# EDGAR Filing Document

**Accession Number:** 0000913277
**File Stem:** 0001104659-26-024134
**Filing Date:** 2026-3
**Character Count:** 71276
**Document Hash:** ea9bc8cac1e4cf1e609f2e665b28940f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-024134.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001104659-26-024134

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20260305

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clarus Corp
- **CENTRAL INDEX KEY:** 0000913277
- **STANDARD INDUSTRIAL CLASSIFICATION:** [3949]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 581972600
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34767
- **FILM NUMBER:** 26726455

**BUSINESS ADDRESS:**
- **STREET 1:** 2084 EAST 3900 SOUTH
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84124
- **BUSINESS PHONE:** 801-278-5552

**MAIL ADDRESS:**
- **STREET 1:** 2084 EAST 3900 SOUTH
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84124

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Black Diamond, Inc.
- **DATE OF NAME CHANGE:** 20110121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CLARUS CORP
- **DATE OF NAME CHANGE:** 19980911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SQL FINANCIALS INTERNATIONAL INC /DE/
- **DATE OF NAME CHANGE:** 19980911

?xml version='1.0' encoding='ASCII'?

**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549**

**Form 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): <u>March 5, 2026</u>

CLARUS CORPORATION

(Exact name of registrant as specified in its charter)

<u>Delaware</u> (State or other jurisdiction of incorporation) 001-34767 (Commission File Number) 58-1972600 (IRS Employer Identification Number)

2084 East 3900 South<u>, Salt Lake City</u><u>, Utah</u> (Address of principal executive offices) 84124 (Zip Code)

Registrant's telephone number, including area code: <u>(801</u><u>) 278-5552</u>

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

◻ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, par value $.0001 per share | &nbsp;&nbsp;CLAR | &nbsp;&nbsp;NASDAQ Global Select Market |

---

**Item 2.02 Results of Operations and Financial Condition**

On March 5, 2026, Clarus Corporation (the "Company") issued a press release announcing results for the fourth quarter and year ended December 31, 2025 (the "Press Release"). A copy of the Press Release is furnished as Exhibit 99.1 and incorporated herein by reference. Attached hereto as Exhibit 99.2 and incorporated herein by reference is a presentation regarding the Company's financial results for the fourth quarter and year ended December 31, 2025 (the "Presentation").

The Press Release and/or the Presentation contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization ("EBITDA"), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provide useful information to understand its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within the Press Release and the Presentation. The Company does not provide a reconciliation of the non-GAAP guidance measures adjusted EBITDA and/or adjusted EBITDA margin for the fiscal year 2026 to net income for the fiscal year 2026, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not adjusted EBITDA and/or adjusted EBITDA margin. The Company cautions that non- GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

The information in Item 2.02 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit | Description |
| [99.1](tm268094d1_ex99-1.htm) | [Press Release dated March 5, 2026 (furnished only).](tm268094d1_ex99-1.htm) |
| [99.2](tm268094d1_ex99-2.htm) | [Slide Presentation for Conference Call held on March 5, 2026 (furnished only).](tm268094d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 5, 2026

---

| | |
|:---|:---|
| **CLARUS CORPORATION** | **CLARUS CORPORATION** |
| By: | /s/ Michael J. Yates |
| Name: | Michael J. Yates |
| Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm268094d1_ex99-1img001.jpg)

**Clarus Reports Fourth Quarter and Full Year 2025 Results**

*Fourth Quarter Sales of $65.4 million, Adjusted EBITDA of $1.2 million, and Free Cash Flow of $11.6 million*

*Continued Focus on Simplification Strategy to Position Company for Profitable Growth*

*Apparel Sales in the Outdoor segment up 10% in the Fourth Quarter*

SALT LAKE CITY, March 5, 2026 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) ("Clarus" and/or the "Company"), a global company focused on the outdoor enthusiast markets, reported financial results for the fourth quarter and full year ended December 31, 2025.

**Fourth Quarter 2025 Financial Summary vs. Same Year**-**Ago Quarter**

&nbsp;&nbsp;&nbsp;&nbsp;· Sales of $65.4 million compared to $71.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Gross margin was 27.7% compared to 33.4%; adjusted gross margin of 33.6%
compared to 38.0%.

&nbsp;&nbsp;&nbsp;&nbsp;· Net loss of $31.3 million, or $(0.81) per diluted share<sup>1</sup>, compared
to net loss(including the impact of discontinued operations) of $65.5 million, or $(1.71) per diluted share<sup>2</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;· Loss from continuing operations of $31.3 million, or $(0.81) per diluted
share, compared to loss from continuing operations of $73.3 million, or $(1.92) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted net income of $3.6 million, or $0.09 per diluted share, compared
to adjusted net loss of $3.2 million, or $(0.08) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA of $1.2 million with an adjusted EBITDA margin of 1.8% compared
to $4.4 million with an adjusted EBITDA margin of 6.1%.

**2025 Financial Summary vs. 2024**

&nbsp;&nbsp;&nbsp;&nbsp;· Sales of $250.4 million compared to $264.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Gross margin was 33.1% compared to 35.0%; adjusted gross margin was 34.9%
compared to 37.5%.

&nbsp;&nbsp;&nbsp;&nbsp;· Net loss of $46.6 million, or $(1.21) per diluted share<sup>1</sup>, compared
to net loss (including the impact of discontinued operations)of $52.3 million, or $(1.37) per diluted share<sup>3</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;· Loss from continuing operations of $46.6 million, or $(1.21) per diluted
share, compared to loss from continuing operations of $88.4 million, or $(2.31) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted income from continuing operations of $3.7 million, or $0.10 per
diluted share, compared to adjusted loss from continuing operations of $2.6 million, or $(0.07) per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;· Adjusted EBITDA of $1.1 million with an adjusted EBITDA margin of 0.4% compared
to $6.9 million with an adjusted EBITDA margin of 2.6%.

<sup>1</sup> Includes $29.9 million and $31.4 million impairment of goodwill and indefinite-lived intangible assets for the fourth quarter and full year ended December 31, 2025, respectively.

<sup>2</sup> Includes $44.8 million impairment of goodwill and indefinite-lived intangible assets as well as a $21.0 million tax expense for the establishment of a valuation allowance associated with deferred tax assets for the fourth quarter ended December 31, 2024.

<sup>3</sup> Includes a gain on the sale of the Precision Sport segment of $40.6 million as well as $44.8 million impairment of goodwill and indefinite-lived intangible assets as well as a $21.0 million tax expense for the establishment of a valuation allowance associated with deferred tax assets for the full year ended December 31, 2024.

![](tm268094d1_ex99-1img001.jpg)

**Management Commentary**

"We took decisive actions in 2025 to sharpen our focus and position Clarus for category-specific growth and greater profitability," said Warren Kanders, Executive Chairman. "We advanced our strategic roadmap throughout the year by refining our organizational structure, optimizing our product portfolio, and strengthening our go-to-market approach. In the Outdoor segment, we achieved consecutive quarters of improved performance driven by prioritizing Black Diamond's highest-performing and most profitable styles, positioning the business for sustained profitability and operating margin expansion. Apparel continued to be a key growth driver, delivering another quarter of double-digit sales growth in Q4. In the Adventure segment, despite experiencing lower OEM demand and customer transitions, we took steps to enhance our leadership position in Australia. We saw new customer wins and sell-in in Australia and Europe, which we believe will lay the groundwork for improved performance going forward."

Mr. Kanders added, "As we look to 2026, we expect ongoing volatility in the global consumer environment, but the Company is significantly better positioned than this time last year. Following a multi-year transformation, the Black Diamond organization is leaner, more focused, and more competitive, and we expect our strategic initiatives to drive improved profitability. At Adventure, we are balancing growth and operational execution while advancing a robust pipeline of innovative products, with multiple new platforms expected to launch over the next 18 months. With a debt-free balance sheet and strong liquidity, we remain focused on executing our long-term growth strategy, disciplined capital allocation, and maximizing shareholder value."

**Fourth Quarter 2025 Financial Results**

Sales in the fourth quarter were $65.4 million compared to $71.4 million in the same year-ago quarter. Sales in the Outdoor segment decreased 8% to $47.2 million, compared to $51.1 million in the same year-ago quarter. Sales in the Adventure segment decreased 10% to $18.2 million, compared to $20.3 million in the year-ago quarter.

![](tm268094d1_ex99-1img001.jpg)

The decrease in Outdoor sales was due to softness in North America wholesale, lower global DTC revenues, and lower PIEPS revenue due to its sale in July 2025, partially offset by an increase in IGD and Europe wholesale revenue. IGD and Europe wholesale sales in the Outdoor segment were up $1.4 million, or 9%. Apparel globally was up 10% in the fourth quarter.

The decrease in sales in the Adventure segment reflects significantly reduced demand from global OEM customers and a challenging wholesale market in Australia for Rhino-Rack, partially offset by increased contributions from the acquisition of RockyMounts. RockyMounts contributed $1.0 million in incremental sales growth compared to the prior year period.

Gross margin in the fourth quarter was 27.7% compared to 33.4% in the year-ago quarter. The decrease in gross margin was primarily due to higher inventory reserves within the Adventure segment to address slow-moving and obsolete inventory, tariff impacts at both segments, lower volumes at the Outdoor segment due to the sale of PIEPS, and unfavorable foreign currency impacts at the Outdoor segment. These decreases were partially offset by a favorable product mix and lower PFAS inventory reserves at the Outdoor segment. Adjusted gross margin, reflecting the PFAS related and other inventory reserves and inventory fair value adjustments as a result of purchase accounting, was 33.6% for the quarter compared to 38.0% in the year-ago quarter.

Selling, general and administrative expenses in the fourth quarter were $25.5 million compared to $27.8 million in the same year-ago quarter. The decrease was primarily due to lower employee-related expenses, lower costs from PIEPS due to its sale, as well as expense reduction initiatives across both segments and at Corporate to manage costs.

During the fourth quarter of 2025, the Company incurred non-cash impairment charges for goodwill and indefinite-lived assets of $29.9 million. During the fourth quarter of 2024, the Company incurred non-cash impairment charges for goodwill and indefinite-lived assets of $44.8 million as well as an increase in tax expense of $21.0 million for a valuation allowance to fully reserve all deferred tax assets associated with U.S. federal income taxes.

The loss from continuing operations in the fourth quarter of 2025 was $31.3 million, or $(0.81) per diluted share, compared to loss from continuing operations of $73.3 million, or $(1.92) per diluted share in the year-ago quarter. Loss from continuing operations in the fourth quarter included a non-cash impairment charge for goodwill and indefinite-lived intangible assets of $29.9 million in the Adventure segment due to the sustained decline in the Company's stock price and lower sales and profitability in the segment compared to expectations. The loss also includes $9.3 million of costs and charges associated with amortization of intangibles, restructuring charges, transactions costs, disposal of internally developed software, PFAS and other inventory reserves, legal costs and regulatory matter expenses, and stock-based compensation.

![](tm268094d1_ex99-1img001.jpg)

Adjusted net income in the fourth quarter of 2025 was $3.6 million, or $0.09 per diluted share, compared to adjusted net loss of $3.2 million, or $(0.08) per diluted share, in the year-ago quarter. Adjusted net loss excludes legal costs and regulatory matters expenses, restructuring charges and transaction costs, as well as non-cash items for intangible amortization, impairment of goodwill and indefinite-lived intangible assets, disposal of internally developed software, inventory fair value of purchase accounting, PFAS and other inventory reserves, deferred tax valuation allowance, and stock-based compensation.

Adjusted EBITDA in the fourth quarter was $1.2 million, or an adjusted EBITDA margin of 1.8%, compared to adjusted EBITDA of $4.4 million, or an adjusted EBITDA margin of 6.1%, in the same year-ago quarter.

Net cash provided by operating activities for the three months ended December 31, 2025, was $12.5 million compared to net cash provided of $16.6 million in the prior year quarter. Capital expenditures in the fourth quarter of 2025 were $0.9 million compared to $2.2 million in the prior year quarter. Free cash flow for the fourth quarter of 2025 was $11.6 million.

**Liquidity at December 31, 2025 vs. December 31, 2024**

&nbsp;&nbsp;&nbsp;&nbsp;· Cash and cash equivalents totaled $36.7 million compared to $45.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;· Total debt of $0.0 million compared to $1.9 million.

**Full Year 2025 Financial Results**

Sales in 2025 decreased 5.2% to $250.4 million compared to $264.3 million in 2024. The decrease in sales in the Adventure segment was due to significantly lower demand from global original equipment manufacturer customers and a challenging wholesale market in Australia for both Rhino-Rack and MAXTRAX, combined with a prior year large wholesale customer in North America not recurring in 2025, which was partially offset by the benefit from the RockyMounts acquisition. Sales in the Outdoor segment decreased due to lower independent global distributor revenue, lower global direct-to-consumer revenue and a decrease due to the sale of PIEPS in July 2025. Prior to its sale, PIEPS revenue was $2.1 million in 2025, compared to $5.5 million for the full year 2024.

From a segment perspective, Outdoor sales were down $6.7 million or 3.7% to $176.9 million and Adventure sales were down $7.2 million or 8.9% to $73.6 million.

Gross margin in 2025 was 33.1% compared to 35.0% in 2024 primarily due to lower volumes at the Outdoor and Adventure segments, impacts due to tariffs imposed by the United States for both segments, and an unfavorable product mix at the Adventure segment. This was partially offset by a favorable product mix at the Outdoor segment due to simplification initiatives.

![](tm268094d1_ex99-1img001.jpg)

Selling, general and administrative expenses in 2025 were $105.2 million compared to $111.9 million in 2024. The decrease was primarily due to lower digital marketing and employee-related costs, lower costs from PIEPS due to its sale in July 2025, as well as lower retail expenses due to store closures and other expense reduction initiatives to manage costs across the businesses and corporate.

Loss from continuing operations in 2025 was $46.6 million, or $(1.21) per diluted share, compared to net loss of $88.4 million, or $(2.31) per diluted share, in the prior year. Loss from continuing operations for 2025 included a non-cash impairment of goodwill and indefinite-lived intangible assets charge of $29.9 million in the Adventure segment and a $1.6 million impairment of indefinite-lived intangible assets in the Outdoor segment, specifically the PIEPS trademark. The loss also includes $25.7 million of cost and charges associated with amortization of intangibles, restructuring charges, transactions costs, contingent consideration benefits, disposal of internally developed software, other inventory reserves, legal costs and regulatory matter expenses, and stock-based compensation.

Adjusted income from continuing operations in 2025 was $3.7 million, or $0.10 per diluted share, compared to adjusted loss from continuing operations in 2024 of $2.6 million, or $(0.07) per diluted share. Adjusted net loss excludes legal cost and regulatory matters expenses, restructuring charges and transaction costs, as well as non-cash items for intangible amortization, impairment of goodwill and indefinite-lived intangible assets, disposal of internally developed software, inventory fair value of purchase accounting, PFAS and other inventory reserves, contingent consideration benefits, deferred tax valuation allowance, and stock-based compensation.

Adjusted EBITDA in 2025 was $1.1 million, or an adjusted EBITDA margin of 0.4%, compared to $6.9 million, or an adjusted EBITDA margin of 2.6%, in 2024.

Net cash used in operating activities for the year ended December 31, 2025, was $4.7 million compared to net cash used in operating activities of $7.3 million in 2024. Capital expenditures in 2025 were $5.2 million compared to $6.7 million in the prior year. Free cash flow for the year ended December 31, 2025, was an outflow of $9.9 million compared to an outflow of $14.0 million in the same year-ago period.

**2026 Outlook**

The Company expects fiscal year 2026 sales to range between $255 million and $265 million and adjusted EBITDA to range between approximately $9 million and $11 million, or an adjusted EBITDA margin of 3.8% at the mid-point of revenue and adjusted EBITDA. In addition, capital expenditures are expected to range between $6 million and $7 million and free cash flow is expected to range between $3 and $4 million for the full year 2026. Clarus has not provided net income guidance due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA and/or Adjusted EBITDA Margin. Therefore, we do not provide a reconciliation of Adjusted EBITDA and/or Adjusted EBITDA Margin guidance to net income guidance for fiscal year 2026.

![](tm268094d1_ex99-1img001.jpg)

**Net** **Operating Loss (NOL) and Deferred Tax Asset Valuation Allowance**

As of December 31, 2025, the Company had net operating loss carryforwards ("NOLs") and research and experimentation credit for U.S. federal income tax purposes of $41.2 million and $5.7 million, respectively. All federal NOLs will have an indefinite carryforward period. Federal research and experimentation credits have a limited carryforward period and will begin to expire in tax year 2033.

**Conference Call**

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its fourth quarter 2025 results.

Date: Thursday, March 5, 2026<br> Time: 5:00 pm ET<br> Registration Link: <u>https://register-conf.media-server.com/register/BI94bda81119fd427295496ddd3b0b57f4</u>

To access the call by phone, please register via the live call registration link above and you will be provided with dial-in instructions and details. The conference call will be broadcast live and available for replay here and on the Company's website at <u>www.claruscorp.com</u>.

**About Clarus Corporation**

Headquartered in Salt Lake City, Utah, Clarus Corporation is a global leader in the design and development of best-in-class equipment and lifestyle products for outdoor enthusiasts. Driven by our rich history of engineering and innovation, our objective is to provide safe, simple, effective and beautiful products so that our customers can maximize their outdoor pursuits and adventures. Each of our brands has a long history of continuous product innovation for core and everyday users alike. The Company's products are principally sold globally under the Black Diamond<sup>®</sup>, Rhino-Rack<sup>®</sup>, MAXTRAX<sup>®</sup>, TRED Outdoors<sup>®</sup>, and RockyMounts<sup>®</sup> brand names through outdoor specialty and online retailers, our own websites, distributors, and original equipment manufacturers.

**Use of Non-GAAP Measures**

The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). This press release contains the non-GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) earnings before interest, taxes, other income or expense, depreciation and amortization ("EBITDA"), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non-GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provide useful information for the understanding of its ongoing operations and enable investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measures adjusted EBITDA and/or adjusted EBITDA margin for the fiscal year 2026 to net income for the fiscal year 2026, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not adjusted EBITDA and/or adjusted EBITDA margin. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

![](tm268094d1_ex99-1img001.jpg)

**Forward-Looking Statements**

Please note that in this press release we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled "Risk Factors" in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company's Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.

**Company Contact:**

Michael J. Yates

Chief Financial Officer

<u>mike.yates@claruscorp.com</u>

![](tm268094d1_ex99-1img001.jpg)

**Investor Relations:**

The IGB Group

Leon Berman / Matt Berkowitz

Tel 1-212-477-8438 / 1-212-227-7098

<u>lberman@igbir.com</u> / <u>mberkowitz@igbir.com</u>

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $36691 | $45359 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 44839 | 43678 |
| &nbsp;&nbsp;&nbsp;Inventories | 83028 | 82278 |
| &nbsp;&nbsp;&nbsp;Prepaid and other current assets | 5457 | 5555 |
| &nbsp;&nbsp;&nbsp;Income tax receivable | 1407 | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 171422 | 177780 |
| Property and equipment, net | 18255 | 17606 |
| Other intangible assets, net | 23761 | 31516 |
| Indefinite-lived intangible assets | 19600 | 46750 |
| Goodwill |  | 3804 |
| Deferred income taxes | 55 | 36 |
| Other long-term assets | 15935 | 16602 |
| **Total assets** | $249028 | $294094 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $15907 | $11873 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 24403 | 22276 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 179 |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | - | 1888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 40489 | 36037 |
| Deferred income taxes | 1418 | 12210 |
| Other long-term liabilities | 10728 | 12754 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | 52635 | 61001 |
| **Stockholders' Equity** |  |  |
| Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued |  |  |
| Common stock, $0.0001 par value per share; 100,000 shares authorized; 43,054 and 43,004 issued and 38,402 and 38,362 outstanding, respectively | 4 | 4 |
| Additional paid in capital | 703487 | 697592 |
| Accumulated deficit | (457253) | (406857) |
| Treasury stock, at cost | (33156) | (33114) |
| Accumulated other comprehensive loss | (16689) | (24532) |
| &nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 196393 | 233093 |
| **Total liabilities and stockholders' equity** | $249028 | $294094 |

---

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF LOSS**

**(Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| Sales |  |  |
| &nbsp;&nbsp;Domestic sales | $28329 | $30162 |
| &nbsp;&nbsp;International sales | 37084 | 41243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | 65413 | 71405 |
| Cost of goods sold | 47277 | 47540 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 18136 | 23865 |
| Operating expenses |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 25492 | 27772 |
| &nbsp;&nbsp;Restructuring charges | 478 | 939 |
| &nbsp;&nbsp;Transaction costs | 66 | 408 |
| &nbsp;&nbsp;Legal costs and regulatory matter expenses | 1219 | 47 |
| &nbsp;&nbsp;Impairment of goodwill | 3804 | 36264 |
| &nbsp;&nbsp;Impairment of indefinite-lived intangible assets | 26069 | 8545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 57128 | 73975 |
| Operating loss | (38992) | (50110) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;Interest income, net | 101 | 269 |
| &nbsp;&nbsp;Other, net | 974 | (2342) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 1075 | (2073) |
| Loss before income tax | (37917) | (52183) |
| Income tax (benefit) expense | (6656) | 21142 |
| Loss from continuing operations | (31261) | (73325) |
| Discontinued operations, net of tax | - | 7804 |
| Net loss | $(31261) | $(65521) |
| Loss from continuing operations per share: |  |  |
| &nbsp;&nbsp;Basic | $(0.81) | $(1.92) |
| &nbsp;&nbsp;Diluted | (0.81) | (1.92) |
| Net loss per share: |  |  |
| &nbsp;&nbsp;Basic | $(0.81) | $(1.71) |
| &nbsp;&nbsp;Diluted | (0.81) | (1.71) |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 38402 | 38262 |
| &nbsp;&nbsp;Diluted | 38402 | 38262 |

---

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF LOSS**

**(Unaudited)**

**(In thousands, except per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **December 31, 2025** | **December 31, 2024** |
| Sales |  |  |
| &nbsp;&nbsp;Domestic sales | $106123 | $105745 |
| &nbsp;&nbsp;International sales | 144317 | 158570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total sales | 250440 | 264315 |
| Cost of goods sold | 167464 | 171696 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 82976 | 92619 |
| Operating expenses |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 105173 | 111948 |
| &nbsp;&nbsp;Restructuring charges | 967 | 1948 |
| &nbsp;&nbsp;Transaction costs | 752 | 576 |
| &nbsp;&nbsp;Contingent consideration benefit | (355) | (125) |
| &nbsp;&nbsp;Legal costs and regulatory matter expenses | 4682 | 3842 |
| &nbsp;&nbsp;Impairment of goodwill | 3804 | 36264 |
| &nbsp;&nbsp;Impairment of indefinite-lived intangible assets | 27634 | 8545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 142657 | 162998 |
| Operating loss | (59681) | (70379) |
| Other income (expense) |  |  |
| &nbsp;&nbsp;Interest income, net | 619 | 1467 |
| &nbsp;&nbsp;Other, net | 1973 | (1673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 2592 | (206) |
| Loss before income tax | (57089) | (70585) |
| Income tax (benefit) expense | (10533) | 17852 |
| Loss from continuing operations | (46556) | (88437) |
| Discontinued operations, net of tax | - | 36150 |
| Net loss | $(46556) | $(52287) |
| Loss from continuing operations per share: |  |  |
| &nbsp;&nbsp;Basic | $(1.21) | $(2.31) |
| &nbsp;&nbsp;Diluted | (1.21) | (2.31) |
| Net loss per share: |  |  |
| &nbsp;&nbsp;Basic | $(1.21) | $(1.37) |
| &nbsp;&nbsp;Diluted | (1.21) | (1.37) |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 38393 | 38305 |
| &nbsp;&nbsp;Diluted | 38393 | 38305 |

---

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT <br> AND ADJUSTED GROSS MARGIN**

**THREE MONTHS ENDED**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** |  | **December 31, 2024** |
| Sales | $65413 | Sales | $71405 |
| Gross profit as reported | $18136 | Gross profit as reported | $23865 |
| Plus impact of inventory fair value adjustment |  | Plus impact of inventory fair value adjustment | 61 |
| Plus impact of other inventory reserves | 3840 | Plus impact of PFAS and other inventory reserves | 3179 |
| Adjusted gross profit | $21976 | Adjusted gross profit | $27105 |
| Gross margin as reported | 27.7% | Gross margin as reported | 33.4% |
| Adjusted gross margin | 33.6% | Adjusted gross margin | 38.0% |

---

**TWELVE MONTHS ENDED**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** |  | **December 31, 2024** |
| Sales | $250440 | Sales | $264315 |
| Gross profit as reported | $82976 | Gross profit as reported | $92619 |
| Plus impact of inventory fair value adjustment | 120 | Plus impact of inventory fair value adjustment | 61 |
| Plus impact of other inventory reserves | 4330 | Plus impact of PFAS and other inventory reserves | 6502 |
| Adjusted gross profit | $87426 | Adjusted gross profit | $99182 |
| Gross margin as reported | 33.1% | Gross margin as reported | 35.0% |
| Adjusted gross margin | 34.9% | Adjusted gross margin | 37.5% |

---

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS <br> AND RELATED EARNINGS PER DILUTED SHARE**

**(In thousands, except per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
|  | **Total<br> sales** | **Gross<br> profit** | **Operating<br> expenses** | **Income tax<br> (benefit) expense** | **Tax<br> rate** | **(Loss) income from<br> continuing operations** | **Diluted<br> EPS <sup>(1)</sup>** |
| As reported | $65413 | $18136 | $57128 | $(6656) | (17.6)% | $(31261) | $(0.81) |
| Amortization of intangibles |  |  | (2154) | 122 |  | 2032 |  |
| Impairment of goodwill |  |  | (3804) | 576 |  | 3228 |  |
| Impairment of indefinite-lived intangible assets |  |  | (26069) | 8181 |  | 17888 |  |
| Disposal of internally developed software |  |  | (222) |  |  | 222 |  |
| Restructuring charges |  |  | (478) | 55 |  | 423 |  |
| Transaction costs |  |  | (66) | 163 |  | (97) |  |
| Other inventory reserves |  | 3840 |  | 1072 |  | 2768 |  |
| Legal costs and regulatory matter expenses |  |  | (1219) | 986 |  | 233 |  |
| Stock-based compensation |  |  | (1327) | 392 |  | 935 |  |
| Valuation allowance | - | - | - | (7292) |  | 7292 |  |
| As adjusted | $65413 | $21976 | $21789 | $(2376) | (188.3)% | $3638 | $0.09 |

---

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 38,402 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,452 diluted shares of common stock.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
|  | **Total<br> sales** | **Gross<br> profit** | **Operating<br> expenses** | **Income tax<br> (benefit) expense** | **Tax<br> rate** | **(Loss) income from<br> continuing operations** | **Diluted<br> EPS <sup>(1)</sup>** |
| As reported | $71405 | $23865 | $73975 | $21142 | 40.5% | $(73325) | $(1.92) |
| Amortization of intangibles |  |  | (2468) | 1240 |  | 1228 |  |
| Impairment of goodwill |  |  | (36264) |  |  | 36264 |  |
| Impairment of indefinite-lived intangible assets |  |  | (8545) | 2564 |  | 5981 |  |
| Restructuring charges |  |  | (939) | 251 |  | 688 |  |
| Transaction costs |  |  | (408) | 87 |  | 321 |  |
| Inventory fair value of purchase accounting |  | 61 |  | 13 |  | 48 |  |
| PFAS and other inventory reserves |  | 3179 |  | 766 |  | 2413 |  |
| Legal costs and regulatory matter expenses |  |  | (47) | 23 |  | 24 |  |
| Stock-based compensation |  |  | (1570) | (588) |  | 2158 |  |
| Valuation allowance | - | - | - | (21038) |  | 21038 |  |
| As adjusted | $71405 | $27105 | $23734 | $4460 | 343.6% | $(3162) | $(0.08) |

---

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share and adjusted loss from continuing operations per share are both calculated based on 38,262 basic and diluted weighted average shares of common stock.

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS <br> AND RELATED EARNINGS PER DILUTED SHARE**

**(In thousands, except per share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** |
|  | **Total<br> sales** | **Gross<br> profit** | **Operating<br> expenses** | **Income tax<br> (benefit) expense** | **Tax<br> rate** | **(Loss) income from<br> continuing operations** | **Diluted<br> EPS <sup>(1)</sup>** |
| As reported | $250440 | $82976 | $142657 | $(10533) | (18.5)% | $(46556) | $(1.21) |
| Amortization of intangibles |  |  | (8740) | 2385 |  | 6355 |  |
| Impairment of goodwill |  |  | (3804) | 576 |  | 3228 |  |
| Impairment of indefinite-lived intangible assets |  |  | (27634) | 8181 |  | 19453 |  |
| Disposal of internally developed software |  |  | (587) | 177 |  | 410 |  |
| Restructuring charges |  |  | (967) | 241 |  | 726 |  |
| Transaction costs |  |  | (752) | 162 |  | 590 |  |
| Contingent consideration benefit |  |  | 355 |  |  | (355) |  |
| Inventory fair value of purchase accounting |  | 120 |  | 25 |  | 95 |  |
| Other inventory reserves |  | 4330 |  | 1072 |  | 3258 |  |
| Legal costs and regulatory matter expenses |  |  | (4682) | 983 |  | 3699 |  |
| Stock-based compensation |  |  | (5895) | 391 |  | 5504 |  |
| Valuation allowance | - | - | - | (7292) |  | 7292 |  |
| As adjusted | $250440 | $87426 | $89951 | $(3632) | (5420.9)% | $3699 | $0.10 |

---

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 38,393 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,443 diluted shares of common stock.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
|  | **Total<br> sales** | **Gross<br> profit** | **Operating<br> expenses** | **Income tax<br> (benefit) expense** | **Tax<br> rate** | **(Loss) income from<br> continuing operations** | **Diluted<br> EPS <sup>(1)</sup>** |
| As reported | $264315 | $92619 | $162998 | $17852 | 25.3% | $(88437) | $(2.31) |
| Amortization of intangibles |  |  | (9784) | 2751 |  | 7033 |  |
| Impairment of goodwill |  |  | (36264) |  |  | 36264 |  |
| Impairment of indefinite-lived intangible assets |  |  | (8545) | 2564 |  | 5981 |  |
| Restructuring charges |  |  | (1948) | 459 |  | 1489 |  |
| Transaction costs |  |  | (576) | 122 |  | 454 |  |
| Contingent consideration benefit |  |  | 125 | (26) |  | (99) |  |
| Inventory fair value of purchase accounting |  | 61 |  | 13 |  | 48 |  |
| PFAS and other inventory reserves |  | 6502 |  | 1453 |  | 5049 |  |
| Legal costs and regulatory matter expenses |  |  | (3842) | 807 |  | 3035 |  |
| Stock-based compensation |  |  | (5823) | 291 |  | 5532 |  |
| Valuation allowance | - | - | - | (21038) |  | 21038 |  |
| As adjusted | $264315 | $99182 | $96341 | $5248 | 199.2% | $(2613) | $(0.07) |

---

(1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share and adjusted loss from continuing operations per share are both calculated based on 38,305 basic and diluted weighted average shares of common stock.

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**RECONCILIATION FROM OPERATING INCOME (LOSS) TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA <br> MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN**

**(In thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
|  | **Outdoor<br> Segment** | **Adventure<br> Segment** | **Corporate<br> Costs** | **Total** | **Outdoor<br> Segment** | **Adventure<br> Segment** | **Corporate<br> Costs** | **Total** |
| Operating income (loss) | $(553) | $(35485) | $(2954) | $(38992) | $1897 | $(48582) | $(3425) | $(50110) |
| &nbsp;&nbsp;Depreciation | 587 | 400 |  | 987 | 614 | 369 |  | 983 |
| &nbsp;&nbsp;Amortization of intangibles | 223 | 1931 | - | 2154 | 285 | 2183 | - | 2468 |
| EBITDA | 257 | (33154) | (2954) | (35851) | 2796 | (46030) | (3425) | (46659) |
| &nbsp;&nbsp;Restructuring charges | 467 | 11 |  | 478 | 789 | 150 |  | 939 |
| &nbsp;&nbsp;Transaction costs | 44 |  | 22 | 66 | 65 | 307 | 36 | 408 |
| &nbsp;&nbsp;Legal costs and regulatory matter expenses | 775 |  | 444 | 1219 | 10 |  | 37 | 47 |
| &nbsp;&nbsp;Impairment of goodwill |  | 3804 |  | 3804 |  | 36264 |  | 36264 |
| &nbsp;&nbsp;Impairment of indefinite-lived intangible assets |  | 26069 |  | 26069 |  | 8545 |  | 8545 |
| &nbsp;&nbsp;Disposal of internally developed software |  | 222 |  | 222 |  |  |  |  |
| &nbsp;&nbsp;Stock-based compensation |  |  | 1327 | 1327 |  |  | 1570 | 1570 |
| &nbsp;&nbsp;Inventory fair value of purchase accounting |  |  |  |  |  | 61 |  | 61 |
| &nbsp;&nbsp;PFAS and other inventory reserves | 459 | 3381 | - | 3840 | 869 | 2310 | - | 3179 |
| Adjusted EBITDA | $2002 | $333 | $(1161) | $1174 | $4529 | $1607 | $(1782) | $4354 |
| Sales | $47191 | $18222 | $- | $65413 | $51072 | $20333 | $- | $71405 |
| EBITDA margin | 0.5% | (181.9)% |  | (54.8)% | 5.5% | (226.4)% |  | (65.3)% |
| Adjusted EBITDA margin | 4.2% | 1.8% |  | 1.8% | 8.9% | 7.9% |  | 6.1% |

---

![](tm268094d1_ex99-1img001.jpg)

**CLARUS CORPORATION**

**RECONCILIATION FROM OPERATING LOSS TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, <br> ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN**

**(In thousands)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2025** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** | **Twelve Months Ended December 31, 2024** |
|  | **Outdoor<br> Segment** | **Adventure<br> Segment** | **Corporate<br> Costs** | **Total** | **Outdoor<br> Segment** | **Adventure<br> Segment** | **Corporate<br> Costs** | **Total** |
| Operating loss | $(1452) | $(42463) | $(15766) | $(59681) | $(999) | $(53126) | $(16254) | $(70379) |
| &nbsp;&nbsp;Depreciation | 2177 | 1464 |  | 3641 | 2588 | 1446 |  | 4034 |
| &nbsp;&nbsp;Amortization of intangibles | 973 | 7767 | - | 8740 | 1142 | 8642 | - | 9784 |
| EBITDA | 1698 | (33232) | (15766) | (47300) | 2731 | (43038) | (16254) | (56561) |
| &nbsp;&nbsp;Restructuring charges | 599 | 368 |  | 967 | 1349 | 599 |  | 1948 |
| &nbsp;&nbsp;Transaction costs | 614 | 40 | 98 | 752 | 65 | 396 | 115 | 576 |
| &nbsp;&nbsp;Contingent consideration benefit |  | (355) |  | (355) |  | (125) |  | (125) |
| &nbsp;&nbsp;Legal costs and regulatory matter expenses | 2825 |  | 1857 | 4682 | 3088 |  | 754 | 3842 |
| &nbsp;&nbsp;Impairment of goodwill |  | 3804 |  | 3804 |  | 36264 |  | 36264 |
| &nbsp;&nbsp;Impairment of indefinite-lived intangible assets | 1565 | 26069 |  | 27634 |  | 8545 |  | 8545 |
| &nbsp;&nbsp;Disposal of internally developed software |  | 587 |  | 587 |  |  |  |  |
| &nbsp;&nbsp;Stock-based compensation |  |  | 5895 | 5895 |  |  | 5823 | 5823 |
| &nbsp;&nbsp;Inventory fair value of purchase accounting |  | 120 |  | 120 |  | 61 |  | 61 |
| &nbsp;&nbsp;PFAS and other inventory reserves | 949 | 3381 | - | 4330 | 4192 | 2310 | - | 6502 |
| Adjusted EBITDA | $8250 | $782 | $(7916) | $1116 | $11425 | $5012 | $(9562) | $6875 |
| Sales | $176863 | $73577 | $- | $250440 | $183568 | $80747 | $- | $264315 |
| EBITDA margin | 1.0% | (45.2)% |  | (18.9)% | 1.5% | (53.3)% |  | (21.4)% |
| Adjusted EBITDA margin | 4.7% | 1.1% |  | 0.4% | 6.2% | 6.2% |  | 2.6% |

---

## Exhibit 99.2

#### Exhibit 99.2
![](tm268094d1_ex99-2img001.jpg)

Q4 EARNINGS PRESENTATION MARCH 5, 2026

![](tm268094d1_ex99-2img002.jpg)

6 February 2023 PAGE 2 Forward - Looking Statements Please note that in this presentation we may use words such as "appears," "anticipates," "believes," "plans," "expects," "int end s," "future," and similar expressions which constitute forward - looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward - looking statem ents are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward - looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward - looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward - looking statements in this presentation, include, but are not limited to, those risks and uncert ainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled "Risk Factors" in the Company's Annual Report on Form 10 - K, and/or Quarterly Reports on Form 10 - Q, as well as in the Company's Current Reports on Form 8 - K. All forward - looking statements included in this presentation are based upon information available t o the Company as of the date of this presentation and speak only as of the date hereof. We assume no obligation to update any forward - looking statements to reflect events or circumstances after the date of t his presentation. Non - GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). This pre sen tation contains the non - GAAP measures: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) ear nin gs before interest, taxes, other income or expense, depreciation and amortization ("EBITDA"), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non - GAAP measures, i.e.: (i) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earning s (loss) per diluted share, (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provide useful information for the unders tan ding of its ongoing operations and enables investors to focus on period - over - period operating performance, and thereby enhances the user's overall understanding of the Company's current financial perfor man ce relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non - GAAP measures are reconciled to comparable GAAP financial me asures within this presentation. We do not provide a reconciliation of the non - GAAP guidance measures adjusted EBITDA and/or adjusted EBITDA margin for the fiscal year 2026 to net income for the fiscal y ear 2026, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not a dju sted EBITDA and/or adjusted EBITDA margin. The Company cautions that non - GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, th e Company notes that there can be no assurance that the above referenced non - GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies. Market and Industry Data The market and industry data used throughout this presentation was obtained from various sources, including the Company's own re search and estimates, surveys or studies conducted by third parties and industry or general publications and forecasts. Industry publications, surveys and forecasts generally state that they have o bta ined information from sources believed to be reliable, but there can be no assurance as to the accuracy and completeness of such information. While the Company believes that each of these surveys, studies, publ ica tions and forecasts is reliable, it has not independently verified such data and the Company is not making any representation as to the accuracy of such information. Similarly, the Company believes its internal re search and estimates are reliable but it has not been verified by any independent sources. In addition, while the Company believes that the industry and market information included herein is generally reliab le, such information is inherently imprecise. While the Company is not aware of any misstatements regarding the industry and market data presented herein, its estimates involve risks and uncertainties and are sub ject to change based on various factors, including those discussed under the heading "Forward - Looking Statements" above. DISCLAIMER

![](tm268094d1_ex99-2img003.jpg)

Warren Kanders EXECUTIVE CHAIRMAN Clarus TODAY'S PRESENTERS Mike Yates CFO Clarus Neil Fiske PRESIDENT Black Diamond Equipment

![](tm268094d1_ex99-2img004.jpg)

6 February 2023 PAGE 4 STRATEGIC PRIORITIES: Q4 HIGHLIGHTS Positioned for long - term sustainable growth Strategic roadmap continues to guide execution Black Diamond objective : Simplify and focus on the core Simplified business showing growth and resilience in three core categories, despite unfavorable market conditions Adventure objective: Focus on the basics Balancing growth and operational execution while advancing robust pipeline of innovative products Strong balance sheet/prudent capital allocation Debt - free with $36.7M of cash on the balance sheet at 12/31

![](tm268094d1_ex99-2img005.jpg)

Commitment to operational and organizational progress despite challenging macro backdrop $65.4m $18.2m $47.2 m 33.6 % $1.2m Revenue - 8% Y/Y Adventure Revenue - 10% Y/Y Outdoor Revenue - 8% Y/Y Adj. Gross Margin 1 - 440 BPS Y/Y Adj. EBITDA FOURTH QUARTER RESULTS AT A GLANCE Adventure Adj. EBITDA: $0.3m Outdoor Adj. EBITDA: $2.0m 1 Reflects PFAS related and other inventory reserves and inventory fair value adjustments as a result of purchase accounting

![](tm268094d1_ex99-2img006.jpg)

6 February 2023 PAGE 6 OUTDOOR - STRATEGIC PRIORITIES AND HIGHLIGHTS • After multiple quarters of success prioritizing best and most profitable styles, Black Diamond is leaner, more focused, agile and competitive • Positioned for sustained profitable growth and margin expansion • Moving quickly and decisively, offset half of tariff impacts in '25; expect ~75% of tariff impact to be offset in '26 • Most unfavorable seasonal conditions in 50 years affected topline performance in Q4 • Apparel, mountain, and climb categories grew in Q4 despite headwinds • Excluding tariffs, FX contracts, and write downs for exiting inventory, GM showed 450 bps improvement y/y • Continued progress improving quality/composition of inventory, entering 2026 in good shape MANAGEMENT COMMENTARY BUILDING BLOCKS IN FOCUS SIMPLIFICATION EXECUTION PRODUCT LEADERSHIP FEWER, BIGGER, BETTER

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6 February 2023 PAGE 7 ADVENTURE - STRATEGIC PRIORITIES AND HIGHLIGHTS • Lower Q4 sales driven by reduced demand from two OEM customers, as well as weakness in U.S. bike market and customer transitions in ANZ • Partially offset by successful expansion into Europe • New 3PL warehouse in Netherlands driving customer wins • New customer in ANZ expected to be top 5 customer in '26 • Streamlined footprint to reduce overhead and improve scalability • Executed price increases across all brands and markets effective Q1 '26, expected to restore margin performance • Record number of new vehicle fits completed in '25 vs. any of prior 10 years; plans for another record year of global vehicle fit development in '26 • Continued focus on cost reduction and maximizing efficiencies across Adventure MANAGEMENT COMMENTARY BUILDING BLOCKS IN FOCUS FOCUS ON BASICS RATIONALIZED NPD PIPELINE REBUILT LEADERSHIP TEAM

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6 February 2023 PAGE 8 NET SALES Q4 AND FY 2025 FINANCIAL RESULTS Q 4 2025 ADJ. GROSS MARGIN ADJ. EBITDA ADJ. EBITDA MARGIN 1.8% $1.2M 33.6% $65.4M FY 2025 0.4% $1.1M 34.9% $250.4 M Q 4 202 4 6.1% $4.4M 38.0% $71.4M FY 202 4 2.6% $6.9M 37.5% $264.3 M

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6 February 2023 PAGE 9 NET SALES FULL YEAR GUIDANCE ADJ. CORPORATE COSTS ADJ. EBITDA MID - POINT ADJ. EBITDA % CAPEX FREE CASH FLOWS $255M - $265M $6M - $7M $9 M - $11M 3.8 % $8M $3M - $4 M 2026 • Consistent with historical seasonal pattern, H 2 accelerates versus H 1 • Q 1 guidance : Net sales between $60 - $62 million

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APPENDIX

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6 February 2023 PAGE 11 BALANCE SHEET Assets Current assets Cash $36,691 $45,359 Accounts receivable, net 44,839 43,678 Inventories 83,028 82,278 Prepaid and other current assets 5,457 5,555 Income tax receivable 1,407 910 Total current assets 171,422 177,780 Property and equipment, net 18,255 17,606 Other intangible assets, net 23,761 31,516 Indefinite-lived intangible assets 19,600 46,750 Goodwill - 3,804 Deferred income taxes 55 36 Other long-term assets 15,935 16,602 Total assets $249,028 $294,094 Liabilities and Stockholders' Equity Current liabilities Accounts payable $15,907 $11,873 Accrued liabilities 24,403 22,276 Income tax payable 179 - Current portion of long-term debt - 1,888 Total current liabilities 40,489 36,037 Deferred income taxes 1,418 12,210 Other long-term liabilities 10,728 12,754 Total liabilities 52,635 61,001 Stockholders' Equity Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued - - Common stock, $0.0001 par value per share; 100,000 shares authorized; 43,054 and 43,004 issued and 38,402 and 38,362 outstanding, respectively 4 4 Additional paid in capital 703,487 697,592 Accumulated deficit (457,253) (406,857) Treasury stock, at cost (33,156) (33,114) Accumulated other comprehensive loss (16,689) (24,532) Total stockholders' equity 196,393 233,093 Total liabilities and stockholders' equity $249,028 $294,094 December 31, 2025 December 31, 2024 CLARUS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except per share amounts)

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6 February 2023 PAGE 12 INCOME STATEMENT (Q4) Sales Domestic sales $28,329 $30,162 International sales 37,084 41,243 Total sales 65,413 71,405 Cost of goods sold 47,277 47,540 Gross profit 18,136 23,865 Operating expenses Selling, general and administrative 25,492 27,772 Restructuring charges 478 939 Transaction costs 66 408 Legal costs and regulatory matter expenses 1,219 47 Impairment of goodwill 3,804 36,264 Impairment of indefinite-lived intangible assets 26,069 8,545 Total operating expenses 57,128 73,975 Operating loss (38,992) (50,110) Other income (expense) Interest income, net 101 269 Other, net 974 (2,342) Total other income (expense), net 1,075 (2,073) Loss before income tax (37,917) (52,183) Income tax (benefit) expense (6,656) 21,142 Loss from continuing operations (31,261) (73,325) Discontinued operations, net of tax - 7,804 Net loss $(31,261) $(65,521) Loss from continuing operations per share: Basic $(0.81) $(1.92) Diluted (0.81) (1.92) Net loss per share: Basic $(0.81) $(1.71) Diluted (0.81) (1.71) Weighted average shares outstanding: Basic 38,402 38,262 Diluted 38,402 38,262 CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited) (In thousands, except per share amounts) Three Months Ended December 31, 2025 December 31, 2024

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6 February 2023 PAGE 13 INCOME STATEMENT (YTD) Sales Domestic sales $106,123 $105,745 International sales 144,317 158,570 Total sales 250,440 264,315 Cost of goods sold 167,464 171,696 Gross profit 82,976 92,619 Operating expenses Selling, general and administrative 105,173 111,948 Restructuring charges 967 1,948 Transaction costs 752 576 Contingent consideration benefit (355) (125) Legal costs and regulatory matter expenses 4,682 3,842 Impairment of goodwill 3,804 36,264 Impairment of indefinite-lived intangible assets 27,634 8,545 Total operating expenses 142,657 162,998 Operating loss (59,681) (70,379) Other income (expense) Interest income, net 619 1,467 Other, net 1,973 (1,673) Total other income (expense), net 2,592 (206) Loss before income tax (57,089) (70,585) Income tax (benefit) expense (10,533) 17,852 Loss from continuing operations (46,556) (88,437) Discontinued operations, net of tax - 36,150 Net loss $(46,556) $(52,287) Loss from continuing operations per share: Basic $(1.21) $(2.31) Diluted (1.21) (2.31) Net loss per share: Basic $(1.21) $(1.37) Diluted (1.21) (1.37) Weighted average shares outstanding: Basic 38,393 38,305 Diluted 38,393 38,305 December 31, 2025 December 31, 2024 CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF LOSS (Unaudited) (In thousands, except per share amounts) Twelve Months Ended

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6 February 2023 PAGE 14 NON - GAAP RECONCILIATION Sales $65,413 Sales $71,405 Gross profit as reported $18,136 Gross profit as reported $23,865 Plus impact of inventory fair value adjustment - Plus impact of inventory fair value adjustment 61 Plus impact of other inventory reserves 3,840 Plus impact of PFAS and other inventory reserves 3,179 Adjusted gross profit $21,976 Adjusted gross profit $27,105 Gross margin as reported 27.7% Gross margin as reported 33.4% Adjusted gross margin 33.6% Adjusted gross margin 38.0% Sales $250,440 Sales $264,315 Gross profit as reported $82,976 Gross profit as reported $92,619 Plus impact of inventory fair value adjustment 120 Plus impact of inventory fair value adjustment 61 Plus impact of other inventory reserves 4,330 Plus impact of PFAS and other inventory reserves 6,502 Adjusted gross profit $87,426 Adjusted gross profit $99,182 Gross margin as reported 33.1% Gross margin as reported 35.0% Adjusted gross margin 34.9% Adjusted gross margin 37.5% TWELVE MONTHS ENDED December 31, 2025 December 31, 2024 CLARUS CORPORATION RECONCILIATION FROM GROSS PROFIT TO ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN THREE MONTHS ENDED December 31, 2025 December 31, 2024

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6 February 2023 PAGE 15 NON - GAAP RECONCILIATION (Q4) As reported $65,413 $18,136 $57,128 $(6,656) (17.6) % $(31,261) $(0.81) Amortization of intangibles - - (2,154) 122 2,032 Impairment of goodwill - - (3,804) 576 3,228 Impairment of indefinite-lived intangible assets - - (26,069) 8,181 17,888 Disposal of internally developed software - - (222) - 222 Restructuring charges - - (478) 55 423 Transaction costs - - (66) 163 (97) Other inventory reserves - 3,840 - 1,072 2,768 Legal costs and regulatory matter expenses - - (1,219) 986 233 Stock-based compensation - - (1,327) 392 935 Valuation allowance - - - (7,292) 7,292 As adjusted $65,413 $21,976 $21,789 $(2,376) (188.3) % $3,638 $0.09 As reported $71,405 $23,865 $73,975 $21,142 40.5 % $(73,325) $(1.92) Amortization of intangibles - - (2,468) 1,240 1,228 Impairment of goodwill - - (36,264) - 36,264 Impairment of indefinite-lived intangible assets - - (8,545) 2,564 5,981 Restructuring charges - - (939) 251 688 Transaction costs - - (408) 87 321 Inventory fair value of purchase accounting - 61 - 13 48 PFAS and other inventory reserves - 3,179 - 766 2,413 Legal costs and regulatory matter expenses - - (47) 23 24 Stock-based compensation - - (1,570) (588) 2,158 Valuation allowance - - - (21,038) 21,038 As adjusted $71,405 $27,105 $23,734 $4,460 343.6 % $(3,162) $(0.08) CLARUS CORPORATION RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE (In thousands, except per share amounts) Three Months Ended December 31, 2025 Total Gross Operating Income tax Tax (Loss) income from Diluted sales profit expenses (benefit) expense rate continuing operations EPS (1) (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 38,402 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,452 diluted shares of common stock. Three Months Ended December 31, 2024 Total Gross Operating Income tax continuing operations EPS (1) (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share and adjusted loss from continuing operations per share are both calculated based on 38,262 basic and diluted weighted average shares of common stock. Tax (Loss) income from Diluted sales profit expenses (benefit) expense rate

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6 February 2023 PAGE 16 NON - GAAP RECONCILIATION (YTD) As reported $250,440 $82,976 $142,657 $(10,533) (18.5) % $(46,556) $(1.21) Amortization of intangibles - - (8,740) 2,385 6,355 Impairment of goodwill - - (3,804) 576 3,228 Impairment of indefinite-lived intangible assets - - (27,634) 8,181 19,453 Disposal of internally developed software - - (587) 177 410 Restructuring charges - - (967) 241 726 Transaction costs - - (752) 162 590 Contingent consideration benefit - - 355 - (355) Inventory fair value of purchase accounting - 120 - 25 95 Other inventory reserves - 4,330 - 1,072 3,258 Legal costs and regulatory matter expenses - - (4,682) 983 3,699 Stock-based compensation - - (5,895) 391 5,504 Valuation allowance - - - (7,292) 7,292 As adjusted $250,440 $87,426 $89,951 $(3,632) (5,420.9) % $3,699 $0.10 As reported $264,315 $92,619 $162,998 $17,852 25.3 % $(88,437) $(2.31) Amortization of intangibles - - (9,784) 2,751 7,033 Impairment of goodwill - - (36,264) - 36,264 Impairment of indefinite-lived intangible assets - - (8,545) 2,564 5,981 Restructuring charges - - (1,948) 459 1,489 Transaction costs - - (576) 122 454 Contingent consideration benefit - - 125 (26) (99) Inventory fair value of purchase accounting - 61 - 13 48 PFAS and other inventory reserves - 6,502 - 1,453 5,049 Legal costs and regulatory matter expenses - - (3,842) 807 3,035 Stock-based compensation - - (5,823) 291 5,532 Valuation allowance - - - (21,038) 21,038 As adjusted $264,315 $99,182 $96,341 $5,248 199.2 % $(2,613) $(0.07) CLARUS CORPORATION RECONCILIATION FROM LOSS FROM CONTINUING OPERATIONS TO ADJUSTED INCOME (LOSS) FROM CONTINUING OPERATIONS AND RELATED EARNINGS PER DILUTED SHARE (In thousands, except per share amounts) Twelve Months Ended December 31, 2025 Total Gross Operating Income tax Tax (Loss) income from Diluted sales profit expenses (benefit) expense rate continuing operations EPS (1) (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share is calculated based on 38,393 basic and diluted weighted average shares of common stock. Adjusted income from continuing operations per share is calculated based on 38,443 diluted shares of common stock. Twelve Months Ended December 31, 2024 Total Gross Operating Income tax continuing operations EPS (1) (1) Potentially dilutive securities are excluded from the computation of diluted earnings (loss) per share if their effect is anti-dilutive to the loss from continuing operations. Reported loss from continuing operations per share and adjusted loss from continuing operations per share are both calculated based on 38,305 basic and diluted weighted average shares of common stock. Tax (Loss) income from Diluted sales profit expenses (benefit) expense rate

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6 February 2023 PAGE 17 NON - GAAP RECONCILIATION (Q4)

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6 February 2023 PAGE 18 NON - GAAP RECONCILIATION (YTD) Operating loss $(1,452) $(42,463) $(15,766) $(59,681) $(999) $(53,126) $(16,254) $(70,379) Depreciation 2,177 1,464 - 3,641 2,588 1,446 - 4,034 Amortization of intangibles 973 7,767 - 8,740 1,142 8,642 - 9,784 EBITDA 1,698 (33,232) (15,766) (47,300) 2,731 (43,038) (16,254) (56,561) Restructuring charges 599 368 - 967 1,349 599 - 1,948 Transaction costs 614 40 98 752 65 396 115 576 Contingent consideration benefit - (355) - (355) - (125) - (125) Legal costs and regulatory matter expenses 2,825 - 1,857 4,682 3,088 - 754 3,842 Impairment of goodwill - 3,804 - 3,804 - 36,264 - 36,264 Impairment of indefinite-lived intangible assets 1,565 26,069 - 27,634 - 8,545 - 8,545 Disposal of internally developed software - 587 - 587 - - - - Stock-based compensation - - 5,895 5,895 - - 5,823 5,823 Inventory fair value of purchase accounting - 120 - 120 - 61 - 61 PFAS and other inventory reserves 949 3,381 - 4,330 4,192 2,310 - 6,502 Adjusted EBITDA $8,250 $782 $(7,916) $1,116 $11,425 $5,012 $(9,562) $6,875 Sales $176,863 $73,577 $- $250,440 $183,568 $80,747 $- $264,315 EBITDA margin 1.0 % (45.2) % (18.9) % 1.5 % (53.3) % (21.4) % Adjusted EBITDA margin 4.7 % 1.1 % 0.4 % 6.2 % 6.2 % 2.6 % Adventure Segment Corporate Costs Total CLARUS CORPORATION RECONCILIATION FROM OPERATING LOSS TO EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA), EBITDA MARGIN, ADJUSTED EBITDA, AND ADJUSTED EBITDA MARGIN (In thousands) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 Outdoor Segment Adventure Segment Corporate Costs Total Outdoor Segment