• It's like a focused **Vista Outdoor**, managing a portfolio of brands for hunting, fishing, and shooting accessories.
• Think of it as a specialized **Johnson Outdoors**, with a 'house of brands' approach to outdoor and shooting gear.

• Shooting Accessories: Supplies, rests, vaults, and other related accessories for shooting.
• Hunting & Fishing Tools: Premium sportsmen knives and tools for fishing and hunting.
• Land Management Tools: Products designed for hunting preparedness and land maintenance.
• Harvesting Products: Tools for post-hunt or post-fishing activities.
• Electro-Optical Devices: Hunting optics, firearm aiming devices, flashlights, and laser grips.
• Firearm Maintenance Supplies: Reloading, gunsmithing, and firearm cleaning supplies.
• Survival & Camping Gear: Products for survival, camping, and emergency preparedness.

American Outdoor Brands (AOUT) primarily sells its products to other companies, specifically a mix of large retailers, online marketplaces, and wholesale distributors, who then sell to individual consumers. While the company operates its own e-commerce platforms, a significant portion of its sales comes through traditional distribution channels, indicating a business-to-business (B2B) model with retailers and distributors as its major customers.

Based on the company's product lines (hunting, fishing, camping, shooting, and personal security products) and stated distribution through "e-commerce and traditional distribution channels," the major customers are highly likely to be:

• Large Sporting Goods Retailers: National and regional chains specializing in outdoor and sporting goods. Examples include:
  • Dick's Sporting Goods, Inc. (DKS)
  • Academy Sports and Outdoors, Inc. (ASO)
  • Bass Pro Shops/Cabela's (private company, no public symbol)
• General Merchandise Retailers: Large national retailers with significant outdoor and sporting goods departments. An example includes:
  • Walmart Inc. (WMT)
• Online Retailers and Marketplaces: E-commerce giants that distribute a vast array of products, including outdoor and sporting goods. An example includes:
  • Amazon.com, Inc. (AMZN)
• Wholesale Distributors: Companies that purchase products in bulk and distribute them to a network of smaller, independent retailers across the country. Specific names are rarely disclosed by public companies.

While American Outdoor Brands' regulatory filings indicate that two customers each accounted for 10% or more of its net sales in recent fiscal years, the specific names of these customers are not publicly disclosed. The companies listed above represent the most probable types of major customers for American Outdoor Brands, given their market presence and distribution capabilities in the outdoor and shooting sports industry.

Brian D. Murphy, President & Chief Executive Officer

Brian D. Murphy has served as the President and Chief Executive Officer of American Outdoor Brands, Inc. and a member of its Board of Directors since the company's spin-off from its former parent company in August 2020. Prior to this, Mr. Murphy was the Co-President and Co-Chief Executive Officer of Smith & Wesson Brands, Inc. from January 2020 until the spin-off. He also held roles as President of the Outdoor Products & Accessories Division (May 2017 to January 2020) and President of the Outdoor Recreation Division (December 2016 to May 2017) at Smith & Wesson Brands, Inc. Before his time at Smith & Wesson, Mr. Murphy was the Vice President of Corporate Development at Vista Outdoor Inc. from February 2015 to December 2016, where he was responsible for leading approximately $900 million in acquisitions over an 18-month period. He also 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 with Houlihan Lokey, advising companies on strategy, acquisitions, divestitures, recapitalizations, and restructuring. He currently also serves as CEO of Ultimate Survival Technologies LLC, Chairman & President at Battenfeld Technologies, Inc., and President & Chairman at AOB Products Co.

Andrew Fulmer, Executive Vice President and Chief Financial Officer

Andrew Fulmer has served as Executive Vice President, Chief Financial Officer, and Treasurer of American Outdoor Brands, Inc. since the company's spin-off from its former parent company in August 2020. He joined Smith & Wesson Brands, Inc. in 2010 as Assistant Controller, advancing to Director of Financial Planning & Analysis, and then to Vice President of Financial Planning & Analysis in 2016. During his tenure at Smith & Wesson, Mr. Fulmer played a significant role in developing and executing the company's long-term acquisition strategy, particularly for the outdoor products and accessories business. He also established procedures for acquisition-related financial modeling, due diligence, internal controls, and the integration of acquired businesses. Earlier in his career, he served as Controller for Steeltech Building Products, Inc. and as a Tax Senior Associate and later Audit Manager for PricewaterhouseCoopers LLC. Mr. Fulmer is a Certified Public Accountant (CPA).

Elizabeth A. Sharp, Vice President of Investor Relations

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

James E. Tayon, Chief Product Officer

James E. Tayon has served as Chief Product Officer of American Outdoor Brands, Inc. since December 2023. Prior to this, he was the Vice President of Product Development from the spin-off in March 2021 until December 2023.

Brent A. Vulgamott, Chief Operating Officer

Brent A. Vulgamott has served as Chief Operating Officer of American Outdoor Brands, Inc. since October 2023. He previously served as Vice President of Sales, Operations & Analytics from March 2022 to October 2023, and as Vice President of Operations & Analytics from the company's spin-off in March 2021.

The key risks to American Outdoor Brands (AOUT) include the impact of tariffs and trade policies, demand volatility, particularly within the shooting sports accessories category, and challenges related to retailer inventory management compounded by economic uncertainty.

1. Impact of Tariffs and Trade Policies: American Outdoor Brands faces significant and dynamic risks from unpredictable tariffs and trade policies. These policies directly impact the cost of imported goods and materials, leading to supply chain instability, pressure on profit margins, and potentially forcing price increases. The company has even suspended future guidance due to the uncertainty introduced by the tariff environment, and expects ongoing gross margin pressure from capitalized tariffs flowing through the cost of goods sold.
2. Demand Volatility and Reliance on Shooting Sports Accessories: Despite efforts to diversify, the shooting sports accessories market continues to represent a substantial portion of American Outdoor Brands' revenue. This reliance makes the company vulnerable to shifts in consumer sentiment and regulatory environments impacting this specific category. The shooting sports category has experienced declines, particularly in aiming solutions, contributing to lower net sales in this segment.
3. Retailer Inventory Caution and Economic Uncertainty: American Outdoor Brands is affected by cautious inventory levels among retailers, which can lead to inconsistent sales and impact future order volumes. This challenge is exacerbated by broader economic uncertainties, including persistent inflation and potential cutbacks in discretionary consumer spending, which can negatively affect demand for outdoor products. The company has also encountered issues with inventory resets at major e-commerce retailers.

The rise of highly specialized direct-to-consumer (DTC) brands in the outdoor products and accessories market. These brands leverage targeted digital marketing and e-commerce platforms to directly reach niche enthusiast communities within hunting, fishing, camping, shooting, and personal security segments. This business model allows them to offer specialized products and potentially build stronger brand loyalty, thereby circumventing traditional distribution channels and directly competing with established multi-brand companies like American Outdoor Brands.

American Outdoor Brands (AOUT) participates in several outdoor product markets. Here are the addressable market sizes for their main products or services:

• Overall Outdoor Recreation Products: The U.S. recreational and outdoor products market was valued at approximately USD 42.2 billion in 2024.
• Hunting Equipment & Accessories: The U.S. hunting equipment and accessories market generated a revenue of approximately USD 11.22 billion in 2023.
• Fishing Goods: The U.S. fishing goods market size was estimated at approximately USD 8.78 billion in 2023.
• Camping Equipment: The United States camping equipment market was valued at approximately USD 24.60 billion in 2023.
• Shooting and Gun Accessories: The North American shooting and gun accessories market, which includes items like scopes, holsters, and cleaning kits, held a revenue of approximately USD 2.58 billion in 2023.
• Shooting Sports Equipment: The global shooting sports equipment market size was estimated at approximately USD 38.34 billion in 2024. North America accounted for 36.4% of this global market in 2023.

Expected Drivers of Future Revenue Growth for American Outdoor Brands (AOUT)

• Innovation and New Product Development: American Outdoor Brands emphasizes a culture of innovation, with new product introductions consistently driving growth and contributing significantly to net sales. The company has a robust product pipeline and has generated substantial incremental organic revenue from new product development, protecting future revenue potential with numerous patents.
• Strategic Focus and Expansion of the Outdoor Lifestyle Segment: AOUT is executing a strategic pivot towards its rapidly expanding Outdoor Lifestyle segment, aiming for this category to account for 65% of total sales, up from 57%. This involves focusing capital and innovation on high-growth brands within this segment, such as BOG, BUBBA, Caldwell, Grilla, and MEAT! Your Maker, to deepen engagement and create differentiated value.
• Expansion into New Geographic Markets and Distribution Channels: A significant component of American Outdoor Brands' future prospects includes international expansion into new markets, such as Europe and Asia, and strengthening distribution in Canada. The company also focuses on broadening distribution channels for wider reach within existing markets.
• Opportunistic Mergers and Acquisitions: The company continues to explore strategic acquisitions that align with its growth objectives, evidenced by past successful integrations like Grilla Grills. This proactive approach aims to enhance its business model and bolster growth.

Share Repurchases

• American Outdoor Brands' Board of Directors approved a new $10 million share repurchase program in October 2025, which commenced on October 1, 2025, and is set to conclude on September 30, 2026.
• Under a prior repurchase program authorized in 2024, the company repurchased approximately $6.0 million of its common stock, accounting for 581,968 shares at an average price of $10.30 per share, as of September 30, 2025.
• During the nine months ended January 31, 2026 (Q3 Fiscal Year 2026), the company repurchased $4.6 million of stock, which included $1.4 million in Q3 FY2026 alone.

Share Issuance

• As of April 30, 2025, American Outdoor Brands had 14,974,217 shares issued and 12,696,356 shares outstanding.
• In the prior year, as of April 30, 2024, the company had 14,701,280 shares issued and 12,797,865 shares outstanding, indicating a slight increase in issued shares but a decrease in outstanding shares due to repurchases.

Outbound Investments

• In Q3 Fiscal Year 2026, the company decided to divest its UST camping and survival brand, citing that further investment in this category was unlikely to yield expected returns. This divestiture resulted in a $3.4 million non-cash impairment charge.
• American Outdoor Brands' capital deployment strategy includes pursuing selective, accretive acquisitions to drive growth.

Capital Expenditures

• For the full Fiscal Year 2026, American Outdoor Brands lowered its capital expenditure expectations by $500,000, projecting a range of $3.5 million to $4.0 million.
• The company emphasizes an asset-light platform and focuses its capital allocation on investing in organic growth.