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AND EXCHANGE COMMISSION
to Section 13 or 15(d) of the Securities Exchange Act of 1934
of Report (Date of earliest event reported): November 9, 2023
name of registrant as specified in its charter)
or other jurisdiction of
E. Gray Rd.
of principal executive offices)
telephone number, including area code)
name or former address, if changed since last report)
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
registered pursuant to Section 12(b) of the Act:
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
growth company ☐
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
2.02 Results of Operations and Financial Condition.
November 9, 2023, Ammo, Inc. (the “Company”) reported its financial results for the fiscal quarterly period ended September
30, 2023. A copy of the press release issued by the Company in this connection is furnished herewith as Exhibit 99.1.
information in this Item in this Current Report on Form 8-K and Exhibit 99.1 attached hereto are being furnished and shall not be deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject
to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or
the Exchange Act, regardless of any general incorporation language in such filing.
9.01 Financial Statements and Exhibits.
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Inc. Reports Second Quarter 2024 Financial Results
Ariz., November 9, 2023 (GLOBE NEWSWIRE) — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”),
the owner of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries, and a leading vertically
integrated producer of high-performance ammunition and components, today reported results for its second quarter of fiscal 2024, ended
September 30, 2023.
Quarter Fiscal 2024 vs. Second Quarter Fiscal 2023
“Marketplace” Metrics – Second Quarter 2024
Smith, AMMO’s CEO, commented “Our fiscal second quarter was a very difficult quarter for our industry and due to mechanical
and supply issues we are roughly one quarter behind where we thought we would be by now. However, we continue to transition our business
to a leaner and more profitable operating model and remain focused on addressing operational inefficiencies. With that said, the market
is moving very quickly based on recent international and domestic events.
in October have completely flipped the market on its head. We see strong demand for our brass casings and even stronger demand internationally.
While we have had delays in bringing the factory on-line, we continue to make investments to secure future predictability, profitability,
and capacity. The fundamentals of the industry are improving. Gunbroker.com is starting to see the payoff of payment processing capabilities
on the platform as we continue to transition GunBroker.com from an auction house to an Amazon-like model for firearms and accessories,”
Mr. Smith concluded.
Quarter 2024 Results
margins in our marketplace segment remain strong and although our gross margins have decreased in our ammunition segment due to the aforementioned
operational struggles, we are optimistic on the future performance of this segment. While challenges continue in the market today, the
demand for our brass casings remain robust. We are beginning to see positive trends in the demand for our ammunition product and we are
seeing the activity on GunBoker.com increase as we enter into our third fiscal quarter.
are positioned to capitalize on these positive trends given our strong financial position as we have reported $129.5 million in current
assets including $49.6 million of cash and cash equivalents, in comparison to $27.6 million in current liabilities. Additionally, we
generated $18.2 million in cash from operations through the midpoint of our fiscal year.
ended the first quarter with total revenues of approximately $34.4 million in comparison to $48.3 million in the prior year quarter.
The decrease in revenue was primarily related to a decrease in sales activity from our ammunition segment as a result of the state of
the US commercial ammunition market during the reported quarter. Our casing sales, however, which afford us higher gross margins, increased
to $6.4 million up from $4.3 million in the prior year period. Our marketplace revenue was $12.5 million, for the reported quarter, compared
to $14.6 million in the prior year quarter, which decreased as a result of the current macroeconomic environment impacting our industry
as well as others.
of goods sold was approximately $26.1 million for the quarter compared to $35.5 million in the comparable prior year quarter. The decrease
in cost of goods sold was related to the decrease in sales volume.
gross margin for the quarter was $8.3 million or 24.1% compared to $12.8 million or 26.6% in the prior year period. The decrease in gross
profit margin was related to the shift in our sales mix but was also related to higher costs associated with our manufacturing process
in our ammunition segment. Primarily, our cost absorption suffered due to the setbacks we experienced in the reported quarter as a result
of rifle casing presses going down.
were approximately $3.9 million of nonrecurring expenses related to legal and professional fees and accruals for contingencies from activities
commencing in our 2021 and 2022 fiscal years. There was also $0.9 million of additional stock compensation expense as a result of change
in control, and $0.4 million of write-offs incurred in our second fiscal quarter. All of these items, among others, are included as addbacks
to Adjusted EBITDA.
the quarter, we recorded Adjusted EBITDA of approximately $1.2 million, compared to prior year quarter Adjusted EBITDA of $5.7 million.
resulted in a net loss per share of ($0.07) or adjusted net income per share of $0.00, compared to the prior year period of net loss
per share of ($0.01) or adjusted net income per share of $0.04.
continue to push forward on the improvements to our marketplace, GunBroker.com. We have formally launched OutdoorPay, our payment processing
platform, and are in the process of onboarding our userbase to this platform, which will enable us to launch our cart platform soon thereafter.
repurchased approximately 198,000 shares of our common stock under our repurchase plan in the reported quarter bringing us to just over
1.2 million shares repurchased in total under the plan.
will host a conference call at 5:00 PM ET on November 9, 2023, to review financial results and provide an update on corporate developments.
Following management’s formal remarks there will be a question-and-answer session.
are asked to preregister for the call at the following link: https://dpregister.com/sreg/10183047/fa923d6953.
note that registered participants will receive their dial-in number upon registration and will dial directly into the call without delay.
Those without Internet access or who are unable to pre-register may dial in by calling 1-866-777-2509 (domestic) or 1-412-317-5413 (international).
All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Ammo Inc call.
conference call will also be available through a live webcast at the following link: which is also available through the company’s
join at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for
“AMMO, Inc. Second Quarter 2024 Conference Call.”
its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including
law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate
the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK™ Visual Ammunition,
/stelTH/™ subsonic munitions, and specialty rounds for military use via government programs. For more information, please
is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo,
GunBroker.com currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state
laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms
dealers as transfer agents. Launched in 1999, GunBroker.com is an informative, secure and safe way to buy and sell firearms, ammunition,
air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. GunBroker.com promotes responsible
ownership of guns and firearms. For more information, please visit: www.gunbroker.com.
document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking
statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue
or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements
concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance;
any statements or belief; and any statements of assumptions underlying any of the foregoing.
looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,”
“believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking
statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place
undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update
forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however,
consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed
on Form 8-K.
Phone: (212) 655-0924
CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOW
analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total
net sales, net loss, and other results under accounting principles generally accepted in the United States (“GAAP”), the
following information includes key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these
measures are useful for period-to-period comparisons of the Company. We have included these non-GAAP financial measures in this Current
Report on Form 8-K because they are key measures we use to evaluate our operational performance, produce future strategies for our operations,
and make strategic decisions, including those relating to operating expenses and the allocation of our resources. Accordingly, we believe
these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner
as our management and board of directors.
of GAAP net income to Adjusted EBITDA
of GAAP net income to Fully Diluted EPS
average number of shares outstanding
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Address Line 1 such as Attn, Building Name, Street Name
Name of the City or Town
Code for the postal or zip code
Name of the state or province.
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
Indicate if registrant meets the emerging growth company criteria.
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Local phone number for entity.
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Title of a 12(b) registered security.
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