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.
Second Quarter Fiscal 2024 vs. Second
Quarter Fiscal 2023
|
● |
Net Revenues of $34.4 million |
|
● |
Gross profit margin of approximately 24.1% compared to 26.6% |
|
● |
Adjusted EBITDA of $1.2 million compared to $5.7 million |
|
● |
Net loss of ($7.5) million, compared to a net loss of ($0.8)
million |
|
● |
Diluted EPS of ($0.07), compared to ($0.01) |
|
● |
Adjusted EPS of $0.00, compared to $0.04 |
|
|
|
GunBroker.com “Marketplace” Metrics –
Second Quarter 2024
|
● |
Marketplace revenue of approximately $12.5 million |
|
● |
New user growth averaged approximately 26,000 per month |
|
● |
Average take rate increased to 6.0% compared to 5.3% in fiscal
2023 |
|
|
|
Jared 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.
“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.
Second Quarter 2024 Results
The 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.
We 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.
We 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.
Cost 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.
Our 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.
There 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.
For the quarter, we recorded Adjusted EBITDA of
approximately $1.2 million, compared to prior year quarter Adjusted
EBITDA of $5.7 million.
This 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.
We 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.
We 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.
Conference Call
Management 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.
Participants are asked to preregister for the
call at the following link:
https://dpregister.com/sreg/10183047/fa923d6953.
Please 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.
The conference call will also be available
through a live webcast at the following link: which is also
available through the company’s website.
https://event.choruscall.com/mediaframe/webcast.html?webcastid=kAqERLpp,
Please 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.”
About AMMO, Inc.
With 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 visit: www.ammo-inc.com.
About GunBroker.com
GunBroker.com 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.
Forward Looking Statements
This 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.
Forward 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.
Investor Contact:CoreIRPhone: (212)
655-0924IR@ammo-inc.com
Source: AMMO, INC.
AMMO, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
September 30, 2023 |
|
|
March 31, 2023 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
49,564,868 |
|
|
$ |
39,134,027 |
|
Accounts receivable, net |
|
|
23,030,851 |
|
|
|
29,346,380 |
|
Inventories |
|
|
53,014,205 |
|
|
|
54,344,819 |
|
Prepaid expenses |
|
|
3,920,007 |
|
|
|
5,126,667 |
|
Current portion of restricted cash |
|
|
- |
|
|
|
500,000 |
|
Total Current Assets |
|
|
129,529,931 |
|
|
|
128,451,893 |
|
|
|
|
|
|
|
|
|
|
Equipment,
net |
|
|
55,821,414 |
|
|
|
55,963,255 |
|
|
|
|
|
|
|
|
|
|
Other
Assets: |
|
|
|
|
|
|
|
|
Deposits |
|
|
3,189,518 |
|
|
|
7,028,947 |
|
Patents, net |
|
|
4,786,022 |
|
|
|
5,032,754 |
|
Other intangible assets, net |
|
|
117,440,022 |
|
|
|
123,726,810 |
|
Goodwill |
|
|
90,870,094 |
|
|
|
90,870,094 |
|
Right of use assets - operating leases |
|
|
1,017,982 |
|
|
|
1,261,634 |
|
TOTAL
ASSETS |
|
$ |
402,654,983 |
|
|
$ |
412,335,387 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
19,598,548 |
|
|
$ |
18,079,397 |
|
Accrued liabilities |
|
|
6,250,164 |
|
|
|
4,353,354 |
|
Current portion of operating lease liability |
|
|
370,980 |
|
|
|
470,734 |
|
Note payable related party |
|
|
- |
|
|
|
180,850 |
|
Current portion of construction note payable |
|
|
265,977 |
|
|
|
260,429 |
|
Insurance premium note payable |
|
|
1,157,745 |
|
|
|
2,118,635 |
|
Total Current Liabilities |
|
|
27,643,414 |
|
|
|
25,463,399 |
|
|
|
|
|
|
|
|
|
|
Long-term
Liabilities: |
|
|
|
|
|
|
|
|
Contingent consideration payable |
|
|
99,302 |
|
|
|
140,378 |
|
Construction note payable, net of unamortized issuance costs |
|
|
10,830,663 |
|
|
|
10,922,443 |
|
Operating lease liability, net of current portion |
|
|
744,616 |
|
|
|
903,490 |
|
Deferred income tax liability |
|
|
349,327 |
|
|
|
2,309,592 |
|
Total Liabilities |
|
|
39,667,322 |
|
|
|
39,739,302 |
|
|
|
|
|
|
|
|
|
|
Shareholders’
Equity: |
|
|
|
|
|
|
|
|
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 September 30, 2023 and March 31, 2023, respectively |
|
|
1,400 |
|
|
|
1,400 |
|
Common stock, $0.001 par value, 200,000,000 shares authorized
119,665,700 and 118,562,806 shares issued and 118,460,743 and
118,294,478 outstanding at September 30, 2023 and March 31, 2023,
respectively |
|
|
118,461 |
|
|
|
118,294 |
|
Additional paid-in capital |
|
|
394,331,516 |
|
|
|
391,940,374 |
|
Accumulated deficit |
|
|
(29,086,926 |
) |
|
|
(18,941,825 |
) |
Treasury stock |
|
|
(2,376,790 |
) |
|
|
(522,158 |
) |
Total Shareholders’ Equity |
|
|
362,987,661 |
|
|
|
372,596,085 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
402,654,983 |
|
|
$ |
412,335,387 |
|
AMMO, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
For the Three Months Ended September 30, |
|
|
For the Six Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ammunition sales(1) |
|
$ |
15,516,589 |
|
|
$ |
29,386,969 |
|
|
$ |
29,622,618 |
|
|
$ |
70,356,852 |
|
Marketplace revenue |
|
|
12,474,716 |
|
|
|
14,562,694 |
|
|
|
26,386,918 |
|
|
|
31,067,640 |
|
Casing sales |
|
|
6,381,081 |
|
|
|
4,338,896 |
|
|
|
12,617,425 |
|
|
|
7,620,093 |
|
|
|
|
34,372,386 |
|
|
|
48,288,559 |
|
|
|
68,626,961 |
|
|
|
109,044,585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
26,084,120 |
|
|
|
35,452,850 |
|
|
|
46,314,155 |
|
|
|
78,073,214 |
|
Gross Profit |
|
|
8,288,266 |
|
|
|
12,835,709 |
|
|
|
22,312,806 |
|
|
|
30,971,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
|
289,952 |
|
|
|
1,068,501 |
|
|
|
585,533 |
|
|
|
2,976,671 |
|
Corporate general and administrative |
|
|
7,855,624 |
|
|
|
5,055,699 |
|
|
|
15,803,187 |
|
|
|
10,084,996 |
|
Employee salaries and related expenses |
|
|
5,590,035 |
|
|
|
3,923,700 |
|
|
|
9,706,315 |
|
|
|
6,708,798 |
|
Depreciation and amortization expense |
|
|
3,371,802 |
|
|
|
3,291,322 |
|
|
|
6,715,845 |
|
|
|
6,641,678 |
|
Total operating expenses |
|
|
17,107,413 |
|
|
|
13,339,222 |
|
|
|
32,810,880 |
|
|
|
26,412,143 |
|
Income/(Loss) from
Operations |
|
|
(8,819,147 |
) |
|
|
(503,513 |
) |
|
|
(10,498,074 |
) |
|
|
4,559,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income/(Expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
(321,341 |
) |
|
|
5,098 |
|
|
|
371,610 |
|
|
|
198,596 |
|
Interest expense |
|
|
(212,314 |
) |
|
|
(97,265 |
) |
|
|
(416,515 |
) |
|
|
(217,752 |
) |
Total other income/(expense) |
|
|
(533,655 |
) |
|
|
(92,167 |
) |
|
|
(44,905 |
) |
|
|
(19,156 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) before Income
Taxes |
|
|
(9,352,802 |
) |
|
|
(595,680 |
) |
|
|
(10,542,979 |
) |
|
|
4,540,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes |
|
|
(1,857,505 |
) |
|
|
207,827 |
|
|
|
(1,954,649 |
) |
|
|
2,090,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) |
|
|
(7,495,297 |
) |
|
|
(803,507 |
) |
|
|
(8,588,330 |
) |
|
|
2,449,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock Dividend |
|
|
(782,639 |
) |
|
|
(782,639 |
) |
|
|
(1,556,771 |
) |
|
|
(1,556,771 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) Attributable
to Common Stock Shareholders |
|
$ |
(8,277,936 |
) |
|
$ |
(1,586,146 |
) |
|
$ |
(10,145,101 |
) |
|
$ |
892,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.01 |
|
Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
118,167,228 |
|
|
|
116,927,607 |
|
|
|
117,941,755 |
|
|
|
116,744,972 |
|
Diluted |
|
|
118,167,228 |
|
|
|
116,927,607 |
|
|
|
117,941,755 |
|
|
|
118,063,619 |
|
(1 |
) |
Included in revenue for the three months ended September 30, 2023
and 2022 is excise taxes of $1,284,166 and $2,435,051,
respectively. Included in revenue for the six months ended
September 30, 2023 and 2022 is excise taxes of $2,459,962 and
$6,147,392, respectively. |
AMMO, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOW(Unaudited)
|
|
For the Six Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net Income/(Loss) |
|
$ |
(8,588,330 |
) |
|
$ |
2,449,520 |
|
Adjustments to reconcile Net Income/(Loss) to Net Cash provided by
operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
9,293,566 |
|
|
|
8,594,968 |
|
Debt discount amortization |
|
|
41,626 |
|
|
|
41,626 |
|
Employee stock awards |
|
|
2,290,746 |
|
|
|
2,351,438 |
|
Stock grants |
|
|
101,500 |
|
|
|
91,594 |
|
Contingent consideration payable fair value |
|
|
(41,076 |
) |
|
|
(25,246 |
) |
Allowance for doubtful accounts |
|
|
1,047,587 |
|
|
|
934,135 |
|
Reduction in right of use asset |
|
|
243,652 |
|
|
|
398,033 |
|
Deferred income taxes |
|
|
(1,960,265 |
) |
|
|
817,310 |
|
Changes in Current Assets and Liabilities |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
5,267,942 |
|
|
|
12,590,905 |
|
Due from related parties |
|
|
- |
|
|
|
9,000 |
|
Inventories |
|
|
1,330,614 |
|
|
|
(9,590,856 |
) |
Prepaid expenses |
|
|
2,262,859 |
|
|
|
1,130,589 |
|
Deposits |
|
|
3,839,429 |
|
|
|
2,633,655 |
|
Accounts payable |
|
|
1,519,151 |
|
|
|
(3,017,415 |
) |
Accrued liabilities |
|
|
1,760,716 |
|
|
|
(1,295,829 |
) |
Operating lease liability |
|
|
(258,628 |
) |
|
|
(403,184 |
) |
Net cash provided by operating activities |
|
|
18,151,089 |
|
|
|
17,710,243 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchase of equipment |
|
|
(2,618,205 |
) |
|
|
(8,405,180 |
) |
Net cash used in investing activities |
|
|
(2,618,205 |
) |
|
|
(8,405,180 |
) |
|
|
|
|
|
|
|
|
|
Cash flow from
financing activities: |
|
|
|
|
|
|
|
|
Proceeds from factoring liability |
|
|
26,047,370 |
|
|
|
45,600,000 |
|
Payments on factoring liability |
|
|
(26,047,370 |
) |
|
|
(45,291,282 |
) |
Payments on inventory facility, net |
|
|
- |
|
|
|
(825,675 |
) |
Payments on note payable - related party |
|
|
(180,850 |
) |
|
|
(334,374 |
) |
Payments on insurance premium note payment |
|
|
(2,017,089 |
) |
|
|
(1,334,183 |
) |
Proceeds from construction note payable |
|
|
- |
|
|
|
1,000,000 |
|
Payments on construction note payable |
|
|
(127,858 |
) |
|
|
- |
|
Preferred stock dividends paid |
|
|
(1,420,677 |
) |
|
|
(1,420,727 |
) |
Common stock repurchase plan |
|
|
(1,855,569 |
) |
|
|
- |
|
Common stock issued for exercised warrants |
|
|
- |
|
|
|
24,242 |
|
Net cash used in financing activities |
|
|
(5,602,043 |
) |
|
|
(2,581,999 |
) |
|
|
|
|
|
|
|
|
|
Net increase in
cash |
|
|
9,930,841 |
|
|
|
6,723,064 |
|
Restricted cash,
beginning of period |
|
|
500,000 |
|
|
|
- |
|
Cash, beginning of
period |
|
|
39,134,027 |
|
|
|
23,281,475 |
|
Cash and restricted
cash, end of period |
|
$ |
49,564,868 |
|
|
$ |
30,004,539 |
|
Restricted cash, end
of period |
|
$ |
- |
|
|
$ |
1,000,000 |
|
Cash, end of
period |
|
$ |
49,564,868 |
|
|
$ |
29,004,539 |
|
(Continued)
AMMO, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF CASH
FLOW(Unaudited)
|
|
For the Six Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosures: |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
375,885 |
|
|
$ |
141,131 |
|
Income taxes |
|
$ |
- |
|
|
$ |
1,302,811 |
|
|
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
|
|
Insurance premium note payment |
|
$ |
1,056,199 |
|
|
$ |
2,035,519 |
|
Dividends accumulated on preferred stock |
|
$ |
136,094 |
|
|
$ |
136,044 |
|
Construction note payable |
|
$ |
- |
|
|
$ |
9,804,580 |
|
Non-GAAP Financial Measures
We 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.
Reconciliation of GAAP net income to Adjusted
EBITDA
|
|
For the Three Months Ended |
|
|
For the Six Months Ended |
|
|
|
30-Sep-23 |
|
|
30-Sep-22 |
|
|
30-Sep-23 |
|
|
30-Sep-22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
net income to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(7,495,297 |
) |
|
$ |
(803,507 |
) |
|
$ |
(8,588,330 |
) |
|
$ |
2,449,520 |
|
Provision for Income
Taxes |
|
|
(1,857,505 |
) |
|
|
207,827 |
|
|
|
(1,954,649 |
) |
|
|
2,090,552 |
|
Depreciation and
amortization |
|
|
4,673,479 |
|
|
|
4,294,845 |
|
|
|
9,293,566 |
|
|
|
8,594,968 |
|
Interest expense, net |
|
|
212,314 |
|
|
|
97,265 |
|
|
|
416,515 |
|
|
|
217,752 |
|
Employee stock awards |
|
|
1,467,949 |
|
|
|
1,176,375 |
|
|
|
2,290,746 |
|
|
|
2,351,438 |
|
Stock grants |
|
|
50,750 |
|
|
|
43,750 |
|
|
|
101,500 |
|
|
|
91,594 |
|
Other (income) expense,
net |
|
|
321,341 |
|
|
|
(5,098 |
) |
|
|
(371,610 |
) |
|
|
(198,596 |
) |
Contingent consideration fair
value |
|
|
(20,052 |
) |
|
|
(23,944 |
) |
|
|
(41,076 |
) |
|
|
(25,246 |
) |
Other nonrecurring
expenses(1) |
|
|
3,867,692 |
|
|
|
741,131 |
|
|
|
6,627,418 |
|
|
|
741,131 |
|
Adjusted EBITDA |
|
$ |
1,220,671 |
|
|
$ |
5,728,644 |
|
|
$ |
7,774,080 |
|
|
$ |
16,313,113 |
|
|
1 |
) |
For the three and six months ended September 30, 2023, other
nonrecurring expenses consist of professional and legal fees that
are nonrecurring in nature. For the three and six months ended
September 30, 2022, other nonrecurring expenses consist of proxy
contest fees. |
Reconciliation of GAAP net income to
Fully Diluted EPS
|
|
For the Three Months Ended |
|
|
|
30-Sept-23 |
|
|
30-Sept-22 |
|
Reconciliation of GAAP
net income to Fully Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) |
|
$ |
(7,495,297 |
) |
|
$ |
(0.06 |
) |
|
$ |
(803,507 |
) |
|
$ |
(0.01 |
) |
Depreciation and
amortization |
|
|
4,673,479 |
|
|
|
0.04 |
|
|
|
4,294,845 |
|
|
|
0.04 |
|
Interest expense, net |
|
|
212,314 |
|
|
|
- |
|
|
|
97,265 |
|
|
|
- |
|
Employee stock awards |
|
|
1,467,949 |
|
|
|
0.01 |
|
|
|
1,176,375 |
|
|
|
0.01 |
|
Stock grants |
|
|
50,750 |
|
|
|
- |
|
|
|
43,750 |
|
|
|
- |
|
Contingent consideration fair
value |
|
|
(20,052 |
) |
|
|
- |
|
|
|
(23,944 |
) |
|
|
- |
|
Nonrecurring expenses |
|
|
3,867,692 |
|
|
|
0.03 |
|
|
|
741,131 |
|
|
|
0.01 |
|
Tax effect(1) |
|
|
(2,319,673 |
) |
|
|
(0.02 |
) |
|
|
(1,360,309 |
) |
|
|
(0.01 |
) |
Adjusted Net Income |
|
$ |
437,161 |
|
|
$ |
- |
|
|
$ |
(803,507 |
) |
|
$ |
0.04 |
|
|
|
For the Six Months Ended |
|
|
|
30-Sept-23 |
|
|
30-Sept-22 |
|
Reconciliation of GAAP
net income to Fully Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) |
|
$ |
(8,588,330 |
) |
|
$ |
(0.07 |
) |
|
$ |
2,449,520 |
|
|
$ |
0.02 |
|
Depreciation and
amortization |
|
|
9,293,566 |
|
|
|
0.08 |
|
|
|
8,594,968 |
|
|
|
0.07 |
|
Interest expense, net |
|
|
416,515 |
|
|
|
- |
|
|
|
217,752 |
|
|
|
- |
|
Employee stock awards |
|
|
2,290,746 |
|
|
|
0.02 |
|
|
|
2,351,438 |
|
|
|
0.02 |
|
Stock grants |
|
|
101,500 |
|
|
|
- |
|
|
|
91,594 |
|
|
|
- |
|
Contingent consideration fair
value |
|
|
(41,076 |
) |
|
|
- |
|
|
|
(25,246 |
) |
|
|
- |
|
Nonrecurring expenses |
|
|
6,627,418 |
|
|
|
0.06 |
|
|
|
741,131 |
|
|
|
0.01 |
|
Tax effect(1) |
|
|
(4,329,437 |
) |
|
|
(0.04 |
) |
|
|
(2,531,771 |
) |
|
|
(0.02 |
) |
Adjusted Net Income |
|
$ |
5,770,902 |
|
|
$ |
0.05 |
|
|
$ |
11,889,386 |
|
|
$ |
0.10 |
|
|
|
(1 |
) |
Tax effects are estimated by applying the statutory rate to each
applicable Non-GAAP adjustment. |
|
|
|
For the Three Months EndedSeptember
30, |
|
For the Six Months EndedSeptember
30, |
|
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Weighted average
number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
118,167,228 |
|
116,927,607 |
|
117,941,755 |
|
116,744,972 |
|
|
Diluted |
|
118,167,228 |
|
116,927,607 |
|
117,941,755 |
|
118,063,619 |
|
|
|
|
|
|
|
|
|
|
|
|
AMMO (NASDAQ:POWW)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
AMMO (NASDAQ:POWW)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024