– Fiscal Second Quarter 2021 Revenue Increases 307% to $12 Million –
SCOTTSDALE, Ariz., Nov. 16, 2020 (GLOBE NEWSWIRE) -- 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 second quarter ended September 30, 2020.
Financial Summary for Fiscal Second Quarter 2021 vs. Fiscal Second Quarter 2020
- Total revenue increased 307% to $12.0 million compared to $2.9 million.
- Ammunition revenue increased 564% to $8.7 million.
- Casing revenue increased 100% to $3.3 million.
- Net loss improved $1.1 million to $2.3 million compared to a net loss of $3.4 million.
- Adjusted EBITDA improved $2.0 million to $426,000 compared to $(1.6) million.
“The demand momentum experienced at the end of fiscal year 2020 has certainly continued to accelerate for fiscal 2021,” said Fred Wagenhals, AMMO’s CEO. “We continue to make further progress with the manufacturing capabilities, infrastructure and capacity improvements deployed in fiscal year 2020 and 2021. As a result, we achieved our first ever quarter of adjusted EBITDA profitability during the second quarter.”
To view detailed financial results for the second quarter ended September 30, 2020, please refer to the Form 10-Q filed on November 13, 2020. The Company’s reports filed with the U.S. Securities and Exchange Commission may be found at www.sec.gov.
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:
Rob Wiley, CFO
AMMO, Inc.
Phone: (480) 947-0001
IR@ammo-inc.com