What changed in this filing

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Item 1. Business

2026-06-25 compared with 2025-06-26 · 146 added, 144 removed, 349 unchanged (45% of the section changed)

We are a leading provider of outdoor lifestyle products and shooting sports accessories encompassing hunting, fishing, meat processing, outdoor cooking, camping, shooting, and personal security and defense products for rugged outdoor enthusiasts.

We conceive, design, source, and sell our outdoor lifestyle products, including premium sportsman knives and tools for fishing and hunting;

We are a leading provider of outdoor lifestyle products and shooting sports accessories encompassing hunting, fishing, meat processing, outdoor cooking, shooting, and personal security and defense products for rugged outdoor enthusiasts.

We conceive, design, produce or source, and sell our outdoor lifestyle products, including:

• premium sportsman knives and tools for fishing and hunting;

• land management tools for hunting preparedness and for use in the backyard;

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• outdoor cooking products.

and camping, survival, and emergency preparedness products.

We conceive, design, produce or source, and sell our shooting sports accessories, such as rests, vaults, and other related accessories;

We conceive, design, produce or source, and sell our shooting sports accessories, including:

• rests, vaults, and other related accessories;

• electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips;

• and reloading, gunsmithing, and firearm cleaning supplies.

We develop and market all our products as well as manufacture some of our electro-optics products at our facility in Columbia, Missouri.

We also contract for the manufacture and assembly of most of our products with third parties located in Asia.

We focus on our brands and the establishment of product categories in which we believe our brands will resonate strongly with the activities and passions of consumers and enable us to capture an increasing share of our overall addressable markets.

Our owned brands include BOG, BUBBA, Caldwell, Crimson Trace, Frankford Arsenal, Grilla, Hooyman, Imperial, LaserLyte, Lockdown, MEAT!

Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler, and we license additional brands for use in association with certain products we sell, including M&P, Smith & Wesson, and Performance Center by Smith & Wesson.

Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, and Wheeler, and we license additional brands for use in association with certain products we sell, including M&P, Smith & Wesson, and Performance Center by Smith & Wesson.

In focusing on the growth of our brands, we organize our product development, customer service, and marketing teams into four brand lanes, each of which focuses on one of four distinct consumer verticals – Adventurer, Harvester, Marksman, and Defender – with each of our brands included in one of the brand lanes.

• Our Adventurer brands include products that help enhance consumers’ fishing, outdoor cooking, and camping experiences.

• Our Harvester brands focus on the activities hunters typically engage in, including the activities to prepare for the hunt, the hunt itself, and the activities that follow a hunt, such as meat processing.

• Our Marksman brands address product needs arising from consumer activities that take place primarily at the shooting range and where firearms are cleaned, maintained, and worked on.

• Our Defender brands focus on protection and include products that are used by consumers in situations that require self-defense, for training, and for securing high value or high consequence possessions.

Our brand lane structure allows us to efficiently leverage talent, expertise, and resources across multiple brands while maintaining a strong focus on the unique needs of each consumer vertical.

This approach provides the benefits of dedicated brand support in a more scalable and cost-effective manner than maintaining separate teams for every individual brand.

Our sales activities are focused on how we go to market within the e-commerce and traditional distribution channels.

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We measure our success through sales performance in these distribution channels against prior results and our own expectations.

Our objective is to enhance our position as a leading provider of high-quality and innovative outdoor lifestyle products and shooting sports accessories for the hunting, fishing, outdoor cooking, camping, shooting, personal security and defense, and other rugged outdoor markets and to expand our addressable market into carefully selected new product arenas.

Our objective is to enhance our position as a leading provider of high-quality and innovative outdoor lifestyle products and shooting sports accessories for the hunting, fishing, outdoor cooking, shooting, personal security and defense, and other rugged outdoor markets and to expand our addressable market into carefully selected new product arenas.

Key elements of our strategy to achieve this objective and deliver long-term stockholder value are as follows:

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• pursue acquisitions that financially and strategically complement our current business.

We believe that throughout our history, we have been able to utilize our understanding of consumer needs to develop and introduce innovative new disruptive products with strong intellectual property protection that have continually increased our market share in their product categories, such as our BUBBA Electric Fillet Knife, which we believe represents a substantial portion of the market share in the electric fillet knife category.

We believe that throughout our history, we have been able to utilize our understanding of consumer needs to develop and introduce innovative new disruptive products with strong intellectual property protection that have continually increased our market share in their product categories, such as our Caldwell ClayCopter, which we believe represents our entry into the consumable targets market within the shotgun sports category.

We have enhanced our product development capabilities, developed a multi-faceted marketing approach, improved our multi-channel distribution platform, and expanded and diversified our business through organic growth and strategic acquisitions.

Our net sales were $222.3 million for the fiscal year ended April 30, 2025;

$201.1 million for the fiscal year ended April 30, 2024;

and $191.2 million for the fiscal year ended April 30, 2023.

Our net sales for the fiscal years ended April 30, 2026, 2025 and 2024 totaled $190.5 million, $222.3 million, and $201.1 million, respectively.

Our gross profit for the fiscal years ended April 30, 2026, 2025, and 2024 totaled $85.2 million, $99.3 million, and $88.4 million, respectively.

Total assets were $226.6 million as of April 30, 2026 and $246.4 million as of April 30, 2025.

Spin-Off Transaction

On August 24, 2020, Smith & Wesson Brands, Inc., or our former parent company, completed the spin-off of its outdoor products and accessories business to us, or the Separation.

The Separation was effected through the transfer of all of the assets and legal entities, subject to any related liabilities, associated with its outdoor products and accessories business to us, and the distribution of all the outstanding shares of our common stock to the holders of the common stock of our former parent company, as of the close of business on August 10, 2020, or the Distribution.

Corporate Information

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Our website is located at AOB.com .

Through our website, we make available free of charge our annual reports on Form 10-K, our proxy statements, our Sustainability report, our quarterly reports on Form 10-Q, our current reports on Form 8-K, and amendments to any of these documents filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.

Through our website, we make available free of charge our annual reports on Form 10-K, our proxy statements, our quarterly reports on Form 10-Q, our current reports on Form 8-K, and amendments to any of these documents filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act.

These documents are available as soon as reasonably practicable after we electronically file them with the SEC.

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Market Opportunity

Our primary target customers are outdoor-oriented consumers who enjoy active lifestyles with a focus on outdoor activities.

The primary users of our products consist of a wide range of outdoor enthusiasts, including those who engage in recreational target shooting, personal security and defense, hunting, fishing, meat processing, outdoor cooking, camping, hiking, and land management.

Outdoor recreation consumer participation trends have been favorable since 2020, resulting in 14.5 million new participants since January 2020, driven in part by the start of the COVID-19 pandemic.

A report issued in 2024 by the Outdoor Industry Association outlined that the outdoor recreation participant base grew by 4.1 percent in calendar 2023 to a record 175.8 million participants, or 57 percent of the United States population ages six and older.

According to various other industry studies published by the Outdoor Industry Association, National Shooting Sports Foundation, or NSSF, Southwick Associates, and the Recreational Boating and Fishing Foundation, participation has increased in hunting, camping, and fishing.

According to the Outdoor Foundation and Recreational Boating & Fishing Foundation, as of 2023, there are an estimated 57.7 million anglers over the age of six in the United States, with nearly 43 million of those anglers participating in freshwater and 15 million anglers participating in saltwater.

Our acquisition of Grilla in March 2022 gave us entry into the estimated $7 billion outdoor cooking industry.

In addition, strong participation in firearm ownership led to approximately 26.2 million new entrants into shooting sports since calendar 2020, according to the NSSF.

According to a study in 2022, the NSSF estimates that participation in sport shooting increased from 34 million to 63.5 million adults between 2009 and 2022.

Finally, the Outdoor Industry Association estimated that roughly 15 million people engaged in hunting in 2022.

Our primary target customers are consumers who participate in outdoor and recreational activities and maintain active lifestyles.

We serve these consumers through two categories:

outdoor lifestyle and shooting sports.

The outdoor lifestyle category includes brands and products focused on hunting, fishing, meat processing, outdoor cooking, and land management activities.

The shooting sports category includes brands and products focused on solutions for target shooting, aiming, safe storage, cleaning and maintenance, and personal protection.

We believe these categories address end markets with differing market sizes, consumer behaviors, and growth drivers.

We believe the outdoor lifestyle market represents a significantly larger addressable market opportunity than the shooting sports market due to its broader consumer participation base and exposure to multiple outdoor recreation verticals.

Demand within our outdoor lifestyle category is generally influenced by long-term secular trends, including increased participation in outdoor activities, consumer interest in active and healthy lifestyles, and growth in adjacent outdoor recreation categories.

In contrast, demand within our shooting sports category is more closely tied to trends in firearm ownership and participation in shooting-related activities.

As a result, sales within the shooting sports category may be more sensitive to macroeconomic conditions, legislative developments, public safety concerns, and other external events that can influence firearm purchasing behavior.

We believe our presence across both categories provides exposure to complementary consumer markets and diversified demand drivers.

Outdoor recreation participation trends have remained favorable since 2020, resulting in approximately 14.5 million new participants since January 2020, driven in part by the onset of the COVID-19 pandemic.

A report issued in 2025 by the Outdoor Industry Association noted that the outdoor recreation participant base grew by 3.0 percent in calendar 2024 to a record 181.1 million participants, representing 58.6 percent of the United States population ages six and older.

According to industry studies published by the Outdoor Industry Association, Southwick Associates, and the Recreational Boating and Fishing Foundation, participation has increased across a range of outdoor activities, including camping, fishing, and hunting.

As of 2024, the Outdoor Foundation and Recreational Boating & Fishing Foundation estimated there were approximately 57.9 million anglers over the age of six in the United States, including more than 43 million freshwater anglers and 15 million saltwater anglers.

In addition, our acquisition of Grilla in March 2022 provided entry into the estimated $7 billion outdoor cooking industry comprised of approximately 92 million outdoor cooking households .

Participation trends in shooting sports have also remained strong.

According to the National Shooting Sports Foundation, or NSSF, firearm ownership growth since 2020 contributed to approximately 26.2 million new entrants into shooting sports.

In a 2025 study, the NSSF economic impact report estimates 3.9 million new gun owners in 2024 alone.

In a 2022 study, the NSSF estimated that participation in sport shooting increased from 34 million adults in 2009 to 63.5 million adults in 2022.

Additionally, the Outdoor Industry Association estimated that approximately 15 million people participated in hunting activities in 2022.

Competitive Strengths

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This structure organizes our business in a manner intended to deploy specific resources dedicated to designing and marketing products directed at these respective consumer verticals.

For each existing brand, we apply the proper strategy and the dedicated brand lane resources to unlock the brand’s potential value.

For each existing brand, we apply the relevant strategy and the dedicated brand lane resources to unlock the brand’s potential value.

We use the defined methodologies to determine the types of products desired by that specific consumer and then design products in both existing and new categories that meet those desires.

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Repeatable Process for Innovating and Rejuvenating Mature Product Categories

We have approximately 50 product designers, engineers, quality and sourcing specialists, and software developers situated across five in-house state-of-the-art product development labs who are capable of delivering over 200 new products, annually.

Our product development employees come from diverse industry backgrounds, including medical and laboratory equipment, defense, home goods, and automotive.

We have 46 product designers, engineers, quality and sourcing specialists, and software developers situated across five in-house state-of-the-art product development labs who have demonstrated the capability of delivering over 200 new products, annually.

Our product development employees come from diverse industry backgrounds, including medical and laboratory equipment, aerospace and defense, home goods, and automotive.

We believe this diversity yields a unique combination of methods and perspectives that fosters innovation within traditionally mature rugged outdoor product categories.

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We recognize the importance of innovation and protecting our intellectual property.

In recent studies published in 2023, Deloitte noted that 76% of U.S.

consumers are willing to pay more for products that align with their values, such as innovation and sustainability, while McKinsey & Company reported that in the past two years, 70% of consumers have tried new shopping behavior, including experimenting with innovative products.

In addition, NielsenIQ reported in 2022 that 63% of U.S.

Recent consumer research continues to indicate strong demand for innovative and value-aligned products.

NielsenIQ reported in 2022 that 63% of U.S.

consumers prefer to purchase new products from brands known for their innovation and quality.

In addition, NielsenIQ research further suggests that innovation remains a significant driver of consumer purchasing behavior and brand growth.

We currently have more than 440 issued and pending patents and have registered and unregistered trademarks related to our products.

New products, which we define as any SKU introduced over the prior two fiscal years, represented 21.5% of net sales for fiscal 2025.

New products introduced since fiscal 2020 represent over 50% of our fiscal 2025 net sales and have a compound average growth rate of over 40% during that time.

New products, which we define as any SKU introduced over the trailing 24 months, represented 29.4% of net sales for fiscal 2026.

New products introduced since fiscal 2020 represented over 50% of our fiscal 2026 net sales and delivered a compound average growth rate of over 34% during that time.

For the fiscal year ended April 30, 2026, products protected by intellectual property accounted for approximately 54% of our $190.5 million in net sales.

One example of this innovation is our entry into the large, underserved "catch and release" market with our BUBBA tournament-grade Pro Series Smart Fish Scale, or Pro SFS, which is integrated with smart technology that consumers can access through a BUBBA smartphone application.

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In fiscal 2025, we launched the BUBBA SFS Lite, which offers some of the same professional grade features and gamification capabilities for casual fishing trips, at a price that everyday anglers can appreciate.

The strategy we employed with BUBBA is one that was several years in the making, and serves as one example of our multi-year product development approach.

Another example of our multi-year product development approach is our Caldwell ClayCopter, a revolutionary new target system, which includes an easy-to-use, handheld electronic launcher that propels a set of biodegradable discs up to 100 yards in a variety of flight patterns, providing shooters with a unique and challenging experience, and making it extremely easy and fun to take a thrower and targets to the range.

We also partnered with Major League Fishing® ("MLF") to develop SCORETRACKER LIVE®, a connected tournament management and real-time scoring platform that supports our entry into a new product category, expands our reach to new consumers within the tournament fishing market, and strengthens opportunities to grow distribution of our connected fishing products.

The strategy we employed with BUBBA is an illustration of our multi-year product development approach.

Another example of our multi-year product development approach is our Caldwell ClayCopter™ platform, a revolutionary new target shooting ecosystem centered around proprietary launchers, biodegradable target consumables, and connected software.

The platform originated with the ClayCopter handheld launcher, an easy-to-use electronic launcher that propels lightweight biodegradable discs up to 100 yards in a variety of flight patterns, providing shooters with a unique and challenging experience while making it easy and fun to take a thrower and targets to the range.

For nearly 150 years, traditional clay targets have been the most practical option for shotgun sports enthusiasts;

But traditional clay targets typically require heavy throwers that are bulky and cumbersome to store and transport.

Clays are extremely fragile, they fly in predictable patterns, and they come in heavy containers that often make transportation a challenge.

The ClayCopter was designed entirely in-house and includes pending intellectual property.

The portable launcher weighs just three pounds, but delivers the same power of a traditional thrower in a handheld motorized design small enough to fit in a range bag or backpack.

The ClayCopter target discs are 70% lighter than traditional clays and designed to break only when shot.

They can be purchased in a lightweight,

compact tube of 50 disks and they are inexpensive to transport, allowing retailers and our Caldwell brand to ship directly to consumers, and adding a new consumable product to our revenue stream.

however, traditional clay systems typically require heavy, bulky throwers that are cumbersome to transport and store, while the targets themselves are fragile, fly in predictable patterns, and are often sold in heavy containers that create transportation and retail challenges.

The ClayCopter platform was designed entirely in-house and includes pending intellectual property.

The original handheld launcher weighs just three pounds yet delivers the power of a traditional thrower in a compact motorized design that fits easily in a range bag or backpack, while ClayCopter target discs are approximately 70% lighter than traditional clays, are designed to break only when shot, and are sold in lightweight, compact tubes that are less expensive to transport allowing retailers and our Caldwell brand to ship directly to consumers.

During fiscal 2026, we expanded the platform with the introduction of the Caldwell ClayCopter Surface-to-Air™ launcher, a portable ground-based system capable of holding up to 50 target discs and delivering customizable target presentations, as well as the Caldwell Claymore Connect™, a Bluetooth-enabled electronic thrower for traditional clay targets.

Both products integrate with the new Caldwell Clays™ mobile app, which allows users to wirelessly control up to ten launchers simultaneously from up to 100 yards away, create customized target presentations, and utilize innovative features such as Touch-to-Launch technology.

Together, these products extend our proprietary ecosystem, enhance the consumer experience, create opportunities for recurring consumable sales, and establish a connected software platform that provides a foundation for future innovation and engagement within the category.

Because we have such a wide breadth of products that span 19 brands, our product development teams frequently leverage our products to “cross-pollinate” technology across brand lanes and bring new insights into mature product categories.

An example of this ‘cross-pollination’ can be found in our BUBBA Pro SFS, which we launched in 2023 and which incorporates technology or design from products that are situated across all four brand lanes.

The BUBBA Pro SFS incorporates lithium battery pack technology from our Caldwell brand, Bluetooth connection capability to a smart phone with live data monitoring and logging through a cloud server system from our Lockdown brand, interactive LCD screen and menu system from our BOG brand, and waterproof storage system and BUBBA-Rubba non-slip grip technology from our BUBBA brand.

The BUBBA Pro SFS incorporates lithium battery pack technology from our Caldwell brand, Bluetooth connection capability to a smart phone with live data monitoring and logging through a cloud server system from our Lockdown brand, interactive LCD screen and menu system from our BOG brand, and waterproof storage system and iconic Non-Slip Grip technology from our BUBBA brand.

Leverageable Platform for Acquisitions with Demonstrated Acquisition Execution

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Our senior management team has substantial knowledge and experience in the rugged outdoor industry.

This team is responsible for defining and executing our business strategies with a “brand-first” orientation supported by our brand lanes.

We strive to promote a collaborative and supportive environment for our employees.

This approach allows employees within our brand lanes to pursue new ideas and experimentation, leading to a highly entrepreneurial culture.

This team is responsible for defining and executing our business strategies with a “brand-first” orientation supported by our brand lanes and sales organization.

We strive to promote a collaborative and supportive environment for our employees, which allows the pursuit of new ideas and experimentation, leading to a highly entrepreneurial culture.

Introduce a Continuing Stream of New and Differentiated Rugged Outdoor Products and Extensions that Appeal to Consumers

We plan to continue conceiving, designing, producing or sourcing, and marketing in a timely manner a continuing stream of innovative new and differentiated high-quality rugged outdoor products and product extensions that appeal to consumers, achieve market acceptance, and drive customer satisfaction and loyalty to our product groups.

Our tradition of innovation and our ongoing research and development, product engineering, product and component sourcing, marketing, and distribution activities are critical components of our ability to continue to offer successful products and help grow our business through increased market share in the product categories in which we participate.

Our tradition of innovation and our ongoing research and development, product engineering, product and component sourcing, marketing,

and distribution activities are critical components of our ability to continue to offer successful products and help grow our business through increased market share in the product categories in which we participate.

We believe our track record of understanding consumer desires, introducing flagship products in our core product categories, and then strategically expanding within those categories will enable us to continue to expand our existing product offerings.

We recently received the following awards:

• Big Rock Sports Dealer Show 2025 “Best New Shooting Accessory” – Caldwell Lead Sled 4

• Industry Choice Awards "Innovation of the Year 2025" – Caldwell ClayCopter;

• Guns & Ammo "Innovation of the Year 2025" – Caldwell ClayCopter;

• ICAST 2025 "Best Cutlery, Hand Pliers or Tools" – BUBBA Smart Fish Scale (SFS) Lite;

• Outdoor Life 2025 “Best Overall Chamber Vac Sealer” and “Best Overall External Vac Sealer” – MEAT!

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Your Maker 0.5 Horsepower Dual Grind Meat Grinder.

• NASGW Show 2024 "Best New Accessory" – Caldwell Claymore PullPup;

Leverage Our Innovation Advantage To Gain Market Share, Enter New Product Categories, Enter New Consumer Markets, and Expand Distribution

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For instance, we believe we have displaced competitors in the meat processing market with products from MEAT!

Our Caldwell Claymore family of clay throwers, as well as our new ClayCopter Launcher and Targets, represent our organic entry into the broader shotgun shooting sports category.

We believe our innovative BUBBA Pro SFS and new SFS Lite represents our organic entry into a large freshwater "catch and release" market.

We believe our innovative Hooyman seed spreaders represent our organic expansion in the farm, home, and hardware distribution channels.

The acquisition of Grilla represents our entry into an estimated $7 billion outdoor cooking market by providing high-quality, barbecue grills;

Your Maker, a brand that was created entirely in-house.

Within our Caldwell brand, new products in our Claymore family of clay throwers, together with our new ClayCopter Surface-to-Air and handheld launchers and targets, expanded our participation in the shotgun shooting sports category and, we believe, contributed to our increased product distribution with the nation's largest mass-market retailer during fiscal 2026.

Within our BUBBA brand, we believe our innovative BUBBA Pro Series SFS and SFS Lite represents our organic entry into the large freshwater fishing "catch and release" market.

We also partnered with MLF to develop SCORETRACKER LIVE®, a connected tournament management and real-time scoring platform that supports our entry into a new product category, expands our reach to new consumers within the tournament fishing market, and strengthens opportunities to grow distribution of our connected fishing products.

We believe our innovative Hooyman brand seed spreaders represent our organic expansion in the farm, home, and hardware distribution channels.

Our fiscal 2022 acquisition of Grilla represents our entry into an estimated $7 billion outdoor cooking market by providing high quality, barbecue grills;

Wi-Fi-enabled wood pellet grills;

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Cultivate and Enhance Consumer Relationships through Our Digital Platforms

We plan to continue to cultivate and enhance our direct relationships with consumers by addressing the growing desire of consumers to deal directly with the product and brand source and by recognizing the changing retail landscape and the trend to two-day or next-day delivery.

We plan to continue to cultivate and enhance our direct relationships with consumers by addressing the growing desire of consumers to engage directly with the product and brand source and by recognizing the changing retail landscape and the trend to two-day or next-day delivery.

We have established dedicated websites for all of our key brands, and each of our brands has access to marketing and e-commerce resources that work to support online marketing and delivery methods that foster direct-to-consumer efforts.

We also expect that our direct-to-consumer efforts will generate pull-through for our products at retail locations for those consumers who prefer a traditional retail approach rather than purchasing directly from our online platform.

In addition, our e-commerce platform allows consumers to purchase our products direct from our warehouse, which is not constrained by inventory management efforts at retail.

In addition, our e-commerce platform allows consumers to purchase our products directly from our warehouse, which is not constrained by inventory management efforts at retail.

Our e-commerce platform and digital systems also provide opportunities to support the launch of entirely new brands and products to meet the needs of our consumers.

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Your Maker brand, which includes grinders, mixers, vacuum sealers, sausage stuffers, dehydrators, and slicers.

In addition, we sell Grilla branded products, acquired in fiscal 2022, directly to consumers on our e-commerce platform.

In addition, we sell the majority of our Grilla branded products, directly to consumers on our e-commerce platform.

Although we began selling these brands into the traditional channel in fiscal 2024 and fiscal 2025, respectively, we have sold and expect to continue to sell these products directly to consumers through our websites MEATyourmaker.com and grillagrills.com .

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Pursue Acquisitions that Financially and Strategically Complement our Current Business

We plan to continue to complement our organic growth initiatives by pursuing strategic acquisitions that will enable us to expand our product offerings, add new brands, penetrate adjacent and complementary markets, increase our customer base, expand our supply chain, increase our marketing and distribution capabilities, and enhance our operating results through improved acquired company performance, especially when we believe we can improve the performance and

profitability of an acquired company through the implementation of our operating methods, strategies, flexible technology platforms, and services.

We believe our latest acquisition of Grilla in fiscal 2022 demonstrated the above criteria.

We believe our acquisition of Grilla in fiscal 2022 demonstrated the above criteria.

We believe the architecture of our brand lanes, sales organization, distribution capabilities, and flexible technology platforms provide us with a leverageable structure from which to integrate acquisitions quickly, achieve cost savings, provide immediate brand support, and add sales expertise to drive brand penetration within our existing customer base.

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Prior to introducing any product, we assess its cost of production and delivery, estimate its potential sales volume and margin, and conduct vigorous prototype and production-quality sample testing.

As noted previously, our outdoor lifestyle products include premium sportsmen knives and tools for fishing and hunting;

Our outdoor lifestyle products include premium sportsmen knives and tools for fishing and hunting;

land management tools for hunting preparedness and for use in the backyard;

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meat processing equipment;

outdoor cooking products;

and camping, survival, and emergency preparedness products, while our shooting sports accessories products include rests, handgun vaults, and other related accessories;

and outdoor cooking products.

While our shooting sports accessories products include rests, handgun vaults,

and other related accessories;

electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips;

and reloading, gunsmithing, and firearm cleaning supplies.

We typically launch over 200 new outdoor products and accessories stock keeping units, or SKUs, each year.

We typically launch over 200 new products each year.

We generally strive to bring a new product from concept to market within 12 months, depending on product complexity and other matters.

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We expense research and development costs as incurred.

We currently sell our products under 20 distinct brands organized under four brand lanes.

Adventurer Brands

We currently sell our products under 19 distinct brands organized under two categories.

We own all of our brands with the exception of those brands and trademarks that we license, which includes the Smith & Wesson logo, the script “Smith & Wesson,” the “M&P” logo, and the script “Performance Center,” which are well-known and have a reputation for quality, value, and trustworthiness in the accessories industry.

Outdoor Lifestyle Brands

• BOG – hunting accessories

• BUBBA – fishing knives and tools

• Grilla - outdoor cooking products

• BUBBA – fishing tools and knives

• ust – camping and survival products

• Schrade – rugged outdoor cutlery and tools

• Imperial – cutlery and tools

Harvester Brands

• Hooyman – land management tools

• Old Timer – cutlery and tools

• BOG – hunting accessories

• Uncle Henry – hunting knives and tools

• Imperial – knives and tools

• M&P Accessories – knives and tools

Your Maker – meat processing equipment

Marksman Brands

• Old Timer – knives and tools

• Performance Center by Smith & Wesson – knives and tools

• Schrade – knives and tools

• Smith & Wesson Accessories – knives and tools

• Uncle Henry – knives and tools

Shooting Sports Brands

• Caldwell – shooting range and marksman products

• Wheeler – gunsmithing tools

• Tipton – cleaning and maintenance products

• Frankford Arsenal – reloading products

Defender Brands

• Lockdown – security and storage solutions

• M&P Accessories – cutlery, flashlights, and various accessories

• Performance Center by Smith & Wesson – cutlery, cleaning kits, and various accessories

• Smith & Wesson Accessories – knives, flashlights, shooting glasses and cases, cleaning kits, and hearing protection products

• Crimson Trace – aiming solutions

• Frankford Arsenal – reloading products

• LaserLyte – training systems

Our Brand Lanes are the foundation for our distinctive product development and marketing functions.

• Lockdown – security and storage solutions

• M&P Accessories – flashlights, and various accessories

• Performance Center by Smith & Wesson – cleaning kits, and various accessories

• Smith & Wesson Accessories – flashlights, hearing and eye protection, and cleaning kits

• Tipton – cleaning and maintenance products

• Wheeler – gunsmithing tools

Our Brand Lanes are the foundation for our distinctive product development, customer service, and marketing functions.

Our brand-first approach is combined with passionate personnel to deliver authentic experiences to our consumers.

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In this regard, we utilize what we believe are the most impactful mediums, such as in-store retail merchandising, online merchandising, grassroots events, digital advertising campaigns, influencer marketing, and robust distribution of content across most social media channels, to encourage enthusiasts to continue exploring our brand offerings and ultimately lead to purchases.

Our influencers participate on a variety of social media platforms, regularly posting brand imagery, lifestyle content, instructional material, and detailed reviews of our products to help promote our brands.

Our influencers are active across a variety of social media platforms, regularly posting brand imagery, lifestyle content, instructional material, and detailed reviews of our products to help promote our brands.

To further our message, we frequently participate in various earned media across a full spectrum of digital and print publications, which drives authenticity back to our consumer base as they read about the latest information regarding our suite of new products.

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Original Content

We utilize content as the engine to drive our strategic approach to marketing.

We utilize content as an engine to drive our strategic approach to marketing.

We continue to emphasize the enhancement of our content capture and editing capabilities.

Our team of producers and external resources has provided an accessible outlet for regularly distributed fresh content for each of our brands.

Our team of producers and external resources has provided an accessible outlet for regularly distributed fresh content for each of our key brands.

The deployment of this content assists us in positioning our brands, garnering the attention of our customers, establishing a lifestyle connection with those discovering our brands for the first time, and educating our consumer base about the features and benefits of the products that fall within each brand.

By owning the development and distribution of our content, we are able to ensure that each message is consistent with our brands’ positioning and strategy.

By owning the development and controlling the distribution of our content, we are able to ensure that each message is consistent with the respective brand's positioning and strategy.

Our Digital Platform

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Third, and most importantly, it allows us to develop and execute strategic plans based on how each channel conducts business as well as how it targets the primary and secondary consumers within those channels.

Finally, our sales organization is designed to be able to adapt to acquisitions and the expansion of our brands into new

categories without having to alter our sales structure.

Finally, our sales organization is designed to be able to adapt to acquisitions and the expansion of our brands into new categories without having to alter our sales structure.

We believe this will allow us to integrate new categories into our teams with minimal disruption to our existing business and, more importantly, allow us to quickly begin leveraging our size and scope with the new additions.

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Service and Support

In order to provide consumers with positive experiences involving our products, we maintain a dedicated team of trained customer support representatives who seek to successfully address customer questions or issues that may arise across our product offerings.

across our product offerings.

We utilize a customer service number and resources on our website to answer questions and resolve issues.

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Third parties also supply us and our contract manufacturers with the raw materials used in our products and components, including steel, plastic, aluminum, copper, lead, and packaging materials.

Most of our third-party contract manufacturers and suppliers are in Asia, primarily China, and, to a lesser extent, Taiwan, Vietnam, Myanmar, and the Philippines.

Most of our third-party contract manufacturers and suppliers are in Asia, primarily China, and, to a lesser extent, Taiwan, Thailand, Cambodia, Vietnam, Myanmar, and the Philippines.

We generally provide these suppliers with short-term advance forecasts of our production requirements, however, when we anticipate delays in our supply chain or congestion at shipping ports, we will order in advance to mitigate supply chain risk.

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For certain products and components, we utilize a dual sourcing supply chain to mitigate risks associated with sourcing key components from any one supplier.

Although we do not have long-term contractual arrangements with any of our suppliers, we have long lasting working relationships that we believe guarantee us production capacity, prices, lead times, or delivery schedules.

Although we do not have long-term contractual arrangements with any of our suppliers, we have long-standing working relationships that we believe guarantee us production capacity, prices, lead times, or delivery schedules.

Our reliance on these independent parties exposes us to vulnerability because of our dependence on a few sources of supply.

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We receive related tax and other incentives from federal, state, and local governmental authorities.

We also lease 5,000 square feet of office space in Chicopee, Massachusetts;

2,500 square feet of office space in Shenzhen, People's Republic of China;

and 2,500 square feet of office space in Yanjiang, People's Republic of China.

Our Missouri facility includes our principal executive, administrative, financial, sales, marketing, R&D, production, assembly, and distribution operations.

Our Massachusetts facility houses certain administrative and finance staff.

Our China facilities house certain R&D staff.

We also lease 2,500 square feet of office space in Shenzhen, People's Republic of China and 2,500 square feet of office space in Yanjiang, People's Republic of China.

Our Missouri facility includes our principal executive, administrative, financial, sales, customer service, marketing, research and development, production, assembly, and distribution operations.

Our China facilities house certain research and development staff.

Patents, Trademarks, and Copyrights

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As noted previously, we are building our business both organically and inorganically.

In fiscal 2022, we acquired substantially all of the assets of the Grilla Grills business of Fahrenheit Technologies, Inc.

for $27million.

In fiscal 2022, we acquired substantially all of the assets of the Grilla Grills business for $27.0 million.

The acquisition of Grilla represents our entry into an estimated $7 billion outdoor cooking market by providing high-quality, barbecue grills;

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We believe we can effectively compete with all of our present competitors.

We compete primarily based upon innovation, performance, price, quality, reliability, durability, consumer brand awareness, and customer service and

We compete primarily based upon innovation, performance, price, quality, reliability, durability, consumer brand awareness, and customer service and support.

Our competitors primarily include a large number of private companies that directly compete with our brands.

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In addition, there is heightened demand for our fishing and outdoor cooking products during the spring and early summer months.

As a result of seasonal and quarterly operating fluctuations, we do not believe that comparisons between different quarters within a single year are relevant or can be relied upon as indicators of performance for any fiscal year.

In addition, the sale of our products may also be affected by unseasonal weather conditions.

As a result of seasonal and quarterly operating fluctuations, we do not believe that comparisons between different quarters within a

single year are relevant or can be relied upon as indicators of performance for any fiscal year.

In addition, the sales of our products may also be affected by unseasonal weather conditions.

Government Regulation

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This commitment extends to all levels of our organization, including senior management and our Board.

on ensuring that our workforce remains open and welcoming to everyone.

We focus on ensuring that our workforce remains open and welcoming to everyone.

We have a priority to engage with our employees and gather feedback through various forums to boost engagement, improve teamwork, and clarify communication of business and organizational changes.

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We support the mental well-being of our employees through our employee assistance program, which provides employee assistance for a range of mental health issues including stress and anxiety, as well as chemical dependence, legal questions, parenting matters, financial counseling, and the sourcing of dependent care resources.

We also maintain a Wellness Program that includes ‘health challenges’, which are periodic, goal-oriented wellness programs that incentivize healthy behavior, as well as information sessions related to employee well-being.

We also maintain a Wellness Program that incentivizes healthy behavior, as well as information sessions related to employee well-being.

We prioritize the health, safety, and fair treatment of our employees.

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We offer competitive and comprehensive compensation and benefit programs to our employees that provide for pay and service recognition, health and wellness, financial well-being, work/life balance, culture and community, and learning and development.

During 2025, we further improved the competitiveness of our associate benefit offerings in various ways.

Our program features the following:

• a comprehensive medical, dental, and vision plan for our employees and their families, for which we pay approximately 90% of total premium costs;

• a short term and long term disability insurance plan for our employees, for which we pay 100% of total premium costs;

• a 401(k) plan with a company provided match of up to 3% of the first 6% contributed by the employee;

• a profit-sharing plan, paying eligible employees a percentage of their eligible earnings based on company profits;

• twelve annual holidays, nine of which are scheduled and three of which are designated by the employee;

• a paid time off program, including paid sick and vacation time;

• nine annual scheduled holidays;

• a generous paid time off program;

• short-term and long-term disability coverage paid 100% by the company;

• paid and unpaid leaves of absence, including paid family and medical leave;

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Our continuous learning paths include the following:

• tuition reimbursement for up to 100% of an employee’s advanced degree;

• tuition reimbursement program;

• reimbursement for continuing professional education for our professionally licensed employees;

• support for membership in professional associations;

• in-house training to aid with career advancement.

Sustainability

As a core component of our broader corporate responsibility efforts, our key human capital objective is to promote sustainability throughout our organization.

In 2024, we returned sustainability oversight responsibilities to the Nominations and Corporate Governance Committee, as originally chartered, and we further strengthened the alignment of those responsibilities through the establishment of a Sustainability Sub-Committee, which assists the Board and the various committees of the Board, as applicable, in fulfilling their sustainability oversight responsibilities, including focusing on the key tenets that form the basis of our Sustainability program.

We have an Executive Sustainability Committee comprised of leaders of the company that is overseen by the Sustainability Sub-Committee of the Board to further align our values and drive recurring sustainable growth.

The Executive Sustainability Committee meets several times per year.

Our Sustainability Report, published each year, aligns with the Sustainability Accounting Standards Board (SASB).

Our most recent Sustainability Report was published in September 2024, and we expect to publish our 2025 Sustainability Report in the summer of calendar 2025.

The current sustainability information is posted on our website.

Our Sustainability Report highlights the work we are doing across the company and within the tenets of our sustainability strategy.

• in-house training to aid career advancement.

We had a backlog of orders for our products totaling $1.6 million and $2.6 million as of April 30, 2026 and 2025, respectively.

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Vulgamott 42 Chief Operating Officer

Murphy has served as our President and Chief Executive Officer and a member of our Board of Directors since the Separation.

Murphy has served as our President and Chief Executive Officer and a member of our Board of Directors since August 2020.

Murphy served as Co-President and Co-Chief Executive Officer of Smith & Wesson Brands, Inc.

from January 2020 until the Separation.

from January 2020 until August 2020.

Murphy served as President of the Outdoor Products & Accessories Division of Smith & Wesson Brands, Inc.

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From April 2013 until February 2015, Mr.

Murphy was Director of Mergers & Acquisitions and Director of Financial Planning & Analysis for Alliant Techsystems, an aerospace, defense, and outdoor sporting goods company.

Murphy was Director of Mergers & Acquisitions and Director of

Financial Planning & Analysis for Alliant Techsystems, an aerospace, defense, and outdoor sporting goods company.

Murphy held various management roles at McMaster-Carr Supply Company, a supplier of maintenance, repair, and operations materials to industrial and commercial facilities worldwide, from April 2011 until March 2013.

From May 2006 until October 2010, he served as an investment banker with the publicly held firm Houlihan Lokey, where he advised companies in the areas of strategy, acquisitions, divestitures, recapitalizations, and restructuring.

Andrew Fulmer has served as Executive Vice President, Chief Financial Officer, and Treasurer of our company since the Separation.

Andrew Fulmer has served as Executive Vice President, Chief Financial Officer, and Treasurer of our company since August 2020, and as Secretary of our company since December 2025.

Fulmer served as Vice President, Financial Planning & Analysis of Smith & Wesson Brands, Inc.

from 2016 until the Separation.

from 2016 until August 2020.

Fulmer was Senior Director of Financial Planning & Analysis of Smith & Wesson Brands, Inc.

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Prior to his promotion, he served as our Vice President of Marketing & Product Development since March 2022.

Tayon served as our Vice President of Product Development from the Separation until March 2022.

Before the Separation, Mr.

Tayon served as our Vice President of Product Development from August 2020 until March 2022.

Tayon served as Vice President of Product Development of the Outdoor Products & Accessories Division of Smith & Wesson Brands, Inc.

from May 2020 until the Separation;

from May 2020 until August 2020;

Director of Product Development of the Outdoor Products & Accessories Division of Smith & Wesson Brands, Inc.

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Prior to his promotion, he served as our Vice President of Sales, Operations & Analytics since March 2022.

Vulgamott served as our Vice President of Operations & Analytics from the Separation until March 2022.

Before the Separation, Mr.

Vulgamott served as our Vice President of Operations & Analytics from August 2020 until March 2022.

Vulgamott served as Vice President of Operations of the Outdoor Products & Accessories Division of Smith & Wesson Brands, Inc.

from March 2020 until the Separation.

from March 2020 until August 2020.

From November 2018 to March 2020, Mr.

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The following sets forth information regarding individuals other than our Chief Executive Officer, Chief Financial Officer, Chief Product Officer, and Chief Operating Officer who serve as key employees of our company.

Carter , age 43, has served as our Corporate Controller and Assistant Secretary since the Separation.

Before the Separation, Mr.

Carter , age 43, has served as our Corporate Controller and Assistant Secretary since August 2020.

In this role, Mr.

Carter oversees our accounting, financial reporting, treasury, and internal control functions, including SEC reporting and acquisition support.

Carter played a leadership role in the Company’s separation and formation as an independent publicly traded company.

Carter served as Assistant Corporate Controller of Smith & Wesson Brands Inc.

from October 2010 until the Separation.

from October 2010 until August 2020.

Prior to joining Smith & Wesson Brands, Inc., Mr.

Carter served as Senior Audit Associate at Cherry Bekaert LLP, with a focus on public registrant clients, from May 2006 to September 2010.

Sharp , age 63, has served as our Vice President of Investor Relations since the Separation.

Before the Separation, Ms.

Carter served as Senior Audit Associate at Cherry Bekaert LLP, where he focused primarily on company audits and SEC reporting for public registrant clients, from May 2006 to September 2010.

Tyler Lindwall , age 36, has served as our Vice President of Corporate Development since April 2026.

In this role, Mr.

Lindwall leads our corporate development activities, including evaluating acquisition opportunities and supporting transaction execution and integration.

Lindwall served as Vice President of Corporate Development, FP&A, and Investor Relations at Vista Outdoor Inc.

and its successor organization.

Earlier in his career, he held corporate development roles at Alliant Techsystems (ATK), where he supported the spin-off of Vista Outdoor and the merger of ATK’s aerospace and defense businesses with Orbital Sciences.

He began his career in investment banking at Houlihan Lokey.

Sharp , age 63, has served as our Vice President of Investor Relations since August 2020.

Sharp served as Vice President, Investor Relations of Smith & Wesson Brands, Inc.

from May 2005 until the Separation.

from May 2005 until August 2020.

From June 1996 until May 2005, Ms.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business