AMMO Bundle
What is the history of AMMO, Inc.?
Founded in 2016, AMMO, Inc. aimed to innovate the firearms industry with high-quality, American-made ammunition. The company's vision was to invigorate the market for shooters by focusing on advanced manufacturing and novel ammunition types.
A significant development was the 2021 acquisition of GunBroker.com for approximately $240 million, creating a vertically integrated business with a strong e-commerce presence. This move broadened the company's market reach considerably.
The company's journey includes a strategic shift towards its e-commerce platform. Following the sale of its ammunition manufacturing assets in April 2025, the company, soon to be rebranded as Outdoor Holding Company, is focusing on GunBroker.com. This pivot aims to maximize shareholder value and growth as a dedicated digital platform. For a deeper dive into the company's operational environment, consider an AMMO PESTEL Analysis.
What is the AMMO Founding Story?
The AMMO company's journey began in 2016, founded by Chairman and CEO Fred Wagenhals and his partner Chris Larson. Their ambition was to bring innovation to the traditionally static munitions sector, establishing initial manufacturing in Payson, Arizona, with a focus on American-made ammunition for law enforcement, military, sports, and self-defense markets.
AMMO Company Origins
The AMMO company was officially established in 2016 by Fred Wagenhals and Chris Larson with the goal of modernizing the ammunition industry. Their vision was to create high-quality, innovative American-made products for diverse markets.
- Founded in 2016 by Fred Wagenhals and Chris Larson.
- Initial manufacturing operations were based in Payson, Arizona.
- Targeted markets included law enforcement, military, sports shooting, and self-defense.
- The company aimed to address a market demand for superior, novel ammunition.
The initial business strategy for the AMMO company centered on the design, development, manufacture, and marketing of ammunition and its components. Early product introductions included the patented STREAK Visual Ammunition, which provided visual tracking of the projectile without traditional tracer rounds, and the /stelTH/ subsonic rounds, engineered for suppressed firearms. The company also developed HyperClean technology to simplify firearm maintenance. While specific details regarding initial funding are not widely publicized, the AMMO company rapidly transitioned to public markets, becoming a publicly traded entity in March 2017 through a merger with Retrospettiva, Inc. Fred Wagenhals, leveraging his background in motorsports and manufacturing, spearheaded the company's entrepreneurial drive to integrate new technologies into the ammunition space. Understanding the Marketing Strategy of AMMO provides further context on their market approach.
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What Drove the Early Growth of AMMO?
The AMMO company history began with its founding in 2016, quickly transitioning to a publicly traded entity in March 2017. By 2019, it achieved a significant milestone by listing on NASDAQ, enhancing its access to capital markets and setting the stage for its early growth and expansion.
Early Public Offering and NASDAQ Listing
Following its establishment in 2016, the AMMO company origins trace back to a merger with Retrospettiva, Inc., leading to its public trading debut in March 2017. The company further solidified its financial standing by listing on NASDAQ in 2019, a move that broadened its access to capital for future endeavors.
Strategic Acquisition of Jagemann Munition Components
A pivotal moment in the AMMO company timeline was the 2018 acquisition of Jagemann Munition Components. This strategic move significantly bolstered the company's manufacturing capabilities and secured a vital supply chain for brass casings, a fundamental element in ammunition production.
Facility Relocation and Capacity Expansion
In the summer of 2022, the company relocated its primary ammunition production to a new 185,000-square-foot facility in Manitowoc, Wisconsin. This expansion was designed to increase annual production capacity to over one billion rounds, positioning the company as a key supplier of brass cases to the OEM market.
Record Backlog and Demand Surge
The AMMO company's early years history saw a substantial increase in demand, with a record backlog reaching $80.1 million by September 2020. This surge was attributed to a significant rise in gun sales and an influx of new firearm owners.
Acquisition of GunBroker.com and Business Diversification
A transformative event in the AMMO company's evolution occurred in May 2021 with the acquisition of GunBroker.com for approximately $240 million. This acquisition diversified revenue streams by adding a high-margin e-commerce platform, which had grown to 7.5 million registered users by October 2022, with about 50,000 new users joining monthly.
Strategic Shift to Dual-Segment Operations
This period of aggressive expansion and strategic acquisitions marked a significant shift for the company, moving it from a sole manufacturer to a dual-segment business. This strategic direction integrated ammunition production with a leading online marketplace, as detailed in the Mission, Vision & Core Values of AMMO.
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What are the key Milestones in AMMO history?
The AMMO company history is a narrative of ambitious growth, technological advancement, and significant strategic shifts. From its early days focused on modernizing munitions, the company navigated a path marked by key acquisitions and market entries, aiming to establish a robust presence in both manufacturing and e-commerce. This Brief History of AMMO details the journey through its milestones, innovations, and the challenges that shaped its evolution.
| Year | Milestone |
|---|---|
| 2018 | Acquired Jagemann Munition Components to enhance manufacturing capabilities. |
| 2019 | Successfully listed on the NASDAQ stock exchange, marking a significant step in its corporate history. |
| May 2021 | Completed the pivotal $240 million acquisition of GunBroker.com, expanding into the e-commerce sector. |
| Summer 2022 | Began operations at a new manufacturing facility in Manitowoc, Wisconsin, with a target production capacity exceeding one billion rounds annually. |
| April 18, 2025 | Sold its ammunition manufacturing assets to Olin Winchester, LLC for $75 million as part of a strategic pivot. |
STREAK Visual Ammunition
Developed patented technology that provides a visible bullet path, enhancing user experience and safety.
/stelTH/ Subsonic Munitions
Created subsonic ammunition specifically engineered for optimal performance when used with suppressors.
The company has faced considerable headwinds, including a significant revenue decline and net losses in fiscal years 2024 and 2025, with Q1 2025 revenues around $31 million and operational issues impacting gross margins.
Financial Reporting and Investigations
An ongoing investigation into accounting practices for fiscal years 2020-2023 led to delayed financial reporting and Nasdaq deficiency notices in late 2024 and early 2025.
Nasdaq Listing Compliance
The company encountered challenges with Nasdaq listing requirements, including stock price falling below minimum bid and failure to hold an annual meeting.
Market Environment and Consumer Spending
A slower market environment and reduced consumer discretionary spending impacted the GunBroker marketplace, contributing to revenue shortfalls.
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What is the Timeline of Key Events for AMMO?
The AMMO company history began in 2016 with its founding in Payson, Arizona. The company went public in March 2017 and expanded its manufacturing by acquiring Jagemann Munition Components in 2018, listing on NASDAQ in 2019. A significant milestone was the acquisition of GunBroker.com in May 2021, marking a strategic shift. The company's evolution continued with the relocation of its manufacturing to Wisconsin in Summer 2022, followed by a divestiture of these assets in April 2025, rebranding to Outdoor Holding Company.
| Year | Key Event |
|---|---|
| 2016 | AMMO, Inc. was founded by Fred Wagenhals and Chris Larson. |
| March 2017 | The company became publicly traded through a merger with Retrospettiva, Inc. |
| 2018 | Manufacturing capabilities were expanded with the acquisition of Jagemann Munition Components. |
| 2019 | AMMO, Inc. shares began trading on the NASDAQ stock exchange. |
| September 2020 | A record backlog of $80.1 million was reported, indicating strong market demand. |
| May 3, 2021 | The acquisition of GunBroker.com was completed for approximately $240 million, diversifying the business into e-commerce. |
| Summer 2022 | Ammunition manufacturing operations were relocated to a new facility in Manitowoc, Wisconsin. |
| September 2024 | The company's CFO resigned amidst an investigation into financial reporting issues. |
| February 2025 | A Nasdaq deficiency notification was received for a delayed Q3 2024 10-Q filing. |
| April 2, 2025 | Another Nasdaq deficiency notification was received for failing to hold an annual meeting. |
| April 18, 2025 | The sale of ammunition manufacturing assets to Olin Winchester, LLC for $75 million was completed, shifting the focus to pure-play e-commerce. |
| April 21, 2025 | The company officially changed its name from AMMO, Inc. to Outdoor Holding Company. |
| August 14, 2025 | The expected release of fiscal Q1 2025 earnings is scheduled. |
Focus on E-commerce Growth
The company's future is centered on enhancing GunBroker.com, aiming for sales growth through improved functionality and purchasing power. Initiatives like the cart platform and planned customer financing partnerships are key to this strategy.
Financial Health and Cost Management
Despite a Q2 2025 net loss of ($18.7) million, the company maintains a strong net working capital of $134 million as of Q1 2025. Leadership is targeting up to $15 million in cost-cutting opportunities over the next 18 to 24 months.
Strategic Pivot and Market Position
The strategic pivot to a pure-play e-commerce marketplace aims to leverage the high-margin nature of its business. The company is optimistic about competing in premium and used market segments, building on its Growth Strategy of AMMO.
Investor Confidence and Compliance
Resolving financial reporting issues and regaining Nasdaq compliance are critical for restoring investor confidence. The company's renewed focus is on e-commerce technology and expanding its market reach within the shooting sports community.
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