Outdoor Holding Company, the owner of GunBroker.com, an online marketplace for firearms, hunting and related products, reported that its fiscal third quarter revenues increased 7 percent year-over-year to $13.4 million for the period ended December 31, 2025.

  • Firearm sales increased 8 percent despite adjusted NICS checks decreasing almost 4 percent compared to the same three months in the prior year.
  • Total gross merchandise value (GMV) increased 6.4 percent to $215.8 million.
  • Take rate (net revenue as a percentage of GMV) increased modestly.
  • Active listings and average order value both reportedly grew year-over-year.

Profitability & Expenses

  • Gross profit rose to $11.7 million in the third quarter, compared to $11.0 million in the prior-year quarter.
  • Gross margin reportedly remained stable at approximately 87.1 percent of revenue.
  • Operating expenses decreased $21.8 million year-over-year.
  • Net income before discontinued operations of $1.46 million, compared to last year’s net loss before discontinued operations of $21.18 million, is said to mark the “second consecutive quarter of net profitability.”
  • Adjusted EBITDA increased to $6.6 million compared to $4.3 million in the prior-year quarter.
  • Improved diluted EPS from continuing operations to 1 cent in Q3 from a loss per share of 18 cents in the prior-year Q3 period.

“Our third quarter results further validate the progress we have been making through our strategic transformation,” offered Steve Urvan, chairman and CEO of Outdoor Holding Company. “By streamlining our cost structure, completing the divestiture of non-core operations, and investing in the modernization of GunBroker.com, we are delivering consistent profitability and strengthening our balance sheet. These results reflect our team’s disciplined execution and our focus on building a scalable, marketplace-only business positioned for sustainable long-term growth.”

 Balance Sheet & Cash Flow

  • The company ended the quarter with $69.9 million in cash and cash equivalents, an increase from $65.7 million as of September 30, 2025.
  • The company said the generation of more than $4 million in cash from operations during the quarter underscores its ability to generate cash by leveraging an asset-light, high-margin business model.

“The strengthened balance sheet and liquidity position provide significant flexibility to support ongoing platform investments, pursue selective strategic opportunities, and return value to the shareholders with our share repurchase program,” the company noted. “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.”

 Operational Highlights

  • Generated over $4 million in cash from operations in the quarter.
  • Implemented GunBroker.com user experience enhancements, including enhanced seller tools.
  • Relocated headquarters from Arizona to Georgia and advanced corporate restructuring/operational streamlining initiatives.
  • Continued to exercise cost discipline and reduced additional recurring operating expenses while maintaining platform investment.
  • Increased registered users, active listings, and average order value on GunBroker.com.
  • Settled outstanding litigation and enforcement action by the Securities Exchange Commission.
  • Continued evaluation of strategic opportunities.

The company said its post-divestiture strategy is focused on driving sustainable growth through operational efficiency and continuous digital innovation. A simplified operating structure was said to meaningfully reduce organizational complexity, lower fixed costs and improved capital allocation flexibility. Management said it is now able to direct resources toward high-return initiatives, including platform technology, seller services, data analytics, and monetization tools, while maintaining disciplined overhead control.

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.

Image courtesy GunBroker.com/Outdoor Holding Company