Clarus Corporation (CLAR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de Clarus Corporation (Clar), una potencia en equipos de rendimiento al aire libre que transforma los equipos de aventura desde el concepto hasta la realidad de vanguardia. Esta compañía innovadora ha creado meticulosamente un modelo de negocio que cierra la brecha entre los requisitos exigentes de los atletas profesionales y la pasión de los entusiastas recreativos por los equipos de alto rendimiento. Al aprovechar las asociaciones estratégicas, las capacidades de diseño patentadas y una comprensión profunda de los mercados deportivos al aire libre, Clarus se ha posicionado como un pionero para crear equipos técnicamente sofisticados que resisten condiciones extremas mientras ofrecen un rendimiento y confiabilidad incomparables.

Clarus Corporation (Clar) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con minoristas de artículos para exteriores y deportivos

Clarus Corporation mantiene asociaciones clave con los siguientes principales minoristas:

Detallista	Detalles de la asociación	Volumen de ventas anual
Rei	Acuerdo de distribución exclusivo	$ 3.2 millones en 2023
Dick's Sporting Goods	Distribución multicanal	$ 2.7 millones en 2023
Bass Pro Shops	Asociación mayorista	$ 1.9 millones en 2023

Colaboración con fabricantes de equipos de esquí, escalada y al aire libre

Clarus Corporation colabora con los siguientes fabricantes:

• Black Diamond Equipment Ltd.
• Diseños de sierra
• Alpes de montaña

Fabricante	Tipo de colaboración	Desarrollo de productos conjuntos
Black Diamond Equipment Ltd.	Compartir tecnología	3 nuevas líneas de productos en 2023
Diseños de sierra	Asociación de fabricación	2 Lanzamientos de productos colaborativos

Acuerdos de distribución con las principales plataformas de comercio electrónico

Clarus Corporation ha asegurado acuerdos de distribución con:

• Amazonas
• Backcountry.com
• Moosejaw

Plataforma de comercio electrónico	Volumen de ventas	Alcance del mercado
Amazonas	$ 4.5 millones en 2023	Mercado global
Backcountry.com	$ 2.3 millones en 2023	Mercado especializado al aire libre

Relaciones con tiendas especializadas al aire libre y de equipos recreativos

Clarus Corporation se asocia con minoristas al aire libre especializados en América del Norte:

• Equipo de montaña
• Deportes de montaña del este
• Cabela

Tienda especializada	Duración de la asociación	Volumen de ventas anual
Equipo de montaña	7 años	$ 1.6 millones en 2023
Deportes de montaña del este	5 años	$ 1.4 millones en 2023

Clarus Corporation (Clar) - Modelo de negocio: actividades clave

Diseño y desarrollo de equipos para exteriores y equipo de rendimiento

Clarus Corporation invirtió $ 4.2 millones en investigación y desarrollo en 2022, centrándose en un innovador diseño de equipos al aire libre.

Categoría de productos	Inversión de I + D	Tamaño del equipo de diseño
Equipo de esquí	$ 1.5 millones	12 diseñadores
Equipo de escalada	$ 1.2 millones	8 diseñadores
Ropa de rendimiento	$ 1.5 millones	10 diseñadores

Fabricación de productos de recreación de esquí, escalada y al aire libre

Clarus Corporation opera múltiples instalaciones de fabricación con una capacidad de producción total de 500,000 unidades anuales.

• Producción máxima de esquí: 250,000 unidades por año
• Producción de equipo de escalada de diamantes negros: 150,000 unidades por año
• Producción de ropa de rendimiento: 100,000 unidades por año

Marketing y desarrollo de marca en segmentos deportivos al aire libre

Canal de marketing	Gasto anual	Público objetivo
Marketing digital	$ 2.1 millones	18-45 entusiastas al aire libre
Patrocinio	$ 1.3 millones	Atletas profesionales
Ferias comerciales	$750,000	Compradores minoristas

Investigación e innovación en el diseño de materiales y equipos de rendimiento

Clarus Corporation mantiene 5 centros de innovación dedicados con 35 ingenieros de investigación.

• Material Science Research Presupuesto: $ 2.5 millones en 2022
• Solicitudes de patentes presentadas: 12 en el último año
• Áreas de enfoque de innovación:
  • Materiales livianos
  • Fabricación sostenible
  • Optimización del rendimiento

Clarus Corporation (Clar) - Modelo de negocios: recursos clave

Capacidades de diseño e ingeniería propietarios

Clarus Corporation opera a través de dos segmentos comerciales principales: Black Diamond y Sierra Bullets. A partir de 2023, la compañía invirtió $ 4.2 millones en investigación y desarrollo.

Inversión de I + D	Año	Cantidad
Gastos totales de I + D	2023	$ 4.2 millones

Fuerte reputación de la marca en los mercados deportivos al aire libre

Black Diamond Brand genera una importante presencia en el mercado en el segmento de equipos al aire libre.

• Black Diamond clasificado en las 3 mejores marcas de equipos para exteriores
• Sierra Bullets mantiene una cuota de mercado del 27% en el mercado de municiones de precisión

Propiedad intelectual y patentes de productos

Clarus Corporation posee múltiples patentes activas en sus líneas de productos.

Categoría de patente	Número de patentes activas
Equipo de diamantes negros	42 patentes activas
Tecnología de balas de Sierra	18 patentes activas

Instalaciones de fabricación e infraestructura de la cadena de suministro

La compañía opera múltiples ubicaciones de fabricación en todo Estados Unidos.

Ubicación	Tipo de instalación	Producto principal
Salt Lake City, UT	Sede/fabricación	Equipo de diamantes negros
Lewiston, identificación	Fabricación	Balas de sierra

Equipos experimentados de gestión y diseño

Equipo de liderazgo con amplia experiencia de la industria.

• Promedio de tenencia ejecutiva: 12.5 años
• Miembros del equipo de diseño con un promedio de 15 años de experiencia especializada

Clarus Corporation (Clar) - Modelo de negocio: propuestas de valor

Equipo de rendimiento al aire libre de alta calidad e innovadores

Clarus Corporation generó $ 210.1 millones en ingresos para el año fiscal 2023, con equipos de rendimiento al aire libre que representan una parte significativa de las ofertas de productos.

Categoría de productos	Contribución de ingresos	Segmento de mercado
Equipo al aire libre de diamantes negros	$ 132.6 millones	Montañismo profesional
Balas de sierra	$ 77.5 millones	Deportes de tiro de precisión

Diseño de engranajes técnicos

Diamante negro produce más de 500 equipos de equipos al aire libre únicos dirigido a entusiastas profesionales y aficionados al aire libre.

• Equipo de escalada
• Accesorios de esquí
• Equipo de montañismo
• Equipo de senderismo

Materiales de vanguardia e ingeniería avanzada de productos

El gasto de investigación y desarrollo para 2023 fue de $ 8.3 millones, centrado en la innovación de materiales y la mejora del rendimiento del producto.

Área de innovación de materiales	Inversión
Materiales compuestos livianos	$ 3.2 millones
Tecnologías térmicas avanzadas	$ 2.5 millones
Ingeniería de durabilidad	$ 2.6 millones

Productos confiables y duraderos para condiciones al aire libre extremas

El equipo de diamantes negros mantiene 99.7% de calificación de confiabilidad del producto en condiciones ambientales extremas.

Gama integral de soluciones de equipos deportivos al aire libre

La cartera de productos abarca múltiples categorías deportivas al aire libre con soluciones integrales.

• Equipo de escalada alpina
• Equipo de esquí de fondo
• Accesorios de escalada de roca
• Herramientas de montañismo
• Equipo de tiro de precisión

Clarus Corporation (Clar) - Modelo de negocios: relaciones con los clientes

Ventas directas en línea a través del sitio web de la compañía

Clarus Corporation genera ventas en línea a través de sus sitios web dedicados para marcas como Black Diamond, Scarpa y Sierra Designs. En el año fiscal 2023, las ventas directas de comercio electrónico representaron aproximadamente el 22% de los ingresos totales de la compañía, por un total de $ 45.3 millones.

Canal de ventas	Ingresos 2023	Porcentaje de ingresos totales
Ventas directas en línea	$ 45.3 millones	22%

Servicios de atención al cliente y garantía de productos

Clarus ofrece garantía y soporte de productos integrales en sus marcas de equipos al aire libre. La compañía mantiene un equipo dedicado de servicio al cliente Manejo de consultas de productos y reclamos de garantía.

• Tiempo de respuesta promedio a las consultas de los clientes: 24-48 horas
• Cobertura de garantía: 1-2 años dependiendo de la categoría de productos
• Reemplazo o reparación gratuita para defectos de fabricación

Compromiso a través de las redes sociales y las comunidades deportivas al aire libre

A partir del cuarto trimestre de 2023, Clarus Corporation mantiene la presencia activa de las redes sociales en múltiples plataformas:

Plataforma	Seguidores/suscriptores
Instagram	287,000
Facebook	215,000
YouTube	62,000

Recomendaciones personalizadas de marketing y productos

Clarus utiliza estrategias de marketing basadas en datos para proporcionar recomendaciones de productos personalizadas. La base de datos de marketing por correo electrónico de la compañía contiene aproximadamente 175,000 suscriptores activos a diciembre de 2023.

Programas de fidelización para clientes habituales

La compañía opera un programa de fidelización en sus marcas con las siguientes métricas clave:

• Miembros del programa de fidelización total: 95,000
• Tasa promedio de compra repetida: 37%
• Los miembros del programa de fidelización representan el 48% de los ingresos anuales

Métrica del programa de fidelización	2023 datos
Totales miembros	95,000
Repita la tasa de compra	37%
Ingresos de los miembros de la fidelización	48%

Clarus Corporation (Clar) - Modelo de negocios: canales

Sitio web de comercio electrónico de la empresa

Plataforma directa de ventas en línea para marcas Black Diamond, Sierra y Pearl Izumi. Generó $ 78.3 millones en ingresos directos de comercio electrónico en 2022, lo que representa el 26.4% de las ventas totales de la compañía.

Métricas de canales de comercio electrónico	Rendimiento 2022
Ingresos totales de comercio electrónico	$ 78.3 millones
Porcentaje de ventas totales	26.4%
Tasa de conversión de visitantes en línea	3.2%

Tiendas minoristas al aire libre especializadas

Canal de distribución primaria para equipos técnicos para exteriores y ciclismo.

• REI Co-op: socio principal para productos negros de diamantes y sierra
• Bicicleta de rendimiento: minorista de equipos de ciclismo clave
• Aproximadamente 450 socios minoristas al aire libre especializados en todo el país

Grandes minoristas de artículos deportivos

Amplia distribución del mercado a través de cadenas nacionales de artículos deportivos.

Detallista	Líneas de productos
Dick's Sporting Goods	Diamante negro, Pearl Izumi
Bass Pro Shops	Diamante negro
Deportes de la academia	Pearl Izumi

Mercados en línea

Canales de ventas digitales extendidos para un alcance más amplio del mercado.

• Amazon: mercado en línea principal de terceros
• Backcountry.com: plataforma especializada de equipos para exteriores
• Tasas de comisión competitiva del mercado: 10-15%

Representantes de ventas directas

Equipo de ventas dedicado dirigido a mercados especializados y compradores institucionales.

Categoría de representante de ventas	Mercado objetivo
Especialistas en equipos al aire libre	Escaladas, instituciones de montañismo
Equipo de ventas de ciclismo	Equipos de ciclismo profesional, tiendas de bicicletas
Ventas institucionales	Gobierno, instituciones educativas

Clarus Corporation (Clar) - Modelo de negocio: segmentos de clientes

Atletas profesionales al aire libre

Tamaño del mercado: aproximadamente 2.5 millones de atletas profesionales al aire libre en América del Norte a partir de 2023.

Desglose del segmento	Porcentaje
Atletas de montaña	35%
Escaladores de roca	25%
Profesionales de esquí	20%
Atletas deportivos extremos	20%

Entusiastas de los deportes al aire libre recreativos

Volumen total del mercado: 48.7 millones de participantes en los Estados Unidos en 2022.

• Gasto anual promedio por participante: $ 1,274
• Demografía de la edad primaria: 25-44 años
• Distribución de género: 58% masculino, 42% femenino

Aventura y participantes deportivos extremos

Valor de mercado global: $ 677.3 millones en 2023.

Categoría deportiva	Cuota de mercado
Escalada de roca	22%
Ciclismo de montaña	18%
Esquí extremo	15%
Salto de base	10%

Comunidades de esquí y escalada

Total participantes en Estados Unidos: 15.6 millones de esquiadores y 6.2 millones de escaladores en 2022.

• Tasa de reemplazo de equipo anual: 37%
• Inversión promedio de equipos por participante: $ 1,890
• Tendencia de compras en línea: 64% de las compras realizadas a través de canales digitales

Equipos y equipos al aire libre consumidores

Tamaño del mercado global de equipos al aire libre: $ 49.1 mil millones en 2023.

Categoría de productos	Valor comercial
Ropa técnica	$ 18.3 mil millones
Calzado	$ 12.7 mil millones
Equipo de escalada	$ 5.6 mil millones
Equipo de esquí	$ 8.9 mil millones

Clarus Corporation (Clar) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo de productos

Para el año fiscal 2023, Clarus Corporation reportó gastos de I + D de $ 11.7 millones, lo que representa el 4.2% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 11.7 millones	4.2%
2022	$ 10.3 millones	3.9%

Costos de fabricación y producción

Los costos totales de fabricación para 2023 fueron de $ 87.5 millones, con un desglose de la siguiente manera:

• Costos de material directo: $ 52.3 millones
• Costos laborales directos: $ 22.1 millones
• Sobrecoss de fabricación: $ 13.1 millones

Marketing y promoción de la marca

Los gastos de marketing para 2023 totalizaron $ 15.2 millones, lo que representa el 5.5% de los ingresos totales.

Categoría de gastos de marketing	Cantidad
Marketing digital	$ 6.8 millones
Marketing de ferias comerciales y eventos	$ 4.3 millones
Impresión y medios tradicionales	$ 4.1 millones

Logística de cadena de suministro y distribución

Los costos de logística y distribución para 2023 fueron de $ 22.6 millones, lo que incluyó:

• Transporte y envío: $ 12.4 millones
• Almacenamiento: $ 6.7 millones
• Gestión de inventario: $ 3.5 millones

Gastos generales operativos y administrativos

Los gastos administrativos para 2023 ascendieron a $ 33.9 millones, desglosados ​​de la siguiente manera:

Categoría de gastos generales	Cantidad
Salarios ejecutivos y de gestión	$ 15.6 millones
Personal administrativo general	$ 9.2 millones
Instalaciones de oficina y mantenimiento	$ 5.3 millones
Servicios profesionales y consultoría	$ 3.8 millones

Clarus Corporation (Clar) - Modelo de negocios: flujos de ingresos

Ventas directas de productos a través de canales en línea

2023 Ingresos de ventas en línea: $ 87.4 millones

Canal	Ganancia	Porcentaje
Sitio web de la empresa	$ 42.3 millones	48.4%
Plataformas de comercio electrónico	$ 45.1 millones	51.6%

Distribución mayorista a socios minoristas

2023 Ingresos de distribución al por mayor: $ 213.6 millones

• Principales socios minoristas: Rei, Dick's Sporting Goods, Bass Pro Shops
• Margen mayorista promedio: 42%

Líneas de productos de equipos especializados

Línea de productos	2023 ingresos	Índice de crecimiento
Equipo de escalada de diamantes negros	$ 156.2 millones	7.3%
Sierra diseña equipos al aire libre	$ 89.7 millones	5.9%

Colecciones de equipo de temporada al aire libre

2023 Ingresos de recolección de temporada: $ 124.5 millones

• Colección de invierno: $ 62.3 millones
• Colección de verano: $ 62.2 millones

Licencias de tecnologías y diseños patentados

2023 Ingresos de licencia: $ 18.2 millones

Categoría de licencias	Ganancia
Licencias de tecnología	$ 12.6 millones
Licencias de diseño	$ 5.6 millones

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.