– Fiscal First Quarter 2021 Revenue Increases 125% to $9.7 Million –
– Largest Backlog in Company History Increases to $45 Million –
SCOTTSDALE, Ariz., Aug. 20, 2020 (GLOBE NEWSWIRE) — AMMO, Inc. (OTCQB: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, has reported financial results for its fiscal first quarter ended June 30, 2020.
Financial Summary for Fiscal First Quarter 2021 vs. Fiscal First Quarter 2020
- Total revenue increased 125% to $9.7 million compared to $4.3 million.
º Proprietary ammunition revenue increased 856% to $1.9 million.
º Standard ammunition revenue increased 379% to $4.5 million.
º Casing revenue increased 3% to $3.2 million.
- Net loss improved to $3.1 million compared to a net loss of $3.8 million.
- Adjusted EBITDA improved to $(0.3) million compared to $(1.8) million.
“The demand momentum experienced at the end of fiscal year 2020 has certainly accelerated in our first fiscal quarter,” said Fred Wagenhals, AMMO’s CEO. “In addition to a strong commercial demand environment, our team made progress further expanding manufacturing capabilities, significantly growing our customer base through a newly created call center and increasing the output of our higher margin products. We also progressed talks with potential partners in the military and law enforcement channel and have started to see our initiatives on this front come to fruition. The planned infrastructure and capacity improvements deployed in fiscal year 2020, coupled with our team’s excellent job streamlining internal processes resulted in significant improvement in our adjusted EBITDA profitability to nearly breakeven during the quarter.
“Looking ahead, we have the utmost confidence in our ability to continue meeting this extraordinary commercial demand, which we anticipate will last at least through the end of our fiscal year. As our facilities continue to operate at near maximum capacity to meet customer needs, we now have the largest backlog in Company history at $45 million, with $35 million attributed to the commercial channel and $10 million attributed to the export, military, and law enforcement channel.
“As a result, we are reiterating our previously increased guidance of approximately $42 million in total revenue for fiscal year 2021. Given our enhanced production capacity and continuing demand growth, we also reasonably believe we will achieve positive adjusted EBITDA at the end of our fiscal second quarter.”
To view detailed financial results for the first quarter ended June 30, 2020, please refer to the Form 10-Q filed on August 19, 2020. The Company filed reports with the U.S. Securities and Exchange Commission, found at www.sec.gov.
Forward Looking Statements
This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.
Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form 8-K.
In our filings with the Securities and Exchange Commission, references to “AMMO, Inc.”, “AMMO”, “the Company”, “we,” “us,” “our” and similar terms refer to AMMO, Inc. and its wholly owned operating subsidiaries The Enlight Group (d/b/a Jagemann Munition Components), SNI, LLC and Ammo Technologies, Inc.
Gateway Investor Relations
Phone: (949) 574-3860