AMMO, Inc. Reports Financial Results for its Fiscal Third Quarter Period Ending December 31, 2020
8:30 am ET February 16, 2021 (Globe Newswire) Print
AMMO, Inc. (Nasdaq: POWW ) ("AMMO" or the "Company"), a premier American ammunition and munition components manufacturer and technology leader, is pleased to announce it has reported financial results for its fiscal third quarter ending December 31, 2020.
Financial Summary for Fiscal Third Quarter 2021 vs. Fiscal Third Quarter 2020
AMMO is positioned for exceptional growth, setting a new standard in Fiscal 2021. Demand fundamentals in the US domestic ammunition market are exceedingly strong and we are seeing no indication of slowing. Our fiscal third quarter delivered the best quarterly performance in Company history, with even better quarters expected throughout fiscal 2022.
AMMO's sales for the quarter were $16.6 million, a 500% increase in comparison to the Fiscal 2020 quarter. Sales for the nine-month period (year-over-year) increased 282% to $38.3 million.
Additionally, the Company experienced sales growth of 38% quarter-over-quarter, a $4.6 million increase.
The Company's margins have also increased to approximately 20% for our third fiscal quarter, an increase of 163% or $4.2 million year-over-year. When depreciation and amortization are added back to the cost of goods sold, our gross profit margin increases to 25% for the quarter.
Our operating expenses as a percentage of sales was 23% - 28% decrease from the prior year quarter.
Net Loss for the quarter was approximately $1.9 million, which includes approximately $2.4 million of non-cash expenses. Net Loss for the nine months was approximately $7.3 million, which also included non-cash expenses of $7.1 million.
Adjusted EBITDA has grown to $2.4 million for the quarter - 295% increase from the prior year. For the nine-month period, our Adjusted EBITDA was $3.3 million - 170% increase from the prior year.
The adjusted EBITDA and margin improvement shows the impact of the scaling we are beginning to see in our operational costs. We expect our first half fiscal 2022 EBITDA to be better than the second half of fiscal 2021 as a standalone.
The guidance for our fiscal 4th quarter as a standalone company is $20M and $58M for our fiscal year ended March 31, 2021. We will be updating guidance if and as the previously announced Gunbroker.com transaction comes into focus such that it has an impact on our fourth quarter results.
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