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Sep 30, 2022
Ammo Q2 2023 Earnings Report
Reported second quarter fiscal year 2023 results, showing a decrease in revenue compared to the prior year quarter due to industry-wide softening and production impacts from moving to a new facility.
Key Takeaways
AMMO, Inc. reported a decrease in revenue for the second quarter of fiscal year 2023, with total revenues of approximately $48.3 million compared to $61 million in the prior year quarter. The company experienced a decrease in GunBroker.com marketplace revenue of approximately 13%. Despite the revenue decline, the company increased its ending cash by nearly 25% to $29 million and implemented expense reductions of approximately $5 million on an annualized basis.
Total revenues for the second fiscal quarter were approximately $48.3 million, a decrease of 21% compared to the prior year quarter.
The company's new 185,000 square foot Wisconsin manufacturing facility was opened on time and within budget.
GunBroker.com marketplace revenue saw a softening of approximately 13%.
The company recorded Adjusted EBITDA of approximately $8.2 million, compared to $20.1 million in the prior year quarter.
Forward Guidance
AMMO, Inc. is reducing its guidance for the 2023 Fiscal Year to revenues in the range of $220 million to $240 million, EBITDA in the range of $30 million to $40 million and Adjusted EBITDA in the range of $50 million to $60 million.
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