0001808997-25-000065 | 10-Q | XBRL Viewer | American Outdoor Brands INC

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Basis of Presentation - Schedule of Geographic Makeup of Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,199	$ 60,232	$ 86,901	$ 101,875
$ Change	$ (3,033)		$ (14,974)
% Change	(5.00%)		(14.70%)
Domestic net sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 54,398	56,847	$ 82,247	94,060
$ Change	$ (2,449)		$ (11,813)
% Change	(4.30%)		(12.60%)
International net sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 2,801	$ 3,385	$ 4,654	$ 7,815
$ Change	$ (584)		$ (3,161)
% Change	(17.30%)		(40.40%)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Current assets:
Cash and cash equivalents	$ 3,111	$ 23,423
Accounts receivable, net of allowance for credit losses of $434 on October 31, 2025 and $159 on April 30, 2025	40,302	39,337
Inventories	123,978	104,717
Prepaid expenses and other current assets	3,761	3,970
Income tax receivable	155	143
Total current assets	171,307	171,590
Property, plant, and equipment, net	10,227	11,231
Intangible assets, net	27,645	31,411
Right-of-use assets	31,588	31,896
Other assets	154	227
Total assets	240,921	246,355
Current liabilities:
Accounts payable	18,890	15,717
Accrued expenses	16,724	13,872
Accrued payroll and incentives	1,780	5,871
Lease liabilities, current	1,505	1,336
Total current liabilities	38,899	36,796
Lease liabilities, net of current portion	31,625	31,949
Total liabilities	70,524	68,745
Commitments and contingencies (Note 11)
Equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding on October 31, 2025 and April 30, 2025	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 15,221,472 shares issued and 12,629,235 shares outstanding on October 31, 2025 and 14,974,217 shares issued and 12,696,356 shares outstanding on April 30, 2025	15	15
Additional paid in capital	281,438	280,711
Retained deficit	(79,454)	(74,700)
Treasury stock, at cost (2,592,237 shares on October 31, 2025 and 2,277,861 shares on April 30, 2025)	(31,602)	(28,416)
Total equity	170,397	177,610
Total liabilities and equity	$ 240,921	$ 246,355

Debt (Details) - USD ($)			3 Months Ended
Debt (Details) - USD ($)	Mar. 25, 2022	Aug. 24, 2020	Oct. 31, 2025
Revolving Line of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity	$ 75,000,000	$ 50,000,000.0
Revolving line of credit maturing term		5 years
Additional increase in credit commitment		$ 15,000,000
Line of credit facility, accordion feature, increase limit	$ 15,000,000
Amounts drawn			$ 5,300,000
Repayment of revolving line of credit			5,300,000
Revolving line of credit			$ 0
Borrowings interest rate (as percent)			5.72%
Revolving Line of Credit \| Minimum
Debt Instrument [Line Items]
Debt instrument, spread on variable rate (as percent)	0.25%
Revolving Line of Credit \| Maximum
Debt Instrument [Line Items]
Debt instrument, spread on variable rate (as percent)	1.75%
Standby Letters of Credit
Debt Instrument [Line Items]
Revolving line of credit, borrowing capacity			$ 4,000,000.0
Amounts drawn			$ 0

Inventories (Tables)

6 Months Ended

Oct. 31, 2025

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories, stated at lower of cost or net realizable value, as of October 31, 2025 and April 30, 2025 (in thousands):


	October 31, 2025			April 30, 2025
Finished goods	$	114,806	(a)	$	96,105
Finished parts	3,492			2,680
Work in process	99			306
Raw material	5,581			5,626
Total inventories	$	123,978		$	104,717

(a) The rise in finished goods inventory reflects higher tariff costs on products sourced from outside the U.S., stemming from tariffs imposed by the U.S. Administration in March and April 2025.

Equity - Summary of Activity for Unvested RSUs and PSUs (Details) - Service-based RSUs and PSUs - $ / shares	6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Total # of Restricted Stock Units
Outstanding, beginning of period (in shares)	700,953	624,093
Awarded (in shares)	354,008	377,176
Vested (in shares)	(309,545)	(223,421)
Forfeited (in shares)	(2,934)	(42,982)
Outstanding, end of period (in shares)	742,482	734,866
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning of period (in dollars per share)	$ 9.48	$ 11.27
Weighted average grant date fair value, awarded (in dollars per share)	10.86	8.40
Weighted average grant date fair value, vested (in dollars per share)	11.21	10.58
Weighted average grant date fair value, forfeited (in dollars per share)	9.16	20.65
Weighted average grant date fair value, end of period (in dollars per share)	$ 9.42	$ 9.46

Cover Page - shares	6 Months Ended
Cover Page - shares	Oct. 31, 2025	Dec. 03, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 31, 2025
Entity File Number	001-39366
Entity Registrant Name	American Outdoor Brands, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4630928
Entity Address, Address Line One	1800 North Route Z
Entity Address, City or Town	Columbia
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	65202
City Area Code	800
Local Phone Number	338-9585
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	AOUT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,587,111
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001808997

Intangible Assets, net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets (in years)			5 years
Amortization expense of intangible assets	$ 2,100,000	$ 2,400,000	$ 4,300,000	$ 4,900,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets (in years)			5 years
Developed software and technology
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets (in years)			6 years
Patents, trademarks, and trade names
Finite-Lived Intangible Assets [Line Items]
Weighted-average period for amortization of intangible assets (in years)			6 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

Inventories (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 114,806	$ 96,105
Finished parts	3,492	2,680
Work in process	99	306
Raw material	5,581	5,626
Total inventories	$ 123,978	$ 104,717

Basis of Presentation - Schedule of Trade Channel Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,199	$ 60,232	$ 86,901	$ 101,875
$ Change	$ (3,033)		$ (14,974)
% Change	(5.00%)		(14.70%)
e-commerce channel net sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 20,422	24,282	$ 31,112	40,783
$ Change	$ (3,860)		$ (9,671)
% Change	(15.90%)		(23.70%)
Traditional channel net sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 36,777	$ 35,950	$ 55,789	$ 61,092
$ Change	$ 827		$ (5,303)
% Change	2.30%		(8.70%)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Fair Value Measurement

6 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement:

We follow the provisions of ASC 820-10, Fair Value Measurements and Disclosures Topic, or ASC 820-10, for our financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value under GAAP and requires expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

Financial assets and liabilities recorded on the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (examples include active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities).

Cash and cash equivalents are reported at fair value based on market prices for identical assets in active markets, and therefore classified as Level 1 of the value hierarchy. Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled as follows as of October 31, 2025 and April 30, 2025 which would be the maximum amount of loss subject to credit risk:


	October 31, 2025		April 30, 2025
Cash and cash equivalents	$	3,111	$	23,423

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:

•quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds which trade infrequently);

•inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and

•inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our assumptions about the assumptions a market participant would use in pricing the asset or liability.

We do not have any Level 2 or 3 financial assets or liabilities as of October 31, 2025 and April 30, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity

6 Months Ended

Oct. 31, 2025

Equity [Abstract]

Equity

Equity:

Treasury Stock

On October 2, 2023, our Board of Directors authorized the repurchase of up to $10.0 million of our common stock, subject to certain conditions in the open market, in block purchases, or in privately negotiated transactions. This authorization expired on September 30, 2024. On September 25, 2024, our Board of Directors approved a program to purchase up to $10.0 million of our common stock, subject to certain conditions, in the open market, in block purchases, or in privately negotiated transactions. This authorization expired on September 30, 2025. On September 30, 2025 our Board of Directors authorized the repurchase of up to $10.0 million of our common stock, subject to certain conditions in the open market, in block purchases, or in privately negotiated transactions, commencing on October 1, 2025 and executable through September 30, 2026. During the three and six months ended October 31, 2025, under these authorizations, we repurchased 73,939 and 314,376 shares of our common stock for $662,000 and $3.2 million utilizing cash on hand. During the three and six months ended October 31, 2024, under these authorizations, we repurchased 111,480 and 153,497 shares of our common stock for $1.0 million and $1.4 million utilizing cash on hand, respectively.

Earnings per Share

We compute diluted earnings per share by giving effect to all potentially dilutive stock awards that are outstanding. The computation of diluted earnings per share excludes the effect of the potential exercise of stock-based awards when the effect of the potential exercise would be anti-dilutive. All of our outstanding RSUs were included in the computation of diluted earnings per share for the three and six months ended October 31, 2025 and 2024.

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three months ended October 31, 2025 and 2024 (in thousands, except per share data):


	For the Three Months Ended October 31,
	2025					2024
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic earnings	$	2,074	12,637	$	0.16	$	3,111	12,860	$	0.24
Effect of dilutive stock awards	—		235	—		—		285	—
Diluted earnings	$	2,074	12,872	$	0.16	$	3,111	13,145	$	0.24

The following table provides a reconciliation of the net (loss)/income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the six months ended October 31, 2025 and 2024 (in thousands, except per share data)


	For the Six Months Ended October 31,
	2025					2024
	Net Loss		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic (loss)/earnings	$	(4,754)	12,678	$	(0.37)	$	746	12,862	$	0.06
Effect of dilutive stock awards	—		—	—		—		349	—
Diluted (loss)/earnings	$	(4,754)	12,678	$	(0.37)	$	746	13,211	$	0.06

Due to the loss from operations for the six months ended October 31, 2025, there are no common shares added to calculate dilutive earnings per share because the effect would be anti-dilutive.

Incentive Stock and Employee Stock Purchase Plans

We have a stock incentive plan, or 2020 Incentive Compensation Plan, under which we can grant new awards to our employees and directors.

We grant RSUs to employees and directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three or four years with one-third or one-fourth of the units vesting on each anniversary of the grant date, respectively. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period. Awards that do not vest are forfeited.

We grant PSUs to our executive officers and certain other employees from time to time. We granted PSUs to our executive officers in fiscal 2026 that include internal performance metrics and removed the calculation of the relative performance of our common stock against the Russell 2000, or RUT over the approximately three-year period. These PSUs are earned and vest based on two internal performance metrics that include 1) a three-year average return on invested capital, or ROIC, and 2) a three-year cumulative Adjusted EBITDA. The grant date fair value of the fiscal 2026 awards was estimated using the closing share price of our common stock on the date of grant. The total quantity of PSUs eligible to vest under these awards range from zero to 200% of the target based on actual average ROIC and cumulative Adjusted EBITDA performance during the performance period. As such, the fiscal 2026 awards are subject to performance conditions and compensation cost is recognized over the service period based on the amount of awards that we believe is probable that will vest. To the extent we estimate changes, we will recognize a cumulative catch up in subsequent reporting periods. We assess the likelihood of achieving these performance conditions each quarter and adjust compensation expense accordingly. For the three and six months ended October 31, 2025, we concluded that there were no changes in expected performance outcomes; therefore, no changes to the expense were recognized.

For PSUs granted to our executive officers in the prior fiscal year, we calculated the fair value of our PSUs using the Monte-Carlo simulation. We incorporated the following variables into the valuation model for the period ended October 31, 2024 (awards in our prior fiscal year):


	For the Six Months Ended October 31,
	2024
Grant date fair market value
American Outdoor Brands, Inc.	$	7.89
Russell 2000 Index	$	1,980.23
Volatility (a)
American Outdoor Brands, Inc.	48.15		%
Russell 2000 Index	22.98		%
Correlation coefficient (b)	0.37
Risk-free interest rate (c)	4.73		%
Dividend yield (d)	0		%

(a)Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)We do not expect to pay dividends in the foreseeable future.

The PSUs granted in the prior fiscal year vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our PSUs have a maximum aggregate award equal to 200% of the target unit amount granted. Generally, the number of PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or the RUT, over the three-year performance period. For PSUs, our stock must outperform the RUT by 5% in order for the target award to vest. In addition, there is a cap on the number of shares that can be earned under our PSUs, which is equal to six times the grant-date value of each award.

During the six months ended October 31, 2025, we granted an aggregate of 79,729 PSUs to our executive officers. We also granted 222,002 RSUs during the six months ended October 31, 2025, including 79,729 RSUs to executive officers and 142,273 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. In addition, in connection with a 2022 grant, we vested 52,277 market-condition PSUs (i.e., the target amount granted), which achieved 200% of the maximum aggregate award possible, resulting in awards totaling 104,554 shares to certain of our executive officers. During the six months ended October 31, 2025, 2,934 RSUs were cancelled as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2025, we delivered common stock to our employees, including our executive officers, and directors with a total market value of $3.3 million.

During the six months ended October 31, 2024, we granted an aggregate of 98,412 PSUs to our executive officers. We also granted 278,764 RSUs during the six months ended October 31, 2024, including 98,412 RSUs to executive officers and 180,352 to non-executive officer employees and directors under our 2020 Incentive Compensation Plan. During the six months ended October 31, 2024, 23,987 PSUs were cancelled, at target, as a result of the performance condition not being met, and 18,995 RSUs were cancelled as a result of the service condition not being met. In connection with the vesting of RSUs, during the six months ended October 31, 2024, we delivered common stock to our employees, including our executive officers, and directors with a total market value of $1.9 million.

We recognized $848,000 and $900,000 of stock-based compensation expense for the three months ended October 31, 2025 and 2024, respectively. We recognized $1.5 million and $1.8 million of stock-based compensation expense for the six months ended October 31, 2025 and 2024, respectively

We record stock-based compensation expense primarily in general and administrative expenses.

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the six months ended October 31, 2025 and 2024 is as follows:


	For the Six Months Ended October 31,
	2025			2024
	Total # of Restricted Stock Units	Weighted Average Grant Date Fair Value		Total # of Restricted Stock Units	Weighted Average Grant Date Fair Value
RSUs and PSUs outstanding, beginning of period	700,953	$	9.48	624,093	$	11.27
Awarded	354,008	10.86		377,176	8.40
Vested	(309,545)	11.21		(223,421)	10.58
Forfeited	(2,934)	9.16		(42,982)	20.65
RSUs and PSUs outstanding, end of period	742,482	$	9.42	734,866	$	9.46

As of October 31, 2025, there was $3.2 million of unrecognized compensation expense related to unvested RSUs and PSUs. We expect to recognize this expense over a weighted average remaining contractual term of 1.3 years.

We have an employee stock purchase plan, or ESPP, which authorizes the sale of our common stock to employees. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. Our current ESPP will be implemented in a series of successive offering periods, each with a maximum duration of 12 months. If the fair market value per share of our common stock on any purchase date is less than the fair market value per share on the start date of a 12-month offering period, then that offering period will automatically terminate and a new 12-month offering period will begin on the next business day. Each offering period will begin on April 1 or October 1, as applicable, immediately following the end of the previous offering period. Payroll deductions will be on an after-tax basis, in an amount of not less than 1% and not more than 20% (or such greater percentage as the committee appointed to administer our ESPP may establish from time to time before the first day of an offering period) of a participant’s compensation on each payroll date. The option exercise price per share will equal 85% of the lower of the fair market value on the first day of the offering period or the fair market value on the exercise date. The maximum number of shares that a participant may purchase during any purchase period is the greater of 2,500 shares, or a total of $25,000 in shares, based on the fair market value on the first day of the offering period. Our ESPP will remain in effect until the earliest of (a) the exercise date that participants become entitled to purchase a number of shares greater than the number of reserved shares available for purchase under our ESPP, (b) such date as is determined by our Board of Directors in its discretion, or (c) the tenth anniversary of the effective date. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. During the six months ended October 31, 2025 and 2024, 41,286 and 38,957 shares were purchased by our employees under our ESPP, respectively.

We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We amortize the fair value of the award over the vesting period of the option. Under ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period.

The following assumptions were used in valuing ESPP purchases under our ESPP during the six months ended October 31, 2025 and 2024:


	For the Six Months Ended October 31,
	2025		2024
Risk-free interest rate	4.23	%	3.98	%
Expected term	6 months		6 months
Expected volatility	60.7	%	40.7	%
Dividend yield	0	%	0	%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Oct. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Leases

6 Months Ended

Oct. 31, 2025

Leases [Abstract]

Leases

Leases:

We lease real estate, as well as other equipment, under non-cancelable operating lease agreements. We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease terms. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate consistent with our revolving line of credit based on the information available at the lease commencement date in determining the discount rate for the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. We record tenant improvement allowances as an offsetting adjustment included in our calculation of the respective right-of-use asset.

Many of our leases include renewal options that can extend the lease term. These renewal options are at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.

The amounts of assets and liabilities related to our operating leases as of October 31, 2025 and April 30, 2025 are as follows (in thousands):


	October 31, 2025		April 30, 2025
Operating Leases
Right-of-use assets	$	37,516	$	37,474
Accumulated amortization	(5,929)		(5,578)
Right-of-use assets, net	$	31,588	$	31,896

Lease liabilities, current portion	$	1,505	$	1,336
Lease liabilities, net of current portion	31,625		31,949
Total operating lease liabilities	$	33,130	$	33,284

For the three and six months ended October 31, 2025, we recorded $1.1 million and $2.2 million, respectively, of operating lease costs, of which $69,000 and $168,000, respectively, related to short-term leases. For the three and six months ended October 31, 2024, we recorded $1.0 million and $2.0 million, respectively, of operating lease costs, of which $2,000 related to short-term leases. As of October 31, 2025, our weighted average lease term and weighted average discount rate for our operating leases were 13.0 years and 6.0%, respectively. As of April 30, 2025, our weighted average lease term and weighted average discount rate for our operating leases were 13.5 years and 5.4%, respectively. The operating lease costs, weighted average lease term, and weighted average discount rate, are primarily driven by the lease of our corporate office and warehouse facility in Columbia, Missouri through our fiscal year ending April 30, 2039. The depreciable lives of right-of-use assets are limited by the lease term and are amortized on a straight-line basis over the life of the lease.

Future lease payments for all our operating leases for the remainder of fiscal 2026 and for succeeding fiscal years, as of October 31, 2025, are as follows (in thousands):


	Operating
2026	$	1,722
2027	3,461
2028	3,510
2029	3,534
2030	3,572
Thereafter	32,461
Total future lease payments	48,260
Less amounts representing interest	(15,129)
Present value of lease payments	33,130
Less current maturities of lease liabilities	(1,505)
Long-term maturities of lease liabilities	$	31,625

The cash paid for amounts included in the measurement of liabilities and the operating cash flows was $523,000 and $637,000 for the six months ended October 31, 2025 and 2024, respectively.

Organization (Details)	6 Months Ended
Organization (Details)	Oct. 31, 2025 brandLane vertical
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of brand lanes \| brandLane	4
Number of consumer verticals \| vertical	4

Inventories

6 Months Ended

Oct. 31, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories:

The following table sets forth a summary of inventories, stated at lower of cost or net realizable value, as of October 31, 2025 and April 30, 2025 (in thousands):


	October 31, 2025			April 30, 2025
Finished goods	$	114,806	(a)	$	96,105
Finished parts	3,492			2,680
Work in process	99			306
Raw material	5,581			5,626
Total inventories	$	123,978		$	104,717

(a) The rise in finished goods inventory reflects higher tariff costs on products sourced from outside the U.S., stemming from tariffs imposed by the U.S. Administration in March and April 2025.

Basis of Presentation

6 Months Ended

Oct. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation:

Interim Financial Information

Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the SEC for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are required by accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted. Our accounting policies are described in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for our fiscal year ended April 30, 2025. We are responsible for the condensed consolidated financial statements included in this report, which are unaudited but, in our opinion, include all adjustments necessary for a fair presentation of our condensed consolidated balance sheet as of October 31, 2025, our condensed consolidated statement of operations for the three and six months ended October 31, 2025 and 2024, and our condensed consolidated statement of cash flows for the six months ended October 31, 2025 and 2024. The consolidated balance sheet as of April 30, 2025 was derived from audited financial statements.

The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.

Revenue Recognition

We recognize revenue for the sale of our products at the point in time when the control of ownership has transferred to the customer. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) a payment obligation, (ii) physical possession of goods has been received, (iii) legal title to goods has passed, (iv) risks and rewards of ownership of goods has passed to the customer, and (v) the customer has accepted the goods. The timing of revenue recognition occurs either on shipment or delivery of goods based on contractual terms with the customer, as this is when transfer of control occurs and the customer accepts the product, has title and significant risks and rewards of ownership of the product, and physical possession of the product has been transferred. Revenue recorded excludes sales tax charged to retail customers as we are considered a pass-through conduit for collecting and remitting sales taxes.

The duration of contractual arrangements with customers in our wholesale channels is typically less than one year. Payment terms with customers are typically between 20 and 90 days, with a discount available in certain cases for early payment. For contracts with discounted terms, we determine the transaction price upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year.

We have elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as distribution expenses at the time we recognize the related revenue. Shipping and handling costs billed to customers are included in net sales.

We sponsor direct-to-consumer customer loyalty programs. Customers earn rewards from qualifying purchases or activities. We defer revenue for a portion of the transaction price from product sales to customers that earn loyalty points.

The amount of revenue we recognize reflects the expected consideration to be received for providing the goods or services to customers, which includes estimates for variable consideration. Variable consideration includes allowances for trade term discounts, volume incentives, chargebacks, and product returns. Estimates of variable consideration are determined at contract inception and are constrained to the extent that the inclusion of such variable consideration could result in a significant reversal of cumulative revenue in future periods. We apply the portfolio approach as a practical expedient and utilize the expected value method in determining estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level.

Disaggregation of Revenue

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
e-commerce channel net sales	$	20,422	$	24,282	$	(3,860)	(15.9	%)
Traditional channel net sales	36,777		35,950		827		2.3	%
Total net sales	$	57,199	$	60,232	$	(3,033)	(5.0	%)

Our e-commerce channel include net sales from customers that do not traditionally operate a physical brick-and-mortar store, but generate the majority of their revenue from consumer purchases at their retail websites. Our e-commerce channel also include our direct-to-consumer sales. Our traditional channel include customers that operate

primarily out of physical brick and mortar stores and generate the large majority of their revenue from consumer purchases at their brick-and-mortar locations.

We sell our products worldwide. The following table sets forth certain information regarding geographic makeup of net sales for the three months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
Domestic net sales	$	54,398	$	56,847	$	(2,449)	(4.3	%)
International net sales	2,801		3,385		(584)		(17.3	%)
Total net sales	$	57,199	$	60,232	$	(3,033)	(5.0	%)

The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the three months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
Shooting sports net sales	$	22,591	$	23,806	$	(1,215)	(5.1	%)
Outdoor lifestyle net sales	34,608		36,426		(1,818)		(5.0	%)
Total net sales	$	57,199	$	60,232	$	(3,033)	(5.0	%)

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
e-commerce channel net sales	$	31,112	$	40,783	$	(9,671)	(23.7	%)
Traditional channel net sales	55,789		61,092		(5,303)		(8.7	%)
Total net sales	$	86,901	$	101,875	$	(14,974)	(14.7	%)

We sell our products worldwide. The following table sets forth certain information regarding geographic makeup of net sales for the six months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
Domestic net sales	$	82,247	$	94,060	$	(11,813)	(12.6	%)
International net sales	4,654		7,815		(3,161)		(40.4	%)
Total net sales	$	86,901	$	101,875	$	(14,974)	(14.7	%)

The following table sets forth certain information regarding net sales in our shooting sports and outdoor lifestyle categories for the six months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
Shooting sports net sales	$	36,574	$	42,484	$	(5,910)	-13.9	%
Outdoor lifestyle net sales	50,327		59,391		(9,064)		-15.3	%
Total net sales	$	86,901	$	101,875	$	(14,974)	(14.7	%)

Warranty

We generally provide either a limited lifetime, four-year, three-year, two-year, or one-year warranty program to the original purchaser of most of our products. We will also repair or replace certain products or parts found to be defective under normal use and service with an item of equivalent value, at our option, without charge during the warranty period.

We provide for estimated warranty obligations in the period in which we recognize the related revenue. We quantify and record an estimate for warranty-related costs based on our actual historical claims experience and current repair costs. We make adjustments to accruals as warranty claims data and historical experience warrant.

The following table sets forth the change in accrued warranties, which was recorded in accrued expenses, during the six months ended October 31, 2025, and 2024 (in thousands):


	October 31, 2025		October 31, 2024
Beginning balance	$	1,392	1,243
Warranties issued and adjustments to provisions	916		1,026

Warranty claims	(797)		(862)
Ending balance	$	1,511	1,408

Recently Issued Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03), which requires disaggregation disclosures on an annual or interim basis, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the statement of operations. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027 and should be applied prospectively, with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2024-03 on our consolidated financial statements and disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which improves transparency to provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The new guidance is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU 2025-05 is not expected to have a significant impact to the Company’s consolidated financial statements when adopted.

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Oct. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024	Apr. 30, 2025
Leases [Abstract]
Operating lease cost	$ 1,100	$ 1,000	$ 2,200	$ 2,000
Short-term lease costs	$ 69	$ 2	$ 168	2
Operating lease, weighted average lease term	13 years		13 years		13 years 6 months
Operating lease, weighted average discount rate (as percent)	6.00%		6.00%		5.40%
Cash paid for amounts included in measurement of liabilities and operating cash flows			$ 523	$ 637

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Cash flows from operating activities:
Net (loss)/income	$ (4,754)	$ 746
Adjustments to reconcile net (loss)/income to net cash used in operating activities:
Depreciation and amortization	6,477	6,626
Provision for credit losses on accounts receivable	(345)	25
Stock-based compensation expense	1,499	1,798
Changes in operating assets and liabilities:
Accounts receivable	(620)	(17,556)
Inventories	(19,261)	(18,251)
Prepaid expenses and other current assets	209	1,506
Income tax receivable	(12)	(47)
Accounts payable	3,358	10,578
Accrued payroll and incentives	(4,091)	(973)
Right of use assets	676	816
Accrued expenses	2,364	3,031
Other assets	25	51
Lease liabilities	(523)	(637)
Net cash used in operating activities	(14,998)	(12,287)
Cash flows from investing activities:
Payments to acquire patents and software	(287)	(665)
Payments to acquire property and equipment	(1,069)	(908)
Net cash used in investing activities	(1,356)	(1,573)
Cash flows from financing activities:
Proceeds from notes and loans payable	5,277	0
Payments on notes and loans payable	(5,277)	0
Payments to acquire treasury stock	(3,186)	(1,387)
Proceeds from exercise of options to acquire common stock, including employee stock purchase plan	304	286
Payment of employee withholding tax related to restricted stock units	(1,076)	(514)
Net cash used in financing activities	(3,958)	(1,615)
Net decrease in cash and cash equivalents	(20,312)	(15,475)
Cash and cash equivalents, beginning of period	23,423	29,698
Cash and cash equivalents, end of period	3,111	14,223
Supplemental disclosure of cash flow information
Interest	134	105
Income taxes (net of refunds)	$ 62	$ 72

Segment Reporting	6 Months Ended
Segment Reporting	Oct. 31, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting: We have evaluated our operations under ASC 280-10-50-1 – Segment Reporting and have concluded that we are operating as one segment based on several key factors, including the reporting and review process used by the chief operating decision maker, or CODM, who reviews only consolidated financial information and makes decisions to allocate resources based on those financial statements. Our CODM is our Chief Executive Officer. We analyze revenue streams in various ways, including customer group, brands, product categories, and customer channels. See also Note 2 – Summary of Significant Accounting Policies for more information on how we disaggregate our net sales. The CODM uses consolidated net income to set budgets, evaluate margins, review actual results and in deciding whether to reinvest profits and cash flows into our business, repurchase our stock, pursue acquisitions, or make any other capital management decisions. Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant segment level expense information provided to the CODM is consistent with our consolidated statements of operations, as presented on the accompanying consolidated statements of operations. The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Debt	6 Months Ended
Debt	Oct. 31, 2025
Debt Disclosure [Abstract]
Debt	Debt: On August 24, 2020, we entered into a financing arrangement consisting of a $50.0 million revolving line of credit secured by substantially all our assets, maturing five years from the closing date, with available borrowings determined by a borrowing base calculation. The revolving line included an option to increase the credit commitment by an additional $15 million. The revolving line bore interest at a fluctuating rate equal to the Base Rate or LIBOR, as applicable, plus the applicable margin. On March 25, 2022, we amended our secured loan and security agreement, or the Amended Loan and Security Agreement, increasing the revolving line of credit to $75 million, secured by substantially all our assets, maturing in March 2027, with available borrowings determined by a borrowing base calculation. The amendment also includes an option to increase the credit commitment by an additional $15 million. The amended revolving line bears interest at a fluctuating rate equal to the Base Rate or Secured Overnight Financing Rate, or SOFR, as applicable, plus the applicable margin. The applicable margin can range from a minimum of 0.25% to a maximum of 1.75% based on certain conditions as defined in the Amended Loan and Security Agreement. The financing arrangement contains covenants relating to minimum debt service coverage. During the three months ended October 31, 2025, we borrowed $5.3 million on our revolving line of credit for general business purposes. Also during the three months ended October 31, 2025, we paid in full, the $5.3 million borrowed on our revolving line of credit utilizing cash on hand. As of October 31, 2025, we had no borrowings outstanding on the revolving line of credit. If we would have had borrowings at October 31, 2025, those borrowings would have borne interest at approximately 5.72%, which is equal to SOFR plus the applicable margin. As of October 31, 2025, we have irrevocable standby letters of credit totaling $4.0 million to collateralize duty drawback bonds. During the three months ended October 31, 2025, no amounts have been drawn on the letters of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Paragraph 2
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses

6 Months Ended

Oct. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses

Accrued Expenses:

The following table sets forth other accrued expenses as of October 31, 2025 and April 30, 2025 (in thousands):


	October 31, 2025		April 30, 2025
Accrued freight, duty, and tariff	$	6,880	$	6,379
Accrued sales allowances	3,477		1,865
Accrued warranty	1,511		1,392
Accrued commissions	1,599		1,694
Accrued professional fees	1,578		1,065
Accrued employee benefits	386		362
Accrued taxes other than income	820		563
Accrued other	474		553
Total accrued expenses	$	16,724	$	13,872

Basis of Presentation - Schedule of Net Sales in Product Categories (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Disaggregation of Revenue [Line Items]
Total net sales	$ 57,199	$ 60,232	$ 86,901	$ 101,875
$ Change	$ (3,033)		$ (14,974)
% Change	(5.00%)		(14.70%)
Shooting sports net sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 22,591	23,806	$ 36,574	42,484
$ Change	$ (1,215)		$ (5,910)
% Change	(5.10%)		(13.90%)
Outdoor lifestyle net sales
Disaggregation of Revenue [Line Items]
Total net sales	$ 34,608	$ 36,426	$ 50,327	$ 59,391
$ Change	$ (1,818)		$ (9,064)
% Change	(5.00%)		(15.30%)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Intangible Assets, net (Tables)

6 Months Ended

Oct. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following table summarizes intangible assets as of October 31, 2025 and April 30, 2025 (in thousands):


	October 31, 2025						April 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	89,980	$	(84,065)	$	5,915	$	89,980	$	(82,623)	$	7,357
Developed software and technology	28,155		(23,153)		5,002		28,155		(22,238)		5,917
Patents, trademarks, and trade names	70,208		(55,859)		14,349		70,060		(53,966)		16,094
	188,343		(163,076)		25,266		188,195		(158,826)		29,368
Patents and software in development	1,949		—		1,949		1,612		—		1,612
Total definite-lived intangible assets	190,291		(163,076)		27,215		189,807		(158,826)		30,981
Indefinite-lived intangible assets	430		—		430		430		—		430
Total intangible assets	$	190,722	$	(163,076)	$	27,645	$	190,237	$	(158,826)	$	31,411

Schedule of Future Expected Amortization Expense

Future expected amortization expense for the remainder of fiscal 2026 and for succeeding fiscal years, as of October 31, 2025, are as follows (in thousands):


Fiscal	Amount
2026	$	4,258
2027	6,105
2028	4,638
2029	2,985
2030	2,288
2031	1,432
Thereafter	3,560
Total	$	25,266

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Oct. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies: Litigation From time to time, we are involved in lawsuits, claims, investigations, and proceedings, including those relating to product liability, intellectual property, commercial relationships, employment issues, and governmental matters, which arise in the ordinary course of business. For the three and six months ended October 31, 2025 and 2024, we did not incur any material expenses in defense and administrative costs relative to product liability litigation. In addition, we did not incur any settlement fees related to product liability cases in those fiscal years. Gain Contingency In 2018, the United States imposed additional section 301 tariffs of up to 25% on certain goods imported from China. These additional section 301 tariffs apply to our sourced products from China and have added additional cost to us. We are utilizing the duty drawback mechanism to offset some of the direct impact of these tariffs, specifically on goods that we sold internationally. We are accounting for duty drawbacks as a gain contingency and may record any such gain from a reimbursement in future periods if and when the contingency is resolved.

Basis of Presentation - Additional Information (Details)	6 Months Ended
	Oct. 31, 2025
Minimum
Background Description Of Business And Basis Of Presentation [Line Items]
Contract With Customer, Payment Terms	20 days
Maximum
Background Description Of Business And Basis Of Presentation [Line Items]
Contract With Customer, Payment Terms	90 days

Equity - Schedule of Basic and Diluted Earnings per Share Attributed to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Net Income (Loss)
Basic (loss)/earnings	$ 2,074	$ 3,111	$ (4,754)	$ 746
Effect of dilutive stock awards	0	0	0	0
Diluted (loss)/earnings	$ 2,074	$ 3,111	$ (4,754)	$ 746
Shares
Basic (loss)/earnings (in shares)	12,637	12,860	12,678	12,862
Effect of dilutive stock awards (in shares)	235	285	0	349
Diluted (loss)/earnings (in shares)	12,872	13,145	12,678	13,211
Per Share Amount
Basic (loss)/earnings (in dollars per share)	$ 0.16	$ 0.24	$ (0.37)	$ 0.06
Effect of dilutive stock awards (in dollars per share)	0	0	0	0
Diluted (loss)/earnings (in dollars per share)	$ 0.16	$ 0.24	$ (0.37)	$ 0.06

Accrued Expenses (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Payables and Accruals [Abstract]
Accrued freight, duty, and tariff	$ 6,880	$ 6,379
Accrued sales allowances	3,477	1,865
Accrued warranty	1,511	1,392
Accrued commissions	1,599	1,694
Accrued professional fees	1,578	1,065
Accrued employee benefits	386	362
Accrued taxes other than income	820	563
Accrued other	474	553
Total accrued expenses	$ 16,724	$ 13,872

Fair Value Measurement (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 3,111	$ 23,423

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 434	$ 159
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	15,221,472	14,974,217
Common stock, shares outstanding (in shares)	12,629,235	12,696,356
Treasury stock (in shares)	2,592,237	2,277,861

Intangible Assets, net

6 Months Ended

Oct. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, net

Intangible Assets, net:

The following table summarizes intangible assets as of October 31, 2025 and April 30, 2025 (in thousands):


	October 31, 2025						April 30, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	$	89,980	$	(84,065)	$	5,915	$	89,980	$	(82,623)	$	7,357
Developed software and technology	28,155		(23,153)		5,002		28,155		(22,238)		5,917
Patents, trademarks, and trade names	70,208		(55,859)		14,349		70,060		(53,966)		16,094
	188,343		(163,076)		25,266		188,195		(158,826)		29,368
Patents and software in development	1,949		—		1,949		1,612		—		1,612
Total definite-lived intangible assets	190,291		(163,076)		27,215		189,807		(158,826)		30,981
Indefinite-lived intangible assets	430		—		430		430		—		430
Total intangible assets	$	190,722	$	(163,076)	$	27,645	$	190,237	$	(158,826)	$	31,411

We amortize intangible assets with determinable lives over a weighted-average period of approximately five years. The weighted-average periods of amortization by intangible asset class is approximately five years for customer relationships, six years for developed software and technology, and six years for patents, trademarks, and trade names. Amortization expense amounted to $2.1 million and $2.4 million for the three months ended October 31, 2025 and 2024, respectively. Amortization expense amounted to $4.3 million and $4.9 million for the six months ended October 31, 2025 and 2024, respectively.

Future expected amortization expense for the remainder of fiscal 2026 and for succeeding fiscal years, as of October 31, 2025, are as follows (in thousands):


Fiscal	Amount
2026	$	4,258
2027	6,105
2028	4,638
2029	2,985
2030	2,288
2031	1,432
Thereafter	3,560
Total	$	25,266

Basis of Presentation - Schedule of Accrued Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 1,392	$ 1,243
Warranties issued and adjustments to provisions	916	1,026
Warranty claims	(797)	(862)
Ending balance	$ 1,511	$ 1,408

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Deficit	Treasury Stock
Balance, beginning of period (in shares) at Apr. 30, 2024		14,701,000
Balance, beginning of period at Apr. 30, 2024	$ 177,925	$ 15	$ 277,107	$ (74,623)	$ (24,574)
Balance, beginning of period (in shares) at Apr. 30, 2024					1,903,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	746			746
Stock-based compensation	1,798		1,798
Shares issued under employee stock purchase plan (in shares)		39,000
Shares issued under employee stock purchase plan	286		286
Issuance of common stock under restricted stock unit awards, net of tax (in shares)		150,000
Issuance of common stock under restricted stock unit awards, net of tax	(514)		(514)
Repurchase of treasury stock (in shares)					154,000
Repurchase of treasury stock	(1,387)				$ (1,387)
Balance, end of period (in shares) at Oct. 31, 2024		14,890,000
Balance, end of period at Oct. 31, 2024	178,854	$ 15	278,677	(73,877)	$ (25,961)
Balance, end of period (in shares) at Oct. 31, 2024					2,057,000
Balance, beginning of period (in shares) at Jul. 31, 2024		14,820,000
Balance, beginning of period at Jul. 31, 2024	175,714	$ 15	277,642	(76,988)	$ (24,955)
Balance, beginning of period (in shares) at Jul. 31, 2024					1,945,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	3,111			3,111
Stock-based compensation	866		866
Shares issued under employee stock purchase plan (in shares)		39,000
Shares issued under employee stock purchase plan	286		286
Issuance of common stock under restricted stock unit awards, net of tax (in shares)		31,000
Issuance of common stock under restricted stock unit awards, net of tax	(117)		(117)
Repurchase of treasury stock (in shares)					112,000
Repurchase of treasury stock	(1,006)				$ (1,006)
Balance, end of period (in shares) at Oct. 31, 2024		14,890,000
Balance, end of period at Oct. 31, 2024	$ 178,854	$ 15	278,677	(73,877)	$ (25,961)
Balance, end of period (in shares) at Oct. 31, 2024					2,057,000
Balance, beginning of period (in shares) at Apr. 30, 2025	12,696,356	14,974,000
Balance, beginning of period at Apr. 30, 2025	$ 177,610	$ 15	280,711	(74,700)	$ (28,416)
Balance, beginning of period (in shares) at Apr. 30, 2025	2,277,861				2,278,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	$ (4,754)			(4,754)
Stock-based compensation	1,499		1,499
Shares issued under employee stock purchase plan (in shares)		40,000
Shares issued under employee stock purchase plan	304		304
Issuance of common stock under restricted stock unit awards, net of tax (in shares)		208,000
Issuance of common stock under restricted stock unit awards, net of tax	(1,076)		(1,076)
Repurchase of treasury stock (in shares)					314,000
Repurchase of treasury stock	$ (3,186)				$ (3,186)
Balance, end of period (in shares) at Oct. 31, 2025	12,629,235	15,222,000
Balance, end of period at Oct. 31, 2025	$ 170,397	$ 15	281,438	(79,454)	$ (31,602)
Balance, end of period (in shares) at Oct. 31, 2025	2,592,237				2,592,000
Balance, beginning of period (in shares) at Jul. 31, 2025		15,171,000
Balance, beginning of period at Jul. 31, 2025	$ 167,838	$ 15	280,292	(81,529)	$ (30,940)
Balance, beginning of period (in shares) at Jul. 31, 2025					2,518,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	2,075			2,075
Stock-based compensation	848		848
Shares issued under employee stock purchase plan (in shares)		40,000
Shares issued under employee stock purchase plan	304		304
Issuance of common stock under restricted stock unit awards, net of tax (in shares)		11,000
Issuance of common stock under restricted stock unit awards, net of tax	(6)		(6)
Repurchase of treasury stock (in shares)					74,000
Repurchase of treasury stock	$ (662)				$ (662)
Balance, end of period (in shares) at Oct. 31, 2025	12,629,235	15,222,000
Balance, end of period at Oct. 31, 2025	$ 170,397	$ 15	$ 281,438	$ (79,454)	$ (31,602)
Balance, end of period (in shares) at Oct. 31, 2025	2,592,237				2,592,000

Intangible Assets, net - Schedule of Future Expected Amortization Expense (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Finite-Lived Intangible Assets [Line Items]
Net Carrying Amount	$ 27,215	$ 30,981
Definite-lived Intangible Assets Excluding Patents and Software in Development
Finite-Lived Intangible Assets [Line Items]
2026	4,258
2027	6,105
2028	4,638
2029	2,985
2030	2,288
2031	1,432
Thereafter	3,560
Net Carrying Amount	$ 25,266

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Oct. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Financial Information	Interim Financial Information Our unaudited condensed consolidated financial statements have been prepared in accordance with the requirements of the SEC for interim reporting. As permitted under those rules, certain disclosures and other financial information that normally are required by accounting principles generally accepted in the United States ("GAAP") have been condensed or omitted. Our accounting policies are described in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for our fiscal year ended April 30, 2025. We are responsible for the condensed consolidated financial statements included in this report, which are unaudited but, in our opinion, include all adjustments necessary for a fair presentation of our condensed consolidated balance sheet as of October 31, 2025, our condensed consolidated statement of operations for the three and six months ended October 31, 2025 and 2024, and our condensed consolidated statement of cash flows for the six months ended October 31, 2025 and 2024. The consolidated balance sheet as of April 30, 2025 was derived from audited financial statements. The results reported in these condensed consolidated financial statements should not necessarily be taken as indicative of results that may be expected for the entire fiscal year.
Revenue Recognition	Revenue Recognition We recognize revenue for the sale of our products at the point in time when the control of ownership has transferred to the customer. The transfer of control typically occurs at a point in time based on consideration of when the customer has (i) a payment obligation, (ii) physical possession of goods has been received, (iii) legal title to goods has passed, (iv) risks and rewards of ownership of goods has passed to the customer, and (v) the customer has accepted the goods. The timing of revenue recognition occurs either on shipment or delivery of goods based on contractual terms with the customer, as this is when transfer of control occurs and the customer accepts the product, has title and significant risks and rewards of ownership of the product, and physical possession of the product has been transferred. Revenue recorded excludes sales tax charged to retail customers as we are considered a pass-through conduit for collecting and remitting sales taxes. The duration of contractual arrangements with customers in our wholesale channels is typically less than one year. Payment terms with customers are typically between 20 and 90 days, with a discount available in certain cases for early payment. For contracts with discounted terms, we determine the transaction price upon establishment of the contract that contains the final terms of the sale, including the description, quantity, and price of each product purchased. We estimate variable consideration relative to the amount of cash discounts to which customers are likely to be entitled. In some instances, we provide longer payment terms, particularly as it relates to our hunting dating programs, which represent payment terms due in the fall for certain orders of hunting products received in the spring and summer. We do not consider these extended terms to be a significant financing component of the contract because the payment terms are less than one year. We have elected to treat all shipping and handling activities as fulfillment costs and recognize the costs as distribution expenses at the time we recognize the related revenue. Shipping and handling costs billed to customers are included in net sales. We sponsor direct-to-consumer customer loyalty programs. Customers earn rewards from qualifying purchases or activities. We defer revenue for a portion of the transaction price from product sales to customers that earn loyalty points. The amount of revenue we recognize reflects the expected consideration to be received for providing the goods or services to customers, which includes estimates for variable consideration. Variable consideration includes allowances for trade term discounts, volume incentives, chargebacks, and product returns. Estimates of variable consideration are determined at contract inception and are constrained to the extent that the inclusion of such variable consideration could result in a significant reversal of cumulative revenue in future periods. We apply the portfolio approach as a practical expedient and utilize the expected value method in determining estimates of variable consideration, based on evaluations of specific product and customer circumstances, historical and anticipated trends, and current economic conditions. We have co-op advertising program expense, which we record within advertising expense, in recognition of a distinct service that we receive from our customers at the retail level.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), which improves the transparency of income tax disclosures by requiring companies to (1) disclose consistent categories and greater disaggregation of information in the effective rate reconciliation and (2) provide information on income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, although early adoption is permitted. The guidance should be applied on a prospective basis with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2023-09 on our consolidated financial statements and disclosures. In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03), which requires disaggregation disclosures on an annual or interim basis, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the statement of operations. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027 and should be applied prospectively, with the option to apply the standard retrospectively. We are currently evaluating the impact of adopting this ASU 2024-03 on our consolidated financial statements and disclosures. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which improves transparency to provide all entities with a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. All entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The new guidance is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. This ASU 2025-05 is not expected to have a significant impact to the Company’s consolidated financial statements when adopted.
Leases	We lease real estate, as well as other equipment, under non-cancelable operating lease agreements. We recognize expenses under our operating lease assets and liabilities at the commencement date based on the present value of lease payments over the lease terms. Our leases do not provide an implicit interest rate. We use our incremental borrowing rate consistent with our revolving line of credit based on the information available at the lease commencement date in determining the discount rate for the present value of lease payments. Our lease agreements do not require material variable lease payments, residual value guarantees, or restrictive covenants. For operating leases, we recognize expense on a straight-line basis over the lease term. We record tenant improvement allowances as an offsetting adjustment included in our calculation of the respective right-of-use asset. Many of our leases include renewal options that can extend the lease term. These renewal options are at our sole discretion and are reflected in the lease term when they are reasonably certain to be exercised. The depreciable life of assets and leasehold improvements are limited by the expected lease term.
Segment Reporting	We analyze revenue streams in various ways, including customer group, brands, product categories, and customer channels. See also Note 2 – Summary of Significant Accounting Policies for more information on how we disaggregate our net sales. The CODM uses consolidated net income to set budgets, evaluate margins, review actual results and in deciding whether to reinvest profits and cash flows into our business, repurchase our stock, pursue acquisitions, or make any other capital management decisions. Consolidated net income is the measure of segment profit most consistent with U.S. GAAP that is regularly reviewed by the CODM to allocate resources and assess performance. Significant segment level expense information provided to the CODM is consistent with our consolidated statements of operations, as presented on the accompanying consolidated statements of operations. The measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Schedule of Future Lease Payments for Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Operating
2026	$ 1,722
2027	3,461
2028	3,510
2029	3,534
2030	3,572
Thereafter	32,461
Total future lease payments	48,260
Less amounts representing interest	(15,129)
Present value of lease payments	33,130	$ 33,284
Less current maturities of lease liabilities	(1,505)	(1,336)
Long-term maturities of lease liabilities	$ 31,625	$ 31,949

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense	$ 0	$ 12	$ 53	$ 34
Effective tax rate (as percent)	0.00%	0.40%	(1.10%)	4.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Intangible Assets, net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Total definite-lived intangible assets
Gross Carrying Amount	$ 190,291	$ 189,807
Accumulated Amortization	(163,076)	(158,826)
Net Carrying Amount	27,215	30,981
Indefinite-lived intangible assets	430	430
Total intangible assets
Gross Carrying Amount	190,722	190,237
Accumulated Amortization	(163,076)	(158,826)
Net Carrying Amount	27,645	31,411
Definite-lived Intangible Assets Excluding Patents in Progress
Total definite-lived intangible assets
Gross Carrying Amount	188,343	188,195
Accumulated Amortization	(163,076)	(158,826)
Net Carrying Amount	25,266	29,368
Total intangible assets
Accumulated Amortization	(163,076)	(158,826)
Customer relationships
Total definite-lived intangible assets
Gross Carrying Amount	89,980	89,980
Accumulated Amortization	(84,065)	(82,623)
Net Carrying Amount	5,915	7,357
Total intangible assets
Accumulated Amortization	(84,065)	(82,623)
Developed software and technology
Total definite-lived intangible assets
Gross Carrying Amount	28,155	28,155
Accumulated Amortization	(23,153)	(22,238)
Net Carrying Amount	5,002	5,917
Total intangible assets
Accumulated Amortization	(23,153)	(22,238)
Patents, trademarks, and trade names
Total definite-lived intangible assets
Gross Carrying Amount	70,208	70,060
Accumulated Amortization	(55,859)	(53,966)
Net Carrying Amount	14,349	16,094
Total intangible assets
Accumulated Amortization	(55,859)	(53,966)
Patents and software in development
Total definite-lived intangible assets
Gross Carrying Amount	1,949	1,612
Accumulated Amortization	0	0
Net Carrying Amount	1,949	1,612
Total intangible assets
Accumulated Amortization	$ 0	$ 0

Equity - Share Based Payment Award Performance Shares Valuation Assumptions (Details) - PSUs - $ / shares	6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Correlation coefficient		0.37
Risk-free interest rate (as percent)		4.73%
Dividend yield (as percent)		0.00%
Awards granted, vesting period	3 years
American Outdoor Brands, Inc.
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair market value (in dollars per share)		$ 7.89
Volatility (as percent)		48.15%
Russell 2000 Index
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair market value (in dollars per share)		$ 1,980.23
Volatility (as percent)		22.98%

Accrued Expenses (Tables)

6 Months Ended

Oct. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following table sets forth other accrued expenses as of October 31, 2025 and April 30, 2025 (in thousands):


	October 31, 2025		April 30, 2025
Accrued freight, duty, and tariff	$	6,880	$	6,379
Accrued sales allowances	3,477		1,865
Accrued warranty	1,511		1,392
Accrued commissions	1,599		1,694
Accrued professional fees	1,578		1,065
Accrued employee benefits	386		362
Accrued taxes other than income	820		563
Accrued other	474		553
Total accrued expenses	$	16,724	$	13,872

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024	Oct. 31, 2025	Oct. 31, 2024
Income Statement [Abstract]
Net sales	$ 57,199	$ 60,232	$ 86,901	$ 101,875
Cost of sales	31,102	31,325	46,945	54,043
Gross profit	26,097	28,907	39,956	47,832
Operating expenses:
Research and development	1,222	1,866	3,177	3,540
Selling, marketing, and distribution	14,331	14,973	24,851	26,356
General and administrative	8,453	8,998	16,655	17,439
Total operating expenses	24,006	25,837	44,683	47,335
Operating income/(loss)	2,091	3,070	(4,727)	497
Other (expense)/ income, net:
Other income, net	59	59	94	141
Interest (expense)/income, net	(75)	(6)	(68)	142
Total other (expense)/income, net	(16)	53	26	283
Income/(loss) from operations before income taxes	2,075	3,123	(4,701)	780
Income tax expense	0	12	53	34
Net income/(loss)	$ 2,075	$ 3,111	$ (4,754)	$ 746
Net income/(loss) per share:
Basic (in dollars per share)	$ 0.16	$ 0.24	$ (0.37)	$ 0.06
Diluted (in dollars per share)	$ 0.16	$ 0.24	$ (0.37)	$ 0.06
Weighted average number of common shares outstanding:
Basic (in shares)	12,637	12,860	12,678	12,862
Diluted (in shares)	12,872	13,145	12,678	13,211

Leases - Schedule of Assets and Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2025	Apr. 30, 2025
Operating Leases
Right-of-use assets	$ 37,516	$ 37,474
Accumulated amortization	(5,929)	(5,578)
Right-of-use assets, net	31,588	31,896
Lease liabilities, current portion	1,505	1,336
Lease liabilities, net of current portion	31,625	31,949
Present value of lease payments	$ 33,130	$ 33,284

Basis of Presentation (Tables)

6 Months Ended

Oct. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Trade Channel Net Sales

The following table sets forth certain information regarding trade channel net sales for the three months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
e-commerce channel net sales	$	20,422	$	24,282	$	(3,860)	(15.9	%)
Traditional channel net sales	36,777		35,950		827		2.3	%
Total net sales	$	57,199	$	60,232	$	(3,033)	(5.0	%)

The following table sets forth certain information regarding trade channel net sales for the six months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
e-commerce channel net sales	$	31,112	$	40,783	$	(9,671)	(23.7	%)
Traditional channel net sales	55,789		61,092		(5,303)		(8.7	%)
Total net sales	$	86,901	$	101,875	$	(14,974)	(14.7	%)

Schedule of Geographic Makeup of Net Sales

The following table sets forth certain information regarding geographic makeup of net sales for the three months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
Domestic net sales	$	54,398	$	56,847	$	(2,449)	(4.3	%)
International net sales	2,801		3,385		(584)		(17.3	%)
Total net sales	$	57,199	$	60,232	$	(3,033)	(5.0	%)

The following table sets forth certain information regarding geographic makeup of net sales for the six months ended October 31, 2025 and 2024 (dollars in thousands):


	2025		2024		$ Change		% Change
Domestic net sales	$	82,247	$	94,060	$	(11,813)	(12.6	%)
International net sales	4,654		7,815		(3,161)		(40.4	%)
Total net sales	$	86,901	$	101,875	$	(14,974)	(14.7	%)

Schedule of Net Sales in Product Categories


	2025		2024		$ Change		% Change
Shooting sports net sales	$	22,591	$	23,806	$	(1,215)	(5.1	%)
Outdoor lifestyle net sales	34,608		36,426		(1,818)		(5.0	%)
Total net sales	$	57,199	$	60,232	$	(3,033)	(5.0	%)


	2025		2024		$ Change		% Change
Shooting sports net sales	$	36,574	$	42,484	$	(5,910)	-13.9	%
Outdoor lifestyle net sales	50,327		59,391		(9,064)		-15.3	%
Total net sales	$	86,901	$	101,875	$	(14,974)	(14.7	%)

Schedule of Product Warranty Liability

The following table sets forth the change in accrued warranties, which was recorded in accrued expenses, during the six months ended October 31, 2025, and 2024 (in thousands):


	October 31, 2025		October 31, 2024
Beginning balance	$	1,392	1,243
Warranties issued and adjustments to provisions	916		1,026

Warranty claims	(797)		(862)
Ending balance	$	1,511	1,408

Leases (Tables)

6 Months Ended

Oct. 31, 2025

Leases [Abstract]

Schedule of Assets and Liabilities Related to Operating Leases

The amounts of assets and liabilities related to our operating leases as of October 31, 2025 and April 30, 2025 are as follows (in thousands):


	October 31, 2025		April 30, 2025
Operating Leases
Right-of-use assets	$	37,516	$	37,474
Accumulated amortization	(5,929)		(5,578)
Right-of-use assets, net	$	31,588	$	31,896

Lease liabilities, current portion	$	1,505	$	1,336
Lease liabilities, net of current portion	31,625		31,949
Total operating lease liabilities	$	33,130	$	33,284

Schedule of Future Lease Payments for Operating Leases

Future lease payments for all our operating leases for the remainder of fiscal 2026 and for succeeding fiscal years, as of October 31, 2025, are as follows (in thousands):


	Operating
2026	$	1,722
2027	3,461
2028	3,510
2029	3,534
2030	3,572
Thereafter	32,461
Total future lease payments	48,260
Less amounts representing interest	(15,129)
Present value of lease payments	33,130
Less current maturities of lease liabilities	(1,505)
Long-term maturities of lease liabilities	$	31,625

Income Taxes	6 Months Ended
Income Taxes	Oct. 31, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes: The income tax expense included in the condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of discrete items which are accounted for in the period in which they occur. We recorded income tax expense of $0 and $12,000 for the three months ended October 31, 2025 and 2024, respectively. We recorded income tax expense of $53,000 and $34,000 for the six months ended October1, 2025 and 2024, respectively. The effective tax rate for the three months ended October 31, 2025 and 2024 was 0.0% and 0.4%, respectively. The effective tax rate for the six months ended October 31, 2025 and 2024 was (1.1)% and 4.4%, respectively. On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OBBBA”), which includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain Tax Cuts & Jobs Act provisions and accelerating the phase-out of certain Inflation Reduction Act incentives. The OBBBA includes provisions modifying net interest deduction limitations, expensing of U.S.-based research and development expenses, and tax depreciation methods, as well as international tax provisions modifying global intangible low-taxed income (GILTI), foreign-derived intangible income (FDII), base erosion and anti-abuse tax (BEAT), and foreign tax credits. The Company evaluated the impacts of the OBBBA and does not expect it to have a material impact on the Company’s current year consolidated financial statements. The Company will continue to assess the potential impact of the OBBBA and monitor developments in legislation, regulation, and interpretive guidance in this area.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity - Employee Stock Purchase Plan Valuation Assumptions (Details) - Employee Stock	6 Months Ended
	Oct. 31, 2025	Oct. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate (as percent)	4.23%	3.98%
Expected term	6 months	6 months
Volatility (as percent)	60.70%	40.70%
Dividend yield (as percent)	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Equity (Tables)

6 Months Ended

Oct. 31, 2025

Equity [Abstract]

Schedule of Earnings per Share


	For the Three Months Ended October 31,
	2025					2024
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic earnings	$	2,074	12,637	$	0.16	$	3,111	12,860	$	0.24
Effect of dilutive stock awards	—		235	—		—		285	—
Diluted earnings	$	2,074	12,872	$	0.16	$	3,111	13,145	$	0.24


	For the Six Months Ended October 31,
	2025					2024
	Net Loss		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
Basic (loss)/earnings	$	(4,754)	12,678	$	(0.37)	$	746	12,862	$	0.06
Effect of dilutive stock awards	—		—	—		—		349	—
Diluted (loss)/earnings	$	(4,754)	12,678	$	(0.37)	$	746	13,211	$	0.06

Schedule of Valuation Assumptions Used for Performance Stock Units

We incorporated the following variables into the valuation model for the period ended October 31, 2024 (awards in our prior fiscal year):


	For the Six Months Ended October 31,
	2024
Grant date fair market value
American Outdoor Brands, Inc.	$	7.89
Russell 2000 Index	$	1,980.23
Volatility (a)
American Outdoor Brands, Inc.	48.15		%
Russell 2000 Index	22.98		%
Correlation coefficient (b)	0.37
Risk-free interest rate (c)	4.73		%
Dividend yield (d)	0		%

(a)Expected volatility is calculated based on a peer group over the most recent period that represents the remaining term of the performance period as of the valuation date, or three years.

(b)The correlation coefficient utilizes the same historical price data used to develop the volatility assumptions.

(c)The risk-free interest rate is based on the yield of a zero-coupon U.S. Treasury bill, commensurate with the three-year performance period.

(d)We do not expect to pay dividends in the foreseeable future.

Schedule of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs under our 2020 Incentive Compensation Plan for the six months ended October 31, 2025 and 2024 is as follows:


	For the Six Months Ended October 31,
	2025			2024
	Total # of Restricted Stock Units	Weighted Average Grant Date Fair Value		Total # of Restricted Stock Units	Weighted Average Grant Date Fair Value
RSUs and PSUs outstanding, beginning of period	700,953	$	9.48	624,093	$	11.27
Awarded	354,008	10.86		377,176	8.40
Vested	(309,545)	11.21		(223,421)	10.58
Forfeited	(2,934)	9.16		(42,982)	20.65
RSUs and PSUs outstanding, end of period	742,482	$	9.42	734,866	$	9.46

Schedule of Valuation Assumptions Used for Employee Stock Purchase Plan

The following assumptions were used in valuing ESPP purchases under our ESPP during the six months ended October 31, 2025 and 2024:


	For the Six Months Ended October 31,
	2025		2024
Risk-free interest rate	4.23	%	3.98	%
Expected term	6 months		6 months
Expected volatility	60.7	%	40.7	%
Dividend yield	0	%	0	%

Equity - Additional Information (Details)	3 Months Ended		6 Months Ended
Equity - Additional Information (Details)	Oct. 31, 2025 USD ($) shares	Oct. 31, 2024 USD ($) shares	Oct. 31, 2025 USD ($) shares	Oct. 31, 2024 USD ($) shares	Sep. 30, 2025 USD ($)	Sep. 25, 2024 USD ($)	Oct. 02, 2023 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock repurchase program, authorized amount \| $					$ 10,000,000	$ 10,000,000.0	$ 10,000,000.0
Stock repurchase program, repurchased shares (in shares)	73,939	111,480	314,376	153,497
Stock repurchased, shares \| $	$ 662,000	$ 1,006,000	$ 3,186,000	$ 1,387,000
Shares excluded from computation of diluted earnings per share (in shares)			0
Stock-based compensation expense \| $	848,000	$ 900,000	$ 1,500,000	$ 1,800,000
Shares purchased by employees under employee stock purchase plan (in shares)			41,286	38,957
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting, number of shares (in shares)			1
Awarded (in shares)			222,002	278,764
Awards cancelled (in shares)			2,934	18,995
Market value of awards delivered in connection with vesting of RSUs \| $			$ 3,300,000	$ 1,900,000
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period			3 years
Percentage of maximum aggregate award granted (as percent)			200.00%
Percentage of stock outperform in order for target award to vest (as percent)			5.00%
Cap placed on shares earned, multiplier of grant date fair value			6
Awards vested (in shares)			52,277
Maximum aggregate award percentage achieved (as percent)			200.00%
Awards cancelled (in shares)				23,987
Service-based RSUs and PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awarded (in shares)			354,008	377,176
Awards vested (in shares)			309,545	223,421
Awards cancelled (in shares)			2,934	42,982
Unvested awards, unrecognized compensation expense \| $	$ 3,200,000		$ 3,200,000
Unvested awards, unrecognized compensation expense recognition period			1 year 3 months 18 days
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employee stock purchase plan, purchase period			12 months
Employee stock purchase plan, purchase period, minimum employee subscription rate (as a percent)	0.01		0.01
Employee stock purchase plan, purchase period, maximum employee subscription rate (as a percent)	20.00%		20.00%
Employee stock purchase plan, purchase period, purchase price of common stock (as a percent)			85.00%
Employee stock purchase plan, purchase period, maximum number of shares per employee (in shares)			2,500
Employee stock purchase plan, purchase period, maximum employee subscription amount \| $			$ 25,000,000
Executive Officers \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awarded (in shares)			79,729	98,412
Executive Officers \| PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awarded (in shares)			79,729	98,412
Awards issued (in shares)			104,554
Non-executive Officer Employees \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awarded (in shares)			142,273	180,352
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of maximum aggregate award granted (as percent)			0.00%
Minimum \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting percentage (as percent)			25.00%
Minimum \| Employees and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period			3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of maximum aggregate award granted (as percent)			200.00%
Maximum \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting percentage (as percent)			33.00%
Maximum \| Employees and Directors \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted, vesting period			4 years

Organization	6 Months Ended
Organization	Oct. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization: American Outdoor Brands, Inc. and its wholly owned Subsidiaries (our "company," "we," "us," or "our") is a leading provider of outdoor lifestyle products and shooting sports accessories encompassing hunting, fishing, meat processing, outdoor cooking, camping, shooting, and personal security and defense products for rugged outdoor enthusiasts. We conceive, design, source, and sell our outdoor lifestyle products, including premium sportsman knives and tools for fishing and hunting; land management tools for hunting preparedness; products used while hunting; meat processing equipment; outdoor cooking products; and camping, survival, and emergency preparedness products. We conceive, design, produce or source, and sell our shooting sports accessories, such as rests, vaults, and other related accessories; electro-optical devices, including hunting optics, firearm aiming devices, flashlights, and laser grips; and reloading, gunsmithing, and firearm cleaning supplies. We develop and market all our products as well as manufacture some of our electro-optics products at our facility in Columbia, Missouri. We also contract for the manufacture and assembly of most of our products with third parties located in Asia. We focus on our brands and the establishment of product categories in which we believe our brands will resonate strongly with the activities and passions of consumers and enable us to capture an increasing share of our overall addressable markets. Our owned brands include BOG, BUBBA, Caldwell, Crimson Trace, Frankford Arsenal, Grilla Grills, or Grilla, Hooyman, Imperial, LaserLyte, Lockdown, MEAT! Your Maker, Old Timer, Schrade, Tipton, Uncle Henry, ust, and Wheeler, and we license additional brands for use in association with certain products we sell, including M&P, Smith & Wesson, and Performance Center by Smith & Wesson. In focusing on the growth of our brands, we organize our product development, customer service, and marketing teams into four brand lanes, each of which focuses on one of four distinct consumer verticals – Adventurer, Harvester, Marksman, and Defender – with each of our brands included in one of the brand lanes. •Our Adventurer brands include products that help enhance consumers’ fishing, outdoor cooking, and camping experiences. •Our Harvester brands focus on the activities hunters typically engage in, including the activities to prepare for the hunt, the hunt itself, and the activities that follow a hunt, such as meat processing. •Our Marksman brands address product needs arising from consumer activities that take place primarily at the shooting range and where firearms are cleaned, maintained, and worked on. •Our Defender brands focus on protection and include products that are used by consumers in situations that require self-defense for training and for securing high value or high consequence possessions.

Fair Value Measurement (Tables)

6 Months Ended

Oct. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Cash and Cash Equivalents measured at Fai Value on a Recurring Basis

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled as follows as of October 31, 2025 and April 30, 2025 which would be the maximum amount of loss subject to credit risk:


	October 31, 2025		April 30, 2025
Cash and cash equivalents	$	3,111	$	23,423