Slides
Page 1
Nasdaq: AOUT Investor Presentation September 2026 Leveraging our culture of innovation. Delivering solutions for the moments that matter.
Page 2
In this presentation, certain non - GAAP financial measures, including “non - GAAP net income” and “Adjusted EBITDA ” are presented . A reconciliation of these and other non - GAAP financial measures are contained at the end of this press release . From time to time, the Company considers and uses these non - GAAP financial measures as supplemental measures of operating performance in order to provide the reader with an improved understanding of underlying performance trends . The Company believes it is useful for itself and the reader to review, as applicable, both ( 1 ) GAAP measures that include ( i ) amortization of acquired intangible assets, (ii) stock compensation, ( iii ) contract exit costs, ( iv ) income tax adjustments, (v) interest income, ( vi ) income tax expense, and ( vii ) depreciation and amortization ; and ( 2 ) the non - GAAP measures that exclude such information . The Company presents these non - GAAP measures because it considers them an important supplemental measure of its performance and believes the disclosure of such measures provides useful information to investors regarding the Company’s financial condition and results of operations . The Company’s definition of these adjusted financial measures may differ from similarly named measures used by others . The Company believes these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis . These non - GAAP measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for the Company's GAAP measures . The principal limitations of these measures are that they do not reflect the Company's actual expenses and may thus have the effect of inflating its financial measures on a GAAP basis . Certain statements contained in this presentation may be deemed to be forward - looking statements under federal securities laws, and we intend that such forward - looking statements be subject to the safe harbor created thereby . All statements other than statements of historical facts contained or incorporated herein by reference in this presentation, including statements regarding our future operating results, future financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectives for future operations, are forward - looking statements . In some cases, you can identify forward - looking statements by terms such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “suggests,” “targets,” “contemplates,” “projects,” “predicts,” “may,” “might,” “plan,” “would,” “should,” “could,” “may,” “can,” “potential,” “continue,” “objective,” or the negative of those terms, or similar expressions intended to identif y forward - looking statements . However, not all forward - looking statements contain these identifying words . Specific forward - looking statements in this presentation include our belief in the strength of our brands ; our belief in the strength of our product pipeline and intellectual property ; our confidence in our innovation capabilities, our cost discipline, and our flexible, asset - light operating model ; and our confidence and belief in our strategic initiatives . We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward - looking statements . Such factors include, among others, potential disruptions in our suppliers’ ability to source the raw materials necessary for the production of our products, disruptions and delays in the manufacture of our products, and difficulties encountered by retailers and other components of the distribution channel for our products ; lower levels of consumer spending in general and specific to our products or product categories ; our ability to introduce new products that are successful in the marketplace ; interruptions of our arrangements with third - party contract manufacturers and freight carriers that disrupt our ability to fill our customers’ orders ; increases in costs or decreases in availability of finished products, components, and raw materials ; our ability to maintain or strengthen our brand recognition and reputation ; our ability to forecast demand for our products accurately ; our ability to continue to expand our e - commerce business ; our ability to compete in a highly competitive market ; our dependence on large customers ; our ability to attract and retain talent ; pricing pressures by our customers ; our ability to collect our accounts receivable ; the potential for product recalls, product liability, and other claims or lawsuits against us ; our ability to protect our intellectual property ; inventory levels, both internally and in the distribution channel, in excess of demand ; our ability to identify acquisition candidates, to complete acquisitions of potential acquisition candidates, to integrate acquired businesses with our business, to achieve success with acquired companies, and to realize the benefits of acquisitions in a manner consistent with our expectations ; the performance and security of our information systems ; our ability to comply with any applicable foreign laws or regulations and the effect of any increased protective tariffs ; economic, social, political, legislative, and regulatory factors, such as the impact from changing economic policies, tariffs and supply chain constraints; the potential for increased regulation of firearms and firearms - related products ; future investments for capital expenditures, liquidity and anticipated cash needs and availability ; the potential for impairment charges ; estimated amortization expense of intangible assets for future periods ; actions of social or economic activists that could, directly or indirectly, have an adverse effect on our business ; disruptions caused by social unrest, including related protests or disturbances ; our assessment of factors relating to the valuation of assets acquired and liabilities assumed in acquisitions, the timing for such evaluations, and the potential adjustment in such evaluations ; and other factors detailed from time to time in our reports filed with the Securities and Exchange Commission including our Annual Report on Form 10 - K for the fiscal year ended April 30 , 2026 . Required Disclosures
Page 3
Q1 FY27 Update
Page 4
Q1 FY27 Highlights 4 Connected Ecosystems New Products 36.1% of Net Sales Total Net Sales Ending Cash $33.3M $37.3M (+25.4%) Total Debt $0M BUBBA ® & Caldwell ® POS Results +5% Adjusted EBITDA $1.2M (+$4.3M YOY) (Period ended July 31, 2026)
Page 5
5 FY27 Guidance FY26 TTM 1Q27 FY26 Earnings Call (06/25/26) 1Q27 Earnings Call (09/03/26) Implied YOY Growth % Net Sales $190.5 $198.1 $200.0 - $210.0 $200.0 - $210.0 +5.0% to 10.2% Adjusted EBITDA $10.2 $14.5 $13.0 - $16.0 $14.5 - $17.5 +42.2% to 71.6% Adjusted EBITDA (Midpoint) $10.2 $14.5 $14.5 $16.0 +56.9% Total Cash $21.4 $33.3 N/A* N/A* N/A* Total Debt - - N/A* N/A* N/A* * No guidance given for Total Cash and Total Debt. FY27 Guidance Update ($ in Millions)
Page 6
Outdoor Lifestyle 59% TTM 1Q27 Net Sales Land Management & Hunting Rugged Outdoor (Cutlery) Meat Processing & Outdoor Cooking Fishing Shooting Sports 41% TTM 1Q27 Net Sales Note: AOB does not sell firearms or ammunition. Target Shooting Cleaning & Maintenance Safety & Storage Reloading Personal Protection We Operate in Two Categories. Our 19 brands serve consumer activities organized into two categories – Outdoor Lifestyle and Shooting Sports. 6*Brand listing above excludes licensed brands from Smith & Wesson Brands, Inc.
Page 7
AOUT Overview
Page 8
8 1. Large, Attractive Markets 3. IP Protection 4. Enthusiast Brands 5. Asset-light Model 6. Leverageable Operating Model 7. Strong, Flexible Balance Sheet 2. Innovation Engine 8 180M+ Outdoor Participants >50% Net Sales protected by IP BUBBA, BOG, Caldwell, MEAT! Low capex (1-2% Net Sales) 25-30% EBITDA contribution* $33M in cash, No debt New products: 20-25% Net Sales *Above $200M in Net Sales
Page 9
Large, Attractive Markets. Approximately 181 million Americans participate in outdoor recreation. We thrive in categories where consumers are passionate, can participate for a lifetime, and activities are “gear-rich” in nature. ~87M PROPERTY OWNERS ~15M HUNTERS ~92M OUTDOOR COOKING HOUSEHOLDS ~63M SPORT SHOOTING PARTICIPANTS 9 ~58M ANGLERS
Page 10
10 Innovation Is Our Growth Engine. Our proven innovation platform has been stacking up, yielding $100M+ of incremental organic revenue since AOB’s spin-off in FY20, while protecting future revenue potential with 170 new patents. In total, approximately 54% of annual net sales is covered by IP, nearly 2x the protection in FY20. $121M $21M FY20 FY26 FY20 FY26 $167M $191M New Products ‘20 New Products ‘21 New Products ‘22 New Products ‘23 New Products ‘24 New Products ‘25 New Products ‘26 28% 54% % of Net Sales Covered by IP Net Sales Contribution by Year of New Product Introduction $167M $191M 34%+ CAGR (FY20-26)
Page 11
Breakthrough New Products Reflect the Strength and Breadth of Our Innovation Pipeline. 11 Extending Reach. Redefining the Experience. Setting the Standard.
Page 12
Breakthrough New Products Reflect the Strength and Breadth of Our Innovation Pipeline. Extends the reach of BUBBA to over 50M anglers. 12 Electric Fillet Knife introduction extended BUBBA’s reach into the large freshwater market while establishing electronics capability. Pro Series Smart Fish Scale introduction extended BUBBA’s reach beyond meat processing into fishing tournaments and catch-and-release. BUBBA App extended the reach of BUBBA’s new scales by tethering them to a sportfishing app that is built around gamification. Smart Fish Scale Lite extended the reach of BUBBA’s addressable market to over 50 million anglers with an attractive entry price point scale. The Future: BUBBA’s innovation pipeline is packed with an ecosystem of IP-rich new products that will strengthen the app’s subscription potential.
Page 13
Breakthrough New Products Reflect the Strength and Breadth of Our Innovation Pipeline. 13 Caldwell Claymore redefined traditional clay throwers with a revolutionary all-mechanical, portable design. Pull-Pup redefined handheld clay throwers by enabling throwers to adjust target angles with ease. Claymore Solo redefined portability with an ultra lightweight foot operated mechanical thrower. ClayCopter redefines target shooting with a handheld electronic launcher that propels biodegradable discs. The Future: Caldwell’s innovation pipeline is full of highly integrated products to redefine the range experience. Redefines how shooting enthusiasts engage with, and experience, shotgun sports. ClayCopter Targets redefine clay targets and create opportunity for recurring revenue stream.
Page 14
Breakthrough New Products Reflect the Strength and Breadth of Our Innovation Pipeline. 14 Grilla’s Outdoor Kitchen set the standard for modular outdoor kitchens, creating opportunity for an integrated ecosystem of products. Chimp Tailgater set the standard for portability, making pellet grills more accessible and portable without sacrificing utility. Mammoth Vertical Smoker set the standard for high-capacity smokers with over 1,600 sq. inches of cooking area and a 40lb pellet hopper. Pie-Ro sets the standard for pizza ovens, with an automatic pellet fed system and rotating pizza stone. The Future: Grilla’s innovation pipeline is full of products that expand its ecosystem and fulfill the brand’s promise to “evolve the backyard.” Sets the standard in the growing pizza oven market.
Page 15
We’re not afraid to try new things… … like creating new brands from scratch. We created the “MEAT! Your Maker” brand in 2020. It’s been shaking up the meat processing category ever since. 15
Page 16
RESHAPING THE OUTDOORS. Accessories Unlike other outdoor brands focused on protecting the past, we are focused on building the future. We target large, sleepy markets where our innovations can stand out. As a result, we’re enhancing how consumers experience their favorite activities and are establishing an ownership stake in the future of the outdoors… with significant IP to back it up. 16
Page 17
ClayCopter Surface-to-Air Target LauncherDeathGrip® Sherpa Carbon Fiber Shooting TripodPro Series Smart Fish Scale Primate Gas Grill and Griddle 17
Page 18
We keep it simple and focus on innovation. As an innovation company, we maintain an asset-light operation with outsourced manufacturing and scalable infrastructure in place to support $400 million in revenue. We Are Intentionally Asset - Light. 18 Big infrastructure Owned manufacturing Complex supply chain Small footprint (<275 employees, 1 DC) Design all products ourselves, outsource everything else Simple, but effective supply chain High capex needs Low capex needs (~2% of net sales)
Page 19
We have a track record of delivering incremental margin on revenue growth above $200M in net sales. We believe our brands are capable of $400M in net sales – at that level, we expect EBITDA to exceed $70M. Our Operating Model is Highly Accretive. Net Sales & Adjusted EBITDA % ($ in millions) 19 $167.4 $276.7 $247.5 $191.2 $201.1 $222.3 $190.5 7.3% 17.1% 14.2% 6.7% 4.9% 7.9% 5.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 $500.0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 $300.0 $400.0 13.3% 17.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 $400.0 $450.0 $500.0 Long-term operating model: ~30% EBITDA contribution when sales exceed $200M Illustrative Future State Net Sales & EBITDA $200 - $210 7.3% - 8.3% (1) Reflects guidance as of September 3, 2026. (1)
Page 20
Cash on Hand We have resources to fuel our growth, with a debt-free balance sheet and access to capital for organic growth, opportunistic and disciplined M&A, and stock buybacks. Our Balance Sheet Provides Flexibility. 20 $33.3M (as of 7/31/26) No Debt Flexible Capital Allocation $0 1. Fuel organic growth 2. Smart acquisitions 3. Stock buybacks
Page 21
By Product Category Go - to - Market Expansion ($ in millions) By Geography By Sales Channel $198 TTM (1Q27) $167 FY20 $400 Future State 59% 41% 46% 54% 65% 35% $198 TTM (1Q27) $167 FY20 $400 Future State 6% 94% 4% 96% 90% $198 TTM (1Q27) $167 FY20 $400 Future State 37% 68% 32% 40% 10% As we grow in the future, we expect our net sales to be comprised of 65% Outdoor Lifestyle, 10% international, and a 60/40 split between Traditional and e-Commerce. 60% 63% = Outdoor Lifestyle = Shooting Sports = International = Domestic = Traditional = e-Commerce Pre-pandemic 21
Page 22
22 National Retailers Home, Farm, Automotive Distributors & Buying Groups Online Retailers OEMs Diverse Customers & Channels We have an ever-expanding distribution network, delivering our products wherever consumers may shop. In addition, each of our key brands has its own dedicated e-commerce website. DTC Websites (15+ Brand Websites)
Page 23
Appendix
Page 24
24 Implied EV/Adj. EBITDA Multiples: Illustrative Stock Price 5.1x $10.00 $12.00 $14.00 $16.00 $18.00 $20.00 $14.5 6.5x 8.2x 10.0x 11.7x 13.5x 15.2x $15.0 6.2x 7.9x 9.6x 11.3x 13.0x 14.7x $15.5 6.0x 7.7x 9.3x 11.0x 12.6x 14.2x $16.0 5.9x 7.4x 9.0x 10.6x 12.2x 13.8x $16.5 5.7x 7.2x 8.8x 10.3x 11.8x 13.4x $17.0 5.5x 7.0x 8.5x 10.0x 11.5x 13.0x $17.5 5.4x 6.8x 8.3x 9.7x 11.2x 12.6x FY27 Guidance: Adjusted EBITDA ($M) FY27 Guidance FY26 TTM 1Q27 FY26 Earnings Call (06/25/26) 1Q27 Earnings Call (09/03/26) Implied YOY Growth % Net Sales $190.5 $198.1 $200.0 - $210.0 $200.0 - $210.0 +5.0% to 10.2% Adjusted EBITDA $10.2 $14.5 $13.0 - $16.0 $14.5 - $17.5 +42.2% to 71.6% Adjusted EBITDA (Midpoint) $10.2 $14.5 $14.5 $16.0 +56.9% Total Cash $21.4 $33.3 N/A* N/A* N/A* Total Debt - - N/A* N/A* N/A* * No guidance given for Total Cash and Total Debt. FY27 Guidance Update EV = Enterprise value (Market Capitalization + Debt – Cash). Market Capitalization = illustrative stock price x 12.7M shares (as of 09/03/26). ($ in Millions)
Page 25
Executive Team Andy Fulmer Chief Financial Officer Liz Sharp VP, Investor Relations James Tayon Chief Product Officer 25 Brian Murphy President & CEO, Director Tyler Lindwall VP, Corporate Development Brent Vulgamott Chief Operating Officer
Page 26
2026 2025 Net sales $ 37,254 $ 29,702 Cost of sales 17,519 15,844 Gross profit 19,735 13,858 Operating expenses: Research and development 1,552 1,955 Selling, marketing, and distribution 12,278 10,520 General and administrative 8,021 8,202 Total operating expenses 21,851 20,677 Operating loss (2,116) (6,819) Other income, net: Other income, net 13 35 Interest income, net 576 7 Total other income, net 589 42 Loss from operations before income taxes (1,527) (6,777) Income tax expense 1 52 Net loss $ (1,528) $ (6,829) Net loss per share: Basic and diluted $ (0.12) $ (0.54) CONSOLIDATED STATEMENTS OF OPERATIONS AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES (Unaudited) For the Three Months Ended July 31, (In thousands, except per share data) Income Statement 26
Page 27
July 31, 2026 (Unaudited) April 30, 2026 Current assets: Cash and cash equivalents $ 33,275 $ 21,436 Accounts receivable, net of allowance for credit losses of $396 on July 31, 2026 and $419 on April 30, 2026 25,498 29,233 Inventories 100,313 91,889 Assets held for sale 633 734 Prepaid expenses 2,671 2,268 Other current assets 4,389 16,978 Income tax receivable 73 156 Total current assets 166,852 162,694 Property, plant, and equipment, net 8,815 9,327 Intangible assets, net 22,340 23,527 Right-of-use assets 30,270 30,710 Other assets 341 362 Total assets $ 228,618 $ 226,620 Current liabilities: Accounts payable $ 15,288 $ 13,432 Accrued expenses 15,444 13,212 Accrued payroll and incentives 1,485 1,700 Lease liabilities, current 1,602 1,569 Total current liabilties 33,819 29,913 Lease liabilities, net of current portion 30,403 30,814 Total liabilities 64,222 60,727 Commitments and contingencies Equity: Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding on July 31, 2026 and April 30, 2026 — — Common stock, $0.001 par value, 100,000,000 shares authorized, 15,444,198 shares issued and 12,615,054 shares outstanding on July 31, 2026 and 15,288,148 shares issued and 12,459,004 shares outstanding on April 30, 2026 15 15 Additional paid in capital 283,358 283,327 Retained deficit (85,436) (83,908) Treasury stock, at cost (2,829,144 shares on July 31, 2026 and April 30, 2026) (33,541) (33,541) Total equity 164,396 165,893 Total liabilities and equity $ 228,618 $ 226,620 ASSETS LIABILITIES AND EQUITY AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except par value and share data) As of: 27 Balance Sheet
Page 28
2026 2025 Cash flows from operating activities: Net loss $ (1,528) $ (6,829) Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: Depreciation and amortization 2,382 3,042 Provision for credit losses on accounts receivable 23 (329) Stock-based compensation expense 737 651 Changes in operating assets and liabilities: Accounts receivable 3,712 17,912 Inventories (8,424) (21,070) Other current assets 12,589 226 Accounts payable 1,771 7,234 Accrued liabilities 1,931 (2,026) Other (154) (499) Net cash provided by/(used in) operating activities 13,039 (1,688) Cash flows from investing activities: Payments to acquire patents and software (369) (70) Payments to acquire property and equipment (125) (300) Net cash used in investing activities (494) (370) Cash flows from financing activities: Payments to acquire treasury stock — (2,524) Payment of employee withholding tax related to restricted stock units (706) (1,070) Net cash used in financing activities (706) (3,594) Net increase/(decrease) in cash and cash equivalents 11,839 (5,652) Cash and cash equivalents, beginning of period 21,436 23,423 Cash and cash equivalents, end of period $ 33,275 $ 17,771 AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the Three Months Ended July 31, 28 Statement of Cash Flows
Page 29
2026 2025 GAAP and Non-GAAP gross profit $ 19,735 $ 13,858 GAAP operating expenses $ 21,851 $ 20,677 Amortization of acquired intangible assets (1,168) (1,834) Stock compensation (737) (651) Other (161) — Non-GAAP operating expenses $ 19,785 $ 18,192 GAAP operating loss $ (2,116) $ (6,819) Amortization of acquired intangible assets 1,168 1,834 Stock compensation 737 651 Other 161 — Non-GAAP operating loss $ (50) $ (4,334) GAAP net loss $ (1,528) $ (6,829) Amortization of acquired intangible assets 1,168 1,834 Stock compensation 737 651 Other 161 — Income tax adjustments (123) 1,039 Non-GAAP net income/(loss) $ 415 $ (3,305) GAAP net loss per share - diluted $ (0.12) $ (0.54) Amortization of acquired intangible assets 0.09 0.14 Stock compensation 0.06 0.05 Other 0.01 — Income tax adjustments (0.01) 0.08 Non-GAAP net income/(loss) per share - diluted $ 0.03 $ (0.26)(a) (a) Non-GAAP net loss per share does not foot due to rounding. For the Three Months Ended July 31, (Unaudited) AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share data) Non - GAAP Reconciliation 29
Page 30
Adjusted EBITDA Reconciliation 30 2026 2025 GAAP net loss $ (1,528) $ (6,829) Interest income (576) (7) Income tax expense 1 52 Depreciation and amortization 2,364 3,017 Stock compensation 737 651 Contract exit costs 58 — Other 103 — Non-GAAP Adjusted EBITDA $ 1,159 $ (3,116) AMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES (Unaudited) For the Three Months Ended July 31, RECONCILIATION OF GAAP NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands)
Page 31
Liz Sharp VP, Investor Relations LSharp@aob.com Website: www.aob.com Contact Us: 31