AMMO, Inc.’s Record Backlog Increases to $80.1 Million, Largest in Company History
SCOTTSDALE, Ariz., Sept. 28, 2020 (GLOBE NEWSWIRE) -- AMMO, Inc. (OTCQB: POWW) (“AMMO” or the “Company”), a premier American ammunition and munition components manufacturer and technology leader, has reported its record backlog, or booked orders, increased to $80.1 million as of August 31, 2020—the largest in Company history.
“Our record backlog has continued to grow, with booked orders coming in across all channels, including commercial, export, military, and law enforcement,” said Fred Wagenhals, AMMO’s CEO. “In fact, NICS data shows federal background checks for purchasing firearms have increased 72% year-over-year and we don’t anticipate consumer demand for firearms or ammunition slowing anytime soon. As a result, our facilities continue to operate at near maximum capacity to meet customer needs and we are continuing to expand our production capabilities. In addition, we continue to expect that we will achieve positive adjusted EBITDA at the end of our fiscal second quarter as we remain committed to prudently managing expenses through restructuring efforts.”
The National Shooting Sports Foundation (NSSF) tracks the background checks associated with the sale of a firearm based on the FBI’s National Instant Background Check System (NICS). NSSF-adjusted NICS checks for January through July 2020 were a record 12.1 million, which is up 72%. Nearly 5 million of the record 12.1 million background checks are reported to be first-time gun owners.
About AMMO, Inc.
AMMO was founded in 2016 with a vision to change, innovate and invigorate the complacent munitions industry. The Company designs and manufactures products for a variety of markets, including law enforcement, military, hunting, sport shooting and self-defense. AMMO promotes branded munitions, including its patented STREAK Visual Ammunition, /stelTH/ subsonic munitions, O.W.L. Technologies, and Night OPS (One Precise Shot) – a lead-free frangible tactical line of munitions for self-defense. The Company’s corporate offices are headquartered in Scottsdale, Arizona. Manufacturing operations are based in both northern Arizona and Manitowoc, Wisconsin. For more information please visit: www.ammoinc.com.
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