UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD Commission File Number 001-39366 American Outdoor Brands, Inc. (Exact name of Registrant as specified in its Charter) Delaware (State or Other Jurisdiction of Incorporation or Organi ...

American Outdoor Brands, Inc. (AOUT) is scheduled to report fourth-quarter fiscal 2024 results on Jun 27, after the closing bell. In the last reported quarter, AOUT’s earnings beat the Zacks Consensus Estimate by 14.3%.Q4 EstimatesThe Zacks Consensus Estimate for fourth-quarter fiscal 2024 earnings is pegged at 1 cent. In the prior-year quarter, it reported adjusted earnings of 6 cents. Estimate revisions have remained stable in the past 30 days. The consensus mark for revenues is pegged at $43.2 million, i ...

The Zacks Leisure and Recreation Products industry faces challenges due to high inflation and elevated interest rates. Nevertheless, there is a positive trend in sales of fitness products, driven by growing health and fitness awareness and strong boat sales. Industry participants — which design, market, retail and distribute products for the outdoor and recreation market — are witnessing solid demand. Stocks like Acushnet Holdings Corp. (GOLF) , American Outdoor Brands, Inc. (AOUT) and Lazydays Holdings, In ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis ...

American Outdoor Brands, Inc. (AOUT) reported third-quarter fiscal 2024 results, with the top and the bottom line surpassing the Zacks Consensus Estimate. Both metrics beat estimates for the fourth straight quarter.Following the results, the company’s shares increased 4.8% in the after-hours trading session on Mar 7.  The company believes its brands are well-positioned to benefit from positive, long-term consumer outdoor participation trends. AOUT reaffirms its anticipation that its net sales for fiscal 202 ...

Financial Data and Key Metrics - Net sales for Q3 2024 were $53.4 million, a 5% increase compared to Q3 2023, and a 23.3% increase compared to the pre-pandemic Q3 of fiscal 2020 [20] - Gross margin for Q3 was 42.7%, down from 47.1% in Q3 2023, due to higher tariff and freight cost amortization and increased promotional activity [22] - GAAP EPS was a loss of $0.23 for Q3, compared to a loss of $0.21 in Q3 2023, while non-GAAP EPS was $0.08, down from $0.13 in the prior year [24] - Adjusted EBITDAS for Q3 was $2.4 million, compared to $3.3 million in Q3 2023 [24] - The company ended Q3 with $15.9 million in cash, no debt, and total available capital of approximately $106 million [26] Business Line Performance - Outdoor Lifestyle category grew 2.8% year-over-year in Q3, driven by hunting and fishing-related products, and has grown 43.1% compared to the pre-pandemic Q3 of fiscal 2020 [7][21] - Shooting Sports category grew 7.6% year-over-year in Q3, driven by personal protection and shooting accessories, and has grown almost 6% compared to the pre-pandemic Q3 of fiscal 2020 [8][21] - E-commerce sales increased by 1.6% year-over-year, while traditional channel sales grew by 8.1% [21] - International sales grew by over 72% in Q3, driven by the introduction of lifestyle brands in the Canadian market [9] Market Performance - POS sales increased for both Outdoor Lifestyle and Shooting Sports categories, indicating strong consumer demand [9] - Retailers are focusing on careful inventory management and seeking innovative products, which aligns with the company's strategy to introduce new products and expand shelf space [19] Strategic Direction and Industry Competition - The company continues to focus on innovation, with a robust new product pipeline extending well into the next 5 years, positioning its brands to expand market share and enter new product categories [11] - The company's Dock and Unlock process has been successful in driving growth by entering new product categories and building brand loyalty [10] - The company is strategically expanding into international markets and leveraging its direct-to-consumer model to strengthen its connection with consumers [9][15] Management Commentary on Operating Environment and Future Outlook - Management highlighted the success of new product launches, such as the Caldwell Claymore and Grilla Mammoth smoker, which have been well-received by consumers and retailers [12][15] - The company expects full-year net sales growth of up to 3.5% for fiscal 2024, with gross margins expected to be around 44% [28] - Operating expenses are expected to decline slightly on a GAAP basis for fiscal 2024, while non-GAAP operating expenses are expected to increase slightly due to higher selling and distribution costs [29] Other Important Information - The company repurchased approximately 210,000 shares for $1.8 million in Q3, as part of its share repurchase program [27] - Capital expenditures for fiscal 2024 are expected to be between $6 million and $6.5 million, with $3 million to $3.5 million being recurring expenses [27] Q&A Session Summary Question: Inventory levels at retailers and confidence in future progress - Inventory levels in the channel were down, except for Outdoor Lifestyle due to the MEAT! load-in and work with Academy [32] - The company is focused on maintaining a tight link between sell-in and sell-through to avoid excess inventory in the channel [41] Question: Appetite for M&A given internal innovation efforts - The company evaluates acquisitions based on where its brands do not have "permission to play" or where it can augment existing innovation plans [35][36] - The company is actively looking for M&A opportunities, with a strong cash position and no debt [45] Question: Sales growth deceleration in Q4 - The expected deceleration in Q4 growth is attributed to the seasonal nature of the business, with Q2 and Q3 typically being stronger quarters [39] Question: Opportunities for higher load-in and new product launches - The company expects new product launches in late April to drive load-ins, along with new distribution opportunities and new retailers coming online [43] Question: Near-term appetite for acquisitions - The company is cautious about M&A in frothy markets but is actively looking for opportunities, with a strong pipeline and clear acquisition targets [45]

[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited financial statements for Q3 and nine months ended January 31, 2024, report net losses, decreased assets, and reduced operating cash flow [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of January 31, 2024, total assets slightly decreased to $239.1 million, while total liabilities increased to $56.7 million Condensed Consolidated Balance Sheets (in thousands) | Balance Sheet Items | Jan 31, 2024 (in thousands) | Apr 30, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $15,890 | $21,950 | | Inventories | $100,016 | $99,734 | | Total current assets | $149,936 | $157,620 | | Total assets | $239,079 | $243,587 | | **Liabilities & Equity** | | | | Total current liabilities | $23,011 | $23,002 | | Total liabilities | $56,653 | $51,723 | | Total equity | $182,426 | $191,864 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 FY2024 net sales increased 5.0% to $53.4 million, but gross profit decreased, resulting in a net loss of $2.9 million Condensed Consolidated Statements of Operations (in thousands, except EPS) | Metric (in thousands, except EPS) | Q3 FY2024 | Q3 FY2023 | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $53,425 | $50,894 | $154,801 | $149,006 | | Gross profit | $22,834 | $23,989 | $69,043 | $68,991 | | Operating loss | $(2,883) | $(3,001) | $(6,990) | $(8,697) | | Net loss | $(2,910) | $(2,863) | $(6,946) | $(8,188) | | Diluted EPS | $(0.23) | $(0.21) | $(0.53) | $(0.61) | [Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total equity decreased to $182.4 million due to a net loss and $5.6 million in treasury stock repurchases - For the nine months ended January 31, 2024, the company repurchased **635,075 shares** of its common stock for **$5.55 million**[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly decreased to $9.8 million for the nine months ended January 31, 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity (in thousands) | Nine Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,823 | $24,263 | | Net cash used in investing activities | $(5,320) | $(4,231) | | Net cash used in financing activities | $(10,563) | $(17,843) | | **Net (decrease)/increase in cash** | **$(6,060)** | **$2,189** | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail revenue recognition, disaggregation, lease accounting, and a new $10 million stock repurchase program Q3 FY2024 Net Sales Breakdown (YoY Change) | Q3 FY2024 Net Sales Breakdown (YoY Change) | Amount (in thousands) | % Change | | :--- | :--- | :--- | | e-commerce channels | $24,881 | 1.6% | | Traditional channels | $28,544 | 8.1% | | Domestic | $51,006 | 3.1% | | International | $2,419 | 72.2% | - Effective January 1, 2024, the company assumed a major facility lease, recording a right-of-use asset and lease liability of **$10.6 million** for the additional space[42](index=42&type=chunk) - On October 2, 2023, the Board authorized a new share repurchase program of up to **$10.0 million**, executable through September 30, 2024[62](index=62&type=chunk) [Management's Discussion and Analysis (MD&A)](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports a 5.0% Q3 net sales increase, but gross margin declined due to higher costs, while liquidity remains solid [Third Quarter Fiscal 2024 Highlights](index=26&type=section&id=Third%20Quarter%20Fiscal%202024%20Highlights) Q3 FY2024 net sales grew 5.0% to $53.4 million, but gross margin fell to 42.7%, resulting in a net loss of $2.9 million Third Quarter Fiscal 2024 Highlights | Metric | Q3 FY2024 | Q3 FY2023 | | :--- | :--- | :--- | | Net Sales | $53.4 million | $50.9 million | | Gross Margin | 42.7% | 47.1% | | Net Loss | $2.9 million | $2.9 million | | Diluted EPS | ($0.23) | ($0.21) | | Non-GAAP Adjusted EBITDAS | $2.4 million | $3.3 million | [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q3 net sales rose 5.0% to $53.4 million, driven by traditional and international channels, but gross margin declined due to higher costs - Q3 sales growth was driven by an increase in net sales of certain **personal protection, rugged outdoor, hunting, and fishing products**[94](index=94&type=chunk) - Gross margin for Q3 decreased by **440 basis points**, primarily due to higher tariff, freight, and duty expenses, as well as increased promotional activity[97](index=97&type=chunk) - Q3 General and administrative expenses decreased by **$1.4 million**, primarily due to lower insurance premiums, reduced ERP system implementation costs, and lower rent expense[108](index=108&type=chunk) [Non-GAAP Financial Measure](index=33&type=section&id=Non-GAAP%20Financial%20Measure) Adjusted EBITDAS, a supplemental performance measure, decreased to $2.4 million for Q3 FY2024 and $8.7 million for the nine-month period Non-GAAP Adjusted EBITDAS (in thousands) | Metric (in thousands) | Q3 FY2024 | Q3 FY2023 | Nine Months FY2024 | Nine Months FY2023 | | :--- | :--- | :--- | :--- | :--- | | GAAP net loss | $(2,910) | $(2,863) | $(6,946) | $(8,188) | | Non-GAAP Adjusted EBITDAS | $2,375 | $3,275 | $8,741 | $11,019 | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a debt-free liquidity position with $15.9 million in cash, despite a decrease in operating cash flow - Cash generated by operating activities decreased to **$9.8 million** for the nine months ended Jan 31, 2024, compared to **$24.3 million** in the prior year period[128](index=128&type=chunk)[129](index=129&type=chunk) - During the nine months ended Jan 31, 2024, the company used **$5.0 million** to pay off all borrowings on its revolving line of credit and **$5.6 million** to repurchase 635,075 shares of common stock[131](index=131&type=chunk) - The company expects to spend approximately **$6.0 million to $6.5 million** on capital expenditures in fiscal 2024[130](index=130&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures were reported since the Annual Report on Form 10-K - There were no material changes from the information provided in Quantitative and Qualitative Disclosures about Market Risk in the Form 10-K[137](index=137&type=chunk) [Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of January 31, 2024, with no material changes in internal control over financial reporting - The CEO and CFO evaluated and concluded that the company's disclosure controls and procedures are **effective** as of January 31, 2024[138](index=138&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[139](index=139&type=chunk) [PART II - OTHER INFORMATION](index=38&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 11, with no new material developments reported - The nature of legal proceedings is discussed in Note 11 — Commitments and Contingencies to the condensed consolidated financial statements and is incorporated by reference[141](index=141&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the previously disclosed risk factors were reported in the Annual Report on Form 10-K - There have been no material changes from the risk factors previously disclosed in the company's Annual Report on Form 10-K[142](index=142&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 635,075 shares for $5.6 million and authorized a new $10.0 million share repurchase program Common Stock Repurchases | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Q1 FY2024 | 267,991 | $8.43 | | Q2 FY2024 | 157,536 | $9.46 | | Q3 FY2024 | 209,548 | $8.50 | | **YTD FY2024** | **635,075** | **$8.71** | - A new **$10.0 million** share repurchase plan was authorized on October 2, 2023, with approximately **$7.8 million** remaining available as of January 31, 2024[144](index=144&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter ended January 31, 2024 - No directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" during the quarter ended January 31, 2024[145](index=145&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including lease agreements, officer certifications, and interactive data files - The report includes certifications from the Principal Executive Officer and Principal Financial Officer as required by Rule 13a-14(a)/15d-14(a) and Section 1350[148](index=148&type=chunk)

Exhibit 99.1 1800 N Route Z, Suite A Columbia, MO 65202 (800) 338-9585 NASDAQ: AOUT Contact: Liz Sharp, VP, Investor Relations lsharp@aob.com (573) 303-4620 American Outdoor Brands, Inc. Reports Third Quarter Fiscal 2024 Financial Results • Net Sales $53.4 Million – Up 5.0% • Gross Margin 42.7% • Traditional Channel Sales $28.5 Million – Up 8.1% • E-Commerce Channel Sales $24.9 Million – Up 1.6% COLUMBIA, Mo., March 7, 2024 – American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT), an industry leading pr ...

The Zacks Leisure and Recreation Products industry faces challenges due to high inflation and concerns regarding the global economy. Nevertheless, there is a positive trend in the sales of fitness products, driven by growing health and fitness awareness and strong boat sales. The industry participants — which design, market, retail and distribute products for the outdoor and recreation market — are witnessing solid demand. Stocks like Academy Sports and Outdoors, Inc. (ASO) , Acushnet Holdings Corp. (GOLF) ...

webphotographeer/iStock via Getty Images I last wrote on (NASDAQ:AOUT) in July, and I felt that there was no reason to buy it. Its stock price has fallen around 4.5% since then, underperforming compared to the market standards. However, I think the current picture of AOUT looks good, and it can be rewarding in the coming times. It provides a good risk-to-reward setup, and its valuation looks cheap. Hence, I am upgrading my rating to buy. Financial Analysis It recently announced its Q2 FY24 results. The ...