AMMO, Inc.’s Record Backlog Increases to $80.1 Million, Largest in Company History

Rhea-AI Summary

AMMO, Inc. (OTCQB: POWW) announced a record backlog of $80.1 million in booked orders as of August 31, 2020. This marks the highest backlog in the company's history, driven by demand across all sectors including commercial, export, military, and law enforcement. CEO Fred Wagenhals noted a 72% year-over-year increase in federal background checks for firearm purchases, indicating sustained consumer demand. AMMO also projects achieving positive adjusted EBITDA by the fiscal second quarter, supported by ongoing production expansions and careful expense management.

Positive

• Record backlog reached $80.1 million.
• 72% year-over-year increase in firearm background checks indicates strong demand.
• Expecting positive adjusted EBITDA by fiscal second quarter.

Negative

• None.

SCOTTSDALE, Ariz., Sept. 28, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTCQB: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, has reported its record backlog, or booked orders, increased to $80.1 million as of August 31, 2020—the largest in Company history.

“Our record backlog has continued to grow, with booked orders coming in across all channels, including commercial, export, military, and law enforcement,” said Fred Wagenhals, AMMO’s CEO. “In fact, NICS data shows federal background checks for purchasing firearms have increased 72% year-over-year and we don’t anticipate consumer demand for firearms or ammunition slowing anytime soon. As a result, our facilities continue to operate at near maximum capacity to meet customer needs and we are continuing to expand our production capabilities. In addition, we continue to expect that we will achieve positive adjusted EBITDA at the end of our fiscal second quarter as we remain committed to prudently managing expenses through restructuring efforts.”  

The National Shooting Sports Foundation (NSSF) tracks the background checks associated with the sale of a firearm based on the FBI’s National Instant Background Check System (NICS). NSSF-adjusted NICS checks for January through July 2020 were a record 12.1 million, which is up 72%. Nearly 5 million of the record 12.1 million background checks are reported to be first-time gun owners.  

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, O.W.L. Technologies®, and Night OPS (One Precise Shot) – a lead-free frangible tactical line of munitions for self-defense. 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.

Investor Contact:
Cody Slach
Gateway Investor Relations
Phone: (949) 574-3860
POWW@gatewayir.com

FAQ

What is the record backlog reported by AMMO, Inc. (POWW)?

AMMO, Inc. reported a record backlog of $80.1 million as of August 31, 2020.

How much did federal background checks increase according to the latest AMMO press release?

Federal background checks for firearm purchases increased by 72% year-over-year.

What are AMMO's expectations for EBITDA by the end of the fiscal second quarter?

AMMO expects to achieve positive adjusted EBITDA by the end of its fiscal second quarter.

In which sectors is AMMO seeing growth in booked orders?

AMMO is seeing growth in booked orders across commercial, export, military, and law enforcement sectors.