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Outdoor Holding Company operates GunBroker.com, the leading US firearms auction platform, now a pure-play e-commerce business after divesting its ammunition unit. POWW is gaining market share, with unit sales up 8.7% YoY and GMV rising 11.8% to $229M, outpacing industry NICS checks. Operational enhancements—FFL transfer integration, universal payments, and AI-driven tools—are expected to drive incremental sales, service revenue, and conversion rates.

Key Takeaways LOAR shows strong expected revenue and earnings growth, with consensus earnings estimates rising 64.6%. MRCY is backed by record bookings, a nearly $1.6B backlog and improving EBITDA supporting growth. POWW operates GunBroker and saw current-year earnings estimates improve by more than 100% in 30 days. The defense equipment industry remains resilient, supported by rising defense spending and strategic mergers and acquisitions that improve operational scale, diversify product offerings and increase market presence, even as supply-chain challenges persist. 

The proposed increase in the U.S. defense budget to $1.5 trillion in 2027, signals long-term support for defense-related companies. The ongoing war in the Middle East between Iran and the U.S.-Israel joint force may act as a catalyst for these companies in the near-term. 

The Zacks-defined Defense Equipment industry is currently in the top 38% of the Zacks Industry Rank. Since the Defense Equipment industry is ranked in the top half of the Zacks Ranked Industries, we expect it to outperform the market over the next three to six months.

At this stage, we have narrowed our search to three defense equipment stocks with a top Zacks Rank that have provided double-digit returns in the past three months. The companies are: Loar Holdings Inc. (LOAR - Free Report) , Mercury Systems Inc. (MRCY - Free Report) and Outdoor Holding Co. (POWW - Free Report) . Each of our picks currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The chart below shows the price performance of our three picks in the past three months.

Image Source: Zacks Investment Research

Loar Holdings Inc.Loar Holdings is a diversified manufacturer and supplier of niche aerospace and defense components for aircraft and aerospace and defense systems. LOAR designs, manufactures, and sells aerospace and defense components for aircraft, and aerospace and defense systems in the United States and internationally. LOAR primarily serves commercial, business jet, general aviation and defense markets.

Loar Holdings has an expected revenue and earnings growth rate of 30.5% and 25%, respectively, for the current year. The Zacks Consensus Estimate for the current year’s earnings has improved 64.6% in the last 60 days. 

Mercury Systems Inc.Mercury Systems benefits from deep-rooted partnerships with the U.S. Department of Defense and prime contractors, creating a durable competitive moat. These relationships span decades and are built on proven performance delivering mission-critical systems for naval, airborne, and ground platforms. 

MRCY’s trusted supplier status for classified programs ensures continued engagement on next-generation defense initiatives. MRCY’s alignment with national security priorities—particularly in electronic warfare, radar systems, and C4ISR applications—positions it favorably for sustained contract awards.

MRCY benefits from record bookings, a record backlog approaching $1.6 billion, improving adjusted EBITDA and stronger revenue visibility, supporting sustained growth. Its focus on operational efficiency, proprietary technology and higher-margin integrated solutions supports margin expansion.

Mercury Systems has an expected revenue and earnings growth rate of 9.4% and 56.6%, respectively, for the current year (ending June 2027). The Zacks Consensus Estimate for the current year’s earnings has improved 0.7% in the last seven days. 

Outdoor Holding Co.Outdoor Holding is engaged in online marketplace business serving the firearms and shooting sports industries and a vertically integrated producer of ammunition and fire components. 

POWW owns and operates the GunBroker e-commerce marketplace, an auction site that supports the lawful sale of firearms, ammunition, and hunting/shooting accessories. POWW also offers a state and federal compliant solution that connects buyers with sellers.

Outdoor Holding has an expected revenue and earnings growth rate of 5.8% and -150%, respectively, for the current year (ending March 2027). The Zacks Consensus Estimate for the current year’s earnings has improved more than 100% in the last 30 days. 

Outdoor Holding Company (POWW - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Outdoor Holding Company is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Outdoor Holding Company, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Outdoor Holding CompanyFor the fiscal year ending March 2027, this company is expected to earn -$0.01 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Outdoor Holding Company. Over the past three months, the Zacks Consensus Estimate for the company has increased 80%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Outdoor Holding Company to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Atlanta, Ga., June 22, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company (Nasdaq: POWW, POWWP) (“OHC,” “we,” “us,” “our” or the “Company”), the owner of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting, and related products, today reported its financial results for its fourth fiscal quarter and year ended March 31, 2026.

Fourth Quarter Fiscal 2026 vs. Fourth Quarter Fiscal 2025

Revenue increased 10.1% to $13.9 million from $12.6 millionGross profit rose to $12.2 million from $11.0 millionGross profit margin increased slightly to 87.6% from 87.5%Operating expenses decreased to $15.1 million from $38.0 millionLoss from continuing operations of $(2.7) million, compared to last year’s loss from continuing operations of $(27.0) millionNet loss attributable to common shareholders of $(1.5) million improved from $(78.3) millionAdjusted EBITDA (1) increased to $7.7 million compared to $2.9 million in the same period last yearGrew gross merchandise value (“GMV”) 11.8% year-over-year to approximately $229 million from approximately $205 million  Fiscal 2026 vs. Fiscal 2025

Net revenues increased 3.5% over the year to $51.1 million from $49.4 millionGross profit rose to $44.6 million from $42.9 millionGross profit margin on the year increased to 87.2% from 86.9%Operating expenses decreased to $50.9 million from $102.6 millionLoss from continuing operations of $(4.9) million, compared to last year’s loss from continuing operations of $(65.2) millionNet loss attributable to common shareholders of $(6.6) million improved from $(133.9) millionAdjusted EBITDA(1) increased to $22.3 million compared to $15.3 million in the prior fiscal year Operational Highlights

Positive cash flow from operations for the fiscal yearOverhauled and strengthened financial reporting infrastructure and successfully remediated all previously identified material weaknesses in internal controls over financial reportingBegan executing on the Company’s stock repurchase program, purchasing a little over 500,000 shares for over $1 million during the fourth quarterContinued cost-reduction initiatives, reducing ordinary-course operating expenses by approximately $5.4 million, including reductions in headcount, legal spend and facilities costs, while maintaining investment in core platform initiativesCompleted the integration with MasterFFL to streamline the transfer of products subject to federal firearms license (“FFL”) regulationsResolved significant legacy legal matters, including the $4.4 million payment to settle the Digital Cash Processing (“DCP”) matter, to avoid additional litigation and trial costsContinued to invest in platform enhancements and AI initiatives, including hiring a Director of AI Strategy, deploying an AI-powered listing tool in March, and continuing to identify additional areas of investment to improve customer experience (1) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and the reconciliations at the end of this release for additional information.

“Our fiscal fourth quarter capped a year of remarkable improvement across the organization,” said Steve Urvan, Chairman and CEO of Outdoor Holding Company. “We sustained operating momentum, grew profitability, and continued to generate positive cash flow by reducing costs, resolving legacy matters, and investing in GunBroker.com platform features. We continue to deliver consistent profitability and balance-sheet strength. Adjusted EBITDA improved sequentially each quarter throughout the year. Our quarterly annualized EBITDA run-rate in both the third and fourth fiscal quarters exceeded the $25 million run-rate target I set last August, well ahead of schedule. Fiscal 2026 demonstrated the strength of our asset-light operating model, and we believe the actions taken and investments made over the past several quarters have positioned the Company for continued operating efficiency, improved profitability and long-term shareholder value creation in fiscal 2027 and beyond.”

The Company delivered improved financial and operational performance in the fourth quarter of fiscal 2026. Year over year, net revenues increased 10% to $13.9 million. Total operating expenses declined $22.9 million, underscoring the impact of resolved legal disputes and continued cost discipline while recurring, ordinary-course operating expenses declined approximately $5.4 million, driven primarily by reductions in headcount, legal spend, and facilities costs. The Company maintained a strong gross margin of 87.6% while continuing to make strategic investments in the platform. Adjusted EBITDA increased to $7.7 million compared to $2.9 million in the same period last year.

GunBroker.com delivered solid performance during the fourth fiscal quarter, reflecting continued engagement from both buyers and sellers and the benefits of recent platform investments.

 ●Firearm unit sales increased over 8.7% year-over-year, outpacing the 1.6% increase in adjusted NICS checks and reflecting a 40 basis point increase in the Company's share of adjusted NICS ●Total GMV for the quarter increased 10.1% year-over-year to approximately $229 million ●Take rate (net revenue as a percentage of GMV) remained relatively stable at a little over 6% ●Average order value grew by 6.5%    During the quarter, the Company continued to introduce platform enhancements designed to improve marketplace efficiency and user experience. These updates included improved search relevance and filtering, expanded seller analytics and promotional capabilities, and refined buyer personalization algorithms. The Company also completed its integration with MasterFFL to streamline the transfer of products subject to FFL regulations, and deployed an AI-powered listing tool to generate standardized, marketplace-optimized product descriptions to increase conversion rates and maintain compliance. The Company continues to explore ways to reduce transaction friction and improve the experience for buyers and sellers alike.

Balance Sheet and Liquidity

The Company ended the quarter and fiscal year with $68.1 million in cash and cash equivalents, a substantial increase from $30.2 million at the end of fiscal 2025. Even after funding the $4.4 million DCP settlement, effecting $1 million of share repurchases, and incurring other legal expenses, the cash balance at the end of the quarter only declined $1.8 million. The strengthened balance sheet and liquidity position provide significant flexibility to support ongoing platform investments, pursue selective strategic opportunities, and return value to shareholders through the share repurchase program. With reduced leverage, lower fixed costs, and more consistent profitability, the Company is well-positioned to fund organic growth initiatives while maintaining a disciplined approach to capital allocation and shareholder value creation.

Strategy and Key Initiatives

The Company's post-divestiture strategy is focused on driving sustainable growth through operational efficiency and continuous platform innovation. Key initiatives for fiscal 2027 include expanding premium seller offerings, enhancing pricing, promotional tools and data analytics, implementing universal payments, and improving buyer engagement. Management intends to harness the power of AI and leverage the capital allocation flexibility achieved by disciplined cost management to help deliver on these initiatives, in an effort to position the Company to capture incremental market share and deliver durable profitability over time.

Discontinued Operations

As previously disclosed, in April 2025, the Company completed the sale of all assets of its business of designing, manufacturing, marketing, distributing and selling ammunition and ammunition components, along with certain related assets and liabilities (the “Transaction”), which previously comprised the Company’s Ammunition segment. Following the Transaction, the Company continues to operate its online e-commerce marketplace business GunBroker.com.

For the purposes of this earnings release and the financial information provided herein, the results of the Ammunition segment are presented as discontinued operations in the consolidated statements of operations for all periods presented. Prior periods have been adjusted to conform to the current presentation. The assets and liabilities of the Ammunition segment have been reflected as assets and liabilities of discontinued operations in the consolidated balance sheets for all periods presented.

Conference Call

Management will host a conference call at 9:00 AM ET on June 22, 2026 to review financial results and provide an update on corporate developments. Following management’s formal remarks there will be a question-and-answer session.

The conference call will primarily be available through a live webcast at the following link: https://events.q4inc.com/attendee/339194298, which is also available through the Company’s website. The recording of the webcast will be posted on the Company’s website after the call is completed.

Those without internet access may dial in by calling (855) 761-5600 (domestic) or 1(646) 307-1097 (international). Please join at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for the “Outdoor Holding Company Conference Call” or reference Conference ID #: 2981188.

About Outdoor Holding Company

Outdoor Holding Company is the publicly traded parent and operator of GunBroker.com, the largest online marketplace dedicated to firearms, hunting, shooting and related products. 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 by using licensed firearms dealers as transfer agents. Launched in 1999, the GunBroker.com website is an informative, secure and safe way to buy and sell firearms, ammunition, shooting accessories and outdoor gear online. GunBroker promotes responsible ownership of guns and firearms. For more information, visit: www.gunbroker.com.

Cautionary Statement Concerning Forward-Looking Statements

Statements contained or incorporated by reference in this press release that are not historical are considered “forward-looking statements” within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, among others, statements about the Company’s ability to unlock post-divestiture efficiencies, the Company’s expected legal and other professional services expenses, the Company’s business strategy, plans, objectives, expectations and intentions, the Company’s anticipated future operating results and operating expenses, cash flow, capital resources, dividends and liquidity, the Company’s future expansion or growth plans and potential for future growth, including its plan to expand its e-commerce platform, the Company’s ability to attract new customers, the Company’s ongoing evaluation of strategic opportunities, and other statements that are not historical facts. Instead, they are based only on Company management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause actual results to differ materially from those described in forward-looking statements include, but are not limited to, the Company’s ability to maintain and expand its e-commerce business, the Company’s ability to introduce new features on its e-commerce platform that match consumer preferences, the Company’s ability to retain and grow its customer base, the impact of lawsuits, including securities class action lawsuits, stockholder derivative suits and enforcement actions by regulatory authorities, the impact of adverse economic market conditions, including from social and political factors, and the occurrence of any other event, change or other circumstances that could give rise to impacts on operating results. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2026, filed with the Securities and Exchange Commission (“SEC”) on June 22, 2026, and additional disclosures the Company makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as required by law, the Company expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Contacts

For investors:
Darrow Associates
Phone: (917) 886-9071
[email protected]

Source: Outdoor Holding Company

OUTDOOR HOLDING COMPANY
NON-GAAP FINANCIAL MEASURES (Unaudited)

To supplement the Company’s financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present a non-GAAP financial measure in this press release, Adjusted EBITDA. 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 GAAP, the following information includes key operating metrics and non-GAAP financial measures that we use to evaluate our business. We believe that these measures are useful for period-to-period comparisons of the Company’s performance. We have included these non-GAAP financial measures in this press release because they are key measures management uses 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 that 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. The Adjusted EBITDA reconciliation presented below begins with loss from continuing operations, which the Company believes is the most directly comparable GAAP financial measure. This reconciliation is consistent with the presentation in the Company’s first and second quarter fiscal 2026 earnings releases. In the third quarter fiscal 2026 earnings release, the Company presented the reconciliation beginning with net loss before discontinued operations and included the preferred stock dividend as a reconciling item. The Company has reverted to the prior presentation for clarity and consistency, as the preferred stock dividend does not impact Adjusted EBITDA under any period’s calculation. The definition of Adjusted EBITDA has not changed.

Adjusted EBITDA 

  For the Three Months Ended March 31,  For the Year Ended March 31,   2026  2025  2026  2025 Reconciliation of GAAP net loss from continuing operations to Adjusted EBITDA                Net loss from continuing operations $(2,717,977) $(26,961,518) $(4,945,592) $(65,221,463)Provision for income taxes  49,537   317,891   49,537   6,286,305 Depreciation and amortization  3,677,479   3,457,661   14,396,813   13,589,698 Interest expense, net  245,865   (54,229)  1,769,656   82,173 Stock based compensation  249,806   811,070   1,507,266   4,474,516 Other income (expense), net  (531,992)  (243,503)  (2,364,142)  (860,293)Acquisition and divestitures  —   1,194,763   108,748   1,493,069 Special Committee Investigation and restatement  (20,000)  3,090,806   1,517,158   8,639,147 SEC Investigation  1,247,379   1,629,455   74,782   9,923,892 Delaware Litigation legal and professional fees  —   1,609,575   1,641,915   4,480,193 Delaware Litigation settlement contingency  —   18,076,226   —   29,067,229 Corporate restructuring costs  903,884   —   2,995,460   — Gain on extinguishment of debt  —   —   (801,894)  — Other nonrecurring expenses¹  4,600,000   —   6,350,000   3,298,399 Adjusted EBITDA $7,703,981  $2,928,197  $22,299,707  $15,252,865  1For the three months ended March 31, 2026, other nonrecurring expenses consisted of $4.4 a million settlement to DCP and a $0.2 million settlement contingency with a separate vendor as part of the sale of our ammunition manufacturing business. For the year ended March 31, 2026, other nonrecurring expenses consisted of a $4.4 million settlement to DCP, a $1.75 million settlement with a vendor as part of our sale of the ammunition manufacturing business and a $0.2 million settlement contingency with a separate vendor as part of the sale of our ammunition manufacturing business. For the year ended March 31, 2025, other nonrecurring expenses consisted of a $3.2 million expense related to the previously disclosed settlement with Triton Value Partners, LLC.   Adjusted EBITDA is a non-GAAP financial measure that displays our net loss from continuing operations (the most directly comparable financial measure prepared in accordance with GAAP), adjusted to eliminate the effect of certain items described below. We defined Adjusted EBITDA as net income (loss) from continuing operations excluding (i) provision or benefit for income taxes, (ii) depreciation and amortization, (iii) interest expense, (iv) stock-based compensation expenses relating to stock awards and common stock purchase options, (v) interest and other income, (vi) expenses related to acquisition and divestitures, (vii) gain on extinguishment of debt, (viii) professional service and legal fees related to an investigation conducted by a special committee of the Board of Directors (the “Special Committee Investigation”), an investigation by the SEC (“the SEC Investigation”) and the now-settled lawsuit related to the GunBroker acquisition (the “Delaware Litigation”) and (ix) other nonrecurring expenses, such as contingencies associated with litigation or settlements and corporate restructuring costs related to headcount reductions, severance, and expense consolidation.

We believe that it is useful to exclude these expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. Non-GAAP financial measures have limitations, should be considered as supplemental in nature and are not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:

stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense for the Company and an important part of our compensation strategy;the assets being depreciated or amortized may have to be replaced in the future, and the non-GAAP financial measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments;non-GAAP measures do not reflect changes in, or cash requirements for, our working capital needs; andother companies, including companies in our industry, may calculate their non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. Because of these limitations, you should consider the non-GAAP financial measures alongside other financial performance measures, including our net income (loss) from continuing operations and our other financial results presented in accordance with GAAP.

OUTDOOR HOLDING COMPANY
ADJUSTED EBITDA PER SHARE (Unaudited)

  For the Three Months Ended March 31,  For the Year Ended March 31,   2026  2025  2026  2025   (Unaudited)  (Unaudited)  (Unaudited)  (Unaudited) Reconciliation of GAAP loss from continuing operations to Adjusted EBITDA                Net loss from continuing operations $(0.02) $(0.23) $(0.04) $(0.55)Provision for income taxes  0.00   0.00   0.00   0.05 Depreciation and amortization  0.03   0.03   0.12   0.12 Interest expense, net  0.00   (0.00)  0.02   0.00 Stock based compensation  0.00   0.01   0.01   0.04 Other income (expense), net  (0.00)  (0.00)  (0.02)  (0.01)Acquisitions and divestitures  —   0.01   0.00   0.01 Special Committee Investigation and restatement  (0.00)  0.03   0.01   0.07 SEC Investigation  0.01   0.01   0.00   0.08 Delaware Litigation legal and professional fees  —   0.01   0.01   0.04 Delaware Litigation settlement contingency  —   0.16   —   0.25 Corporate restructuring costs  0.01   —   0.03   — Gain on extinguishment of debt  —   —   (0.01)  — Other nonrecurring expenses  0.04   —   0.05   0.03 Adjusted EBITDA $0.07  $0.03  $0.19  $0.13  Diluted Loss Per Share — Continuing Operations 

  For the Three Months Ended March 31,  For the Year Ended March 31,   2026  2025  2026  2025 Total diluted loss before discontinued operations, net of tax $(0.03) $(0.24) $(0.06) $(0.58)Preferred stock dividend  (0.01)  (0.01)  (0.02)  (0.03)Total diluted loss from continuing operations $(0.02) $(0.23) $(0.04) $(0.55) Weighted Average Shares Outstanding

  For the Three Months Ended March 31,  For the Year Ended March 31,   2026  2025  2026  2025 Weighted average number of shares outstanding                Basic  117,229,844   116,511,247   117,095,850   117,642,232 Diluted  117,229,844   116,511,247   117,095,850   117,642,232  OUTDOOR HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS

  March 31, 2026  March 31, 2025 ASSETS        Current Assets:        Cash and cash equivalents $68,103,395  $30,227,796 Accounts receivable, net of allowance for credit losses of $2,362,847 in 2026 and $3,805,488 in 2025  10,361,158   10,189,011 Prepaid expenses and other current assets  3,523,921   1,233,611 Current assets held for sale  —   30,497,720 Total Current Assets  81,988,474   72,148,138          Property and equipment, net  6,927,868   6,477,684          Other Assets:        Other noncurrent assets  465,247   83,278 Other intangible assets, net  86,890,053   98,891,767 Goodwill  90,870,094   90,870,094 Right of use assets - operating leases  342,034   1,466,026 Noncurrent assets held for sale  —   27,392,642 TOTAL ASSETS $267,483,770  $297,329,629          LIABILITIES AND SHAREHOLDERS’ EQUITY        Current Liabilities:        Accounts payable $15,743,606  $18,079,577 Accrued liabilities  4,241,349   37,413,636 Current portion of operating lease liability  515,579   519,522 Note payable - related parties, current maturities  220,000   — Current liabilities held for sale  —   6,080,182 Total Current Liabilities  20,720,534   62,092,917          Long-term Liabilities:        Notes payable - related parties, net of $1,963,771 of debt discounts as of March 31, 2026  9,816,229   — Income tax payable  —   1,609,520 Operating lease liability, net of current portion  616,904   1,035,813 Other noncurrent liabilities  1,375,000   — Noncurrent liabilities held for sale  —   10,564,816 Total Liabilities  32,528,667   75,303,066          Contingencies (Note 14)                 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 March 31, 2026 and 2025  1,400   1,400 Common stock, $0.001 par value, 200,000,000 shares authorized 119,346,452 and 118,744,093 shares issued and 116,902,624 and 116,814,190 outstanding as of March 31, 2026 and 2025, respectively  116,905   116,816 Additional paid-in capital  454,877,083   434,335,782 Accumulated deficit  (210,453,668)  (203,862,034)Treasury stock, at cost  (9,586,617)  (8,565,401)Total Shareholders’ Equity  234,955,103   222,026,563 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $267,483,770  $297,329,629  OUTDOOR HOLDING COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS

  For the Three Months Ended March 31,  For the Year Ended March 31,   2026  2025  2026  2025 Net revenues $13,889,393  $12,614,668  $51,125,398  $49,401,547 Cost of revenues  1,728,199   1,582,159   6,524,437   6,468,031 Gross Profit  12,161,194   11,032,509   44,600,961   42,933,516                  Operating Expenses                Selling and marketing  401,559   370,557   550,333   610,926 Corporate general and administrative  9,305,905   29,700,218   22,674,572   70,594,542 Employee salaries and related expenses  1,730,818   4,445,432   13,271,678   17,851,628 Depreciation and amortization expense  3,677,479   3,457,661   14,396,813   13,589,698 Total operating expenses  15,115,761   37,973,868   50,893,396   102,646,794 Loss from operations  (2,954,567)  (26,941,359)  (6,292,435)  (59,713,278)                 Other Income (Expense)                Interest and other income  531,992   243,503   2,364,142   860,293 Gain on extinguishment of debt  —   —   801,894   — Interest expense  (245,865)  54,229   (1,769,656)  (82,173)Total other income, net  286,127   297,732   1,396,380   778,120                  Loss before income taxes from continuing operations  (2,668,440)  (26,643,627)  (4,896,055)  (58,935,158)                 Provision for income taxes  49,537   317,891   49,537   6,286,305                  Loss from continuing operations  (2,717,977)  (26,961,518)  (4,945,592)  (65,221,463)                 Preferred stock dividend  (765,625)  (765,625)  (3,053,993)  (3,105,036)                 Net loss before discontinued operations, net of tax  (3,483,602)  (27,727,143)  (7,999,585)  (68,326,499)                 Income (loss) from discontinued operations, net of tax  2,003,585   (50,555,212)  1,407,951   (65,612,137)                 Net loss attributable to common stock shareholders $(1,480,017) $(78,282,355) $(6,591,634) $(133,938,636)                 Basic income (loss) per share of common stock:                Continuing operations $(0.03) $(0.24) $(0.06) $(0.58)Discontinued operations  0.02   (0.43)  0.01   (0.56)Total basic loss per share of common stock $(0.01) $(0.67) $(0.05) $(1.14)                 Diluted income (loss) per share of common stock:                Continuing operations $(0.03) $(0.24) $(0.06) $(0.58)Discontinued operations  0.02   (0.43)  0.01   (0.56)Total diluted loss per share of common stock $(0.01) $(0.67) $(0.05) $(1.14)                 Weighted average number of shares outstanding:                Basic  117,229,844   116,511,247   117,095,850   117,642,232 Diluted  117,229,844   116,511,247   117,095,850   117,642,232 

Key Takeaways POWW narrowed its continuing operations loss as Q4 revenues rose and operating expenses fell sharply.Outdoor Holding says GunBroker gains include platform upgrades, MasterFFL revenues and new AI tools.POWW ended fiscal 2026 with $68.1M in cash and plans disciplined buybacks and platform investment. Outdoor Holding Company (POWW - Free Report) used its fourth-quarter call to argue that fiscal 2026 marked a reset year, with lower costs, stronger cash generation and a cleaner legal backdrop reshaping the GunBroker.com business.

Management’s message centered less on the quarter’s reported loss and more on the earnings power of a leaner marketplace model as platform upgrades, FFL-related services and AI tools move into fiscal 2027.

POWW Banks on a Leaner Cost BaseChairman and CEO Steven Urvan framed the quarter as proof that the company’s post-divestiture model can produce stronger profitability even in a cautious consumer environment. He said adjusted EBITDA rose sequentially through fiscal 2026 and that the fourth-quarter annualized run rate exceeded the $25 million target he set last August.

That argument rested heavily on expense control. The company reported a fourth-quarter loss of $0.03 per share, wider than the estimate of a loss of $0.02, delivering a negative surprise of 50%. Fourth-quarter revenues rose 10.1% to $13.9 million, which beat the consensus mark of $12.7 million by 9.4%. Meanwhile, total operating expenses fell to $15.1 million from $38 million a year earlier.

Chief financial officer Paul Kasowski added that fiscal 2026 adjusted EBITDA reached $22.3 million, up from $15.3 million in fiscal 2025, reflecting lower SG&A, lower legal expense and lower bad debt expense.

Outdoor Holding Pushes Platform UpgradesManagement tied much of its forward narrative to improving GunBroker’s marketplace economics rather than chasing broad expansion. Urvan and Kasowski pointed to better search and filtering, stronger seller analytics and promotional tools, and refined buyer personalization across the platform.

A key operational step was the integration with MasterFFL, which management said streamlines transfers for products subject to federal firearms license rules. Kasowski said that the effort moves from a cost center in earlier quarters to a revenue source in fiscal 2027, though the new revenue stream will carry lower profitability than the marketplace’s legacy margin profile.

The company is also leaning harder into AI. Urvan said an AI-powered listing tool launched in March to standardize descriptions and improve conversion, while an AI-driven virtual customer service offering is expected within about a month of the call.

POWW Sees Share Gains in FirearmsManagement used demand commentary to highlight market-share gains rather than broad market strength. In prepared remarks, Urvan said firearm unit sales increased more than 8.7% in the quarter, ahead of the 1.6% rise in adjusted NICS checks, while the company’s adjusted NICS share improved by 40 basis points.

Kasowski said fourth-quarter GMV climbed to $229 million, up 11.8% from a year earlier and 6.2% from the prior quarter, with firearms driving most of the increase. He also said sales growth in pistols and rifles supported results, though a greater mix of firearms modestly pressured the take rate to 6.06% from 6.15%.

In Q&A, Urvan told a ROTH Capital analyst that demand in the marketplace has remained better this year and that the company continues to outperform the market by making the buying and selling experience more seamless. He avoided previewing first-quarter numbers but sounded confident that share gains are continuing.

Outdoor Holding Clears Legacy IssuesAnother major theme was balance sheet flexibility after working through legacy matters. The company ended fiscal 2026 with $68.1 million in cash and cash equivalents, up sharply from $30.2 million a year earlier, even after a $4.4 million DCP settlement and more than $1 million of share repurchases in the fourth quarter.

Urvan said the company has now resolved most inherited litigation matters, leaving the Arizona class action and shareholder derivative litigation as the main open items. He told analysts that indemnification costs tied to former officers could remain uneven, but said management does not see more large settlements like the DCP payment on the horizon.

That cleanup matters because management wants greater freedom in capital allocation. Urvan said the company expects to keep buying back stock in a disciplined way while selectively investing in platform features that can lift traffic, transactions and revenue.

POWW Maps Out Fiscal 2027 PrioritiesThe fiscal 2027 agenda came through clearly in both the release and the call. Management identified premium seller offerings, pricing and promotional tools, data analytics, universal payments and broader buyer engagement as the main operating priorities for the year ahead.

In Q&A with Kanen Wealth Management, Urvan added more detail on potential growth levers. He said MasterFFL is now generating revenues, advertising remains underdeveloped compared with prior years, and universal payments could meaningfully reduce friction for customers who still rely on money orders rather than card transactions.

The tone was notably more assertive when management discussed scalability. Urvan and Kasowski argued that the marketplace’s operating base is now much more fixed, which means incremental revenues should convert into higher profitability more efficiently than in prior periods.

Outdoor Holding Leaves a Sharper MessageTaken together, management used the call to make a straightforward case: fiscal 2026 was about stabilizing the business, lowering the cost structure and restoring financial control, while fiscal 2027 is about monetizing that reset through product, payments and AI execution.

The company did not offer formal quarterly guidance on the call, but the emphasis on market-share gains, recurring cash flow and fewer legal distractions left investors with a clearer sense of management’s priorities and confidence level entering the new fiscal year.

POWW and the Zacks SignalsPOWW carries a Zacks Rank #3 (Hold), with a Value Score of F, Growth Score of B, Momentum Score of D and VGM Score of D, based on the provided Zacks data. A Zacks Rank #3 points to a more balanced near-term setup than the stronger Zacks Rank #1 (Strong Buy) or #2 (Buy) categories, while the Style Scores indicate better relative growth characteristics than value or momentum traits. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Style Score framework says higher grades are generally associated with better expected performance, and that the strongest combinations tend to be Rank #1 or #2 stocks paired with A or B Style Scores or VGM Scores. That leaves POWW with a mixed signal after the quarter, and that ranking can still change as earnings estimate revisions adjust following the latest results.

Posted by Defense World Staff on Apr 5th, 2026

Outdoor (NASDAQ:POWW – Get Free Report) and Saab (OTCMKTS:SAABY – Get Free Report) are both aerospace companies, but which is the superior stock? We will contrast the two companies based on the strength of their valuation, risk, dividends, institutional ownership, analyst recommendations, profitability and earnings.

Analyst Ratings This is a summary of current ratings and recommmendations for Outdoor and Saab, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Outdoor 1 1 2 0 2.25 Saab 2 1 0 0 1.33 Outdoor presently has a consensus target price of $2.40, suggesting a potential upside of 15.94%. Given Outdoor’s stronger consensus rating and higher probable upside, equities research analysts plainly believe Outdoor is more favorable than Saab.

Profitability This table compares Outdoor and Saab’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Outdoor -161.16% -8.65% -7.16% Saab 7.99% 15.73% 5.82% Risk & Volatility Outdoor has a beta of 1.21, suggesting that its share price is 21% more volatile than the S&P 500. Comparatively, Saab has a beta of -0.07, suggesting that its share price is 107% less volatile than the S&P 500.

Valuation and Earnings This table compares Outdoor and Saab”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Outdoor $49.40 million 4.91 -$130.83 million $0.04 51.75 Saab $8.42 billion 4.38 $645.29 million $0.74 46.53 Saab has higher revenue and earnings than Outdoor. Saab is trading at a lower price-to-earnings ratio than Outdoor, indicating that it is currently the more affordable of the two stocks.

Institutional & Insider Ownership 26.4% of Outdoor shares are held by institutional investors. 25.0% of Outdoor shares are held by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock will outperform the market over the long term.

Summary Outdoor beats Saab on 8 of the 14 factors compared between the two stocks.

About Outdoor (Get Free Report)

AMMO, Inc. designs, produces, and markets ammunition and ammunition component products for sport and recreational shooters, hunters, individuals seeking home or personal protection, manufacturers, and law enforcement and military agencies. The company's products include STREAK Visual Ammunition that enables shooters to see the path of the bullets fired by them; and Stelth Subsonic ammunition primarily for suppressed firearms. It also owns and operates GunBroker.com, an auction site that supports the lawful sale of firearms, ammunition, and hunting/shooting accessories. In addition, the company's products comprises of armor piercing and hard armor piercing incendiary precision ammunition; and ammunition casings for pistol ammunition through large rifle ammunition. The company has a license agreement with Jeff Rann's ammunition for game hunting. AMMO, Inc. was founded in 2016 and is based in Scottsdale, Arizona.

About Saab (Get Free Report)

Saab AB (publ) provides products, services, and solutions for military defense, aviation, and civil security markets worldwide. The company operates through Aeronautics, Dynamics, Surveillance, Kockums, and Combitech segments. The company develops military aviation technology, as well as conducts studies on manned and unmanned aircraft. It also provides ground combat weapons, missile systems, torpedoes, unmanned underwater vehicles, training and simulation systems, and signature management systems for armed forces; and niche products for the civil and defense market, such as underwater vehicles for the offshore industry. In addition, the company offers solutions for safety and security, surveillance and decision support, and threat detection, location, and protection, including airborne, ground-based and naval radar, electronic warfare, and combat systems, as well as C4I solutions. Additionally, it provides submarines with the Stirling system for air independent propulsion, surface combatants, mine hunting systems, and autonomous vessels; and systems development, systems integration, information security, systems security, communications, mechanics, and technical product information and logistics. Saab AB (publ) was incorporated in 1937 and is headquartered in Stockholm, Sweden.

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Atlanta, GA, May 18, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company (Nasdaq: POWW, POWWP) (“Outdoor Holding Company,” “OHC,” 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 announced that the holders of record of the Company’s 8.75% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) as of the close of business on June 1, 2026 will receive a cash dividend equal to $0.546875 per Series A Preferred Stock share. The cash dividend will be paid on June 15, 2026.

About Outdoor Holding Company.

With its corporate offices headquartered in Atlanta, Georgia, Outdoor Holding Company is a publicly traded corporation that owns and operates subsidiaries serving outdoor enthusiasts, including GunBroker.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 Current Reports filed on Form 8-K.

Investor Contact:
Darrow Associates
Phone: (917) 886-9071
[email protected]

Source: Outdoor Holding Company

Atlanta, Georgia, June 08, 2026 (GLOBE NEWSWIRE) -- Outdoor Holding Company (NASDAQ: POWW/POWWP) (“Outdoors Online,” “we,” “us.” “our” or the “Company”), the owner of GunBroker.com, the largest online marketplace for firearms, hunting and related products, announced that it will release financial results for its fourth quarter of its 2026 fiscal year premarket on June 22, 2026.

Management will host a conference call at 9:00 AM ET on June 22, 2026 to review financial results and provide an update on corporate developments. Following management’s formal remarks there will be a question-and-answer session.

The conference call will primarily be available through a live webcast at the following link: https://events.q4inc.com/attendee/339194298, which is also available through the Company’s website. The recording of the webcast will be posted on the Company’s website after the call is completed.

Those without internet access may dial in by calling (855) 761-5600 (domestic) or 1(646) 307-1097 (international). Please join at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for the “Outdoor Holding Company Conference Call” or reference Conference ID #: 2981188.
About Outdoor Holding Company

With its corporate offices now headquartered in Atlanta, Georgia, Outdoor Holding Company is a publicly traded corporation that owns and operates subsidiaries serving outdoor enthusiasts, including GunBroker.

About GunBroker

GunBroker.com is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, GunBroker 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, the GunBroker.com site 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 promotes responsible ownership of 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 Current Reports filed on Form 8-K.

Source: Outdoor Holding Company