Company Overview

Name and Industry

• Name: Outdoor Holding Company (formerly AMMO, Inc.)
• Industry: Firearms, ammunition manufacturing, and e-commerce marketplace for outdoor and shooting sports products

Core Business Operations

• Ammunition Manufacturing:

  • Developed and deployed specialized military-grade ammunition (tactical armor piercing and incendiary rounds)
  • Produces high-performance ammunition including proprietary brands such as STREAK VISUAL AMMUNITION™ /stelTH/™, Signature-on-Target, and HUNT
  • Supplies to U.S. military, law enforcement, and international markets
  • Focuses on higher-margin rifle brass casings and related components
  • Operates at two manufacturing facilities in Manitowoc, Wisconsin
  • Developed a line of tactical and specialized ammunition supporting U.S. government contracts

• Online Marketplace (GunBroker):

  • Largest online marketplace serving firearms, hunting gear, outdoor gear, collectibles, and related products
  • Acquired in April 2021
  • Over 8.1 million users with approximately 31,000 federally licensed firearms dealers
  • Facilitates sales of firearms, ammunition, and accessories via auction and direct sales
  • Offers value-added services including:
    • Payment processing
    • Multi-item cart checkout
    • E-commerce analytics (expected to be rebranded as Outdoor Analytics)
    • Advertising services (content creation, email campaigns, banner ads)

Revenue and Customers

• Fiscal Year 2024 Revenue: $145.1 million (restated)
  • Decreased by 24.2% from $191.4 million in FY 2023
• Major Revenue Segments:
  • Proprietary ammunition: $6.3 million
  • Standard ammunition: $63.1 million
  • Ammunition casings: $21.7 million
  • Marketplace revenue: $53.9 million
• Customer Base:
  • No single customer exceeded 10% of revenue in FY 2024 or FY 2022
  • Approximately 274 stockholders as of May 15, 2025

Employees

• Number of Shares Outstanding: 118,744,062 as of May 15, 2025
• Employee and Management: Details on total employee count were not provided; the company has a professional team including senior IT, legal, and finance leaders involved in remediation efforts

Financial Overview

• Net Loss (FY 2024): $16.6 million (restated)
• Net Loss (FY 2023): $8.8 million (restated)
• Revenue (FY 2024): $145.1 million
• Revenue (FY 2023): $191.4 million
• Gross Margin (FY 2024): 29.4% (up from 28.9% in FY 2023)
• Total Liabilities (as of March 31, 2024): approximately $45 million
• Cash and Cash Equivalents: $55.6 million as of March 31, 2024

Recent Actions

• Sold ammunition manufacturing business to Olin Winchester, LLC for $75 million
• Changed corporate name from "AMMO, Inc." to "Outdoor Holding Company" on April 21, 2025
• Restated financial statements due to accounting errors related to share-based payments, convertible notes, warrants, and disclosures
• Ongoing remediation of material internal control weaknesses as of March 31, 2024

Business Strategy

• Transitioning focus toward high-margin rifle brass casing and components
• Expanding into government and military markets with specialized ammunition
• Increasing profitability through operational efficiencies, new product lines, and vertical integration
• Maintaining an online marketplace with over 8 million users, emphasizing services in payments, analytics, and advertising

Regulatory and Legal

• Subject to extensive federal, state, and international regulations on firearms and ammo
• Ongoing legal proceedings include litigations related to acquisitions, securities, and employment matters
• Compliance with SEC and Nasdaq reporting requirements remains an issue due to restatements and internal control weaknesses

Summary:
Outdoor Holding Company manufactures high-performance, proprietary ammunition and operates the GunBroker marketplace—an online auction platform for firearms, ammunition, and outdoor products. The company serves military, law enforcement, and international markets, with a focus on higher-margin rifle casings and components. It has about 8.1 million users on its marketplace and approximately 274 shareholders as of mid-2025. The company reported $145.1 million in revenue for fiscal year 2024, with a net loss of $16.6 million, and continues efforts to improve internal controls and financial reporting after restating previous financial statements.