American Outdoor Brands (AOUT) delivered a solid FY2025 performance characterized by top-line growth, margin expansion, and a sharp uptick in new-product velocity. For the full year, net sales reached $222.3 million, up 10.6% year over year, aided by double-digit growth in the outdoor lifestyle category (+16.2%) and a 20% uplift in international net sales. Gross margins expanded 60 basis points to 44.6%, supported by higher volumes and an asset-light model, though tariff and freight costs partially offset the gains. Adjusted EBITDA rose 81% to $17.7 million, with GAAP EPS of -$0.01 and non-GAAP EPS of $0.76, reflecting ongoing investments in product development and go-to-market initiatives while delivering leverage through scale. The company ended FY2025 with approx. $23.4 million in cash and no net debt on a debt-free narrative promoted by management, alongside ongoing share repurchases (374k shares at average $10.11). Separately, management highlighted durable demand signals across channels, including a 53% YoY surge in outdoor lifestyle net sales in Q4 and 15.7% YoY growth in shooting sports, driven by Caldwell. Importantly, AOUT signaled a disciplined path to growth via continued innovation (170 new patents, ~50% of FY25 net sales from products launched post FY2020) and a growing direct-to-consumer footprint (13% of total net sales from D2C). The year also featured notable new products (BUBBA SFS Lite, Caldwell ClayCopter, Grilla Pie-Ro) and an aggressive patent portfolio expansion. Looking ahead, tariff-related uncertainty remains a core risk; management suspended its net sales guidance for FY2026 to preserve flexibility amid potential supply-chain shifts and pricing dynamics. The firm expects Q1–Q4 2026 to reflect seasonality with elevated orders in Q2–Q4 and a potential margin impact from tariffs in the back half of fiscal 2026 as higher tariff costs are capitalized into inventory and amortized into earnings. The Russell 3000 re-entry and ongoing M&A conversations add optionality to the investment thesis, though execution will hinge on macro conditions, retailer inventory cycles, and continued product-portfolio strength.