$POWW blew away earnings again, and raised 2022 Rev Guidance!
$POWW keeps beating Analyst earnings est. Analyst 1st Qrt est. of $0.06 POWW reports $0.13
238mil in backlog orders.
**SCOTTSDALE, AZ, August 16, 2021 (GLOBE NEWSWIRE)** — AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), a leading vertically integrated producer of high-performance ammunition and components and operator of GunBroker.com, the largest online marketplace serving the firearms and shooting sports industries today announced results for its first quarter of fiscal 2022 ended June 30, 2021.
**First Quarter Fiscal 2022 versus First Quarter Fiscal 2021:**
●Net revenues increased 360% year-over-year to $44.5 million ●Marketplace revenue was $12.3 million reflecting the acquisition of GunBroker.com ●Gross profit margin was 42.7% compared to 11.1% ●Net income was $9.5 million compared to a net loss of $3.1 million ●Diluted EPS of $0.08 compared to ($0.07); Adjusted EPS of $0.13 compared to ($0.01) ●Adjusted EBITDA was $16.3 million versus a loss of $0.3 million ●Backlog of $238 million
“We delivered solid first quarter results, exceeding estimates for revenue and Adjusted EBITDA. Core ammunition sales were up more than three-fold reflecting strong underlying demand for our unique, high-performance products. We also added over $12 million of high-margin Marketplace revenue with the GunBroker.com acquisition that closed in April,” said Fred Wagenhals, Chairman and Chief Executive Officer of AMMO, Inc. “Integration efforts are advancing on schedule and we are working on several major initiatives to further accelerate growth across our powerful Marketplace platform. Construction of our new manufacturing facility is also on track and we continue to make progress with new product development and government contracts. I am very proud of our team’s commitment and execution in driving significant value for all stakeholders.”
**First Quarter Fiscal 2022 Results**
Net revenues of $44.5 million were up 360% versus last year driven by strong growth in Ammunition and incremental revenue from the acquisition of GunBroker.com. Ammunition sales totaled $28.4 million compared to $6.4 million in last year’s first quarter, an increase of 342%. Marketplace revenue was $12.3 million reflecting the GunBroker.com business we acquired on April 30, 2021.
Gross profit was $19.0 million in the first quarter versus $1.1 million in the year-earlier period due to the increased sales of Ammunition coupled with the addition of our Marketplace segment, which included GunBroker.com. Gross profit margin was 42.7% in the first quarter compared to 11.1% in last year’s first quarter reflecting the impact of our higher margin Marketplace revenue.
Operating expenses were $9.3 million for the first quarter of fiscal 2022 compared to $3.9 million for the first quarter of fiscal 2021. The increase was attributable to operating the GunBroker.com business for approximately two months, higher commission payments stemming from growth in our Ammunition sales, higher stock-based compensation expense, and professional fees related to the acquisition of GunBroker.com. As a percent of sales, operating expenses declined to 20.9% in the first quarter of fiscal 2022 from 40.0% in the year-earlier period reflecting operating leverage, manufacturing scale and the mix shift in favor of higher margin Marketplace revenues.
Operating income for the first quarter of fiscal 2022 was $9.7 million compared to an operating loss of $2.8 million in last year’s first quarter.
Net income was $9.5 million in the first quarter of fiscal 2022 compared to a net loss of $3.1 million in the first quarter of fiscal 2021. Net income available to common shareholders was $9.2 million or $0.08 per fully diluted share versus a net loss of $3.1 million and ($0.07) per fully diluted share in the first quarter of fiscal 2021. Adjusted net income per share was $0.13 in versus an adjusted per share loss of ($0.01).
Adjusted EBITDA was $16.3 million in the first quarter of fiscal 2022 compared to an adjusted EBITDA loss of $0.3 million a year earlier.
**Outlook**
We are increasing our fiscal 2022 revenue guidance from $190 million to $210 million, including reiterating our expectation for second quarter fiscal 2022 revenue of at least $51 million. We estimate third quarter fiscal 2022 revenue will be approximately $60 million. We are increasing our Adjusted EBITDA guidance for fiscal 2022 from $65 million to $70 million.
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