AMMO, Inc. (POWW): History, Ownership, Mission, How It Works & Makes Money

Is AMMO, Inc. (POWW) still an ammunition manufacturer, or is it a high-margin tech platform, especially after reporting a Q1 2025 net loss of $7.1 million on total revenue of $31.0 million? The answer is a massive strategic pivot: the company sold its manufacturing assets for $75 million in early 2025 to focus entirely on its core asset, GunBroker.com, the largest online marketplace for firearms. This shift means you're no longer analyzing a cyclical manufacturer, but a digital platform with a strong balance sheet-boasting $134 million in current assets-that's now chasing a higher-margin e-commerce model, which is defintely a new ballgame for investors.

AMMO, Inc. (POWW) History

You want to understand the foundation of AMMO, Inc. (POWW)-now known as Outdoor Holding Company-and how it got to its current structure. The direct takeaway is that the company started as an ammunition manufacturer in 2016 but fundamentally transformed in 2025 by selling its original business to focus entirely on its high-margin online marketplace, GunBroker.com. This pivot, finalized in April 2025, is the single most important event in its history.

Given Company's Founding Timeline

Year established

AMMO, Inc. was initially established in 2016.

Original location

The company's original location was in Payson, Arizona, which served as the base for its ammunition manufacturing operations.

Founding team members

The initial team included Steven Urvan, who served as Chairman and CEO, and Robert Wiley, who was the Chief Operating Officer. Steven Urvan is particularly important, as he is also the founder of GunBroker.com and returned as CEO and Chairman in May 2025.

Initial capital/funding

Specific details on the initial capital or seed funding are not publicly available. However, the company quickly scaled, securing a NASDAQ listing by 2019 to access broader capital markets for growth initiatives.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory is a story of two distinct businesses and a major corporate divorce. The most transformative decisions centered on the 2021 acquisition and the subsequent 2025 divestiture.

The acquisition of GunBroker.com in 2021 was a massive strategic shift. It instantly created a conglomerate structure, pairing a capital-intensive manufacturing business with a capital-light, high-margin technology platform. Honestly, the marketplace business was the clear winner, generating revenue of $12.3 million in Q1 Fiscal Year 2025, with a take rate of 6.2%.

The true pivot came in 2025. After a period of internal conflict and strategic uncertainty, the company made the crucial decision to sell the original ammunition manufacturing division. This move, finalized in April 2025, refocused the entire organization. The founder of GunBroker.com, Steven Urvan, returned as CEO and Chairman in May 2025, signaling a full commitment to the marketplace model. The financials for the first quarter of Fiscal Year 2025 (ending June 30, 2024) already showed the challenge of the old model, with net revenues down to $31.0 million and a net loss of $7.1 million. The separation was a necessary action to cut the loss-making side.

The result is a new corporate identity, Outdoor Holding Company, which is now solely focused on the online firearms and shooting sports marketplace. This is a much simpler, higher-margin business model. For a deeper dive into the numbers that drove this change, you should read Breaking Down AMMO, Inc. (POWW) Financial Health: Key Insights for Investors.

• Sold the ammunition division in April 2025, becoming a pure-play tech company.
• Regained full Nasdaq compliance after resolving former management's accounting issues in September 2025.
• Stockholders approved the Outdoor Holding Company 2025 Long-Term Incentive Plan in September 2025, aligning new management incentives with the marketplace's growth.

The company is defintely a different entity today than it was even a year ago.

AMMO, Inc. (POWW) Ownership Structure

AMMO, Inc. (POWW) is a publicly traded company, and its ownership structure is a mix of institutional investment and significant insider control. This structure means major investment funds hold the largest block of shares, but company executives and directors retain a substantial stake, which defintely aligns their interests with long-term shareholder value.

AMMO, Inc.'s Current Status

AMMO, Inc. operates as a publicly-traded entity, listed on the Nasdaq exchange under the ticker symbol POWW. While the company's corporate structure has evolved, with the entity sometimes referred to as Outdoor Holding Company, its core business-the GunBroker.com marketplace and ammunition production-remains accessible to all investors. As of November 2025, the stock price was around $1.72 per share.

The company's financial performance for the first quarter of fiscal year 2025 (FY2025) showed total net revenues of approximately $31.0 million, with the Ammunition segment contributing $18.7 million and the Marketplace segment adding $12.3 million. This period also saw a reported net loss of $7.1 million, reflecting ongoing market and operational challenges. Understanding this public status and the financial reality is key to assessing the Mission Statement, Vision, & Core Values of AMMO, Inc. (POWW).

AMMO, Inc.'s Ownership Breakdown

The company's strategic direction is heavily influenced by its institutional and insider shareholders. Institutional investors, like mutual funds and asset managers including BlackRock, Inc. and Vanguard Group Inc, collectively hold the largest portion, providing a degree of market stability. Insiders-the executives and directors-maintain a strong position, which is a significant signal of management confidence. Here's the quick math on the breakdown using the most recent available data:

AMMO, Inc.'s Leadership

The company's leadership team, as of November 2025, is focused on navigating the shift toward the technology-driven marketplace, GunBroker.com, following the sale of certain ammunition manufacturing assets. This leadership group steers the strategy, particularly in enhancing the e-commerce platform's take rate, which was reported at 6.2% in Q1 FY2025.

The executive team and key officers are:

• Steve F. Urvan: Chairman and Chief Executive Officer. As the founder of GunBroker.com, his role emphasizes the marketplace's strategic growth.
• Paul Kasowski: Chief Financial Officer (CFO). Appointed in September 2024, he is focused on cost-cutting and process efficiencies, with up to $15 million in opportunities identified.
• Beth Cross: Chief Operating Officer (COO) for Outdoors Online (GunBroker.com). She leads the platform's optimization and analytics-driven sales strategies.
• Jordan Christensen: Chief Legal Officer and Corporate Secretary. He has served as CLO since June 2025, managing the legal and compliance framework.

AMMO, Inc. (POWW) Mission and Values

The company, now Outdoor Holding Company, has strategically refined its core purpose in 2025, shifting its mission from a dual focus on manufacturing and e-commerce to becoming a pure-play digital marketplace, which is a defintely clearer path to value.

This pivot, which included the sale of its ammunition manufacturing assets to Olin Winchester for a cash injection of $75 million in April 2025, means the company's cultural DNA is now rooted in technology, growth, and the Second Amendment community, not just production volume.

Outdoor Holding Company's Core Purpose

You need to understand that the mission and values of the company, which still trades under the ticker POWW, are now almost entirely centered on its GunBroker.com platform. The old vision of invigorating a complacent munitions industry is gone; the new mandate is pure e-commerce growth and enhancing shareholder value.

Official Mission Statement

The formal mission of Outdoor Holding Company is to innovate and deliver high-performance products and services, serving shooting sports enthusiasts and hunters with reliable solutions, while expanding market share and creating shareholder value. Honestly, it's a standard mission, but the key is the focus on the digital platform and its community.

Here's the quick math on why this matters: in Q1 Fiscal Year 2025, the entire company reported a net loss of $7.1 million on $31.0 million in net revenues, but the marketplace segment, GunBroker.com, generated $12.3 million of that revenue with a take rate of 6.2%. That profitability potential drove the change.

• Innovate and deliver high-performance digital services.
• Serve shooting sports enthusiasts with reliable solutions.
• Expand market share and create long-term shareholder value.

Vision Statement

The company's vision is straightforward: accelerate growth in the core online business and enhance long-term stockholder value. They are transforming GunBroker.com from a single-seller auction framework to a platform that supports multi-seller transactions and cross-selling. This is a game-changer for their margins.

What this estimate hides is the power of the pure-play model: the gross profit margin for the marketplace segment hit an impressive 87.2% in the first quarter post-divestiture, which is a massive signal of high profitability. That's the kind of number that attracts serious institutional money.

• Become the dominant, innovative e-commerce leader in the firearms space.
• Expand service offerings on GunBroker.com to enhance industry partnership.
• Build strong, sustainable revenues for shareholders.

Outdoor Holding Company Slogan/Tagline

While an official, punchy tagline for Outdoor Holding Company is not explicitly published, the company's public identity is defined by its platform's market position. It's what everyone knows them for, so it acts as their de facto slogan.

• The world's largest online marketplace for firearms and accessories.

They are using that dominance to drive new features, like the cart and financing solutions, which is how they pushed the take rate (commission fee) up to 6.2%. If you want to see how this shift impacts their balance sheet, you should be Breaking Down AMMO, Inc. (POWW) Financial Health: Key Insights for Investors.

AMMO, Inc. (POWW) How It Works

AMMO, Inc. (POWW) operates primarily as a high-margin e-commerce platform, owning and running GunBroker.com, the largest online marketplace for the firearms and shooting sports industries. The company generates revenue by facilitating third-party transactions on this platform, a strategic shift that follows the sale of its lower-margin ammunition manufacturing assets for $75 million in the second calendar quarter of 2025.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The operational focus has recalibrated entirely to scaling the GunBroker.com marketplace, moving away from capital-intensive manufacturing. This transformation is gamechanging.

• Platform Monetization: The company systematically increases its 'take rate' (the percentage of a transaction it keeps) through category fee adjustments, especially on non-firearm accessory sales, plus enhanced listing options and advertising revenue.
• E-commerce Innovation: New functionalities and cross-selling features are continuously launched on the platform, leveraging algorithms to suggest product placements and increase customer engagement.
• Financial Discipline: A rigorous effort to streamline operations led to a significant decrease in operating expenses of approximately $6.7 million for the three months ended September 30, 2025, compared to the prior year period.
• Cash Flow Generation: The business model is highly cash-generative, driven by the high operating margin of the marketplace, resulting in a cash on hand balance of approximately $65.7 million as of September 30, 2025.

Here's the quick math: Q2 FY2026 net revenue was about $12.0 million, and the resulting net income was $1.4 million, showing the profitability of the pure-play marketplace model.

For a deeper dive into the balance sheet impact of this shift, you should read Breaking Down AMMO, Inc. (POWW) Financial Health: Key Insights for Investors.

Given Company's Strategic Advantages

AMMO, Inc.'s market success now hinges on its dominant position in a niche e-commerce sector, which is defintely hard for competitors to replicate.

• Marketplace Dominance: GunBroker.com is one of the world's largest online marketplaces for the firearms industry, providing a critical mass of buyers and sellers that creates a powerful network effect.
• Superior Profitability: The Marketplace segment boasts an exceptionally high gross margin, reaching 87.1% in the quarter ended September 30, 2025, which is far superior to the margins of the divested manufacturing business.
• Capital-Light Model: By selling the manufacturing assets, the company has shed the high fixed costs, production inefficiencies, and capital expenditure requirements of the ammunition business, allowing for a focus on a more scalable, technology-driven model.
• Regulatory Validation: A September 2025 federal court confirmation of GunBroker.com's marketplace status validates its business model and intellectual property protection policies, reducing a key regulatory risk for the platform.

AMMO, Inc. (POWW) How It Makes Money

AMMO, Inc., now operating as Outdoor Holding Company, makes money almost exclusively by operating the high-margin, asset-light e-commerce platform, GunBroker.com, which is the largest online marketplace for firearms and related products in the US. The company earns revenue by charging sellers a commission, or 'take rate,' on the total value of goods sold through the platform, plus fees for premium services.

Outdoor Holding Company's Revenue Breakdown

Following the strategic divestiture of its ammunition manufacturing division, the company's revenue now comes entirely from its e-commerce marketplace. This shift is clearly visible in the most recent financial reporting for the second quarter of fiscal year 2026 (Q2 FY2026), which ended September 30, 2025.

The total net revenue for Q2 FY2026 was approximately $11.98 million, which was flat year-over-year but came entirely from the continuing operations of the marketplace. This is a huge change from when the Ammunition segment made up a significant portion of the top line, but often at a negative gross margin, like the -4.0% seen in Q1 FY2025.

Business Economics

The core economic engine is the GunBroker.com marketplace, which operates on a classic platform model. It connects buyers and sellers, and the company takes a cut-it's a much more predictable, higher-margin business than manufacturing. Honestly, this is why the stock is getting a fresh look; they cut the low-margin manufacturing anchor.

• High Take Rate: The company's average take rate-the percentage of the total transaction value (Gross Merchandise Value or GMV) it keeps-increased to 6.34% in Q2 FY2026, up from 6.27% in the prior year period. This is the direct monetization lever.
• Asset-Light Model: The marketplace doesn't hold inventory, so its cost of goods sold is minimal, primarily just platform maintenance and transaction costs. This is why the gross margin is so high.
• Monetization Expansion: They are actively increasing revenue by adding new, high-margin seller services, advertising revenue, and enhanced listing options, plus pushing their Gearfire financing solution to further monetize the transaction flow.

Here's the quick math: with a GMV of nearly $189 million in Q2 FY2026, a 6.34% take rate yields almost exactly the reported revenue. The platform's high margin means a small increase in GMV or take rate drops a lot of cash straight to the bottom line. If you want a deeper dive into who is betting on this model, you should check out Exploring AMMO, Inc. (POWW) Investor Profile: Who's Buying and Why?

Outdoor Holding Company's Financial Performance

The most recent Q2 FY2026 results (ended September 30, 2025) show a significant financial turnaround, driven by the pure-play marketplace focus and aggressive cost-cutting. The company is now focused on profitability from continuing operations, not just top-line growth at any cost.

• Gross Margin Strength: The gross profit margin for the marketplace is exceptionally strong at 87.1% for Q2 FY2026, a slight increase from 86.9% in the prior year. This is a software-like margin, defintely not a manufacturing margin.
• Return to Profitability: The company reported a net income from continuing operations of $1.40 million in Q2 FY2026, a major reversal from a net loss of $5.87 million in the same quarter of the previous year.
• Adjusted EBITDA Improvement: Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) saw a 24% year-over-year improvement, reaching $4.91 million for Q2 FY2026. This metric highlights the underlying operational health after stripping out non-recurring costs.
• Liquidity: The balance sheet is strong, with cash and cash equivalents of over $65.7 million at the end of Q2 FY2026. This provides a solid buffer for platform investment and potential share repurchases.

The key takeaway is that the new, streamlined Outdoor Holding Company has traded high, volatile revenue for lower, high-quality, high-margin revenue, which has successfully pushed the company into profitability.

AMMO, Inc. (POWW) Market Position & Future Outlook

AMMO, Inc. is fundamentally transforming its business model in 2025, shifting its focus from a capital-intensive ammunition manufacturer to a high-margin e-commerce pure-play. The company's future hinges on its ability to aggressively scale the GunBroker.com platform, leveraging its near-monopoly position in the online firearms marketplace to drive profitability.

The sale of its ammunition manufacturing assets to Olin's Winchester for $75 million in cash, expected to close in the second calendar quarter of 2025, is the critical pivot. That cash infusion is defintely the key to funding platform growth and share repurchases, but the core business is now a tech company, not a factory.

Competitive Landscape

The competitive analysis must reflect AMMO, Inc.'s post-pivot identity: a dominant online marketplace. While manufacturers like Smith & Wesson Brands are competitors for the consumer's dollar, GunBroker.com's true edge is its platform model, which captures a significant percentage of all US firearms transactions.

Opportunities & Challenges

You're looking at a company that has traded manufacturing risk for platform risk. The opportunity is clear: high margins and scalability. But the challenges, particularly on the compliance side, are serious and near-term.

Industry Position

AMMO, Inc. is now positioned as the dominant technology platform in the US firearms and shooting sports sector, not a traditional defense contractor. This shift moves the company from competing on commodity pricing with giants like Olin Corporation to competing on network effects and platform features.

• The company's market capitalization was approximately $189.72 million as of November 21, 2025, placing it firmly in the small-cap range, but its platform revenue base is disproportionately large for its size.
• GunBroker.com's strength is its network effect, connecting millions of users and facilitating approximately 7% of all national firearms transactions, a metric few competitors can touch.
• The focus on the marketplace insulates the company from the volatile raw material costs and production issues that plagued its former ammunition segment, which posted a negative 4.0% gross margin in Q1 FY2025.
• The strategic vision is detailed further in the Mission Statement, Vision, & Core Values of AMMO, Inc. (POWW)., emphasizing the digital future.

The key action for you is monitoring the NASDAQ compliance issue; a failure to resolve the late filings by May 19, 2025, could trigger delisting proceedings, regardless of the platform's high margins.