- Earnings call transcript Q2 2023

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Operator

Ladies and gentlemen, thank you for standing by. Good afternoon. And welcome to the AMMO, Inc.’s Fiscal Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. recorded this call advised over is and also of of the the Participants is conference purposes. this being being Instructions] call that are audio Internet [Operator playback for broadcast live would of IR, Blazei like to firm. Investor CORE turn call the the I over now Matt Relations company’s to Please go ahead, sir.

Matt Blazei

you thank for conference and in morning today’s call. Good participating

Financial Joining Executive Officer; Chief me Chairman Officer; John Wagenhals, and and from AMMO’s Fred leadership Flynn. Wiley, team Chief are Rob

statements will During AMMO’s making be that this including or address for statements, results. management performance future call, expectations forward-looking operational

cause statements results statements. and Forward-looking risks other involved differ factors those that from may actual materially to

company’s press includes conference the For Today’s that more the can be evaluating releases sec X-K in Factors filed Risk most filed call, useful that information believes the recently about accompanies XX-Q, these call periodic statements reports refer cautionary XX-K Form particularly to AMMO and in in Form today performance. AMMO’s please the the it. with non-GAAP measures described financial on this risks, Form its and

consider should isolation substitute a as in information GAAP. results additional prepared You or for accordance in with this not

For obligation to call this Wagenhals. my circumstances or now November Except or a net GAAP its reconciliation to call. turn law as contains update call to that measure. of accurate financial disclaims reconciliation information non-GAAP as publicly XXXX. is to comparable press the the the directly is only table content of XX, Please any any see in company’s of this measure by pleasure It financial today, after located reflect Fred most earnings loss, The this release. information time required sensitive revise occur that events over to AMMO

Fred Wagenhals

a forward minutes market Last next fiscal everyone and our and moving parts where quarter call. for what about the for and exciting Thanks, our at few in a I into find end year. am time. year Matt. challenging. equal we March this the stands see company XXst going through and of tough We to talk today Hello joining ourselves was to thanks

excuse. The and inflation, skimming and and inflation business. being We side This and is of manufacturing on faced our top some as on be AMMO Components the same appear are of and innovation team through home type more being the recession, the chain our That game. domestic users. at felt The But increasing remains have negative of and point GunBroker.com international report in focused an volatile the a and marketplace more value political our the the Board AMMO also I and with remaining will don’t challenges management squarely families industry our all. of political global to shops. guidance the even assistance shooting macroeconomics must Board, entire the team and drives space, is this management out recession. of shelf peers driving family costs on by shot and earnings show sales pressures, means domestic our but supply challenging. double lowering remain abroad, the respects, sports be hitting in huge

focus the down, ceremony defense as fight are strong months posture we in a was indication out on With entering with months maintaining a increased export time. and people’s home, its war opportunities this European the in our its just each no it is seeing our AMMO few ribbon-cutting [ph] is plant as Government The Ukraine U.S. broke while nine allies at capacity supporting slowing continues ago Humming did with as our their Wisconsin. week when at Ukrainian ammunition new of

in the domestic demand. and the expanding overseas across increasing Board are and position ammunition support capacity a are We to

It development is keep could ensuring and also Match relative Signature-on-Target program rightfully the important we are to plant military we opened are rounds, and before aspect hope mind business. lines to overseas, partners provide to that any our important Our never at deployed the programs on bell of the our newly our ask to manage to billion U.S. about up programs that and when in continue have to currently The the to programs select military while and loaded you remain speed on time answer front. and the possibility, Ballistic to cutting-edge light also military the imposed share by was and of with ammunition meet procurement production few on in we the a proud tough production shortly lines. military requirements, designed moving additional government course time X support ammunition information

exciting Board. features to-date we shareholders my marketplace few of of but years all we doesn’t the you across will and make have the ago when corporate when place side quarter’s CFO, responding finally as our information goal of our are and with features peers it The and and of he based are putting are On on colleagues other Wiley, most Olin our In that we targeted the drive aware by also and markets is will minutes. numbers. to today, with implication we couple business, market performance business public to will value. how management the past challenges. GunBroker.com developments these Vista, management current leveraging Rob a identified for the but and our The in respects meet our on our host complex, share industry. of business financial acquisition to our all of drivers and both and technology on market talk informed certain are speaking of discussions identifying seen in also speaks the is and upon developments. tracking through standards, XQ in progress available a our sides in each of shareholder touch was these John expand some a the

develop shareholders, to-date continue opportunities We I Incorporated. can like again -- AMMO the that of present to all exciting to customers, are their midterm for us, employees times. during order our at surviving to our my personal never unrest all picture stronger. everyone COVID we own stopped clear and in support just their so us will we to our political company a once these do extend clear disrail understand didn’t would and performance appreciation

in to benefit makes move continue its for to our of of will and our and our customer expand capacity quickly the Wisconsin GunBroker.com way improving better drivers, support leverage address shareholders. of Out down as to treatment the We the domestic all export revenue marketplace military plant the experience which demands and bottomline through as possible the new

past like to additional Rob Wiley, on turn color over call to performance would our I the financial details Now CFO. through the and Rob company’s will quarter. our provide

Rob Wiley

Welcome, Fred. you, Thank everyone.

extensive me Let with detail. total to liabilities million assets quarter. the assets, comparison our $XX.X our in million approximately of revenue, the total shareholders’ $XX in XX%. into prior $XX more $XXX $XXX our equity. line as move assets, from We new million. approximately ended the operations second approximately quarter $XX anticipated, review our decrease we a with total year million, in to has notwithstanding million The had the our in marketplace million in $XX XX% offline in a $XX.X second XX% and liabilities softening market move. Current the This to financials period events million is industry well our quarter. equity. also the the and We manufacturing longer ended plant year increasing and with of quarter million and decreasing brought facility in quarter softened nearly for approximately prior of to XX% undertaken by This revenues of with million of $XXX quarter, $XXX the current for GunBroker planning $XXX in in year-end shareholders’ decline months most was total a to This quarter-over-quarter. as recent million compares than originally now the increased our In liabilities while cash in of saw in decrease peers ending million. production performance

million to in quarter, pricing the sold increase prior shipping the this the a a costs. compared goods to were increase of $XX.X Board, absorb In cost million $XX.X commodity dramatic quarter. for quarter, was across operations in manufacturing comparable with approximately coupled forced the significant in Our year

more one-time related costs, to and to impactful Coupled stock million. our payroll. the margin as increased increased in expenses related contest, potentially compensation, costs, on commodity gross seen margin compared Accordingly, fall level, begin have pricing impact have quarter. this a as expenses $XX.X following, the our fiscal to company sales, a like normalized faced higher which the new reduction fourth commodity we to We in legal significant freight believe insurance the well of also corporate million, a to in resulted $XX.X should with proxy

impact We and us in will advisory increased related unfortunately see service expenses next directly expenses quarter the to billings also legal proxy contest. other

and adjusted of of in per share payroll-related per $X.XX loss per we savings expenses. income basis we EBITDA approximately address This $X.XX. net quarter, to million net of an expense income million, to of approximately per For $X.XX adjusted implemented resulted have this on earnings $X.X in comparison adjusted the quarter $X.XX $X million. share share prior adjusted To of these year a of $XX reductions or EBITDA of recorded for costs, share already increased compared in annualized

AMMO offerings, -- you we drive significantly implementing seen which announcements, several improving growth Also, public measurably to that on not GunBroker.com, expenses, acquisition our and programs, XXX are to comes the as company. the suite cost site. margin These which measures production enhancements of of of of cost-cutting Management increase rounds designed opportunities user’s and overall are thus recent and and a end the year future the goods absorb will At to experience, to billion fiscal profit designed in-house leveraging drive X capacity plant GunBroker. time, expect as been new ACH of gross cartigability both make to and our the while profit continuing data pricing in loyalty profit, are such as credit for net have market at better from profit. since and revenue well are commodity income. We on approximately our marketplace and we see to these gross and believe benefit increased our analytics stabilization rounds same card working at our down probably manufacturing-related the others reductions has the processing, million of most approximately impact as

revenues of reducing $XXX over to that, turn the and million. will fiscal EBITDA I million million, are adjusted million of to XXXX range it guidance our $XX of $XX range the $XX the in with $XXX for in And to range year our We EBITDA to million in to $XX million John.

John Flynn

drivers Fred and everyone. Rob within with on Fred touched everyone to dealing and now. Thanks, the friction, Rob, hello is and market important right industry and

on expand that follow. they some of to to additional now minutes that provide the in few a some the where take and try and me I Let color Q&A touched will upon areas now can session

and top newly Wisconsin the intellect marketplace of and on First, everyone to stronger addition guidance new added through I AMMO building welcome the the on that of the wanted to update an I bringing new GunBroker.com. and The development vibrant and issues platform benefit contest new give want capabilities plant, to family is our with out proxy plants. with down and really know work of focused fully full to of came existing Christos this Tsentas. Board, market the through Director everyone to more Board and constituted Wayne at production Urvan the committed the even while entire experience upon our AMMO thank Walker

undoubtedly and world-class plant this principally in and state, plant. team the team Wisconsin dedicated in not all and the because Manitowoc, in time of tour and pushed amazing the disruption representatives community, months opened all achievement is with cutting challenges on The ribbon his the going material a budget. within standing office, see to and from costs. that by up ago subs the rising In That work, globally managed As on aware, in couple chain supply our facility. was through notable political the our and came you momentous contractor Arizona of Wisconsin a a are what itself, in faced major of fluid, facility and if powers did

with enhance within we in Mayor’s this primary our secured square We coordinated us storage have cost costs allowing right shipping now years, foot operations equipment the which out and plan from allows the the ascend Manitowoc, XX peers. $XXX manufacturing AMMO that transportation to strategically reductions. to us past and XXX,XXX margin increase further ammunition houses over consolidated to moving of to of facility of and million and now and almost marketplace the and have to docks manufacturing been and incrementally efforts new $X contiguous machinery also among ammunition May we in billion, allows office through management within the acquiring production couple loaded our the powder minimizes through to time The all global facility continue entirety of of elevate

receive designed underground and production, also quality plant call the answering to and U.S. around have from near range serves and globe. conflicts in constructed the while to manufacture Military now the We state-of-the-art within also top we that ammunition, women really us our of level of new the on every government design remain lab this peer a engineering regularly our cutting-edge partners and men allows and best at

the the concerns is the and tests calendar for you continue and supply budget. year The to certainly course with by discuss do Ballistic round effectively challenges business, the at push round levels present DoD round all and that challenges are critical is support our would seen our hoped ammunition the and U.S. as Ukraine daily. hope are that contracting and a many U.S. forces to opportunities But what for seen inflation U.S. work rounds. however, its recession development The to developed and is not policies a into past Military. our we this the in geopolitical discuss We Match country. SoT with permitted AMMO. those domestic meeting we track and developed next Signature-on-Target chain decades all the the have through be The other year. through of but manage a These BMMPR supply everyone of publicly are thing within the both also unique on its within for Western coupled of programs BMMPR we of allies to it SoT Military in to opportunities challenges and has the side out isn’t. milestone the be military the we position U.S. that now, they -- partners the munition world but depleted effort had when remain, entire stocks and Russia its On to

on U.S. the its utilizing governmentally and impressive respective are capabilities manufacturing the result, and located a throughout As globe. resupply now their depots to owned allies their understandably focusing ammunition ammunition munition

does for that AMMO. You to are what going ask mean

international each we to demand to We are now to export unable past during positively the and respond that manufacturing of attending an of capabilities effectively in increase AMMO as business couple were opportunities our peers. and output and one years U.S. outpaced current for

Atlanta operations and support components is about increase So Arizona with hard-charging this Focus. side from team months transactions we during we the and out marketplace Corporate real-time resupply operated quarter see coming need import expect jointly export our to over the Being refined and working in incrementally unable and The clock customer of last from years. closing market the that the to international were a goal-driven where flip and customer a certain the easier user. open talk were -- engaging process or enhance let’s or needed, the or shopping, now countries efficient is end to market backfill with they experience, to around certain respective for from manufactured within so transaction ammunition Office. They with Team word the the were as marketplace moment at pivot Ukraine. supplies rounds for like has and of base those GunBroker.com I’d been they more The are directed service selling, maintained were their the our to our where increases

have more. impact least payment working two-fold, managed Positive processing. launch announced, is internally onboard not are we to now an if we online at As right the

GunBroker.com risk fee the into at our better can driving with when companies. AMMO away cutting revenue transactional banking while being within we also partners, the the Importantly, of we level, operations manage heavy loads borne family acquired

basket interface as ensure the you the transactions swiftly Annual we lockstep board also AMMO continued improved or make excited maintain to and site. on we challenging are directors the allowing purchasing bringing security We highest are which at we the to and to you supporting level acquire turn. more carting lawful but And marketplace, to and compliance items family, navigate experience on and exciting to Shareholders’ Steve definitely with Meeting Urvan of efficient, will fruitful have of selling are The quarter cart with been the our to new the balance and our for and last has move every Board fully the in or management.

to and time night do they organization and spend we sure amazing efforts. we Atlanta, Arizona, have everything the appreciate to team continue and weekends through day, money for We support members making and in Wisconsin our

proportionately at seen to peers past high the our lines filings capacity, the to that ability have my we given confident increase in team’s sheet. income have we Management level reduce those with this the of financial in and as conversations every organizations. improve and contemporaries operations is Although, the public margin costs, headwinds same quarter, their of balance statement within some this bring revenue new review

will during I allowing be growth market-leading beyond. really since today. the replicated and the money his discussions of and engage session march leadership forward answering you operation, our more in follow-up questions follow. industry within the Thanks in the forward again the to to Board look Fred, to and XXXX at XXXX working of of ever, the do to speak have to bases we opportunities. confident for three transactional remain experienced Thanks continue as we have amazing birth me accretive directors for AMMO to We all management the and and folks Q&A fellow regular into beyond bank we than looking all

Fred Wagenhals

Operator Thank now will to the questions. turn for you. the I John. you, Thank over call

Operator

go with Capital. first comes question Smith Please Mark Lake Street ahead. [Operator Instructions] Today’s from

Mark Smith

guys. Hi,

as the the plant the through quantify Manitowoc. work could time, if First from alternatively at will one And sales for me, transition in lost same wondering about you we to another of kind you backlog? talk one the

Rob Wiley

for the Mark. Rob question. Wiley. is This Hi, Thanks

So, move definitely some in facility, yeah, into capacity had turn which we quite revenue our increase will to the loss due new our of manufacturing significantly.

was previous reason we the in facility, our that limited Another the revenue for decrease were had. by we space

are complications capacity transition tighten that with capacity So and those with have starting opportunities revenue online But future. We with our to import able able opportunities supplement abroad were that in the that we look the the to the coming state-of-the-art facility, new opportunities to continue we up. to limited. for was that export into in happening

Mark Smith

Okay. and backlog where insight into And any stands of today? of orders kind that

Fred Wagenhals

$XX million between It’s and million Mark. $XX today,

Mark Smith

then question, just you thoughts as Okay. and given built think gave, of previously to each some that Perfect. And the guidance we the next guidance? marketplace have split are Any on you any guidance revenue you these kind guys revenue of split from give between about that revenue. into willing ammunition businesses

Fred Wagenhals

breakdown the good you, a That’s of and the and see Mark. Yeah. marketplace revenue. GunBroker one-third question. revenue guidance of Thank two-thirds We ammunition

Mark Smith

Okay.

Okay. just about bigger And here quarter or a any quarter? cadence build be second in in will the heavier here the then December half think year, and guidance of of this into capacity thoughts March sales be we will the as the in we maybe you still revenue

Rob Wiley

Yeah.

online. throughout pickup of the expect and the to of be of into from it QX the it lot year, year production biggest the the a be We capacity quarter is when QX a QX increasing remainder

Mark Smith

then Okay. me. for And one last

adjusted to The think $XX guidance. million confirm, to that EBITDA add-back, Just you about excise EBITDA, still tax that we of includes the correct? $XX as gave want guidance million adjusted

Rob Wiley

that say fiscal does we I or Correct. due earlier that, costs are significant on some tax our in increased included adjusted some this include included the excise had as expenses in We call, year. EBITDA third have be Yeah. this expenses QX, to contest. in add-back, I do will should mentioned year additional and of EBITDA, the quarter there guess, proxy Adjusted we the

Mark Smith

you be in expect quarter expenses they to those were quarter? to Would what in additional September outweigh than December larger

Rob Wiley

in September were larger quarter. be they will the They than

Mark Smith

you. Great. Okay. Thank

Rob Wiley

Mark. Thanks,

Operator

Matt question from with go comes Please Koranda ROTH next The Capital. ahead.

Matt Koranda

afternoon. Good guys. Hey,

a impacted ammunition want just usual into And drill to a sort if that. you it by however How terms further second in the it’s of you move? then I utilization, segment the if bit of in supply where back the I guess, of It like guess, Just a characterize here, the here, bit production quarter? that was impacted unit much of terms could could. up production the where to were we ramped you I share and wanted Where or wanted demand quarter. mix of in production it’s in that you in exactly, know sounds of But quarter? issues production. I unit that comfort was more see down people drill of of could, in could kind you maybe rates the quantifying or kind on if What today you can share have give terms but just I October, to is not it to

Rob Wiley

Thanks Matt. and definitely new weren’t for question, This Rob impacted facility. Really, machines capacity that Production our running we expect. our into by was is a would the Yeah. up Wiley. move into

fourth coming We larger, this at online and be further see our capacity capacity in to fiscal added of expected line September feel that full do are We and starting year. should on benefits to will I coming until of -- will close quarter of be this say, running significantly we capacity October. our end in the the

Matt Koranda

Yeah.

not Okay. -- back somewhere you it terms the that in core revenue. up guidance, I year guess quite of were mid million But I levels suggest, which if that to I implied ammunition we for am in are right, heard -$XXX last segment, still ammunition the if your would are we the in

production rates So level see here? just it is. something a of constraining year half the just figure to Is of in back the why is that that lower forward trying demand going there or your we out

John Flynn

John Hi. This Flynn. is

if a end that the months, space into that. The level. follow for October the XX We that all of certainly the bit honestly, aggressively September because of last months moving now. Let increasing on little couldn’t is months production acquired assets me daily can or output are weekly just production to I see and color they and a lot we not put going deploy, had issues. a we if so over at of literally,

all of in lines equipment plant those coming tilt. those at So are we was that of the have this and as each -- elements full placed online onboarded, now now into all plant,

we with fully really October into September really it monthly, and up least engaging and the we continue in that So continue in now started climb loaded those ammunition towards it to certainly see $X capacity approximate that they increases weekly, and billion will until get to at production capability.

Matt Koranda

the Okay. I guess you net questions mentioned year core kind we year, prior I there some you of you ask of Rob, any with I past other to a can I quantify the sense import. excess will production? take offline. also, in with in in sort the periods, for what get so Is to covered import production want serve do better just way guess, demand prior

Rob Wiley

No.

I quantify think that’s a basis. hard on number to quarterly a

one-time opportunities. we of more opportunities kind and they those think arose I the as took

was that the kind we portion there So that we the a But have fixed like we as grow, be it’s came mention as those just that, online think a have with up. it the we before, markets export continuing there. to will was business opportunity coming to additional able not capacity and great of of to related did opportunities

John Flynn

is am I John. -- this What Yeah.

Matt Koranda

Okay.

John Flynn

Yeah.

bit. a add me little Let

than increased the my as and those plant that’s to different personal aware import market seemed of it opportunities within and activities, our the quasi to our international that, a four probably -- online months the globe two people last and experience, within capabilities related tenfold increased operation five, was there became that’s within So probably, that market from happened points in at paradigm sort all least versus more coming transactional the from what five shift of a our backfill our like or were. as

maturation there’s some board those right have And opportunities actually some now. have that of of seen pipeline under we different export on we and our You a whole American performing are types brought of right that levels are South transactions host at press within about now.

there to only pivot. you to thing nice entertain amazing really humming our normalize and couldn’t address able to ready fulsome based along. we for sure military this So are is to exciting plant exciting a upon constraints a being kind normal, equipment can these was new U.S. we really of with the not with But we also for kind perform now really the And not real is we now any space, and international it plant opportunity entertain us, programs us thing are of turn take really transactions go while are. demand, which but location now really to and of address that and make

really So working we are hard.

Our whole hard team working Board to is on us. how opportunities for bring on those

Matt Koranda

Okay.

any the international those export And are for Okay. fiscal of this built into year? opportunities guidance

Rob Wiley

all are No. guidance. opportunities of export Those outside the

Matt Koranda

got of questions. Okay. up a margins, Great. And but I then just on sorry to take so much here, time lot

constrained second guess, obviously, got cost kind versus of just I versus X% us Rob, to gross you wanted you production we margins if freight under bridge the quarter, see that the suffered profit just how absorption of commodity gross increases we saw. was got sort that was But quarter, I maybe and of given under some have in So how absorption. could help the in much facility the margin to

to try half disentangle of the Just to as want that up back of year? model in kind the ramp our in we production back

Rob Wiley

Yeah.

into some the weren’t commodity took quarter really think the prices sales So quarter. the hit margin and see were. rise higher We rate did that to account at this move our prices the same able on prices also this -- I commodity definitely the

our from fiscal As see we fiscal we year. that to do in commodity mentioned, of quarter expect this third prices quarter we coming and and do benefit down fourth

Matt Koranda

see on folks you is for overall, I GMV? the secondary address, like like, just It range, overall there there on from lastly Is better you It down of the why but a just market? GMV basis. going market in like GMV the guys sounds then experience of overall. guys terms for the if that gun experience is wanted the low improved XX% could Is And just Okay. unpack just GunBroker. sounds in you I site, is I us just could kind on have something declining? that calculated headwinds guess, as year-over-year to on

John Flynn

Yeah.

ago the working seeing experience analytics. announcements, GunBroker credit our processing, ACH the increased our like activity our in we XX% side. as sure X.X% and are programs data I this a seen card up from from in up am release, slowdown take We a the as year hard press of you site that increase and XXXX. X% from saw have year I through well user am on sure from But rate I you as are to think public

to So improvements hard and in working expect fourth those and we come online fiscal our quarter to the to site are make beyond.

Fred Wagenhals

add that. I to If can

happening as those the So the you metric you which we have market to the have is have a at. business and literally look tourists from you a operating the broker with a entire processing But are That’s onboarding take that probably gun operation, looking profitable the got in market. bringing turns good dials -- are a of I you payment deal an important window measure all sure at incredible to am and in critically the entire that a sports on rate, -- now. business do into the you from are take It’s increase happening when that we product speak, operating market. right shooting standpoint, we the got technologically.

and margin revenue our high very dollars into swiftly. to So that’s drive company going additional

it You with with onboarding more of the new system the have a different customer marketplace. whole frictionless a the entire experience into base entrance got that makes an

that drivers in still process allow experience to here maintain security we the So going that’s online forefront it carting business. now. going it’s that not high faster, recessionary are shortly. with way. is about for GunBroker transaction And transactions, experience dealing used right a to It’s these of we coming bucket that of the completing in efficient rest to it the and a a of their in the we to and swifter, really also people products adding have right while that with, are With to level is take they it our are makes lot shopping, And is a operating more are where revenue, and but up gathering that cart into this that those to what them rate in that size increased are deal with we we continue the and market increased going now. drive pieces additional really efficient to excited smooth

Matt Koranda

Okay. Got Thank it it, guys. I there. will leave you.

Fred Wagenhals

Thank you, Matt.

Operator

go The next Please Edward with Hutton. question ahead. comes EF Riley from

Edward Riley

to Great channel guys. export sales the hear Hi, market. the in new

steady the tough Just of partners just with big environment, wondering, relationships have? comment box the on maybe you you given that the some could

Fred Wagenhals

John?

John Flynn

Yeah.

I should John. We great. got there. This start have is

got with We box working hard. stores big relationships have and great the

more in numbers for direction strategically revenue see going think source that the for a to you be to We those to to expand some onboarding some hope of us company also are relationships supporting new things announce some profound some have shortly. got development I program able tilting those in in the relationships long-term we important and different while opportunities, But a way stable with from here relationships.

Fred Wagenhals

This Fred Yeah. is Wagenhals.

big of probably, and Pro, see be COO the have and retailers think relationships announce are members here it December. new have shortly we a person, worldwide, in the the new he a real department Johnny on and years U.S., several the and bringing extremely him of will be Bass experience great announcing have all I had that heading from We marketing you up. Many nothing good part with Europe this of I will first we running and all good relationship recently industry with know Morris. things happening but my Board we and meetings box can

are excited going. we So I about am where

I leaving, anywhere. that I my this job This have had that week, not But finished. the a my going years going company. Fred last is to have We lot the six ask business I number calls is am this of second excited $X ago where public million. to with you we over going company started believe we me, are beat run. $XXX going knows cart and I got am $XXX from has about a in York think People are million Stock and employees table to about I going we started, you million from behind Exchange company year. from of partner everyone for it stand I this that NASDAQ first This to take sales, those years. me and of people and we in are this the above all that me, company beat let million not I $XXX to record. took legs to lot invested company a a am to I when built a next that year and going in down, couple you three New until it

Edward Riley

That’s for me. Fred. Great. Love confidence, Okay. it the

Operator

our This concludes question-and...

Fred Wagenhals

us are you on with to going everybody, down. thank, and coming and to let sticking board, we want not for I

quarter. to a lot. Thanks see to next going forward next a seeing over to happen are Have Look two You you the day. going good what’s quarters.

Operator

The conference you has presentation. today’s now attending concluded. Thank for

You may now disconnect.

AMMO (POWW) 15 Nov 222023 Q2 Earnings call transcript