Outdoor Holding Company’s QQ1 2025 results reflect a modest top-line decline alongside meaningful profitability pressure, underscored by an ongoing EBITDA and net loss. Revenue for POWWP’s underlying entity reached $30.95 million, down 9.64% year-over-year and 23.42% quarter-over-quarter, while gross profit totaled $9.79 million with a margin of 31.6%. Operating income registered a loss of $9.68 million, and net income came in at a loss of $7.06 million, translating to basic and diluted EPS of approximately -$0.066 and -$0.07, respectively. EBITDA was negative at $4.56 million, with an EBITDA margin of about -14.7%. The company demonstrated durable liquidity, posting $50.75 million in cash and a net cash position due to low debt levels, but reported negative free cash flow of $1.97 million and negative cash flow from operations of $0.55 million in the quarter. The balance sheet remains asset-heavy, dominated by intangible assets and goodwill, with total assets of $402.42 million versus total liabilities of $54.44 million and stockholders’ equity of $348.0 million, implying a strong balance sheet cushion relative to near-term cash needs. The stock trades with high market multiples (e.g., price-to-book around 8.8x and price-to-sales near 98.5x), reflecting a disconnect between lofty valuations and the current earnings trajectory. The absence of a provided earnings call transcript in the data restricts the inclusion of management quotes or fresh forward guidance; investors should monitor any subsequent disclosures for color on monetization of the GunBroker platform, cost discipline, and potential strategic pivots.