Outdoor Holding Company reported its financial results for the three and nine months ended December 31, 2025, revealing a net revenue of $13.4 million for the third quarter, a 7% increase from $12.5 million in the same period last year. For the nine-month period, revenues reached $37.2 million, up slightly from $36.8 million year-over-year. The company achieved a gross profit of $11.7 million for the quarter, translating to a gross margin of 87.1%, which reflects a minor decrease from 87.4% in the prior year. The increase in revenue was attributed to higher gross merchandise value (GMV) from the GunBroker Marketplace, driven by increased firearms sales.
The company reported a significant reduction in operating expenses, which fell to $9.7 million in the third quarter from $31.5 million in the prior year, primarily due to a decrease in legal and professional fees associated with the completion of various litigations, including the Delaware Litigation. This led to an operating income of $2.0 million, a stark contrast to the loss of $20.5 million reported in the same quarter of 2024. For the nine-month period, the company recorded an operating loss of $3.3 million, a substantial improvement from a loss of $32.8 million in the previous year.
In terms of strategic developments, Outdoor Holding completed the sale of its Ammunition Manufacturing Business for $75 million in April 2025, which has since been classified as discontinued operations. The net proceeds from this sale contributed to a significant increase in cash and cash equivalents, which rose to $69.9 million as of December 31, 2025, compared to $30.2 million at the end of March 2025. The company has also initiated a share repurchase program, authorizing the buyback of up to $15 million of its common stock over the next 12 months.
Operationally, Outdoor Holding reported a user base of over 8.7 million on its GunBroker Marketplace, with approximately 31,000 federally licensed firearms dealers facilitating transactions. The company is focusing on enhancing its platform through initiatives such as universal payment processing and the integration of Master FFL, which aims to streamline firearm transfers and improve compliance with federal regulations.
Looking ahead, Outdoor Holding anticipates continued growth in its Marketplace segment, supported by strategic investments and operational improvements. The company aims to leverage its increased cash reserves to enhance shareholder value while navigating the evolving landscape of the firearms and outdoor sports industries.
About Outdoor Holding Co
Outdoor Holding Company is an e-commerce platform specializing in firearms and outdoor products, operating primarily through its GunBroker marketplace. With approximately 8.4 million users, it facilitates compliant transactions between buyers and sellers, leveraging a network of over 32,000 licensed dealers. Following the sale of its ammunition segment, the company focuses on enhancing user experience and expanding services, targeting outdoor enthusiasts and industry partners while navigating a competitive landscape.
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