
Core Insights - AXIL Brands, Inc. reported a record revenue of $27.5 million for fiscal year 2024, reflecting a 17% increase compared to $23.5 million in the previous year, driven by enhanced marketing and sales initiatives in the hearing protection segment [3][5] - The company experienced a 26% increase in cost of sales, amounting to $7.3 million, primarily due to increased branding and marketing efforts [3] - Gross profit margin decreased to 73.4% from 75.3% year-over-year, attributed to costs associated with expansion into new retail and distribution channels [3] - Operating expenses as a percentage of net revenues rose to 68.0% from 66.9%, mainly due to higher marketing, selling expenses, and increased compensation [3] - Net income per common share on a fully diluted basis was $0.21, up from $0.10 in the prior year, while basic net income per share increased to $0.57 from $0.32 [3][10] Financial Performance - Consolidated net sales increased by 17% to $27.5 million for the fiscal year ended May 31, 2024, compared to $23.5 million in the prior year [3] - Cost of sales increased by $1.5 million, resulting in a cost of sales percentage of 26.6% for the fiscal year, compared to 24.7% in the previous year [3] - Gross profit for the fiscal year was $20.2 million, with a gross profit margin of 73.4% [9] - Operating expenses totaled $18.7 million, leading to an income from operations of $1.5 million [9] - The company reported a net income of $2.0 million for the fiscal year, compared to $1.8 million in the previous year [9] Shareholder Information - The weighted average outstanding shares on a diluted basis for 2024 were 16,168,181, a reduction of 49% from the previous year [4][10] - The company’s strategic initiatives for 2025 focus on enhancing global presence and forming strategic partnerships to drive sustainable growth [5]