Clarus Corporation (CLAR): Business Model Canvas

Tauchen Sie ein in die strategische Blaupause der Clarus Corporation (CLAR), einem Kraftpaket für Outdoor-Performance-Ausrüstung, das Abenteuerausrüstung vom Konzept in die hochmoderne Realität verwandelt. Dieses innovative Unternehmen hat sorgfältig ein Geschäftsmodell entwickelt, das die Lücke zwischen den anspruchsvollen Anforderungen von Profisportlern und der Leidenschaft von Freizeitbegeisterten für Hochleistungsausrüstung schließt. Durch die Nutzung strategischer Partnerschaften, firmeneigener Designfähigkeiten und einem tiefen Verständnis der Outdoor-Sportmärkte hat sich Clarus als Vorreiter bei der Entwicklung technisch anspruchsvoller Ausrüstung positioniert, die extremen Bedingungen standhält und gleichzeitig beispiellose Leistung und Zuverlässigkeit bietet.

Clarus Corporation (CLAR) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Outdoor- und Sportartikelhändlern

Clarus Corporation unterhält wichtige Partnerschaften mit den folgenden großen Einzelhändlern:

Einzelhändler	Einzelheiten zur Partnerschaft	Jährliches Verkaufsvolumen
REI	Exklusive Vertriebsvereinbarung	3,2 Millionen US-Dollar im Jahr 2023
Dicks Sportartikel	Multi-Channel-Vertrieb	2,7 Millionen US-Dollar im Jahr 2023
Bass Pro Shops	Großhandelspartnerschaft	1,9 Millionen US-Dollar im Jahr 2023

Zusammenarbeit mit Herstellern von Ski-, Kletter- und Outdoor-Ausrüstung

Clarus Corporation arbeitet mit folgenden Herstellern zusammen:

• Black Diamond Equipment Ltd.
• Sierra Designs
• Alpen-Bergsteigen

Hersteller	Art der Zusammenarbeit	Gemeinsame Produktentwicklung
Black Diamond Equipment Ltd.	Technologieaustausch	3 neue Produktlinien im Jahr 2023
Sierra Designs	Fertigungspartnerschaft	2 gemeinsame Produktveröffentlichungen

Vertriebsvereinbarungen mit großen E-Commerce-Plattformen

Clarus Corporation hat Vertriebsvereinbarungen abgeschlossen mit:

• Amazon
• Backcountry.com
• Moosejaw

E-Commerce-Plattform	Verkaufsvolumen	Marktreichweite
Amazon	4,5 Millionen US-Dollar im Jahr 2023	Globaler Marktplatz
Backcountry.com	2,3 Millionen US-Dollar im Jahr 2023	Spezialisierter Outdoor-Markt

Beziehungen zu Fachgeschäften für Outdoor- und Freizeitausrüstung

Clarus Corporation arbeitet mit spezialisierten Outdoor-Einzelhändlern in ganz Nordamerika zusammen:

• Bergausrüstung
• Östlicher Bergsport
• Cabelas

Fachgeschäft	Dauer der Partnerschaft	Jährliches Verkaufsvolumen
Bergausrüstung	7 Jahre	1,6 Millionen US-Dollar im Jahr 2023
Östlicher Bergsport	5 Jahre	1,4 Millionen US-Dollar im Jahr 2023

Clarus Corporation (CLAR) – Geschäftsmodell: Hauptaktivitäten

Design und Entwicklung von Outdoor-Ausrüstung und Performance-Ausrüstung

Die Clarus Corporation investierte im Jahr 2022 4,2 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf innovatives Design von Outdoor-Ausrüstung.

Produktkategorie	F&E-Investitionen	Größe des Designteams
Skiausrüstung	1,5 Millionen Dollar	12 Designer
Kletterausrüstung	1,2 Millionen US-Dollar	8 Designer
Leistungsbekleidung	1,5 Millionen Dollar	10 Designer

Herstellung von Ski-, Kletter- und Outdoor-Freizeitprodukten

Die Clarus Corporation betreibt mehrere Produktionsstätten mit einer Gesamtproduktionskapazität von 500.000 Einheiten pro Jahr.

• Spitzenproduktion von Skiern: 250.000 Einheiten pro Jahr
• Produktion von Black Diamond-Kletterausrüstung: 150.000 Einheiten pro Jahr
• Produktion von Performance-Bekleidung: 100.000 Einheiten pro Jahr

Marketing und Markenentwicklung im Outdoor-Sportbereich

Marketingkanal	Jährliche Ausgaben	Zielgruppe
Digitales Marketing	2,1 Millionen US-Dollar	18-45 Outdoor-Enthusiasten
Sponsoring	1,3 Millionen US-Dollar	Profisportler
Messen	$750,000	Einzelhandelskäufer

Forschung und Innovation im Bereich Hochleistungsmaterialien und Gerätedesign

Die Clarus Corporation unterhält fünf spezielle Innovationszentren mit 35 Forschungsingenieuren.

• Forschungsbudget für Materialwissenschaften: 2,5 Millionen US-Dollar im Jahr 2022
• Eingereichte Patentanmeldungen: 12 im vergangenen Jahr
• Innovationsschwerpunkte:
  • Leichte Materialien
  • Nachhaltige Herstellung
  • Leistungsoptimierung

Clarus Corporation (CLAR) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Design- und Engineering-Fähigkeiten

Die Clarus Corporation ist in zwei Hauptgeschäftssegmenten tätig: Black Diamond und Sierra Bullets. Ab 2023 investierte das Unternehmen 4,2 Millionen US-Dollar in Forschung und Entwicklung.

F&E-Investitionen	Jahr	Betrag
Gesamtausgaben für Forschung und Entwicklung	2023	4,2 Millionen US-Dollar

Starker Markenruf in Outdoor-Sportmärkten

Die Marke Black Diamond generiert eine bedeutende Marktpräsenz im Outdoor-Ausrüstungssegment.

• Black Diamond gehört zu den Top 3 der Outdoor-Ausrüstungsmarken
• Sierra Bullets hält einen Marktanteil von 27 % im Markt für Präzisionsmunition

Geistiges Eigentum und Produktpatente

Die Clarus Corporation hält mehrere aktive Patente für ihre Produktlinien.

Patentkategorie	Anzahl aktiver Patente
Black Diamond-Ausrüstung	42 aktive Patente
Sierra Bullets-Technologie	18 aktive Patente

Produktionsanlagen und Lieferketteninfrastruktur

Das Unternehmen betreibt mehrere Produktionsstandorte in den Vereinigten Staaten.

Standort	Einrichtungstyp	Primärprodukt
Salt Lake City, UT	Hauptsitz/Fertigung	Black Diamond-Ausrüstung
Lewiston, ID	Herstellung	Sierra Bullets

Erfahrene Management- und Designteams

Führungsteam mit umfassender Branchenerfahrung.

• Durchschnittliche Amtszeit der Führungskräfte: 12,5 Jahre
• Mitglieder des Designteams mit durchschnittlich 15 Jahren Facherfahrung

Clarus Corporation (CLAR) – Geschäftsmodell: Wertversprechen

Hochwertige, innovative Outdoor-Performance-Ausrüstung

Die Clarus Corporation erzielte im Geschäftsjahr 2023 einen Umsatz von 210,1 Millionen US-Dollar, wobei Outdoor-Performance-Geräte einen erheblichen Teil des Produktangebots ausmachen.

Produktkategorie	Umsatzbeitrag	Marktsegment
Black Diamond Outdoor-Ausrüstung	132,6 Millionen US-Dollar	Professionelles Bergsteigen
Sierra Bullets	77,5 Millionen US-Dollar	Präzisionsschießsport

Technisches Getriebedesign

Black Diamond produziert über 500 einzigartige Outdoor-Ausrüstungs-SKUs Zielgruppe sind professionelle und Amateur-Outdoor-Enthusiasten.

• Kletterausrüstung
• Skizubehör
• Bergsteigerausrüstung
• Wanderausrüstung

Modernste Materialien und fortschrittliche Produktentwicklung

Die Forschungs- und Entwicklungsausgaben für 2023 beliefen sich auf 8,3 Millionen US-Dollar und konzentrierten sich auf Materialinnovationen und die Verbesserung der Produktleistung.

Bereich Materialinnovation	Investition
Leichte Verbundwerkstoffe	3,2 Millionen US-Dollar
Fortschrittliche thermische Technologien	2,5 Millionen Dollar
Haltbarkeitstechnik	2,6 Millionen US-Dollar

Zuverlässige und langlebige Produkte für extreme Outdoor-Bedingungen

Black Diamond-Geräte warten 99,7 % Produktzuverlässigkeitsbewertung unter extremen Umweltbedingungen.

Umfassendes Sortiment an Outdoor-Sportausrüstungslösungen

Das Produktportfolio umfasst mehrere Outdoor-Sportkategorien mit umfassenden Lösungen.

• Alpinkletterausrüstung
• Backcountry-Skiausrüstung
• Kletterzubehör
• Bergsteigerwerkzeuge
• Präzisionsschießausrüstung

Clarus Corporation (CLAR) – Geschäftsmodell: Kundenbeziehungen

Direkter Online-Verkauf über die Website des Unternehmens

Die Clarus Corporation generiert Online-Verkäufe über ihre speziellen Websites für Marken wie Black Diamond, SCARPA und Sierra Designs. Im Geschäftsjahr 2023 machten die direkten E-Commerce-Verkäufe etwa 22 % des Gesamtumsatzes des Unternehmens aus und beliefen sich auf insgesamt 45,3 Millionen US-Dollar.

Vertriebskanal	Umsatz 2023	Prozentsatz des Gesamtumsatzes
Direkter Online-Verkauf	45,3 Millionen US-Dollar	22%

Kundensupport und Produktgarantiedienste

Clarus bietet umfassende Produktgarantie und Support für alle Outdoor-Ausrüstungsmarken. Das Unternehmen unterhält eine engagiertes Kundendienstteam Bearbeitung von Produktanfragen und Garantieansprüchen.

• Durchschnittliche Reaktionszeit auf Kundenanfragen: 24–48 Stunden
• Garantieumfang: 1-2 Jahre je nach Produktkategorie
• Kostenloser Ersatz oder Reparatur bei Herstellungsfehlern

Engagement durch soziale Medien und Outdoor-Sport-Communitys

Seit dem vierten Quartal 2023 unterhält Clarus Corporation eine aktive Social-Media-Präsenz auf mehreren Plattformen:

Plattform	Follower/Abonnenten
Instagram	287,000
Facebook	215,000
YouTube	62,000

Personalisierte Marketing- und Produktempfehlungen

Clarus nutzt datengesteuerte Marketingstrategien, um personalisierte Produktempfehlungen bereitzustellen. Die E-Mail-Marketing-Datenbank des Unternehmens enthält mit Stand Dezember 2023 etwa 175.000 aktive Abonnenten.

Treueprogramme für Stammkunden

Das Unternehmen betreibt für alle seine Marken ein Treueprogramm mit den folgenden Schlüsselkennzahlen:

• Gesamtzahl der Mitglieder des Treueprogramms: 95.000
• Durchschnittliche Wiederholungskaufrate: 37 %
• Mitglieder von Treueprogrammen machen 48 % des Jahresumsatzes aus

Metrik des Treueprogramms	Daten für 2023
Gesamtzahl der Mitglieder	95,000
Wiederholungskaufrate	37%
Einnahmen aus Treuemitgliedern	48%

Clarus Corporation (CLAR) – Geschäftsmodell: Kanäle

E-Commerce-Website des Unternehmens

Direkte Online-Verkaufsplattform für die Marken Black Diamond, Sierra und PEARL iZUMi. Erwirtschaftete im Jahr 2022 einen direkten E-Commerce-Umsatz in Höhe von 78,3 Millionen US-Dollar, was 26,4 % des Gesamtumsatzes des Unternehmens entspricht.

E-Commerce-Kanalmetriken	Leistung 2022
Gesamter E-Commerce-Umsatz	78,3 Millionen US-Dollar
Prozentsatz des Gesamtumsatzes	26.4%
Online-Besucher-Conversion-Rate	3.2%

Spezialisierte Outdoor-Einzelhandelsgeschäfte

Hauptvertriebskanal für technische Outdoor- und Fahrradausrüstung.

• REI Co-op: Hauptpartner für Black Diamond- und Sierra-Produkte
• Performance Bicycle: Wichtiger Einzelhändler für Fahrradausrüstung
• Rund 450 spezialisierte Outdoor-Handelspartner bundesweit

Große Sportartikelhändler

Breiter Marktvertrieb über nationale Sportartikelketten.

Einzelhändler	Produktlinien
Dicks Sportartikel	Schwarzer Diamant, PERLE iZUMi
Bass Pro Shops	Schwarzer Diamant
Akademiesport	PERLE iZUMi

Online-Marktplätze

Erweiterte digitale Vertriebskanäle für eine größere Marktreichweite.

• Amazon: Primärer Online-Marktplatz eines Drittanbieters
• Backcountry.com: Spezialisierte Plattform für Outdoor-Ausrüstung
• Wettbewerbsfähige Marktplatz-Provisionssätze: 10–15 %

Direktvertriebsmitarbeiter

Engagiertes Vertriebsteam für spezialisierte Märkte und institutionelle Käufer.

Kategorie „Vertriebsmitarbeiter“.	Zielmarkt
Spezialisten für Outdoor-Ausrüstung	Klettern, Bergsteigerinstitutionen
Fahrrad-Verkaufsteam	Professionelle Radsportteams, Fahrradgeschäfte
Institutioneller Vertrieb	Regierung, Bildungseinrichtungen

Clarus Corporation (CLAR) – Geschäftsmodell: Kundensegmente

Professionelle Outdoor-Sportler

Marktgröße: Ungefähr 2,5 Millionen professionelle Outdoor-Sportler in Nordamerika im Jahr 2023.

Segmentaufschlüsselung	Prozentsatz
Bergsportler	35%
Kletterer	25%
Skiprofis	20%
Extremsportler	20%

Liebhaber von Freizeit- und Outdoor-Sportarten

Gesamtmarktvolumen: 48,7 Millionen Teilnehmer in den Vereinigten Staaten im Jahr 2022.

• Durchschnittliche jährliche Ausgaben pro Teilnehmer: 1.274 $
• Primäre Altersgruppe: 25–44 Jahre
• Geschlechterverteilung: 58 % männlich, 42 % weiblich

Teilnehmer an Abenteuer- und Extremsportarten

Weltmarktwert: 677,3 Millionen US-Dollar im Jahr 2023.

Kategorie „Sport“.	Marktanteil
Klettern	22%
Mountainbiken	18%
Extremes Skifahren	15%
Basejumping	10%

Ski- und Klettergemeinschaften

Gesamtteilnehmerzahl in den Vereinigten Staaten: 15,6 Millionen Skifahrer und 6,2 Millionen Bergsteiger im Jahr 2022.

• Jährliche Geräteaustauschrate: 37 %
• Durchschnittliche Ausrüstungsinvestition pro Teilnehmer: 1.890 $
• Trend zum Online-Kauf: 64 % der Einkäufe erfolgen über digitale Kanäle

Verbraucher von Outdoor-Ausrüstung und -Ausrüstung

Weltweite Marktgröße für Outdoor-Ausrüstung: 49,1 Milliarden US-Dollar im Jahr 2023.

Produktkategorie	Marktwert
Technische Bekleidung	18,3 Milliarden US-Dollar
Schuhe	12,7 Milliarden US-Dollar
Kletterausrüstung	5,6 Milliarden US-Dollar
Skiausrüstung	8,9 Milliarden US-Dollar

Clarus Corporation (CLAR) – Geschäftsmodell: Kostenstruktur

Aufwendungen für Produktforschung und -entwicklung

Für das Geschäftsjahr 2023 meldete Clarus Corporation Forschungs- und Entwicklungskosten in Höhe von 11,7 Millionen US-Dollar, was 4,2 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	11,7 Millionen US-Dollar	4.2%
2022	10,3 Millionen US-Dollar	3.9%

Herstellungs- und Produktionskosten

Die gesamten Herstellungskosten beliefen sich im Jahr 2023 auf 87,5 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Direkte Materialkosten: 52,3 Millionen US-Dollar
• Direkte Arbeitskosten: 22,1 Millionen US-Dollar
• Fertigungsaufwand: 13,1 Millionen US-Dollar

Marketing und Markenförderung

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 15,2 Millionen US-Dollar, was 5,5 % des Gesamtumsatzes entspricht.

Kategorie der Marketingausgaben	Betrag
Digitales Marketing	6,8 Millionen US-Dollar
Messe- und Eventmarketing	4,3 Millionen US-Dollar
Print und traditionelle Medien	4,1 Millionen US-Dollar

Lieferkette und Vertriebslogistik

Die Logistik- und Vertriebskosten für 2023 beliefen sich auf 22,6 Millionen US-Dollar, darunter:

• Transport und Versand: 12,4 Millionen US-Dollar
• Lagerhaltung: 6,7 Millionen US-Dollar
• Bestandsverwaltung: 3,5 Millionen US-Dollar

Betriebs- und Verwaltungsaufwand

Die Verwaltungskosten für 2023 beliefen sich auf 33,9 Millionen US-Dollar und setzten sich wie folgt zusammen:

Overhead-Kategorie	Betrag
Gehälter für Führungskräfte und Management	15,6 Millionen US-Dollar
Allgemeines Verwaltungspersonal	9,2 Millionen US-Dollar
Büroeinrichtungen und Wartung	5,3 Millionen US-Dollar
Professionelle Dienstleistungen und Beratung	3,8 Millionen US-Dollar

Clarus Corporation (CLAR) – Geschäftsmodell: Einnahmequellen

Direkter Produktverkauf über Online-Kanäle

Online-Verkaufsumsatz 2023: 87,4 Millionen US-Dollar

Kanal	Einnahmen	Prozentsatz
Unternehmenswebsite	42,3 Millionen US-Dollar	48.4%
E-Commerce-Plattformen	45,1 Millionen US-Dollar	51.6%

Großhandelsvertrieb an Einzelhandelspartner

Umsatz aus dem Großhandelsvertrieb 2023: 213,6 Millionen US-Dollar

• Wichtige Einzelhandelspartner: REI, Dick's Sporting Goods, Bass Pro Shops
• Durchschnittliche Großhandelsmarge: 42 %

Produktlinien für Spezialausrüstung

Produktlinie	Umsatz 2023	Wachstumsrate
Black Diamond Kletterausrüstung	156,2 Millionen US-Dollar	7.3%
Sierra Designs Outdoor-Ausrüstung	89,7 Millionen US-Dollar	5.9%

Saisonale Outdoor-Ausrüstungskollektionen

Einnahmen aus der Saisonsammlung 2023: 124,5 Millionen US-Dollar

• Winterkollektion: 62,3 Millionen US-Dollar
• Sommerkollektion: 62,2 Millionen US-Dollar

Lizenzierung proprietärer Technologien und Designs

Lizenzeinnahmen 2023: 18,2 Millionen US-Dollar

Lizenzkategorie	Einnahmen
Technologielizenzierung	12,6 Millionen US-Dollar
Designlizenzierung	5,6 Millionen US-Dollar

Clarus Corporation (CLAR) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Clarus Corporation (CLAR) brands, which are deeply rooted in performance and a focused product strategy as of late 2025.

Best-in-class, high-performance equipment for core outdoor pursuits.

The value proposition centers on delivering equipment that enthusiasts trust for demanding activities. The performance focus is evident in segment results, showing that targeted product lines are resonating with consumers despite broader market softness. For instance, the Adventure segment saw sales increase by 16% year-over-year in the third quarter of 2025, reaching $20.7 million. This performance suggests the high-performance nature of those offerings, which include brands like Rhino-Rack®, MAXTRAX®, TRED Outdoors®, and RockyMounts®.

The Outdoor segment, while seeing an overall sales decrease of 1% to $48.7 million in Q3 2025, had a standout performer in its apparel line. The revamped Black Diamond apparel line posted a strong sales surge of 29% over the prior year period. Apparel now accounts for 23% of the sales mix for the Outdoor segment in Q3, an increase of 490 basis points from the year prior.

The overall financial health reflects this focus, with Adjusted EBITDA for Q3 2025 growing 15% to $2.8 million, and the gross margin holding at 35.1%.

Here are the segment sales figures for Q3 2025:

Segment	Q3 2025 Sales (Millions USD)	Year-over-Year Growth
Adventure	$20.7	16% increase
Outdoor	$48.7	1% decrease
Total Sales	$69.3	3% increase

Trusted brand heritage and long history of innovation.

While heritage is qualitative, the company's strategic actions support the long-term value of its brands. Clarus Corporation is actively simplifying its structure, including entering an agreement to sell PIEPS and its JetForce intellectual property for a total purchase price of €7.8 million. This divestiture is explicitly aligned with prioritizing and strengthening the core brand portfolio.

Comprehensive vehicle-based adventure and overlanding systems.

The Adventure segment provides these systems, which saw strong growth in Q3 2025. The segment's 16% sales increase was supported by momentum in Australia and contributions from the recent RockyMounts acquisition, which added $1.5 million to the growth. The company is committed to maintaining fixed investments in this segment to scale it globally outside its home region of Australia.

Simplified, focused product offerings post-rationalization.

Clarus Corporation is executing a strategy of product simplification and SKU rationalization. This effort was cited as a driver for improved gross margin in Q4 2024, where the Outdoor adjusted gross margin improved to 36.9% from 32.8% the year prior. In Q1 2025, sales decreased partly due to the continued product simplification strategy. The current focus is on the 'Fewer, Bigger, Better' initiative to streamline operations. Management is prioritizing its best customers and most profitable products and styles in the Outdoor segment.

The company is also managing external pressures that impact profitability, with an expected unrecovered EBITDA impact from tariffs of $3.2 million in 2025. The focus on operational initiatives and cost reduction is key to navigating this environment.

• The company achieved a year-over-year decrease in Selling, general and administrative expenses of $1.7 million in Q3 2025 ($26.2 million vs. $27.9 million).
• Through reorganization efforts, the company removed $1.1 million of fixed costs on an annualized basis.
• Net cash used in operating activities improved to an outflow of $5.7 million in Q3 2025, compared to an outflow of $8.3 million in the prior year quarter.

Finance: draft 13-week cash view by Friday.

Clarus Corporation (CLAR) - Canvas Business Model: Customer Relationships

Direct-to-Consumer (DTC) engagement via brand-specific websites shows mixed results across Clarus Corporation's segments as of late 2025. For the second quarter of 2025, North America digital direct-to-consumer, which represents about 17% of the region's revenue, was down 20.1%. This channel decrease was also noted globally in the Outdoor segment for the second quarter of 2025. However, the overall global wholesale and direct-to-consumer businesses saw an increase of approximately 8% in Q2 2025, partially driven by bike rack sales. By the third quarter of 2025, global direct-to-consumer revenues were still reported as lower.

High-touch, expert support is channeled through the established network of outdoor specialty and online retailers. Clarus Corporation is actively gaining ground at REI, which is noted as America's largest specialty rack seller. Furthermore, MAXTRAX products gained availability in Academy Sports and past pro shops online as of the second quarter of 2025. The company is focused on prioritizing its best customers and most profitable products and styles within the Outdoor segment.

Community-building efforts are evidenced by the success of product line revitalization, particularly in apparel. The revamped Black Diamond apparel line saw sales growth of 29% over the prior year period in the third quarter of 2025. This suggests strong engagement with the core user base that values the Black Diamond brand within core mountain and climb categories.

Dedicated wholesale and OEM account management is a critical, yet volatile, component of the business. In the Adventure segment, lower sales reflected significantly reduced demand from global OEM customers in the first quarter of 2025. Specifically, three customers that accounted for $6.5 million of Adventure revenue in the first quarter of 2024 generated only $1.1 million in the first quarter of 2025. Conversely, there are new wholesale and OEM relationship developments. In Europe, Clarus Corporation is onboarding new OEM and aftermarket customers in the U.K., Sweden, Poland, and the Netherlands, with a new legal entity and third-party warehouse opening in the Netherlands to better serve these customers directly. The Adventure segment also saw a 16% sales increase in Q3 2025, supported by a favorable wholesale market in Australia for Rhino-Rack.

Here's a quick look at some channel-related performance metrics from the first half of 2025:

Metric/Channel Focus	Period	Value/Amount	Segment/Context
North America Digital DTC Revenue Change	Q2 2025	-20.1%	Part of North American region revenue (which is 17% of region revenue)
OEM Sales Decline	Q2 2025	Approximately $3.1 million	Drop-off from customer-specific OEM sales
New Dealers Opened Year-to-Date	Q2 2025	172	Introductions via RockyMounts bike racks
Revenue from New Dealers YTD	Q2 2025	$420,000	Revenue generated by the 172 new dealers
North America Wholesale Revenue Change	Q3 2025	+16%	Outdoor segment
Customer Revenue Drop	Q1 2025 vs Q1 2024	$5.4 million decrease (from $6.5M to $1.1M)	Three specific Adventure customers

The company is also expanding its reach through strategic contract wins and product placements. MAXTRAX secured a large contract with the German military and received positive reception for a newly launched model board with BMW. Furthermore, the company added 2 new distribution partners in China to provide local access to vehicle fitments for emerging Chinese car brands outside the U.S.. The addition of bike racks via RockyMounts also led to adding 3 bicycle channel distributors.

Clarus Corporation (CLAR) - Canvas Business Model: Channels

You're looking at how Clarus Corporation gets its gear and accessories into the hands of outdoor enthusiasts as of late 2025. The strategy is clearly multi-pronged, balancing traditional wholesale relationships with a growing, though sometimes pressured, direct-to-consumer (DTC) approach.

Global outdoor specialty retailers (wholesale) remain a core pillar, especially for the Outdoor segment. In the third quarter of 2025, North America wholesale revenue for the Outdoor segment showed real strength, jumping 16% year-over-year, which translated to an increase of $3.1 million in that specific channel for the quarter. This indicates that key retail partners were stocking up, particularly on the revamped Black Diamond apparel line, which saw sales growth of 29% over the prior year period across the segment.

The brand-owned e-commerce platforms (DTC) are a crucial, yet volatile, part of the mix. For the Outdoor segment in Q3 2025, global DTC revenues were reported as lower. To give you a sense of scale, North America digital DTC accounted for 13.6% of the Outdoor segment's total revenue for that quarter. Earlier in the year, the DTC channel in North America experienced a sharp pullback of 20% as the company implemented price hikes to battle tariff impacts.

For the Adventure segment, which includes brands like Rhino-Rack, the channel mix leans heavily on wholesale and distribution. For instance, increased sales in Q3 2025 reflected a favorable wholesale market in Australia for Rhino-Rack. However, the OEM channel has been a headwind; in Q1 2025, sales in the Adventure segment were down partly due to significantly reduced demand from global OEM customers.

Distributors and agents in key international markets also play a role, though timing can cause noise. In Q3 2025, the Outdoor segment's reported sales decrease was partly due to a shift in timing for independent global distributor revenues, which had moved into the second quarter instead. The company also finalized the sale of the PIEPS snow safety brand in July 2025, which removed that revenue stream from the distributor channel going forward.

Regarding flagship retail stores in enthusiast hubs, while the outline suggests this channel is used, the public financial reporting for Clarus Corporation typically aggregates these smaller direct sales into the broader DTC or wholesale buckets. We know the company is focused on prioritizing its best customers and most profitable products and styles, which would certainly apply to any owned retail presence.

Here's a quick look at how the segments, which utilize these channels, performed in the most recently reported quarter:

Metric	Outdoor Segment (Q3 2025)	Adventure Segment (Q3 2025)	Consolidated Sales (Q3 2025)
Sales Amount	$48.7 million	$20.7 million	$69.3 million
Year-over-Year Sales Change	Down 1% (Up 1% excluding PIEPS)	Up 16%	Up 3%
Key Channel Driver Noted	North America Wholesale up 16%; Global DTC lower	Favorable wholesale market in Australia	Total sales growth driven by Adventure segment

The company's focus on product quality directly impacts channel success. For example, in Q1 2025, the Black Diamond fall/winter apparel bookings showed momentum, up approximately 50% in the U.S. and around 30% in Europe, which sets up future DTC and wholesale orders. Furthermore, the company noted a 37% reduction in sales from discontinued merchandise year-over-year in Q3 2025, reflecting a push for healthier, full-price revenue across all channels.

You can see the channel dynamics are complex; the wholesale channel in North America is performing well, but international distributor timing and DTC softness due to pricing actions create cross-currents. Finance: draft 13-week cash view by Friday.

Clarus Corporation (CLAR) - Canvas Business Model: Customer Segments

You're looking at how Clarus Corporation (CLAR) segments its buyers as of late 2025, based on their recent performance. Honestly, the numbers tell a clear story about where the growth is coming from right now.

Core outdoor enthusiasts (climbers, skiers, mountaineers) form the backbone of the Outdoor segment, which generated $48.7 million in sales for the third quarter ended September 30, 2025. While the overall segment saw a slight 1% decrease in sales year-over-year, this masks positive internal shifts. For example, the revamped Black Diamond apparel line was a standout, with sales growing 29% over the prior year period. Furthermore, North America wholesale revenue within this segment jumped 16%. Management is actively prioritizing these core users by focusing on the best customers and most profitable styles.

The Overlanding and off-road vehicle adventure consumers are served by the Adventure segment, which is showing strong momentum. This segment posted sales of $20.7 million in Q3 2025, marking a 16% increase compared to the same period last year. This growth is supported by a favorable wholesale market in Australia for Rhino-Rack and the inclusion of RockyMounts, which added $1.5 million to the growth figure. This group relies on brands like Rhino-Rack, MAXTRAX, and TRED Outdoors.

The distribution strategy targets both Specialty wholesale retailers and large auto-parts chains, alongside direct-to-consumer channels. The wholesale channel is clearly important; the 16% increase in North America wholesale revenue in the Outdoor segment shows this channel is performing well when compared to direct-to-consumer channels, which saw lower revenues. To be fair, the company is shifting its focus, as full-price sales increased while discounted sales fell by 37% year-over-year in Q3 2025.

Global Original Equipment Manufacturers (OEMs) represent another, though currently more challenged, customer type. While the company sells to OEMs, the second quarter of 2025 specifically noted that sales in the Adventure segment reflected significantly reduced demand from these global OEM customers. The company is focused on simplifying its organizational structure at Adventure, which may include rationalizing reliance on certain large-volume, lower-return OEM business.

Here's a quick look at how the segments that serve these customers stacked up in Q3 2025:

Customer Focus Area	Clarus Segment	Q3 2025 Sales (Millions USD)	Year-over-Year Sales Change
Core Outdoor Enthusiasts	Outdoor	$48.7	(1%)
Overlanding/Adventure Consumers	Adventure	$20.7	+16%
Specialty Retailers/Wholesale (Outdoor)	Outdoor (NA Wholesale)	Not Separated	+16%
OEMs (Adventure)	Adventure (OEM Impact)	Part of $20.7M	Challenged/Reduced Demand (Q2 data)

The company's overall Q3 2025 sales reached $69.3 million. You can see the Adventure segment is driving the top-line growth, while the Outdoor segment is focusing on margin and product mix improvement, evidenced by the 29% apparel growth and the 37% drop in deep discounting.

Clarus Corporation (CLAR) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Clarus Corporation's expenses, which is key to understanding their path to profitability. Honestly, the cost structure in mid-2025 shows a company actively managing overhead while dealing with external pressures like tariffs.

The largest component of cost tied directly to sales is the Cost of Goods Sold (COGS), which covers manufacturing and sourcing inputs. For the second quarter ended June 30, 2025, Clarus Corporation reported COGS of $35,567 thousand on total sales of $55,247 thousand.

Selling, General, and Administrative (SG&A) expenses reflect the ongoing operational overhead. For Q2 2025, SG&A expenses were reported at $26.9 million, down from $28.1 million in the year-ago quarter, driven by lower marketing and employee-related costs. This reduction is part of broader expense management initiatives across both segments and at Corporate.

Here is a breakdown of the key cost elements for Clarus Corporation based on the latest available figures:

Cost Category	Reporting Period	Amount (USD)	Notes
Cost of Goods Sold (COGS)	Q2 2025	$35,567 thousand	From Condensed Consolidated Statements of Loss.
Selling, General, and Administrative (SG&A)	Q2 2025	$26.9 million	As specified for the period.
Legal and Regulatory Defense Costs	Q2 2025	$1.8 million	Associated with Section 16B litigation and CPSC DOJ matter.
Legal and Regulatory Defense Costs (H1 2025)	First Half 2025	$2.5 million	Total for the first six months of 2025.
Tariff Impact Estimate (Adventure)	Full Year 2025 Estimate	$0.5 million	Estimated impact specifically for the Adventure segment.
Tariff Headwind (Consolidated Estimate)	Full Year 2025 Estimate	$3.9 million	Consolidated headwind net of mitigation efforts as of Q2 2025.
Restructuring Charges	Q1 2025	$173 thousand	Charges related to cost reduction actions.
Restructuring Charges	Q2 2025	$161 thousand	Charges related to cost reduction actions.
Cumulative Restructuring Charges	As of Q1 2025	$5,344 thousand	Cumulative charges since the start of restructuring actions in 2023.
Adjusted Corporate Costs	Q2 2025	$2.2 million	Costs not allocated to the operating segments.

Restructuring and operational streamlining charges are a distinct cost line item as Clarus Corporation works to facilitate long-term sustainable growth through cost reduction actions, including employee reductions and facility rationalization. The company incurred $173 thousand in Q1 2025 and $161 thousand in Q2 2025 for these charges. The cumulative total of these restructuring charges since the start in 2023 reached $5,344 thousand as of March 31, 2025. The company anticipates completing these restructuring activities in the year ended December 31, 2025.

Legal and regulatory defense costs are being tracked separately, particularly for the ongoing matters. For the second quarter of 2025, these legal costs amounted to $1.8 million, bringing the total for the first half of 2025 to $2.5 million, covering the Section 16B litigation and the CPSC DOJ matter.

Tariff-related costs represent a significant variable headwind. Clarus Corporation estimates the tariff impact to the Adventure segment alone to be $0.5 million for 2025. The consolidated estimated headwind, net of mitigation efforts, was placed at $3.9 million as of the Q2 2025 reporting. The company is actively trying to offset these impacts, for example, by pulling forward inventory purchases to mitigate tariffs. Furthermore, cost-cutting initiatives, such as layoffs in the Adventure segment, are targeting savings of $1 million annually.

You can see the cost structure is complex, involving direct costs, overhead, specific litigation expenses, and external trade costs:

• COGS for Q2 2025: $35,567 thousand.
• SG&A for Q2 2025: $26.9 million.
• Legal Costs for Q2 2025: $1.8 million.
• Estimated Adventure Tariff Impact for 2025: $0.5 million.

Finance: draft 13-week cash view by Friday.

Clarus Corporation (CLAR) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation engine for Clarus Corporation as of late 2025. Honestly, the landscape is dynamic, with management withdrawing formal full-year guidance due to tariff uncertainty, but we still have solid recent numbers to map out where the money is coming from.

The trailing twelve months (ttm) revenue, as of the third quarter ending September 30, 2025, stood at $256.43 million. This compares to the full-year 2024 annual revenue of $264.32 million. For the third quarter of 2025 specifically, total sales reached $69.3 million.

The revenue streams are clearly segmented across the company's two primary divisions, Outdoor and Adventure. Here's how the Q3 2025 revenue broke down:

Segment	Q3 2025 Revenue	Year-over-Year Change
Outdoor Segment	$48.7 million	Down 1%
Adventure Segment	$20.7 million	Up 16%

The overall business model leans heavily on traditional distribution channels, though Direct-to-Consumer (DTC) is a focus area. Roughly 80% of the business is wholesale and distributor markets.

Drilling down into the specific revenue drivers within those segments, you see distinct performance metrics:

• Sales of Outdoor segment equipment and apparel: The revamped Black Diamond apparel line was a key highlight, seeing sales growth of 29% over the prior year period in Q3 2025.
• Wholesale revenue from global retailers and distributors: North America wholesale revenue within the Outdoor segment increased by 16% in Q3 2025. International distributor markets were up 81.3% in Q2 2025, reflecting a permanent timing shift.
• Sales of Adventure segment vehicle accessories (Rhino-Rack, MAXTRAX): The 16% segment growth in Q3 2025 was supported by solid results in the core Australia wholesale market. The acquisition of RockyMounts contributed $1.5 million to that growth period.
• Direct-to-Consumer (DTC) e-commerce sales: Global DTC revenues were noted as lower in Q3 2025, contributing to the slight decline in the overall Outdoor segment sales.

Finance: draft 13-week cash view by Friday.