Revenue grew 25.4% year-over-year to $37.3M in 2027Q1 with gross margin hitting a ten-quarter peak of 53.0%, yet SG&A of $20.3M still drove operating income to -$2.1M (a -5.7% operating margin), leaving EPS at -$0.12.
American Outdoor Brands, Inc. (AOUT) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 |
|---|
| Sales/Revenue | 198.09M | 190.54M | 222.32M | 201.1M | 191.21M | 247.53M | 276.69M | 167.38M | 177.36M |
| Revenue Growth % | -5.84% | -14.3% | 10.55% | 5.17% | -22.75% | -10.54% | 65.31% | -5.63% | - |
| Cost of Goods Sold | 107.02M | 105.34M | 123.06M | 112.67M | 103.14M | 133.29M | 149.86M | 96.36M | 93.89M |
| COGS % of Revenue | - | 55.29% | 55.35% | 56.03% | 53.94% | 53.85% | 54.16% | 57.57% | 52.94% |
| Gross Profit | 91.07M | 85.19M | 99.26M | 88.43M | 88.06M | 114.24M | 126.83M | 71.02M | 83.47M |
| Gross Margin % | 45.98% | 44.71% | 44.65% | 43.97% | 46.06% | 46.15% | 45.84% | 42.43% | 47.06% |
| Gross Profit Growth % | - | -14.17% | 12.26% | 0.41% | -22.91% | -9.93% | 78.59% | -14.92% | - |
| Operating Expenses | 91.94M | 90.76M | 99.42M | 100.92M | 100.76M | 102.91M | 103.33M | 84.88M | 87.14M |
| OpEx % of Revenue | - | 47.63% | 44.72% | 50.19% | 52.7% | 41.58% | 37.35% | 50.71% | 49.13% |
| Selling, General & Admin | 86.25M | 84.67M | 91.71M | 94.07M | 94.4M | 97.41M | 97.95M | 79.89M | 82.28M |
| SG&A % of Revenue | - | 44.44% | 41.25% | 46.78% | 49.37% | 39.35% | 35.4% | 47.73% | 46.39% |
| Research & Development | 5.68M | 6.09M | 7.71M | 6.85M | 6.36M | 5.5M | 5.38M | 5M | 4.86M |
| R&D % of Revenue | - | 3.19% | 3.47% | 3.41% | 3.33% | 2.22% | 1.94% | 2.98% | 2.74% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 497K | -21K | 54K |
| Operating Income | -865K | -5.57M | -154K | -12.5M | -12.65M | 11.33M | 23.5M | 85.06M | -14.06M |
| Operating Margin % | -0.44% | -2.92% | -0.07% | -6.21% | -6.62% | 4.58% | 8.49% | 50.82% | -7.93% |
| Operating Income Growth % | - | -3514.94% | 98.77% | 1.23% | -211.72% | -51.79% | -72.38% | 704.78% | - |
| EBITDA | 10.91M | 6.87M | 13.12M | 3.6M | 3.86M | 28.29M | 43.32M | 108.97M | 10.93M |
| EBITDA Margin % | 5.51% | 3.61% | 5.9% | 1.79% | 2.02% | 11.43% | 15.66% | 65.1% | 6.16% |
| EBITDA Growth % | 26.76% | -47.63% | 264.07% | -6.58% | -86.36% | -34.69% | -60.25% | 897.45% | - |
| D&A (Non-Cash Add-back) | 11.78M | 12.44M | 13.28M | 16.1M | 16.51M | 16.97M | 19.83M | 23.91M | 24.99M |
| EBIT | -865K | -5.57M | -154K | -12.5M | -12.65M | 11.33M | 23.5M | -13.87M | -3.67M |
| Net Interest Income | 293K | -276K | 60K | 39K | -761K | -324K | 300K | 4.96M | 5.22M |
| Interest Income | 576K | 0 | 60K | 39K | 0 | 0 | 300K | 4.96M | 5.22M |
| Interest Expense | 133K | 276K | 0 | 0 | 761K | 324K | 0 | 0 | 0 |
| Other Income/Expense | -3.05M | -3.6M | 200K | 179K | 427K | -66.86M | 797K | -88.36M | 5.28M |
| Pretax Income | -3.91M | -9.16M | 46K | -12.32M | -12.27M | -55.54M | 24.29M | -107.85M | -8.79M |
| Pretax Margin % | -1.98% | -4.81% | 0.02% | -6.13% | -6.42% | -22.44% | 8.78% | -64.44% | -4.95% |
| Income Tax | -6K | 45K | 123K | -70K | -249K | 9.34M | 5.89M | -11.65M | 734K |
| Effective Tax Rate % | 0.15% | -0.49% | 267.39% | 0.57% | 2.03% | -16.83% | 24.23% | 10.8% | -8.35% |
| Net Income | -3.91M | -9.21M | -77K | -12.25M | -12.02M | -64.88M | 18.41M | -96.2M | -9.52M |
| Net Margin % | -1.97% | -4.83% | -0.03% | -6.09% | -6.29% | -26.21% | 6.65% | -57.48% | -5.37% |
| Net Income Growth % | 13.96% | -11858.44% | 99.37% | -1.86% | 81.47% | -452.51% | 119.13% | -910.41% | - |
| Net Income (Continuing) | -3.91M | -9.21M | -77K | -12.25M | -12.02M | -64.88M | 18.41M | -96.2M | -9.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.31 | -0.73 | -0.01 | -0.94 | -0.90 | -4.66 | 1.29 | -6.93 | -0.69 |
| EPS Growth % | 15.03% | - | 99.36% | -4.44% | 80.69% | -461.24% | 118.61% | -904.35% | - |
| EPS (Basic) | - | -0.73 | -0.01 | -0.94 | -0.90 | -4.66 | 1.31 | -6.93 | -0.69 |
| Diluted Shares Outstanding | 12.55M | 12.59M | 12.81M | 12.97M | 13.37M | 13.93M | 14.22M | 13.88M | 13.88M |
| Basic Shares Outstanding | 12.55M | 12.59M | 12.81M | 12.97M | 13.36M | 13.92M | 14M | 13.88M | 13.88M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying AOUT stock.
For fiscal year 2026, American Outdoor Brands, Inc. (AOUT) reported total revenue of $190.5M. This represents a 7.4% increase compared to $177.4M in 2019.
American Outdoor Brands, Inc. (AOUT) reported a net loss of $9.2M for the fiscal year ending 2026.
American Outdoor Brands, Inc. (AOUT) reported an operating income of $-5.6M, resulting in an operating profit margin of -2.9%. This margin reflects the operational efficiency of the business before interest and taxes.
American Outdoor Brands, Inc. (AOUT) generated $85.2M in gross profit for the year, representing a gross profit margin of 44.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Chronic operating margin deficiency persists
Metrics are mathematically derived from official filings.
Revenue Rebounds From FY2026 Trough
AOUT's 25.4% year-over-year revenue growth in 2027Q1 to $37.3M marks a notable reversal from the FY2026 contraction, though absolute revenue still trails the $41.6M recorded in 2025Q1. Per the quarterly income statements, this recovery may partly reflect an unusually weak base rather than structural demand strength.
The 25.4% growth in 2027Q1 is the strongest YoY reading in the ten-quarter series, but it follows a -28.7% decline in 2026Q1, making the comparison exceptionally easy. Full-year FY2026 revenue (2026Q1-Q4) totaled approximately $190.6M versus roughly $222.2M in FY2025, representing an approximate 14% contraction that underscores how deeply the prior-year slump cut into the top line. Even with the 2027Q1 improvement, quarterly revenue of $37.3M remains well below the $57-62M levels seen in 2025Q2 through 2025Q4, suggesting the company has yet to recover its pre-contraction revenue base.
Gross Margin Reaches Ten-Quarter Peak
AOUT achieved a 53.0% gross margin in 2027Q1, the highest level in the trailing ten quarters and a 630 basis point improvement from the 46.7% posted in 2026Q1. As reported in the company's income statements, this suggests a favorable mix shift toward higher-margin accessories, though historical volatility warrants caution.
Gross margin has swung from 40.9% (2025Q4) to 53.0% (2027Q1) across the series, a range of roughly 12 percentage points that reflects both seasonal product mix effects and promotional intensity tied to demand conditions. Compared to firearms manufacturing peers—Smith & Wesson at 26.9% and Sturm Ruger at 16.4%—AOUT's margin profile reflects its accessories-heavy portfolio, which typically commands higher unit economics. However, the volatility range suggests that pricing power is cyclical rather than structural, and investors should view the 53% level as potentially peak rather than normalized.
Overhead Burden Blocks Operating Profitability
SG&A of $20.3M in 2027Q1 consumed approximately 54.4% of that quarter's $37.3M revenue, preventing a 53.0% gross margin from yielding positive operating income. Per SEC filings, this overhead-to-revenue ratio has consistently constrained margins, keeping the operating line negative in seven of the last ten quarters despite strong gross profit generation.
SG&A has declined modestly from peak levels of $24.0M (2025Q2) to $20.3M (2027Q1), and R&D has similarly contracted from $2.2M to $1.6M, indicating active cost discipline. Yet the improvement in operating loss from -$6.8M in 2026Q1 to -$2.1M in 2027Q1 was driven primarily by the $7.6M revenue recovery plus gross margin expansion, not structural cost reduction alone. The company appears to need sustained quarterly revenue in the $55-60M range with gross margins above 45% to generate meaningfully positive operating income, a threshold it has only approached intermittently.
2026Q1 Trough Followed by Sequential Recovery
2026Q1 was AOUT's worst quarter on record, with revenue collapsing 28.7% to $29.7M and operating loss widening to -$6.8M. According to the reported income statement data, every subsequent quarter showed incremental improvement in either revenue trajectory, margin dynamics, or both, suggesting the operational trough may have passed.
The 2026Q1 deterioration reflected a convergence of sharply reduced seasonal revenue at $29.7M with an SG&A base of $18.7M that was only modestly below peak levels, producing a -23.0% operating margin and -$6.8M net loss. The recovery through 2027Q1—with revenue improving to $37.3M, gross margin reaching 53.0%, and operating loss narrowing to -$2.1M—appears driven by both demand stabilization and cost management. Critically, Q1 has historically been AOUT's weakest seasonal quarter, so the 2027Q1 recovery, while directionally encouraging, still leaves the company below its prior-year seasonal baseline of $41.6M and well short of profitability.
Persistent EPS Deficit Undermines Quality
AOUT reported negative diluted EPS in seven of the last ten quarters, accumulating a cumulative loss of approximately -$1.27 per share. As disclosed in the company's quarterly filings, stock-based compensation of $737K in 2027Q1 represents a recurring non-cash drag of roughly $3-4M annually against a business that generates negative operating income.
Net income has tracked operating income closely, with minimal non-operating noise and straightforward tax treatment, but this only highlights how weak the underlying operating results have been. The cumulative net loss of approximately -$16.1M over ten quarters has eroded per-share book value, and even the strongest quarter (2025Q2) produced just $0.24 in EPS on $60.2M of revenue—a 5.2% net margin that appears to be the ceiling under favorable conditions. With SBC remaining steady at $700K-$1M per quarter, the reported EPS figures represent an increasingly diluted economic reality for shareholders.
Margin Recovery May Not Be Durable
AOUT's 53.0% gross margin in 2027Q1 could reflect temporary favorable mix or demand dynamics rather than structural improvement, given the 12-percentage-point swing across the ten-quarter series. As noted in financial statements, gross margin compressed to 41.0% as recently as 2026Q3, demonstrating the volatility investors should monitor.
The bear case rests on three concerns: first, the 25.4% revenue recovery in 2027Q1 compares against an exceptionally depressed base of $29.7M, and absolute revenue still sits below 2025Q1 levels of $41.6M; second, the historical margin range of 41-53% suggests limited structural pricing power, and the current peak may prove transitory as demand normalizes; third, even at the most favorable quarters, cumulative EPS of -$1.27 over ten quarters and $16.1M in net losses demonstrate that operational improvement has yet to translate into durable shareholder returns. Peer benchmarking underscores the challenge: Smith & Wesson, despite lower gross margins of 26.9%, maintains a positive 5.6% operating margin and positive ROIC of 5.1%, while AOUT cannot consistently break even.