American Outdoor Brands Inc. reported sales climbed 33.8 percent in the fourth quarter and 10.6 percent in the fiscal year ended April 30. On an adjusted basis, the maker of outdoor accessories under the Bubba, Caldwell, Grilla, and Hooyman labels reported a profit against a loss in the quarter and doubled its profits for the year.

Full Year Fiscal 2025 Financial Highlights

  • Full-year net sales were $222.3 million, an increase of $21.2 million, or 10.6 percent, compared with net sales of $201.1 million for the prior year, driven primarily by strong growth in traditional channel net sales of 18.1 percent.
  • Full-year GAAP gross margin was 44.6 percent, compared to 44.0 percent for the prior year. Full-year non-GAAP gross margin was 44.8 percent, compared to 44.5 percent for the prior year.
  • Full-year GAAP net loss was $77,000, or ($0.01) per diluted share, compared with a GAAP net loss of $12.2 million, or ($0.94) per diluted share, for the prior year.
  • Full-year non-GAAP net income was $10.0 million, or $0.76 per diluted share, compared with non-GAAP net income of $4.3 million, or $0.32 per diluted share, for the prior year. GAAP to non-GAAP adjustments for net income excludes acquired intangible amortization, stock compensation, technology implementation, non-recurring inventory reserve adjustment, emerging growth status transition costs, tariff drawback adjustment, and other costs.
  • Full-year Adjusted EBITDA was $17.7 million, or 7.9 percent of net sales, compared with Adjusted EBITDA of $9.8 million, or 4.9 percent of net sales, for the prior year.

Fourth Quarter Fiscal 2025 Financial Highlights

  • Quarterly net sales were $61.9 million, an increase of $15.6 million, or 33.8 percent, compared with net sales of $46.3 million for the comparable quarter last year.
  • Quarterly gross margin was 40.9 percent, compared with the quarterly gross margin of 41.9 percent for the comparable quarter last year.
  • Quarterly GAAP net loss was $989,000, or $(0.08) per diluted share, compared with a GAAP net loss of $5.3 million, or ($0.42) per diluted share, for the comparable quarter last year.
  • Quarterly non-GAAP net income was $1.7 million, or $0.13 per diluted share, compared with a non-GAAP net loss of $45,000, or $0.00 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for net income exclude acquired intangible amortization, stock compensation, technology implementation, emerging growth status transition costs, tariff drawback adjustment, and other costs.
  • Quarterly non-GAAP Adjusted EBITDA was $3.5 million, or 5.6 percent of net sales, compared with Adjusted EBITDA of $1.0 million, or 2.2 percent of net sales, for the comparable quarter last year.

Brian Murphy, president and chief executive officer, said, “Fiscal 2025 was a landmark year for American Outdoor Brands, as we exceeded our expectations across the board, thanks to continued innovation momentum, strong execution and deepening partnerships with our retail and distribution channels. A portion of our anticipated fiscal 2026 demand was accelerated by retailers who acted to secure inventory of our most popular products, and our new products, including the ClayCopter and the Bubba SFS Lite. In many cases, those decisions were not only a reflection of excitement around our innovation pipeline but also a prudent step by our partners to get ahead of a dynamic tariff environment and broader consumer uncertainty.

“We believe these actions highlight the strength of our brands and the trust we’ve earned with our retail partners to provide instant and reliable access to the industry’s most innovative products year after year, even when the external environment is less predictable. Across the business, we made major progress on our long-term strategic goals. We successfully transitioned DTC brands like Grilla and Meat! into retail, delivered double-digit international growth, and continued our strategic mix shift toward the Outdoor Lifestyle category, which now represents 57 percent of our revenue, up from 40 percent in fiscal 2021.

“Behind the scenes, we capitalized on our operational leverage, achieving nearly 81 percent EBITDA growth and delivering improved efficiency across our new ERP platform and expanded distribution center. With over 400 patents and patents pending and what we believe is the strongest product pipeline in our company’s history, we’re entering the new fiscal year with momentum, discipline, and a long-term strategy designed to create significant value. While macro-level unknowns remain, we are confident in our ability to adapt, respond, and continue delivering value for our stakeholders.”

Andrew Fulmer, chief financial officer, said, “We achieved strong financial results in fiscal 2025, exceeding our prior guidance on both the top and bottom line. We saw healthy demand across our portfolio, driven by recent product launches and strong retail engagement. While some orders were accelerated by retailers into our fourth quarter, our performance throughout the year reflected consistent operating discipline, gross margin expansion, and improved profitability. We also maintained our commitment to shareholder returns, repurchasing approximately 374,000 shares during the year, and ended fiscal 2025 with a very strong, debt-free balance sheet with $23.4 million in cash.

“Looking ahead, we acknowledge that the macro environment remains dynamic, particularly with respect to evolving tariff policies and consumer behavior, said Fulmer. “Given this uncertainty, combined with our retailers choosing to accelerate purchases of approximately $8 million to $10 million in orders originally planned for fiscal 2026, we are suspending our previously issued fiscal 2026 net sales guidance. This decision reflects prudence, not a change in conviction; we remain confident in our innovation capabilities, our cost discipline, and our flexible, asset-light operating model. The strategic initiatives we’ve implemented, enhanced retail placement, operational efficiencies, and a robust new product pipeline – give us the tools to remain agile and well-positioned for long-term growth.”

American Outdoor Brands manufactures hunting, fishing, camping, shooting, outdoor cooking, personal security, and personal defense products. Brands include Bog, Bubba, Caldwell, Crimson Trace, Frankford Arsenal, Grilla Grills, Hooyman, Imperial, LaserLyte, Lockdown, Meat!, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler.

Image courtesy American Outdoor Brands/Bubba