Summary of QQ1 2025: American Outdoor Brands (AOUT) delivered a modest revenue decline driven by softness in the shooting sports segment, but offset by strength in outdoor lifestyle product innovation and expansion of distribution channels, including international pockets in Canada. Net sales for the quarter were $41.6 million, down 4.1% year over year, while GAAP gross margin was 45.4% (down slightly from prior year in the context of tariff/freight timing). The company generated adjusted EBITDA of approximately $2.0 million for the quarter, marking a meaningful improvement in profitability even as GAAP earnings remained negative at -$2.37 million and EPS -0.18. Management emphasizes a robust new product pipeline (23% of quarterly net sales) and a multi-year growth framework anchored in four pillars: gain market share, enter new product categories, enter new consumer markets, and expand distribution. The balance sheet remained liquidity-rich with about $23.5 million in cash and no net debt guidance, though reported totals show level of debt and a sizable inventory build. Management projects FY2025 net sales could grow up to 2.5% versus FY2024, with gross margins target ~45% and adjusted EBITDA in the 5.5%–6% of net sales range. The near-term focus includes inventory normalization ahead of fall and holiday seasons, continued international expansion (notably Canada), and an ongoing program of share repurchases. Investors should monitor: (1) the trajectory of shooting sports demand amid election-cycle uncertainty and regulatory dynamics, (2) the pace of outdoor lifestyle product adoption and international channel development, (3) inventory levels and working capital dynamics, and (4) the realization of the stated 5.5%–6% adjusted EBITDA target as volume returns materialize.