Ammunition manufacturer Ammo, Inc., released its quarterly earnings last week, showing that its net revenues were up 408 percent, revenue of $16.8 million, and net income of $14.1 million, after a $2.3 million loss the same time the year before. 

“Momentum remains very strong across our entire business and we reported another record quarterly performance that exceeded estimates for revenue and Adjusted EBITDA. Trends accelerated in the second quarter with Ammunition revenue increasing 360%,”  Fred Wagenhals, the chairman and chief executive officer of Ammo Inc., said in a press statement. “Marketplace revenue growth is being driven by increases in the number of bids, items sold, as well as average ticket amount, coupled with significant increases in adoption rates for our new loyalty program.” 

Ammo, Inc. is a manufacturer of ammunition based in Scottsdale, Arizona. It operates the online marketplace GunBroker.com. In the most recent quarter, the company announced a deal with Vista Outdoor subsidiary Federal Premium, in which Ammo noted that it “will sell brass casings to Federal, and Federal will in return supply it with primers, a key component of ammunition,” according to The Motley Fool. 

Also, in September the company announced that it had been awarded a Department of Defense contract to develop signature-on-target rounds. 

“AMMO is extremely proud of this contract award and the expansion of its development efforts and focused support of IWTSD’s critical work with the tactical operators we both serve. These operators have special needs and this program was developed to address two of the most critical—safety and increased lethality,”  Wagenhals, the chairman and CEO, said at the time that the deal was announced.  

The Motley Fool recently looked at how the company has performed during the ammunition shortage.  

“With the ongoing ammunition shortage continuing through a second year, these gains are unsurprising, but they still demonstrate the company is executing successfully and leveraging the high demand,” according to The Motley Fool.  

“Rather than just continuing to crank out bullets to profit from the ammunition shortage, Ammo appears to be trying to push the envelope on innovative ways to maximize its growth,” The Motley Fool continued. “These include the heavier use of automation at its new Wisconsin factory and its efforts to improve the operations of GunBroker.com. The possible introduction of cryptocurrency payments could have a positive impact, too.”  

The company claims it has noticed a correlation between gun buyers and those who are interested in alternative currencies.  

In Wisconsin, a place where there have been many reports about difficulties brought about by the shortage, Ammo is building a new plant in Wisconsin which is set to open in 2022. A groundbreaking ceremony for the plant took place in June. 

Stephen Silver, a technology writer for the National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver. 

Image: Reuters