AMMO, Inc. (Nasdaq: POWW, POWWP) (“AMMO” or the “Company”), the
owner of GunBroker.com, the largest online marketplace serving the
firearms and shooting sports industries, and a leading vertically
integrated producer of high-performance ammunition and components,
today reported results for its second quarter of fiscal 2023, ended
September 30, 2022.
Second Quarter Fiscal 2023 vs. First Quarter Fiscal
2022
|
● |
Net Revenues decreased 21% to
$48.3 million. |
|
● |
Gross profit margin of
approximately 26.6%. |
|
● |
Adjusted EBITDA of $8.2 million
compared to $24.0 million. |
|
● |
Net loss of ($0.8) million,
compared to net income of $14.1 million. |
|
● |
Diluted EPS of ($0.01), compared
to $0.11. |
|
● |
Adjusted EPS of $0.05, compared
to $0.17. |
GunBroker.com “Marketplace” Metrics – Second Quarter
2023
|
● |
Marketplace revenue of
approximately $14.6 million. |
|
● |
New user growth averaged 36,000
per month. |
|
● |
Average take rate increased to
5.3% compared to 5.0% in fiscal 2022. |
“This past quarter witnessed AMMO’s on-time and
within budget grand opening of its new 185,000 square foot
Wisconsin manufacturing facility. Our new plant is running
smoothly, and we are diligently working to bring it to its full
operational production capacity, to meet commercial demand and
satisfy the understandably stringent technical and timeline
requirements set out by our US military partners. Additionally, we
continue on our charted path to strategically and continually
optimize the GunBroker.com Marketplace to ensure it fully addresses
our customers’ needs while leveraging that amazing platform to
drive more revenue and increase earnings quarter over quarter. We
are also pleased to have resolved the proxy contest issues and
double the teams’ focus on the operational and financial tasks at
hand. Namely, to provide optimal shareholder value as we endeavor
to continue to position ourselves as leaders in the ammunition and
firearms business, both as a manufacturer and operator of the
premier outdoor and shooting sports Marketplace”, commented Fred
Wagenhals, AMMO’s Chairman and CEO.
Second Quarter 2023 Results
We ended our second fiscal quarter increasing
our ending cash by nearly 25% to $29 million. Current assets
increased to approximately to $133M, while decreasing current
liabilities to $32M. In total for the quarter, we had $424M in
total assets, $47M in Liabilities and $377M in shareholders equity.
This compares to our most recent year-end with $414M in total
assets, $40M in Liabilities and $374M in shareholders equity.
Total revenues for the second fiscal quarter
were approximately $48.3M in comparison to approximately $61M in
the prior year quarter - this was a decrease of 21% from the prior
year quarter.
This decrease is in line with the industry
decline of our peers of 23% quarter over quarter. The performance
of our manufacturing operations has softened with the market and
the move into our new facility brought production offline for a
longer period than originally anticipated, notwithstanding
extensive planning undertaken months in advance of the plant move.
GunBroker.com also saw a softening in the marketplace revenue as
well of approximately 13%.
Our COGS was approximately $35.5M for the
quarter compared to $34.8M in the comparable prior year quarter. In
this quarter, the manufacturing operations were forced to absorb a
significant increase in commodity pricing across the board, coupled
with a dramatic increase in shipping costs. We have seen commodity
pricing beginning to fall to a more “new” normalized level which we
believe should have a significant impact on margin in our fourth
fiscal quarter. Accordingly, this resulted in a gross margin of
$12.8M compared to $26.2M.
Coupled with the reduction in sales, the Company
also faced impactful one-time like legal expenses related to the
proxy contest as well as increased expenses related to the
following:
● |
Higher commodity costs |
● |
Substantially increased freight
costs |
● |
Stock compensation |
● |
Corporate insurance, and |
● |
Payroll |
We will also unfortunately see increased legal
expenses, advisory service billings and other expenses impact us
next quarter directly related to the proxy contest.
For the quarter, we recorded Adjusted EBITDA of
approximately $8.2M, compared to prior year quarter Adjusted EBITDA
of $20.1M. This resulted in a loss per share of $0.01 or adjusted
net Income per share of $0.05 in comparison to earnings per share
of $0.11 and adjusted net income per share of $0.17.
To address these increased costs, we have
already implemented expense reductions of approximately $5M in
savings on an annualized basis for payroll related expenses. We are
continuing to make cost cutting measures that we believe will not
impact future growth of our Company. At the same time, AMMO and the
market expect to see the stabilization of commodity pricing while
our new plant continues to measurably increase production capacity
from approximately 400M rounds at the end of our most recent fiscal
year to rounds to approximately 1 Billion rounds and better absorb
manufacturing related expenses which drive down cost of goods and
thus increase gross profit. These reductions are designed to
benefit both our profit margin and net income.
Also, as you have seen in recent our recent
public announcements, we are implementing several marketplace
enhancements at GunBroker.com which are designed to drive revenue
and gross profit while significantly improving the users’ overall
experience such as in-house ACH/Credit card processing, loyalty
programs, data analytics offerings, as well as carting ability on
the site. Management has been working on these leveraging
opportunities and a suite of others since the acquisition of
GunBroker.com
Outlook
We are reducing our guidance for our 2023 Fiscal
Year to revenues in the range of $220 million to $240 million,
EBITDA in the range of $30 million to $40 million and Adjusted
EBITDA in the range of $50 million to $60 million.
Conference Call
Management will host a conference call to
discuss the Company’s Fiscal second quarter 2023 results at 5:00
p.m. ET today, November 14th, 2022.
Investors interested in participating in the
live conference call or audio-only webcast, may join by dialing
1-866-777-2509 (domestic), 1-412-317-5413 (international), or via
webcast https://dpregister.com/sreg/10172810/f4f769018a. Please
join at least 5-10 minutes prior to the scheduled start and follow
the operator’s instructions. When requested, please ask for “AMMO,
Inc. Second Quarter 2023 Conference 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
specialty rounds for military use via government programs. For more
information, please visit: www.ammo-inc.com.
About GunBroker.com
GunBroker.com is the largest online marketplace
dedicated to firearms, hunting, shooting and related products.
Aside from merchandise bearing its logo, GunBroker.com 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, GunBroker.com 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. GunBroker.com promotes responsible
ownership of guns and firearms. For more information, please visit:
www.gunbroker.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:CoreIRPhone: (212)
655-0924IR@ammo-inc.com
AMMO, Inc.CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
September 30, 2022 |
|
|
March 31, 2022 |
|
|
|
(Unaudited) |
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
29,004,539 |
|
|
$ |
23,281,475 |
|
Accounts receivable, net |
|
|
30,430,044 |
|
|
|
43,955,084 |
|
Due from related parties |
|
|
6,000 |
|
|
|
15,000 |
|
Inventories |
|
|
68,607,008 |
|
|
|
59,016,152 |
|
Prepaid expenses |
|
|
4,328,855 |
|
|
|
3,423,925 |
|
Current portion of restricted cash |
|
|
500,000 |
|
|
|
- |
|
Total Current Assets |
|
|
132,876,446 |
|
|
|
129,691,636 |
|
|
|
|
|
|
|
|
|
|
Property and
Equipment, net |
|
|
53,786,118 |
|
|
|
37,637,806 |
|
|
|
|
|
|
|
|
|
|
Other
Assets: |
|
|
|
|
|
|
|
|
Deposits |
|
|
8,701,667 |
|
|
|
11,360,322 |
|
Restricted cash, net of current portion |
|
|
500,000 |
|
|
|
- |
|
Patents, net |
|
|
5,279,486 |
|
|
|
5,526,218 |
|
Other intangible assets, net |
|
|
130,013,599 |
|
|
|
136,300,387 |
|
Goodwill |
|
|
90,870,094 |
|
|
|
90,870,094 |
|
Right of use assets – operating leases |
|
|
2,393,817 |
|
|
|
2,791,850 |
|
TOTAL
ASSETS |
|
$ |
424,421,227 |
|
|
$ |
414,178,313 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
23,799,668 |
|
|
$ |
26,817,083 |
|
Factoring liability |
|
|
794,389 |
|
|
|
485,671 |
|
Accrued liabilities |
|
|
5,019,029 |
|
|
|
6,178,814 |
|
Inventory credit facility |
|
|
- |
|
|
|
825,675 |
|
Current portion of operating lease liability |
|
|
836,544 |
|
|
|
831,429 |
|
Current portion of note payable related party |
|
|
531,397 |
|
|
|
684,639 |
|
Current portion of construction note payable |
|
|
243,372 |
|
|
|
- |
|
Insurance premium note payable |
|
|
701,336 |
|
|
|
- |
|
Total Current Liabilities |
|
|
31,925,735 |
|
|
|
35,823,311 |
|
|
|
|
|
|
|
|
|
|
Long-term
Liabilities: |
|
|
|
|
|
|
|
|
Contingent consideration payable |
|
|
178,896 |
|
|
|
204,142 |
|
Notes payable related party, net of current portion |
|
|
- |
|
|
|
181,132 |
|
Construction note payable, net of unamortized issuance costs |
|
|
10,616,164 |
|
|
|
38,330 |
|
Operating lease liability, net of current portion |
|
|
1,683,052 |
|
|
|
2,091,351 |
|
Deferred income tax liability |
|
|
2,353,791 |
|
|
|
1,536,481 |
|
Total Liabilities |
|
|
46,757,638 |
|
|
|
39,874,747 |
|
|
|
|
|
|
|
|
|
|
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 September 30, 2022 and March 31, 2022, respectively |
|
|
1,400 |
|
|
|
1,400 |
|
Common stock, $0.001 par value, 200,000,000 shares authorized
117,274,755 and 116,485,747 shares issued and outstanding at
September 30, 2022 and March 31, 2022, respectively |
|
|
117,275 |
|
|
|
116,487 |
|
Additional paid-in capital |
|
|
387,892,917 |
|
|
|
385,426,431 |
|
Accumulated deficit |
|
|
(10,348,003 |
) |
|
|
(11,240,752 |
) |
Total Shareholders’ Equity |
|
|
377,663,589 |
|
|
|
374,303,566 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
424,421,227 |
|
|
$ |
414,178,313 |
|
AMMO, Inc.CONDENSED
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
For the Three Months EndedSeptember
30, |
|
|
For the Six Months EndedSeptember
30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ammunition sales |
|
$ |
29,386,969 |
|
|
$ |
40,208,402 |
|
|
$ |
70,356,852 |
|
|
$ |
68,560,182 |
|
Marketplace revenue |
|
|
14,562,694 |
|
|
|
16,777,216 |
|
|
|
31,067,640 |
|
|
|
29,049,282 |
|
Casing sales |
|
|
4,338,896 |
|
|
|
4,016,467 |
|
|
|
7,620,093 |
|
|
|
7,868,953 |
|
|
|
|
48,288,559 |
|
|
|
61,002,085 |
|
|
|
109,044,585 |
|
|
|
105,478,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Revenues |
|
|
35,452,850 |
|
|
|
34,786,017 |
|
|
|
78,073,214 |
|
|
|
60,291,455 |
|
Gross Profit |
|
|
12,835,709 |
|
|
|
26,216,068 |
|
|
|
30,971,371 |
|
|
|
45,186,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
|
1,068,501 |
|
|
|
1,550,394 |
|
|
|
2,976,671 |
|
|
|
2,716,243 |
|
Corporate general and administrative |
|
|
5,055,699 |
|
|
|
4,082,236 |
|
|
|
10,084,996 |
|
|
|
7,238,833 |
|
Employee salaries and related expenses |
|
|
3,923,700 |
|
|
|
2,647,108 |
|
|
|
6,708,798 |
|
|
|
5,003,981 |
|
Depreciation and amortization expense |
|
|
3,291,322 |
|
|
|
3,708,012 |
|
|
|
6,641,678 |
|
|
|
6,319,073 |
|
Total operating expenses |
|
|
13,339,222 |
|
|
|
11,987,750 |
|
|
|
26,412,143 |
|
|
|
21,278,130 |
|
Income/(Loss) from
Operations |
|
|
(503,513 |
) |
|
|
14,228,318 |
|
|
|
4,559,228 |
|
|
|
23,908,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
5,098 |
|
|
|
- |
|
|
|
198,596 |
|
|
|
21,425 |
|
Interest expense |
|
|
(97,265 |
) |
|
|
(112,806 |
) |
|
|
(217,752 |
) |
|
|
(278,085 |
) |
Total other income/(expense) |
|
|
(92,167 |
) |
|
|
(112,806 |
) |
|
|
(19,156 |
) |
|
|
(256,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) before Income
Taxes |
|
|
(595,680 |
) |
|
|
14,115,512 |
|
|
|
4,540,072 |
|
|
|
23,652,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income
Taxes |
|
|
207,827 |
|
|
|
- |
|
|
|
2,090,552 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) |
|
|
(803,507 |
) |
|
|
14,115,512 |
|
|
|
2,449,520 |
|
|
|
23,652,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock Dividend |
|
|
(782,639 |
) |
|
|
(782,639 |
) |
|
|
(1,556,771 |
) |
|
|
(1,120,384 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) Attributable
to Common Stock Shareholders |
|
$ |
(1,586,146 |
) |
|
$ |
13,332,873 |
|
|
$ |
892,749 |
|
|
$ |
22,531,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) per
share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.01 |
) |
|
$ |
0.12 |
|
|
$ |
0.01 |
|
|
$ |
0.21 |
|
Diluted |
|
$ |
(0.01 |
) |
|
$ |
0.11 |
|
|
$ |
0.01 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
116,927,607 |
|
|
|
113,174,363 |
|
|
|
116,744,972 |
|
|
|
109,545,553 |
|
Diluted |
|
|
116,927,607 |
|
|
|
116,721,949 |
|
|
|
118,063,619 |
|
|
|
112,848,821 |
|
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 income, 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 Ended |
|
|
For the Six Months Ended |
|
|
|
30-Sep-22 |
|
|
30-Sep-21 |
|
|
30-Sep-22 |
|
|
30-Sep-21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
net income to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
(803,507 |
) |
|
$ |
14,115,512 |
|
|
$ |
2,449,520 |
|
|
$ |
23,652,172 |
|
Provision for Income
Taxes |
|
|
207,827 |
|
|
|
- |
|
|
|
2,090,552 |
|
|
|
- |
|
Depreciation and
amortization |
|
|
4,294,845 |
|
|
|
4,667,957 |
|
|
|
8,594,968 |
|
|
|
8,154,748 |
|
Excise Taxes |
|
|
2,435,051 |
|
|
|
3,937,118 |
|
|
|
6,147,392 |
|
|
|
6,334,889 |
|
Interest expense, net |
|
|
97,265 |
|
|
|
112,806 |
|
|
|
217,752 |
|
|
|
278,085 |
|
Employee stock awards |
|
|
1,176,375 |
|
|
|
1,153,625 |
|
|
|
2,351,438 |
|
|
|
1,853,125 |
|
Stock grants |
|
|
43,750 |
|
|
|
65,098 |
|
|
|
91,594 |
|
|
|
132,012 |
|
Other income, net |
|
|
(5,098 |
) |
|
|
- |
|
|
|
(198,596 |
) |
|
|
(21,425 |
) |
Contingent consideration fair
value |
|
|
(23,944 |
) |
|
|
(3,444 |
) |
|
|
(25,246 |
) |
|
|
(60,082 |
) |
Proxy contention fees |
|
|
741,131 |
|
|
|
- |
|
|
|
741,131 |
|
|
|
- |
|
Adjusted EBITDA |
|
$ |
8,163,695 |
|
|
$ |
24,048,672 |
|
|
$ |
22,460,505 |
|
|
$ |
40,323,524 |
|
|
|
For the Three Months Ended |
|
|
|
30-Sept-22 |
|
|
30-Sept-21 |
|
Reconciliation of GAAP
net income to Fully Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income/(Loss) |
|
$ |
(803,507 |
) |
|
$ |
(0.01 |
) |
|
$ |
14,115,512 |
|
|
$ |
0.12 |
|
Provision for income
taxes |
|
|
207,827 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Depreciation and
amortization |
|
|
4,294,845 |
|
|
|
0.04 |
|
|
|
4,667,957 |
|
|
|
0.04 |
|
Interest expense, net |
|
|
97,265 |
|
|
|
- |
|
|
|
112,806 |
|
|
|
- |
|
Employee stock awards |
|
|
1,176,375 |
|
|
|
0.01 |
|
|
|
1,153,625 |
|
|
|
0.01 |
|
Stock grants |
|
|
43,750 |
|
|
|
- |
|
|
|
65,098 |
|
|
|
- |
|
Other income, net |
|
|
(5,098 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Contingent consideration fair
value |
|
|
(23,944 |
) |
|
|
- |
|
|
|
(3,444 |
) |
|
|
- |
|
Proxy contention fees |
|
|
741,131 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
- |
|
Adjusted Net Income |
|
$ |
5,728,644 |
|
|
$ |
0.05 |
|
|
$ |
20,111,554 |
|
|
$ |
0.17 |
|
|
|
For the Six Months Ended |
|
|
|
30-Sept-22 |
|
|
30-Sept-21 |
|
Reconciliation of GAAP
net income to Fully Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
2,449,520 |
|
|
$ |
0.02 |
|
|
$ |
23,652,172 |
|
|
$ |
0.21 |
|
Depreciation and
amortization |
|
|
2,090,552 |
|
|
|
0.02 |
|
|
|
- |
|
|
|
- |
|
Provision for income
taxes |
|
|
8,594,968 |
|
|
|
0.07 |
|
|
|
8,154,748 |
|
|
|
0.07 |
|
Interest expense, net |
|
|
217,752 |
|
|
|
- |
|
|
|
278,085 |
|
|
|
- |
|
Employee stock awards |
|
|
2,351,438 |
|
|
|
0.02 |
|
|
|
1,853,125 |
|
|
|
0.02 |
|
Stock grants |
|
|
91,594 |
|
|
|
- |
|
|
|
132,012 |
|
|
|
- |
|
Other income, net |
|
|
(198,596 |
) |
|
|
- |
|
|
|
(21,425 |
) |
|
|
- |
|
Contingent consideration fair
value |
|
|
(25,246 |
) |
|
|
- |
|
|
|
(60,082 |
) |
|
|
- |
|
Proxy contention fees |
|
|
741,131 |
|
|
|
0.01 |
|
|
|
- |
|
|
|
- |
|
Adjusted Net Income |
|
$ |
16,313,113 |
|
|
$ |
0.14 |
|
|
$ |
33,988,635 |
|
|
$ |
0.30 |
|
|
|
For the Three Months EndedSeptember
30, |
|
|
For the Six Months EndedSeptember
30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Weighted average number of
shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
116,927,607 |
|
|
|
113,174,363 |
|
|
|
116,744,972 |
|
|
|
109,545,553 |
|
Diluted |
|
|
118,265,167 |
|
|
|
116,721,949 |
|
|
|
118,063,619 |
|
|
|
112,848,821 |
|
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