• Record Net Revenues of $64.7 Million Including Marketplace Revenue of $17.6 Million
  • Diluted EPS of $0.07 Compared to ($0.04)
  • Adjusted EPS of $0.14 Compared to $0.02
  • Reiterates Fiscal 2022 Outlook of $250 Million of Revenue and $80 Million of Adjusted EBITDA 

SCOTTSDALE, AZ, February 14, 2022 (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, the largest online marketplace serving the firearms and shooting sports industries, today announced results for its third quarter of fiscal 2022 ended December 31, 2021.  

Third Quarter Fiscal 2022 versus Third Quarter Fiscal 2021:

  • Net revenues increased 289% to $64.7 million
  • Gross profit margin was 34.8% compared to 20.1%
  • Net income was $9.1 million compared to a net loss of $1.9 million
  • Diluted EPS of $0.07 compared to ($0.04), a 275% increase; Adjusted EPS of $0.14 compared to $0.02, a 600% increase
  • Adjusted EBITDA was $20.1 million versus $2.4 million, a 752% increase
  • 100% of our production for 2022 has been sold

Marketplace Metrics – Third Quarter Fiscal 2022

  • Revenue of $17.6 million
  • New user growth averaged 55,000 per month
  • Number of auctions increased 33.4% year-over-year
  • Average take rate increased to 5.4% versus 4.6% a year ago
  • Loyalty program revenue increased 8.8% year-over-year 

“We delivered another outstanding quarter reflecting strong execution by our team on key growth initiatives around innovation, expanding capacity, and leveraging the incredible power of our Marketplace platform,” said Fred Wagenhals, AMMO’s Chairman and Chief Executive Officer.  “Total revenues were up 289% driven by broad-based gains across our business.  Our profitability also continued to improve dramatically, fueled by our growing mix of Marketplace revenue and operational efficiencies stemming from our enhanced scale.  Industry trends and the underlying demand for our products remain very strong and we are confident in our ability to continue delivering significant growth and improving margins.  We also recently announced a $30 million share repurchase authorization, underscoring our positive outlook and commitment to driving shareholder value.”  

Third Quarter Fiscal 2022 Results

Net revenues of $64.7 million in the third quarter increased 289% compared to the prior year period, reflecting the ongoing strength of demand for both our proprietary and standard ammunition products, as well as continued momentum in our marketplace platform,  Ammunition sales totaled $44.1 million compared to $12.8 million in last year’s third quarter, an increase of 243%.  Marketplace revenue was $17.6 million for the quarter with no comparable year-earlier period due to the timing of the acquisition at the end of April 2021. 

Gross profit was $22.5 million in the third quarter versus $3.3 million in the year-earlier period, driven by strong growth in Ammunition along with incremental revenue from our Marketplace segment.  Gross profit margin was 34.8% in the third quarter, compared to 20.1% in last year’s third quarter. As we prepare for our new facility and planned capacity increases coming online in the second quarter of our next fiscal year, we have added additional labor and overhead expenses in this reported quarter in order to make for a swift transition, contributing to a  temporary compression in our ammunition segment margin from our previous quarter, which we expect to benefit from in our next fiscal year. 

Operating expenses were $11.9 million for the third quarter of fiscal 2022, compared to $3.8 million for the third quarter of fiscal 2021, an increase of $8.1 million. The majority of the increase was related to $5.6 million in additional operating expenses attributable to, including $3.3 million of non-cash incremental depreciation and amortization.  As a percentage of sales, operating expenses declined by 18.8% year-over-year to 18.4% in the third quarter of fiscal 2022, driven by operating leverage, manufacturing scale and the mix shift in favor of higher margin Marketplace revenues. 

Operating income for the third quarter of fiscal 2022 was $10.6 million, compared to an operating loss of $0.4 million in last year’s third quarter.  

Net income was $9.1 million in the third quarter of fiscal 2022, compared to a net loss of $1.9 million in the third quarter of fiscal 2021. Net income available to common shareholders was $8.3 million or $0.07 per fully diluted share versus a net loss of $1.9 million and ($0.04) per fully diluted share in the third quarter of fiscal 2021.  Adjusted net income per diluted share was $0.14 versus an adjusted net income per share of $0.02 in the prior year quarter, a 600% increase.   

Adjusted EBITDA was $20.1 million in the third quarter of fiscal 2022, compared to adjusted EBITDA of $2.4 million a year earlier, a 752% increase.  


We are reiterating our fiscal 2022 guidance and continue to expect revenue of at least $250 million and Adjusted EBITDA of $80 million for the year ending March 31, 2022. 

Conference Call

Management will host a conference call to discuss the Company’s third fiscal quarter 2022 results at 5:00 p.m. ET today, February 14, 2022.  To participate in the conference call, please join by dialing 1-877-407-0789 (domestic), 1-201-689-8562 (international), or via webcast at least 5-10 minutes prior to the scheduled start and follow the operator’s instructions. When requested, please ask for the “AMMO, Inc. Third Quarter Fiscal 2022 Earnings Call.”

About AMMO, Inc.

With its corporate offices headquartered in Scottsdale, Arizona, AMMO designs and manufactures products for a variety of aptitudes, including law enforcement, military, sport shooting and self-defense. The Company was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. AMMO promotes branded munitions as well as its patented STREAK Visual Ammunition, /stelTH/™ subsonic munitions, and armor piercing rounds for military use. For more information, please visit:

About is the largest online marketplace dedicated to firearms, hunting, shooting and related products. Aside from merchandise bearing its logo, currently sells none of the items listed on its website. Third-party sellers list items on the site and Federal and state laws govern the sale of firearms and other restricted items. Ownership policies and regulations are followed using licensed firearms dealers as transfer agents. Launched in 1999, is an informative, secure and safe way to buy and sell firearms, ammunition, air guns, archery equipment, knives and swords, firearms accessories and hunting/shooting gear online. promotes responsible ownership of guns and firearms. For more information, please visit:

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 Current Reports filed on Form 8-K.

Investor Contact:
Reed Anderson
(646) 277-1260

AMMO, Inc.


December 31, 2021March 31, 2021
Current Assets:
Cash and cash equivalents$27,414,571$118,341,471
Accounts receivable, net45,653,5428,993,920
Due from related parties15,65715,657
Prepaid expenses3,923,7782,402,366
Total Current Assets123,474,142145,620,332
Equipment, net32,368,13121,553,226
Other Assets:
Licensing agreements, net4,16741,667
Patents, net5,649,5626,019,567
Other intangible assets, net139,652,7162,220,958
Right of use assets – operating leases2,707,5462,090,162
Deferred income tax asset892,258
TOTAL ASSETS$411,204,284$179,379,341
Current Liabilities:
Accounts payable$24,425,343$4,371,974
Factoring liability4,097,8671,842,188
Accrued liabilities5,114,7683,462,785
Inventory credit facility194,8101,091,098
Current portion of operating lease liability825,343663,784
Current portion of note payable related party669,463625,147
Insurance premium note payable285,71841,517
Total Current Liabilities35,613,31212,098,493
Long-term Liabilities:
Contingent consideration payable227,139589,892
Notes payable related party, net of current portion358,263865,771
Note payable4,000,000
Construction note payable, net of unamortized issuance costs18,905
Operating lease liability, net of current portion2,006,7071,477,656
Deferred income tax liability1,850,277
Total Liabilities40,074,60319,031,812
Shareholders’ Equity:
Series A Cumulative Perpetual Preferred Stock 8.75%, ($25.00 per share, $0.001 par value) 1,400,000 shares issued and outstanding as of December 31, 20211,400
Common stock, $0.001 par value, 200,000,000 shares authorized 115,436,404 and 93,099,067 shares issued and outstanding at December 31, 2021 and March 31, 2021, respectively115,43793,100
Additional paid-in capital382,015,310202,073,968
Accumulated deficit(11,002,466)(41,819,539)
Total Shareholders’ Equity371,129,681160,347,529

AMMO, Inc.



For the Three Months Ended
December 31,
For the Nine Months Ended
December 31,
Net Revenues
Ammunition sales$44,069,473$12,834,490$112,629,655$27,987,438
Marketplace revenue17,596,76946,646,051
Casing sales3,022,9443,785,75410,891,89710,305,648
Cost of Revenues42,166,32013,278,338102,457,77532,590,149
Gross Profit22,522,8663,341,90667,709,8285,702,937
Operating Expenses
Selling and marketing1,510,574542,2714,226,8171,244,323
Corporate general and administrative3,737,4551,639,05210,976,2883,805,230
Employee salaries and related expenses2,939,0951,172,7657,943,0763,329,511
Depreciation and amortization expense3,725,921416,62510,044,9941,242,809
Loss on purchase1,000,000
Total operating expenses11,913,0453,770,71333,191,17510,621,873
Income/(Loss) from Operations10,609,821(428,807)34,518,653(4,918,936)
Other Expenses
Other income363461,00021,788274,400
Interest expense(190,319)(1,938,630)(468,404)(2,704,315)
Total other expenses(189,956)(1,477,630)(446,616)(2,429,915)
Income/(Loss) before Income Taxes10,419,865(1,906,437)34,072,037(7,348,851)
Provision for Income Taxes1,351,9981,351,998
Net Income/(Loss)9,067,867(1,906,437)32,720,039(7,348,851)
Preferred Stock Dividend(782,582)(1,902,966)
Net Income/(Loss) Attributable to Common Stock Shareholders$8,285,285$(1,906,437)$30,817,073$(7,348,851)
Net Income/(Loss) per share
Weighted average number of shares outstanding

Non-GAAP Financial Measures

We analyze operational and financial data to evaluate our business, allocate our resources, and assess our performance. In addition to total net sales, net loss, and other results under accounting principles generally accepted in the United States (“GAAP”), the following information includes key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these measures are useful for period-to-period comparisons of the Company. We have included these non-GAAP financial measures in this Quarterly Report on Form 10-Q because they are key measures we use to evaluate our operational performance, produce future strategies for our operations, and make strategic decisions, including those relating to operating expenses and the allocation of our resources. Accordingly, we believe these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

For the Three Months EndedFor the Nine Months Ended
  31-Dec-21  31-Dec-20  31-Dec-21  31-Dec-20
Reconciliation of GAAP net income to Adjusted EBITDA
Net Income (Loss)$9,067,867$(1,906,437)$32,720,039$(7,348,851)
Provision for income taxes1,351,9981,351,998
Depreciation and amortization4,623,3551,224,13012,778,1033,588,966
Loss on purchase1,000,000
Excise taxes3,982,2211,201,84110,317,1102,707,534
Interest expense, net190,3191,938,630468,4042,704,315
Employee stock awards1,045,125240,8532,898,250716,589
Stock grants65,09865,455197,110213,130
Stock for services4,20087,5004,20087,500
Warrant issued for services145,508145,508
Other income, net(363)(461,000)(21,788)(274,400)
Contingent consideration fair value(359,309)(30,748)(362,753)(88,106)
Adjusted EBITDA$20,116,019$2,360,224$60,496,181$3,306,677
For the Three Months Ended
Reconciliation of GAAP net income toFully Diluted EPS
Net Income (Loss)$    9,067,867  $       0.08 $    (1,906,437) $              (0.04)
Provision for income taxes     1,351,998           –                     –   
Depreciation and amortization    4,623,355       0.04       1,224,130                0.03 
Loss on purchase –           –    –                   –   
Interest expense, net       190,319       0.00       1,938,630                0.04 
Employee stock awards    1,045,125       0.01          240,853                0.01 
Stock grants         65,098       0.00            65,455                0.00 
Stock for services           4,200       0.00            87,500                0.00 
Warrants issued for services        145,508           –                     –                     –   
Other income, net            (363)    (0.00)       (461,000)             (0.01)
Contingent consideration fair value     (359,309)         (30,748)
Adjusted Net Income$16,133,798$0.14$1,158,383$0.02
For the Nine Months Ended
Reconciliation of GAAP net income to Fully Diluted EPS
Net Income (Loss)$  32,720,039  $       0.29 $    (7,348,851) $              (0.16)
Provision for income taxes     1,351,998           –                     –   
Depreciation and amortization  12,778,103       0.11       3,588,966                0.08 
Loss on purchase –           –         1,000,000                0.02 
Interest expense, net       468,404       0.00       2,704,315                0.06 
Employee stock awards    2,898,250       0.03          716,589                0.02 
Stock grants       197,110       0.00          213,130                0.00 
Stock for services           4,200       0.00            87,500                0.00 
Warrants issued for services        145,508          –                     –                     –   
Other income, net       (21,788)    (0.00)       (274,400)             (0.01)
Contingent consideration fair value     (362,753)         (88,106)
Adjusted Net Income$50,179,071$0.44$3,306,677$0.07
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