysis":{"id":"102978","press_release_id":"113980","analysis_json":{"industry":{"label":"Internet & Direct Marketing Retail","sector":"Consumer Discretionary"},"redFlags":["Gross profit margin decreased to 84.5% from 87.2% due to lower-margin FFL transfer revenue","Management warns that Q2 demand may not repeat due to legislation-driven purchasing pull-forward in Virginia"],"eventType":"earnings","narrative":"Outdoor Holding Company reported a strong turnaround for its fiscal first quarter, with revenue increasing 22.1% year-over-year to $14.5 million and net income from continuing operations swinging to a profit of $3.6 million.\n\nAdjusted EBITDA more than doubled to $7.9 million, representing 54.6% of net revenues, while operating cash flow improved by $11.1 million to reach positive $4.4 million.\n\nThe company repurchased just over 1 million shares for $2.0 million during the quarter and ended with $68.8 million in cash and equivalents.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Strong turnaround to profitability with double-digit revenue growth and expanding EBITDA margins."},"keyFigures":{"eps":0.02,"revenue":14480654,"revenueYoy":"22.1%","customDimensions":{"gmv":223700000,"net_income":3574061,"buyback_spend":2000000,"adjusted_ebitda":7906162,"shares_repurchased":"just over 1 million","operating_cash_flow":4400000}},"quotedText":"This quarter demonstrates the earnings power of a leaner, more focused GunBroker and the value of disciplined execution","namedEntities":{"people":[{"name":"Steve Urvan","role":"Chairman and CEO"}],"products":["GunBroker.com","FFL transfer service","AI-powered listing tool"],"companies":[{"name":"Outdoor Holding Company","ticker":"POWW"},{"name":"GunBroker.com","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$14.5 million","context":"Q1 fiscal 2027 revenue"},{"amount":"$3.6 million","context":"net income from continuing operations"},{"amount":"$7.9 million","context":"Adjusted EBITDA"},{"amount":"$11.1 million","context":"year-over-year improvement in operating cash flow"},{"amount":"$223.7 million","context":"Gross Merchandise Value (GMV)"},{"amount":"$2.0 million","context":"share repurchase cost"},{"amount":"$1.98 per share","context":"average share repurchase price"},{"amount":"$68.8 million","context":"cash and cash equivalents"}]},"materialImpact":{"score":4,"reasoning":"The company swung from a net loss to profitability, with net income from continuing operations reaching $3.6 million compared to a loss of $(5.9) million in the prior year. Revenue grew 22.1% to $14.5 million, and Adjusted EBITDA more than doubled to $7.9 million."},"tickerRelevance":{"others":[],"primary":"POWW"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":["buyback"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"strong earnings turnaround","retailInterest":"high"}},"event_type":"earnings","event_type_secondary":["buyback"],"sentiment":"bullish","material_impact_score":4,"narrative":"Outdoor Holding Company reported a strong turnaround for its fiscal first quarter, with revenue increasing 22.1% year-over-year to $14.5 million and net income from continuing operations swinging to a profit of $3.6 million.\n\nAdjusted EBITDA more than doubled to $7.9 million, representing 54.6% of net revenues, while operating cash flow improved by $11.1 million to reach positive $4.4 million.\n\nThe company repurchased just over 1 million shares for $2.0 million during the quarter and ended with $68.8 million in cash and equivalents.","key_figures":{"eps":0.02,"revenue":14480654,"revenueYoy":"22.1%","customDimensions":{"gmv":223700000,"net_income":3574061,"buyback_spend":2000000,"adjusted_ebitda":7906162,"shares_repurchased":"just over 1 million","operating_cash_flow":4400000}},"named_entities":{"people":[{"name":"Steve Urvan","role":"Chairman and CEO"}],"products":["GunBroker.com","FFL transfer service","AI-powered listing tool"],"companies":[{"name":"Outdoor Holding Company","ticker":"POWW"},{"name":"GunBroker.com","relationship":"subsidiary"}],"dollarAmounts":[{"amount":"$14.5 million","context":"Q1 fiscal 2027 revenue"},{"amount":"$3.6 million","context":"net income from continuing operations"},{"amount":"$7.9 million","context":"Adjusted EBITDA"},{"amount":"$11.1 million","context":"year-over-year improvement in operating cash flow"},{"amount":"$223.7 million","context":"Gross Merchandise Value (GMV)"},{"amount":"$2.0 million","context":"share repurchase cost"},{"amount":"$1.98 per share","context":"average share repurchase price"},{"amount":"$68.8 million","context":"cash and cash equivalents"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-08-10T16:08:07.567Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"small-cap","eventGravity":"strong earnings turnaround","retailInterest":"high"}},"durationMs":134327,"modelName":"glm-4.7"}}