• Like a **Stanley Black & Decker** for outdoor lifestyle brands and accessories.
• The 'parent company' behind many of the outdoor gear brands you'd find at **Bass Pro Shops** or **Cabela's**.
• A diversified **YETI**, owning multiple brands for camping, hunting, and outdoor cooking equipment.

• Shooting Sports Accessories: Products designed to enhance the shooting experience, including gun rests, targets, cleaning supplies, gun cases, and reloading equipment.
• Knives and Hand Tools: A range of cutting tools such as folding knives, fixed-blade knives, multi-tools, and other utility hand tools.
• Outdoor Lifestyle Gear: Products for camping, hiking, and survival, including lanterns, flashlights, fire starters, and other essential outdoor equipment.

American Outdoor Brands (AOUT) primarily sells its products to other companies, specifically national and regional retailers, independent sporting goods stores, distributors, and online retailers. While AOUT does not explicitly name its largest customers in its public filings, it has stated that its largest customer accounted for approximately 11% of net sales and its second largest customer accounted for approximately 10% of net sales in fiscal 2023. Based on AOUT's product categories (shooting sports, hunting, and outdoor recreation accessories) and described distribution channels, its major customers are likely large retailers in these sectors.

Highly probable major customer companies include:

• Walmart Inc. (Symbol: WMT)
• Dick's Sporting Goods, Inc. (Symbol: DKS)
• Academy Sports and Outdoors, Inc. (Symbol: ASO)

Brian D. Murphy, President & Chief Executive Officer

Mr. Murphy has served as President and Chief Executive Officer and a Director of American Outdoor Brands since its spin-off in August 2020. Prior to the spin-off, he was Co-President and Co-Chief Executive Officer of Smith & Wesson Brands, Inc. from January 2020. He also held positions as President of the Outdoor Products & Accessories Division and President of the Outdoor Recreation Division at Smith & Wesson Brands, Inc. Before his time at Smith & Wesson, Mr. Murphy was Vice President, Corporate Development at Vista Outdoor Inc. from February 2015 to December 2016, where he oversaw approximately $900 million in acquisitions. He previously served as Director of Mergers & Acquisitions and Director of Financial Planning & Analysis for Alliant Techsystems from April 2013 to February 2015. From May 2006 to October 2010, Mr. Murphy worked as an investment banker at Houlihan Lokey, where he advised companies on strategy, acquisitions, divestitures, recapitalizations, and restructuring, including selling companies. He holds an undergraduate degree in finance and entrepreneurial management.

H. Andrew Fulmer, Executive Vice President and Chief Financial Officer

Mr. Fulmer has served as Executive Vice President, Chief Financial Officer, and Treasurer of American Outdoor Brands since the company's spin-off in August 2020. Before the spin-off, he was Vice President, Financial Planning & Analysis of Smith & Wesson Brands, Inc. from 2016. His tenure at Smith & Wesson Brands, Inc. also included roles as Senior Director of Financial Planning & Analysis, Director of Financial Planning & Analysis, and Assistant Controller, starting in 2010. Mr. Fulmer played a key role in developing and executing the company's long-term acquisition strategy for the outdoor products and accessories business and established procedures for acquisition-related financial modeling, due diligence, internal controls, and integration of acquired businesses. Prior to joining Smith & Wesson, he was Controller for Steeltech Building Products, Inc. from May 2006 to September 2010. From June 1996 to May 2006, he held various audit and tax roles at PricewaterhouseCoopers LLP. He is a licensed CPA.

Brent A. Vulgamott, Chief Operating Officer

Mr. Vulgamott serves as the Chief Operating Officer of American Outdoor Brands.

James E. Tayon, Chief Product Officer

Mr. Tayon has served as Chief Product Officer since December 2023. Prior to this role, he was the Vice President of Product Development from the spin-off of American Outdoor Brands in March 2021 until December 2023. Before the spin-off, Mr. Tayon also held a position with Smith & Wesson Brands Inc.

Elizabeth A. Sharp, Vice President of Investor Relations

Ms. Sharp has served as Vice President of Investor Relations for American Outdoor Brands since the spin-off. Before the spin-off, she held the role of Vice President, Investor Relations for Smith & Wesson Brands, Inc. from May 2005.

• Declining participation in traditional outdoor sports such as hunting and fishing, which represent a significant market for many of American Outdoor Brands' core products and historical brand strengths. Data from government agencies and industry reports indicate long-term demographic shifts away from these activities, leading to a shrinking addressable market for a portion of AOUT's portfolio.
• The increasing proliferation and market penetration of agile, direct-to-consumer (DTC) and niche e-commerce brands in the outdoor accessories space. These competitors can leverage digital marketing, social media, and direct online sales to reach specific customer segments, build strong brand loyalty, and potentially offer specialized products more rapidly or at lower cost, bypassing traditional retail distribution channels that American Outdoor Brands relies upon.

American Outdoor Brands (AOUT) operates in various segments within the outdoor lifestyle and shooting sports markets. The addressable market sizes for their main products and services in the U.S. and globally are as follows:

• Outdoor Recreation Products (U.S.): The overall outdoor recreation products market in the United States was valued at USD 12.7 billion in 2024 and is projected to reach USD 21.7 billion by 2032, with a compound annual growth rate (CAGR) of 6.95% from 2026 to 2032.
• Camping and Hiking Gear (U.S.): The U.S. camping and hiking gear market size was estimated at USD 8.61 billion in 2024 and is expected to grow at a CAGR of 4.2% from 2024 to 2030, reaching USD 11.45 billion by 2030.
• Hunting Equipment and Accessories (U.S.): The hunting equipment and accessories market in the United States generated a revenue of USD 11,220.9 million (or approximately USD 11.22 billion) in 2023 and is expected to reach US$ 18,809.1 million (or approximately USD 18.81 billion) by 2030, growing at a CAGR of 7.7% from 2024 to 2030.
• Shooting and Gun Accessories (Global): The global shooting and gun accessories market size was valued at USD 8.29 billion in 2024 and is projected to reach USD 11.85 billion by 2029, growing at a CAGR of 7.9%. North America was identified as the largest region in this market in 2024. Another source indicates the global guns and accessories market was valued at USD 7.12 billion in 2024 and is projected to grow to USD 10.15 billion by 2032, with North America dominating the market with a 34.27% share in 2024.

1. Share Repurchases

• American Outdoor Brands authorized a new $10 million share repurchase program effective from October 1, 2025, through September 30, 2026.
• Prior to this, a program authorized in 2024 resulted in the repurchase of 581,968 shares at an average price of $10.30 per share, totaling approximately $6.0 million as of September 30, 2025.
• An earlier program initiated in 2023 led to the repurchase of 412,735 shares at an average price of $8.70 per share, totaling approximately $3.6 million. The company repurchased approximately $1 million of common stock in Q2 FY25.

2. Share Issuance

• No significant share issuances by the company have been reported in the last 3-5 years.

3. Inbound Investments

• No significant inbound investments from third-parties have been reported for American Outdoor Brands in the last 3-5 years.

4. Outbound Investments

• No significant outbound investments in other companies by American Outdoor Brands have been reported in the last 3-5 years. The company's disciplined capital deployment strategy includes pursuing selective acquisitions, but no specific large outbound investments were detailed in the provided information.

5. Capital Expenditures

• Capital expenditures in Q3 FY25 were $1.8 million, primarily focused on product tooling, patent costs, and the completion of a factory outlet store.
• Full-year FY25 capital expenditures are projected to be between $4 million and $4.5 million, which aligns with the company's model of approximately 2% of net sales for these types of investments.
• Quarterly capital expenditures for July 2025 were $300,000.