Financial Data and Key Metrics Changes - Net sales in Q1 were $29.7 million, a decrease of 28.7% compared to $41.6 million in Q1 last year [14] - On a six-month basis, net sales for Q4 and Q1 combined increased by 4.2% compared to the same period last year [14] - Gross margin for Q1 was 46.7%, up 130 basis points compared to Q1 last year [17] - GAAP EPS for Q1 was a loss of $0.54 compared to a loss of $0.18 last year, while non-GAAP EPS was negative $0.26 compared to $0.06 in Q1 last year [18] Business Line Data and Key Metrics Changes - Traditional channel net sales decreased by 24.4% in Q1, while e-commerce net sales decreased by 35.2% compared to last year [14] - Net sales in shooting sports decreased by 25.1%, and outdoor lifestyle net sales decreased by 31.6% over Q1 last year [16] - Domestic net sales decreased by roughly 25%, while international net sales decreased by 58.2% or $2.6 million compared to Q1 last year [16] Market Data and Key Metrics Changes - Purchasing activity from retailers in Q1 reflected replenishment cycles that were turned on and off on a retailer-by-retailer basis [9] - E-commerce channel underperformed in Q1 due to lower order flow from a large e-commerce retailer adjusting its purchasing patterns [10] Company Strategy and Development Direction - The company emphasizes consumer-driven innovation and adapting to a shifting environment to strengthen brand equity and long-term growth [5][6] - An expanded partnership with Major League Fishing aims to enhance recurring subscription revenue and product introductions [11] - The company plans to introduce new products at the upcoming Shot Show in January, focusing on innovation to fuel growth [12] Management's Comments on Operating Environment and Future Outlook - The current environment is characterized by evolving tariff impacts and macroeconomic uncertainty, similar to FY2023 [6][22] - Management expects a year-over-year decline in net sales for Q2 of approximately 15% but remains optimistic about the overall year due to strong POS performance and new product launches [23][24] - The company is focused on maintaining gross margins and controlling costs while supporting long-term growth initiatives [24] Other Important Information - The company ended the quarter with $17.8 million in cash and no debt, maintaining a strong balance sheet [19] - Inventory increased by $21.1 million in the quarter, primarily for seasonal inventory build and tariff-related adjustments [20] Q&A Session Summary Question: Is there still excess tariff-related inventory at retail partners? - Management indicated that while some inventory was accelerated into the prior quarter, it would not be classified as excess [26] Question: How much pricing have you taken so far regarding tariffs? - Management discussed a multi-faceted approach to offset price increases, including supplier concessions and product redesigns, with ongoing adjustments expected throughout the year [27][28] Question: When do you expect order choppiness to settle down? - Management noted that retailers are ordering cautiously, and as inventory normalizes, they expect improved visibility moving forward [36][38] Question: Which brands are seeing the strongest POS? - Brands like Caldwell and BUBBA are performing well, with strong POS data indicating consumer demand [41] Question: What is the status of the M&A pipeline? - The company remains active in looking for acquisition targets but is finding fewer opportunities and is being patient in its approach [44][45] Question: Are consumers trading down to more value-oriented products? - Management observed that while some consumers may be trading down, the company's products continue to attract affluent consumers and enthusiasts [50][51]

[PART I - FINANCIAL INFORMATION](index=6&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section presents the unaudited financial statements and management's discussion and analysis for the first fiscal quarter, along with market risk and controls disclosures [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements, including balance sheets, operations, equity, cash flows, and notes [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This table presents the condensed consolidated balance sheets, detailing assets, liabilities, and equity as of July 31, 2025, and April 30, 2025 ASSETS (in thousands) | ASSETS (in thousands) | July 31, 2025 | April 30, 2025 | | :-------------------- | :------------ | :------------- | | Cash and cash equivalents | $17,771 | $23,423 | | Accounts receivable, net | $21,754 | $39,337 | | Inventories | $125,787 | $104,717 | | Total current assets | $169,795 | $171,590 | | Property, plant, and equipment, net | $10,623 | $11,231 | | Intangible assets, net | $29,471 | $31,411 | | Total assets | $241,911 | $246,355 | LIABILITIES AND EQUITY (in thousands) | LIABILITIES AND EQUITY (in thousands) | July 31, 2025 | April 30, 2025 | | :---------------------------------- | :------------ | :------------- | | Accounts payable | $23,051 | $15,717 | | Accrued expenses | $16,841 | $13,872 | | Accrued payroll and incentives | $876 | $5,871 | | Total current liabilities | $42,192 | $36,796 | | Total liabilities | $74,073 | $68,745 | | Total equity | $167,838 | $177,610 | | Total liabilities and equity | $241,911 | $246,355 | [Condensed Consolidated Statements of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This table presents the condensed consolidated statements of operations, detailing net sales, expenses, and net loss for the three months ended July 31, 2025 and 2024 (in thousands, except per share data) | (in thousands, except per share data) | For the Three Months ended July 31, 2025 | For the Three Months ended July 31, 2024 | | :------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Net sales | $29,702 | $41,643 | | Cost of sales | $15,844 | $22,717 | | Gross profit | $13,858 | $18,926 | | Total operating expenses | $20,677 | $21,500 | | Operating loss | $(6,819) | $(2,574) | | Net loss | $(6,829) | $(2,365) |\ | Net loss per share: Basic and diluted | $(0.54) | $(0.18) | [Condensed Consolidated Statements of Stockholders' Equity](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) This table presents the condensed consolidated statements of stockholders' equity, showing changes in common stock, additional paid-in capital, retained earnings, and treasury stock (in thousands) | (in thousands) | Balance at April 30, 2025 | Net loss | Stock-based compensation | Issuance of common stock under restricted stock unit awards, net of tax | Repurchase of treasury stock | Balance at July 31, 2025 | | :------------- | :------------------------ | :------- | :----------------------- | :------------------------------------------------------ | :--------------------------- | :----------------------- | | Common Stock (Shares) | 14,974 | — | — | 197 | — | 15,171 | | Common Stock (Amount) | $15 | — | — | — | — | $15 | | Additional Paid-In Capital | $280,711 | — | $651 | $(1,070) | — | $280,292 | | Retained (Deficit)/Earnings | $(74,700) | $(6,829) | — | — | — | $(81,529) | | Treasury Stock (Shares) | 2,278 | — | — | — | 240 | 2,518 | | Treasury Stock (Amount) | $(28,416) | — | — | — | $(2,524) | $(30,940) | | Total Equity | $177,610 | $(6,829) | $651 | $(1,070) | $(2,524) | $167,838 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This table presents the condensed consolidated statements of cash flows, detailing cash movements from operating, investing, and financing activities (in thousands) | (in thousands) | For the Three Months Ended July 31, 2025 | For the Three Months Ended July 31, 2024 | | :------------- | :--------------------------------------- | :--------------------------------------- | | Net cash used in operating activities | $(1,688) | $(4,352) | | Net cash used in investing activities | $(370) | $(1,105) | | Net cash used in financing activities | $(3,594) | $(778) | | Net decrease in cash and cash equivalents | $(5,652) | $(6,235) | | Cash and cash equivalents, beginning of period | $23,423 | $29,698 | | Cash and cash equivalents, end of period | $17,771 | $23,463 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) Provides detailed notes on accounting policies, asset breakdowns, debt, equity, and other financial disclosures [(1) Organization](index=11&type=section&id=(1)%20Organization) This note describes American Outdoor Brands, Inc. as a leading provider of outdoor lifestyle and shooting sports products, organized into four distinct brand lanes - American Outdoor Brands, Inc. is a leading provider of outdoor lifestyle products and shooting sports accessories, encompassing hunting, fishing, meat processing, outdoor cooking, camping, shooting, and personal security and defense products [23](index=23&type=chunk) - The company organizes its product development, customer service, and marketing teams into four brand lanes: Adventurer, Harvester, Marksman, and Defender, each focusing on distinct consumer verticals [24](index=24&type=chunk)[27](index=27&type=chunk) [(2) Basis of Presentation](index=11&type=section&id=(2)%20Basis%20of%20Presentation) This note outlines revenue recognition policies, disaggregates net sales by channel, geography, and product category, and discusses the impact of recent accounting pronouncements - Revenue is recognized when control of ownership transfers to the customer, typically on shipment or delivery, based on contractual terms [28](index=28&type=chunk) Net Sales Disaggregation (in thousands) | Net Sales Disaggregation (in thousands) | 2025 | 2024 | $ Change | % Change | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | | e-commerce channels net sales | $10,691 | $16,501 | $(5,810) | (35.2%) | | Traditional channels net sales | $19,011 | $25,142 | $(6,131) | (24.4%) | | Total net sales | $29,702 | $41,643 | $(11,941) | (28.7%) | Geographic Net Sales (in thousands) | Geographic Net Sales (in thousands) | 2025 | 2024 | $ Change | % Change | | :------------------------------------ | :----------- | :----------- | :----------- | :----------- | | Domestic net sales | $27,849 | $37,213 | $(9,364) | (25.2%) | | International net sales | $1,853 | $4,430 | $(2,577) | (58.2%) | | Total net sales | $29,702 | $41,643 | $(11,941) | (28.7%) | Product Category Net Sales (in thousands) | Product Category Net Sales (in thousands) | 2025 | 2024 | $ Change | % Change | | :---------------------------------------- | :----------- | :----------- | :----------- | :----------- | | Shooting sports net sales | $13,983 | $

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving American Outdoor Brands, Inc. and its officers or directors [1] Financial Performance - On June 26, 2025, American Outdoor reported its financial results for Q4 and the full fiscal year 2025, revealing that retailers accelerated orders, pulling forward an estimated $8 million to $10 million in sales from the upcoming fiscal year [3] - The company announced the suspension of its fiscal 2026 guidance due to uncertainties surrounding tariffs [3] Stock Market Reaction - Following the financial results announcement, American Outdoor's stock price dropped by $1.57 per share, or 13.13%, closing at $10.39 per share on June 27, 2025 [4]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving American Outdoor Brands, Inc. and its officers or directors [1] Financial Performance - On June 26, 2025, American Outdoor reported its financial results for Q4 and the full fiscal year 2025, revealing that retailers accelerated orders, pulling forward an estimated $8 million to $10 million in sales from the upcoming fiscal year [3] - The company announced the suspension of its fiscal 2026 guidance due to uncertainties surrounding tariffs [3] Stock Market Reaction - Following the announcement of the financial results and guidance suspension, American Outdoor's stock price dropped by $1.57 per share, or 13.13%, closing at $10.39 per share on June 27, 2025 [4]

Core Insights - BUBBA and Major League Fishing (MLF) have partnered to launch SCORETRACKER LIVE, integrating MLF SCORETRACKER technology into the BUBBA app, set to begin in Spring 2026 [1][2][10] Group 1: Product Features - The BUBBA app will enable tournament organizers to host and manage custom fishing tournaments easily through SCORETRACKER LIVE [2][9] - Anglers can use compatible BUBBA scales to catch, weigh, and release fish, with data syncing automatically to SCORETRACKER LIVE [3][5] - The platform allows real-time scoring, enhancing the competitive experience while supporting sustainable fishing practices [5][10] Group 2: User Experience - Spectators can follow live tournaments from anywhere, experiencing real-time scoring similar to professional events [4][10] - The SCORETRACKER LIVE platform will be accessible to any angler, school, or organization, broadening participation in tournament fishing [8][9] Group 3: Company Background - BUBBA is a leading lifestyle brand under American Outdoor Brands, specializing in high-quality fishing tools and accessories [11] - Major League Fishing is the largest tournament-fishing organization, producing over 250 events annually and broadcasting to a wide audience [12]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving American Outdoor Brands, Inc. and its officers or directors [1] Financial Performance - On June 26, 2025, American Outdoor reported its financial results for Q4 and the full fiscal year 2025, revealing that retailers accelerated orders, pulling forward an estimated $8 million to $10 million in sales from the upcoming fiscal year [3] - The company announced the suspension of its fiscal 2026 guidance due to uncertainties surrounding tariffs [3] Stock Market Reaction - Following the financial results announcement, American Outdoor's stock price dropped by $1.57 per share, or 13.13%, closing at $10.39 per share on June 27, 2025 [4]

Core Viewpoint - Pomerantz LLP is investigating potential securities fraud or unlawful business practices involving American Outdoor Brands, Inc. and its officers or directors [1] Financial Performance - On June 26, 2025, American Outdoor reported its financial results for Q4 and full fiscal year 2025, revealing that retailers accelerated orders, pulling forward an estimated $8 million to $10 million in sales from the upcoming fiscal year [2] - The company announced the suspension of its fiscal 2026 guidance due to uncertainties surrounding tariffs [2] Stock Market Reaction - Following the news of the financial results and guidance suspension, American Outdoor's stock price dropped by $1.57 per share, or 13.13%, closing at $10.39 per share on June 27, 2025 [3]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing the long-term earnings potential of companies [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1] - The author expresses no current stock or derivative positions in the companies mentioned, ensuring an unbiased perspective [2] - The content reflects the author's personal opinions and is not influenced by any business relationships with the companies discussed [2]

Financial Performance & Strategy - The company's FY25 net sales reached $222.3 million, compared to $201.1 million in FY24 [82] - The company aims for $400 million in net sales, projecting EBITDA to exceed $70 million at that level [56] - The company's long-term operating model targets ~30% EBITDA contribution when sales exceed $200 million [57] - As of April 30, 2025, the company reported cash and cash equivalents of $23.423 million [62, 84] - The company's Shooting Sports category has grown by 4.7% since FY20, while the Outdoor Lifestyle category has grown 66.1% [72] Innovation & Product Development - The company's innovation platform has yielded over $93 million of incremental organic revenue compared to five years ago [40] - The company has secured 170 new patents, protecting future revenue potential [40] - The company maintains an asset-light operation with outsourced manufacturing and scalable infrastructure to support $400 million in revenue [53] Future Outlook - The company expects its future net sales to be comprised of 65% Outdoor Lifestyle, 10% international [75] - The company is focusing on organic growth, opportunistic M&A, and stock buybacks [61, 65]

Financial Performance - FY25 net sales reached $222.3 million, an increase of 10.6% year-over-year[4] - FY25 gross margin was 44.6%, up 60 basis points from the previous year[4] - FY25 non-GAAP net income was $10.0 million, or $0.76 per diluted share, compared to $4.3 million, or $0.32 per diluted share, in the prior year[4] - FY25 Adjusted EBITDA was $17.7 million, representing 7.9% of net sales, up from $9.8 million, or 4.9% of net sales, in the prior year[5] - Q4 FY25 net sales were $61.9 million, an increase of 33.8% compared to $46.3 million in the same quarter last year[10] - Q4 FY25 non-GAAP net income was $1.7 million, or $0.13 per diluted share, compared to a non-GAAP net loss of $45,000 in the same quarter last year[10] Revenue Composition - The Outdoor Lifestyle category now represents 57% of total revenue, up from 40% in fiscal 2021[8] - Approximately $8 million to $10 million in orders were accelerated by retailers into Q4 FY25, originally planned for FY26[12] Balance Sheet and Cash Position - The company ended FY25 with a strong, debt-free balance sheet and $23.4 million in cash[11] - Total current assets increased to $171,590,000 as of April 30, 2025, compared to $155,374,000 a year earlier, reflecting a growth of 10.4%[21] - Cash and cash equivalents decreased to $23,423,000 from $29,698,000, a decline of 21.1% year-over-year[23] - Total liabilities increased to $68,745,000 as of April 30, 2025, up from $62,672,000 in 2024, marking an increase of 9.0%[21] - The total equity as of April 30, 2025, was $177,610,000, slightly down from $177,925,000 in 2024, indicating a decrease of 0.2%[21] Operating Results - Operating loss for the three months ended April 30, 2025, improved to $(953,000) from $(5,506,000) in the same period of 2024[21] - Non-GAAP net income for the year ended April 30, 2025, was $10,028,000, compared to $4,346,000 in 2024, representing a significant increase of 130.8%[24] - The company reported a net loss of $(77,000) for the year ended April 30, 2025, a substantial improvement from a net loss of $(12,248,000) in 2024[23] - For the three months ended April 30, 2025, the GAAP net loss was $989,000, compared to a loss of $5,302,000 for the same period in 2024[25] - For the years ended April 30, 2025, the GAAP net loss was $77,000, an improvement from a loss of $12,248,000 in 2024[25] Expenses and Adjustments - Research and development expenses for the year ended April 30, 2025, rose to $7,710,000, a 12.6% increase from $6,851,000 in 2024[21] - Total depreciation and amortization for the year ended April 30, 2025, was $13,179,000, down from $16,005,000 in 2024[25] - Stock compensation expenses for the year ended April 30, 2025, were $3,500,000, compared to $4,075,000 in 2024[25] - Emerging growth status transition costs amounted to $458,000 for the year ended April 30, 2025[25] - Non-recurring inventory reserve adjustments were $444,000 for the year ended April 30, 2025[25] Other Financial Metrics - Interest income for the three months ended April 30, 2025, was $44,000, down from $110,000 in 2024[25] - The company did not incur any technology implementation costs for the year ended April 30, 2025, compared to $465,000 in 2024[25] - The company has over 400 patents and patents pending, indicating a robust product pipeline[9]