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• Amazon for outdoor sports and recreation.
• The online version of Cabela's or Bass Pro Shops.
• Chewy for outdoor enthusiasts.

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• Ammunition: Manufactures and sells a comprehensive range of cartridges for firearms, including pistol, rifle, and shotgun ammunition, designed for sport shooting, hunting, and personal defense.
• Ammunition Components: Produces and offers essential components such as brass casings and primers for sale to other manufacturers and reloaders, alongside utilizing them in their own ammunition production.

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There appears to be a misunderstanding regarding the company name provided. The ticker symbol POWW belongs to POW-MIA Awareness, Inc., which is a non-profit organization listed on the OTC Markets. It is not a company primarily engaged in the "Outdoor" industry in the commercial sense as a for-profit entity selling goods like outdoor gear or apparel. POW-MIA Awareness, Inc. primarily focuses on raising awareness and supporting the cause of U.S. prisoners of war and missing in action.

Given that POW-MIA Awareness, Inc. sells merchandise primarily to individuals and organizations to support its mission and raise awareness, its major "customers" or constituencies can be categorized as follows:

• Individual Supporters and Patriots: This category includes veterans, active service members, military families, and patriotic citizens who are dedicated to honoring U.S. prisoners of war and missing in action. These individuals purchase flags, apparel, and other commemorative merchandise directly from the organization's website or at events to demonstrate their support, raise awareness, and commemorate the cause.

• Veteran and Civic Organizations: This category encompasses local chapters of veteran organizations (such as the American Legion or Veterans of Foreign Wars - VFW), as well as other civic groups and educational institutions. These entities may purchase items in larger quantities for display at events, fundraisers, educational purposes, or to signify their organizational commitment to the POW/MIA mission within their communities. While these are organizations, their purchases typically serve the underlying purpose of individual awareness or group solidarity rather than commercial resale.

• Collectors of Military Memorabilia: This group comprises individuals who specifically collect items related to military history, service, and patriotic causes. They seek out authentic and commemorative items, such as flags, pins, patches, and other memorabilia offered by POW-MIA Awareness, Inc., to add to their personal collections.

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Steven Urvan, Chairman and Chief Executive Officer

Steven Urvan was appointed CEO and Chairman in May 2025. He founded GunBroker.com in 1999 and served as its CEO until the company acquired it in April 2021. Mr. Urvan is also the founder and CEO of BitRail, a compliant payments infrastructure company, since February 2018. He remains active in other companies he founded, including Outdoors.com Digital Media, App Cohesion, and Gemini Southern, a merchant bank.

Paul Kasowski, Chief Financial Officer

Paul Kasowski was named Chief Financial Officer in September 2024. Prior to this, he served as the company's Chief Compliance and Transformation Officer starting in January 2024. His previous roles include SVP, Business Transformation for Kinder's Seasonings & Sauces from January 2022 to July 2023, and CFO for Arizona Natural Resources, a privately owned manufacturer, from December 2020 to December 2021. He also held the role of VP, Financial Planning & Analysis for Igloo Products Corp. from April 2019 to December 2020 and progressing roles in finance, strategy, and operations for Del Monte Foods and Ainsworth Pet Nutrition from 2003 to 2019.

Tod Wagenhals, Executive Vice President

Tod Wagenhals has served as the Executive Vice President of Outdoor Holding Company (formerly AMMO Inc.) since 2016. He has extensive experience in marketing and contract manufacturing and oversees the company's day-to-day facility operations. His past leadership positions include Executive Vice President, Secretary, and Director of Action Performance Companies, Inc., founder of Tod Wagenhals, Inc., managing member, partner, and President of Kinesis Industries, LLC, and managing partner for Winners Companies, LLC.

Jordan Christensen, Chief Legal Officer & Secretary

Jordan Christensen has served as Chief Legal Officer of Outdoor Holding Company since June 2025. He also serves as a Judge Pro Tempore for Maricopa County Superior Court and has been a member of the Arizona State Bar Editorial Board since 2019. Mr. Christensen brings significant experience in corporate governance, public company reporting, and legal affairs.

Beth Cross, Chief Operating Officer - Gunbroker.com

Beth Cross is the Chief Operating Officer of Outdoors Online (GunBroker.com). She brings over 20 years of experience in multi-channel retail and e-commerce. Mrs. Cross previously held leadership roles at Bi-Mart and Sportsman's Warehouse. She joined AMMO Inc. in 2021 following its acquisition of GunBroker.com and was promoted to COO in 2022.

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1. Financial Reporting and Internal Control Weaknesses, and Associated Legal/Regulatory Risks: Outdoor Holding has faced significant issues with its financial reporting and internal controls, leading to an SEC investigation that concluded without monetary penalties but required the restatement of financial results for multiple fiscal years (2022–2024 and Q1 2025) due to "disclosure and accounting violations." The company has also been subject to lawsuits alleging inadequate internal controls and failures in accurately disclosing executive officers, related party transactions, and proper accounting for certain fees and stock awards. These ongoing concerns regarding financial reporting and governance reflect substantial financial strain and expose the company to potential future litigation and regulatory scrutiny.
2. Operational Losses and Challenges of Transition to an E-commerce-Only Model: Outdoor Holding has undergone a strategic shift, selling its ammunition manufacturing business to focus solely on its e-commerce platform, GunBroker.com. This transition has been marked by "high operating losses" and a significant increase in net loss. While GunBroker.com is characterized as a high-margin business, it is currently "small-scale." The company has also incurred increased corporate costs associated with winding down the former manufacturing operations. The ability to achieve sustained profitability and manage operational efficiencies in this new, more focused e-commerce model remains a significant challenge.
3. Dependence on GunBroker.com and Sensitivity to the Firearms and Outdoor Gear Market: The company's sole focus on GunBroker.com, an online marketplace for firearms, ammunition, and related accessories, creates a high dependence on the performance of this single platform and the broader firearms and outdoor gear market. This market is susceptible to various external factors, including "broader macroeconomic softness impacting consumer discretionary categories, particularly firearms-related businesses," which has already contributed to revenue decline. The nature of the products sold also exposes the company to specific regulatory, social, and political risks that could impact demand and operations.

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Outdoor Holding Company (symbol: POWW) primarily operates GunBroker.com, an online marketplace facilitating the lawful sale of firearms, ammunition, and hunting/shooting accessories.

The addressable markets for Outdoor Holding Company's main products and services can be identified as follows:

• U.S. Online Gun & Ammunition Sales Market: This market is estimated to be approximately $3.5 billion in 2025.
• U.S. Firearms & Weapons eCommerce Sales Market: Sales in this category in the United States reached an estimated $13.18 billion in 2025.
• Global Ammunition Market: The global ammunition market was valued at approximately $25.8 billion in 2024 and is projected to reach $36.1 billion by 2033.
• U.S. Ammunition Market: The U.S. ammunition market size was estimated at $7.70 billion in 2023 and is anticipated to grow to $9.04 billion by 2030.
• Global Firearms Market: The global firearms market size reached $41.6 billion in 2024 and is expected to reach $68.3 billion by 2033.
• Global Gun Market (including firearms, ammunition, accessories, and related services): This broader market was estimated at approximately $150 billion in 2023.

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1. Expansion of the GunBroker.com Marketplace: Outdoor Holding Company, through its Outdoors Online platform (GunBroker.com), is focused on expanding its offerings by introducing new product categories and pioneering industry-leading features. This strategy is designed to enhance the user experience and grow the overall marketplace.
2. Increased Take Rate and New Revenue Streams from Marketplace Operations: The company has demonstrated an ability to increase its "take rate" – the percentage it earns on transactions – which rose to 6.2% from 5.8% in Q1 last year. This growth is attributed to the implementation of new fees, increased advertising revenue, and the introduction of cross-selling features on its platform, indicating a continued focus on maximizing revenue per transaction.
3. Implementation of Universal Payment Processing: Outdoor Holding Company plans to launch universal payment processing, a strategic initiative expected to further enhance the functionality and attractiveness of its marketplace. This could lead to increased transaction volumes and improved user engagement, thereby driving revenue growth.
4. Organic Marketplace Growth: A core strategic focus for Outdoor Holding Company is the organic growth of its marketplace operations. This involves attracting more buyers and sellers to the platform and fostering greater activity, which is anticipated to contribute to overall revenue expansion.

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Share Repurchases

• AMMO, Inc. authorized an extension of its share repurchase program by up to $30 million until February 2024, with approximately $29.7 million remaining available under the plan as of March 28, 2023.
• In the quarter ended June 30, 2024, AMMO repurchased approximately 580,000 shares, bringing the total repurchased under the plan to just over 1.9 million shares since December 2022.
• Quarterly share buybacks included $4.80 million in the quarter ending September 30, 2024, and $1.10 million in the quarter ending June 30, 2024.

Share Issuance

• In March 2021, AMMO, Inc. announced a public offering of 20,000,000 shares of common stock at $5.00 per share, expected to generate approximately $100 million in gross proceeds for general corporate purposes, debt reduction, and potential acquisitions.
• In December 2020, AMMO, Inc. completed an underwritten public offering of 8,564,285 shares at $2.10 per share, resulting in gross proceeds of approximately $17.98 million, designated for capital expenditures, product research and development, and other general corporate purposes.
• Two Series A Preferred Stock offerings in May 2021 generated total net proceeds of $32,940,000.

Outbound Investments

• In 2021, AMMO, Inc. acquired GunBroker.com for US$240 million in a mix of cash, debt, and equity, significantly diversifying its business model into the online marketplace for firearms and shooting sports.
• On April 25, 2024, AMMO, Inc. acquired a tooling manufacturer to streamline ammunition production at its Manitowoc, Wisconsin factory, anticipating annualized cost savings of over $1 million.
• The company acquired SWK for up to $1,500,000 in cash and 1,700,002 restricted shares of common stock; as of March 31, 2023, $350,000 in cash payments had been made.

Capital Expenditures

• Proceeds from the December 2020 public offering, totaling approximately $17.98 million, were partially allocated to capital expenditures and product research and development.
• The company's strategic growth drivers include continued investment in research and development for new ammunition products and strategic acquisitions of complementary businesses.
• Outdoor Holding Company's Second Fiscal Quarter 2026 earnings call (ended September 30, 2025) noted capital expenditure requirements for replacements or new capital commitments.