Outdoor Holding Company reported QQ2 2024 revenue of $34.37 million with a gross margin of 24.1%, but recorded a substantial operating loss of $8.82 million and a net loss of $7.50 million. Earnings per share were negative at $0.07, while adjusted EBITDA stood at $1.2 million for the quarter. The period reflected meaningful transitionary costs, including nonrecurring expenses of $3.9 million, stock-based compensation of $0.9 million, and $0.4 million of write-offs, all tied to the ongoing business and governance changes following the AMMO Inc. restructuring. On a positive note, operating cash flow was robust at $5.15 million for the quarter, contributing to a free cash flow of $3.85 million and ending cash of $49.56 million, with net cash still in a net-cash position of approximately $36.2 million after debt interactions. The mix shift toward higher-margin brass casings and the continued scale-up of GunBroker.com via OutdoorPay are the primary growth levers, but production downtime in the rifle casing presses created overhead absorption headwinds and press-related delays that constrained margin recovery in the quarter. Management framed QQ2 as a transition quarter, laying the groundwork for stronger performance in subsequent quarters as the new manufacturing and digital monetization initiatives mature. Management’s continued emphasis on a leaner operating model, improved cash generation, and higher take rates on GunBroker transactions under OutdoorPay provides a clear, albeit contingent, path toward improved profitability in the back half of 2024 and into 2025.