American Outdoor Brands reported fiscal 2026 net sales of $190.5 million, a 14.3% decline year-over-year, primarily due to a $10 million acceleration of orders into fiscal 2025 by retailers. Despite the reported sales decline, the company achieved 4% point-of-sale (POS) growth and ended the fiscal year with a strong balance sheet featuring $21.4 million in cash and no debt. Management attributes the variance between reported sales and underlying performance to tariff-driven ordering patterns and inventory resets at a major e-commerce retailer. Looking ahead, the company provided guidance for fiscal 2027, projecting net sales in the range of $200 million to $210 million, compared to an analyst estimate of $207.377 million.

Fiscal 2026 Financial Performance

Excluding the $10 million order acceleration, net sales for fiscal 2026 declined by 5.4%. The outdoor lifestyle category represented 58% of net sales, decreasing 13.1% year-over-year, or 1.6% adjusted for the acceleration. The shooting sports category saw net sales decline 15.9%, driven largely by softness in aiming solutions. Gross margin for fiscal 2026 increased 10 basis points to 44.7%, supported by pricing actions and a higher mix of new product sales. GAAP operating expenses totaled $94.2 million, a decrease of $5.2 million compared to the prior year, while non-GAAP operating expenses fell to $80.3 million. The company reported a GAAP net loss per share of $0.73, compared to a loss of $0.01 in fiscal 2025. Non-GAAP EPS was $0.28, down from $0.76 in the prior year. Full-year adjusted EBITDA was $10.2 million, compared to $17.7 million in fiscal 2025.

Balance Sheet and Cash Flow

The company concluded fiscal 2026 with cash of $21.4 million and no debt, having repurchased approximately 551,000 shares of common stock at an average price of $9.24 per share. Inventory levels decreased by $9.4 million to $91.9 million. Capital expenditures for the year were $2.5 million, down from $3.9 million in the prior year. American Outdoor Brands generated $21.3 million in operating cash during the second half of the fiscal year, consistent with its seasonal pattern.

Fiscal 2027 Outlook

American Outdoor Brands projects net sales in the range of $200 million to $210 million. At the midpoint, this represents growth of 7.5% over fiscal 2026 reported net sales. The company expects gross margins to remain consistent with its long-term target in the mid-40s and adjusted EBITDA to be in the range of 6.5% to 7.5% of net sales. This EBITDA guidance implies an increase of over 40% compared to fiscal 2026 levels. Management noted that approximately $6 million of the fiscal 2025 order acceleration affected the first quarter of fiscal 2026. Consequently, the company expects Q1 fiscal 2027 net sales to be roughly flat to up slightly on a normalized basis, with adjusted EBITDA slightly negative for the quarter. Capital expenditures for fiscal 2027 are forecasted between $3.5 million and $4 million.

American Outdoor Brands, Inc. plans to release its fourth quarter and full year fiscal 2026 financial results on Thursday, June 25, 2026, after the market closes. The announcement will provide investors with insights into the company's performance for the period ending in FY26. The full text of the press release will be available on the company's website under the Investor Relations section.

Following the release, American Outdoor Brands will host a conference call and webcast to discuss its financial and operational results. The call is scheduled for Thursday, June 25, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific). Speakers on the call will include Brian Murphy, President and Chief Executive Officer, and Andy Fulmer, Chief Financial Officer.

Conference Call Details

Investors can participate in the conference call via telephone by dialing (833) 630-1956 and asking to join the American Outdoor Brands call. No RSVP is necessary. The audio webcast will also be accessible live on the company's website at www.aob.com under the Investor Relations section.

About American Outdoor Brands, Inc.

American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT) is an innovation company providing product solutions for outdoor enthusiasts. Its portfolio includes brands such as BOG, BUBBA, Caldwell, Crimson Trace, Frankford Arsenal, Grilla Grills, Hooyman, Imperial, LaserLyte, Lockdown, MEAT! Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler. The company's products cater to hunting, fishing, camping, shooting, meat processing, outdoor cooking, personal security, and personal defense.