SCOTTSDALE, Ariz., April 21, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTCQB: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, is providing selected preliminary unaudited results for its fourth quarter and fiscal year ended March 31, 2020.
Based on preliminary unaudited information, AMMO expects to report approximately $4.5 million in revenue for the fourth quarter of fiscal 2020, which is a 230% increase compared to $1.4 million in the fourth quarter of fiscal 2019 and a 62% sequential increase from third quarter of fiscal 2020. Revenue for the month of March was approximately $2.9 million, which represents 65% of total revenue for the entire quarter. Revenue generated in the month of March 2020 was 6% higher than the total revenue for the entire third quarter of fiscal 2020.
For fiscal year 2020, AMMO’s revenue increased 218% to approximately $14.5 million compared to $4.6 million in fiscal 2019. Importantly, finished goods inventory decreased by approximately 50% sequentially from the third quarter of fiscal 2020.
“Fiscal 2020 proved to be an important year strategically for AMMO as we significantly grew our presence in the commercial market, continued to expand our military and law enforcement channel, and bolstered our manufacturing and production capabilities,” said Fred Wagenhals, CEO of AMMO. “In addition, over the past five weeks, we have seen an unprecedented uptick in demand from the commercial market with a significant increase in purchase orders for both brass casings and loaded ammunition. The strong demand drove down our finished goods inventory at fiscal year-end and increased our cash conversion.
“Looking to our fiscal year 2021, we anticipate commercial demand to remain robust through the upcoming election cycle, and we also expect military and law enforcement orders to be a significant growth driver. Given this significant demand environment, we anticipate revenue in fiscal 2021 to be approximately $30 million, more than doubling what we expect to report in fiscal 2020.”
AMMO expects to report its full fourth quarter and fiscal year 2020 financial results in June 2020.
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.
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.
Investor Contact:
Cody Slach
Gateway Investor Relations
Phone: (949) 574-3860
POWW@gatewayir.com