Thu, Jun 13, 9:27 PM (86 days ago)
AMMO, Inc. reported a 24.2% decrease in net revenues for the fiscal year ending March 31, 2024, totaling $145.1 million, compared to $191.4 million in the prior year. This decline was attributed to decreased sales in both its Ammunition and Marketplace segments. The Ammunition segment faced reduced demand and production challenges, while the Marketplace segment, including GunBroker.com, saw lower auction and payment processing revenues. Gross margin slightly improved to 29.4% from 28.9%, despite increased labor and overhead costs. Operating expenses rose by $2.5 million, driven by higher general and administrative costs, including non-recurring legal and professional fees. The company reported a net loss of $15.6 million, up from a $4.6 million loss the previous year, primarily due to the revenue decline and increased expenses. Management is focusing on enhancing production efficiency and expanding product offerings to improve financial performance. The company identified material weaknesses in internal controls, which it is actively working to remediate.