American Outdoor Brands, Inc. (AOUT) Q4 2025 Earnings Call Transcript
Net Sales Net sales for the year were $222.3 million, an increase of 10.6% compared to fiscal 2024, driven by growth in every sales channel and category. Traditional channel net sales grew by 18.1%, and e-commerce net sales increased slightly. Domestic net sales increased by almost 10%, while international net sales grew 20% compared to fiscal 2024.
Outdoor Lifestyle Category Sales Net sales grew by 16.2%, driven mainly by sales in BUBBA, MEAT! Your Maker, and BOG brands.
Shooting Sports Category Sales Net sales grew by 3.8% compared to last year, driven mainly by sales in the Caldwell brand.
Q4 Net Sales Net sales in Q4 were $61.9 million, almost 34% above the prior year quarter. Retailers accelerated order placements in the last few weeks of Q4, pulling forward approximately $8 million to $10 million of net sales originally included in fiscal 2026.
Gross Margin Fiscal 2025 gross margins increased 60 basis points over fiscal 2024 to 44.6%, mainly due to higher sales volumes partially offset by higher tariff and freight costs.
Operating Expenses GAAP operating expenses totaled $99.4 million, a slight decrease from $100.9 million in the prior year. As a percentage of net sales, operating expenses reduced from 50% to 45%, reflecting a 500 basis point improvement driven by lower intangible amortization and reduced legal expenses.
Adjusted EBITDA Full year adjusted EBITDA in fiscal 2025 was $17.7 million, up 80.8% over fiscal 2024.
Non-GAAP EPS Non-GAAP EPS in fiscal 2025 was $0.76 compared to $0.32 in fiscal 2024.
Cash and Debt Ended the year with cash of $23.4 million and no debt. Generated cash from operations of $1.4 million, which was lower than last year due to increased accounts receivable and inventory investments.
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- Regulatory Changes Expected: The U.S. government may announce easing of gun regulations at the National Shooting Sports Foundation trade show, likely impacting major gun stocks like Smith & Wesson (SWBI) and Sturm, Ruger (RGR), potentially stimulating sales growth.
- Positive Market Reaction: As trading begins this week, retail sentiment has shifted to bullish for RGR and neutral for AOUT, indicating market optimism regarding potential policy changes and their implications for stock performance.
- Sales Growth Potential: Easing restrictions on private sales and exports is expected to boost firearm sales, likely leading to strong short-term performance for SWBI, RGR, and other related stocks, reflecting market sensitivity to regulatory changes.
- Political Context Impact: The Trump administration's intent to reverse Biden-era gun restrictions highlights the significance of gun policy in U.S. politics, potentially further driving growth in the firearms industry and increasing investor interest.

- Innovative App Features: The Caldwell Clays™ App enables users to wirelessly control up to 10 smart launchers via their smartphones, significantly enhancing user flexibility and enjoyment in target shooting experiences.
- Integration of ClayCopter™ Targets: Users can mix ClayCopter™ biodegradable targets with traditional clays to create unique shooting layouts, catering to diverse shooter preferences and driving demand for innovative target experiences in the market.
- Portable Launcher Advantages: The newly launched Claymore Connect™ weighs only 35 lbs and features a 12-volt lithium battery that can launch over 350 targets on a single charge, greatly enhancing portability and convenience for various shooting scenarios.
- Market Strategy Alignment: This launch reflects Caldwell's strategy to build a comprehensive shotgun shooting system through smart accessories and digital integration, addressing the growing market demand and user expectations for advanced shooting solutions.
- Product Expansion: American Outdoor Brands announces the expansion of its Caldwell® ClayCopter™ platform with the launch of the new ClayCopter Surface-to-Air™ Launcher, priced at $549.99, aimed at enhancing the shooting experience for all skill levels and strengthening market competitiveness.
- Smart App: The newly introduced Caldwell Clays™ app allows wireless connection of up to 10 launchers, enabling remote control from 100 yards away, enhancing user experience and driving the digital transformation of the ClayCopter ecosystem.
- Eco-Friendly Targets: ClayCopter™ targets are made from natural biodegradable materials, breaking the limitations of traditional clay targets by offering lighter and more transportable options, aligning with market trends towards sustainability.
- Night Shooting: The newly launched ClayCopter UFO™ targets feature a glow-in-the-dark function, enhancing shooting fun and attracting more enthusiasts, further expanding market potential.
- Product Innovation: American Outdoor Brands has launched the Claymore Connect™, the most advanced launcher in the Claymore® series, featuring Bluetooth connectivity and an app for enhanced user experience and convenience.
- Portable Design: The launcher incorporates folding legs and lightweight materials, along with a lithium-ion battery, ensuring ultimate portability for various outdoor activities.
- Industry Showcase: The Claymore Connect™ and new Caldwell® products will be showcased at the 2026 SHOT Show, taking place from January 20-23 in Las Vegas at Booth #11860, expected to attract significant attention from outdoor enthusiasts.
- Market Positioning: By introducing this innovative product, the company aims to meet the growing demand for outdoor activities, further solidifying its leadership position in the outdoor products market.
- Strong Sales Performance: American Outdoor Brands reported net sales of $57.2 million in Q2, which, despite a 5% year-over-year decline, exceeded expectations, demonstrating the company's resilience and adaptability in a dynamic retail environment.
- Innovation-Driven Growth: New products accounted for over 31% of net sales, indicating the strength of the company's innovation pipeline and further solidifying its competitive position in the outdoor products market.
- Financial Stability: The company achieved gross margins exceeding 45% in Q2, despite facing high tariffs and freight costs, showcasing effective cost management and profitability.
- Optimistic Future Outlook: The company anticipates a 13% to 14% year-over-year decline in net sales for fiscal 2026, but an adjusted decline of approximately 5% reflects the company's ability to maintain relatively stable performance in an uncertain consumer environment.









