Ammo, Inc. Reports Fiscal Year 2020 Results, Raises Guidance for Fiscal Year 2021
– Fiscal Year 2020 Revenue Increases 224% to $14.8 Million –
– Fiscal Year 2021 Revenue Guidance Increases 40% to $42 Million, Representing a Potential 184% Increase from Total Revenue in Fiscal 2020 –
SCOTTSDALE, AZ, August 19, 2020 — 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 year ended March 31, 2020.
Financial Summary for Fiscal Year 2020 vs. Fiscal Year 2019
- • Total revenue increased 224% to $14.8 million compared to $4.6 million. o Proprietary ammunition revenue increased 17% to $3.0 million.
- o Standard ammunition revenue increased 154% to $3.6 million.
- o Casing revenue increased over 1,300% to $8.2 million.
- • Net loss was $14.6 million compared to a net loss of $11.7 million.
- • Adjusted EBITDA was $(7.8) million compared to $(4.8) million.
“The unprecedented uptick in commercial demand due to COVID-19, social unrest and the upcoming election was a favorable tailwind to our financial results as we closed out our fiscal year,” said Fred Wagenhals, AMMO’s CEO. “As evident by the 224% increase in total revenue, the investments we made throughout the fiscal year to expand manufacturing capabilities and scale our operations allowed us to capitalize on this extraordinary demand at the end of the year and significantly grow our customer base. We believe the planned capital investments deployed this year have positioned us well for the future and allowed us to capture the benefit of the current hyper-demand environment, although our adjusted EBITDA took a hit from the increased spending this year. In addition, we also continued to make headway within the military and law enforcement as conversations with various domestic and international government agencies progressed.
“As a result, we now anticipate revenue in fiscal 2021 to be approximately $42 million, a 40% increase from our previous guidance and a 184% increase from total revenue in fiscal 2020.”
To view detailed financial results for the fiscal year ended March 31, 2020, please refer to the Form 10-K filed on August 19, 2020. The Company filed reports with the U.S. Securities and Exchange Commission, found at www.sec.gov.
About AMMO, Inc.
AMMO was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. The Company designs and manufactures products for a variety of markets, including law enforcement, military, hunting, sport shooting and self-defense. AMMO promotes branded munitions, including its patented STREAK™ Visual Ammunition, /stelTH/™ subsonic munitions, and O.W.L. Technologies. The Company’s corporate offices are headquartered in Scottsdale, Arizona. Manufacturing
operations are based in both northern Arizona and Manitowoc, Wisconsin. For more information please visit: www.ammoinc.com.
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.
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