INVESTOR PRESENTATIONOC TOBER 2 0 2 0
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This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking
statements” for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial
items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new
products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and
any statements of assumptions underlying any of the foregoing.
Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate” or other similar
words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report.
Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are
made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are
made. You should, however, consult further disclosures and risk factors we include in Annual Reports on Form 10-K, Quarterly Reports on Form 10-
Q, and Reports filed on Form 8-K.
In our filings with the Securities and Exchange Commission, references to “AMMO, Inc.”, “AMMO”, “the Company”, “we,” “us,” “our” and similar
terms refer to AMMO, Inc. and its wholly owned operating subsidiaries The Enlight Group, SNI, LLC and Ammo Technologies, Inc.
SAFE HARBOR / FORWARD-LOOKING
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WHO WE ARE
These products are disrupting a complacent industry
We have an innovative, high-quality patent portfolio providing a significant
competitive advantage over the competition
Fully integrated supply chain with state-of-the-art manufacturing facilities
that have the capability to produce 750M+ rounds/year with the ability
to scale further
Multi-channel retail distribution of commercial products
Ability to provide ammunition to militaries and law enforcement across
the globe
We are a premier American
ammunition manufacturer with
products that emphasize
innovative technologies
4*Total addressable markets
Sources: 2018 DOD Budget Proposal, NSSF
GLOBAL MARKET OPPORTUNITY
Military & Law Enforcement Commercial/Retail
TAM*
~$18.5B
Rest of World
>$12B
U.S.
$6.5B
TAM*
~$13.9B
Rest of World
>$12B
U.S.
~$1.9B
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MARKETS WE SERVE
U.S. MilitarySpecial Forces & Conventional ForcesBig Box Retail Stores
Distributors
Shooting Ranges
E-CommerceForeign Allies
Military & Law Enforcement
Global Commercial Market Global Defense Market
U.S. Law EnforcementFederal, State & Local
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A DIFFERENTIATED AMMUNITION COMPANY
AMMO, Inc. Industry
ProductPatented / Non-commodity Commoditized
Branded / Licensed Characterized by Use / SKUMarketing
Premium ValueQuality / Price Point
30%+ Target 10-20% AverageProduct Margins
Young, Active, New Shooters Established, Older GenerationsTarget Customer
GLOB A L C OM M E R C I A L M A R K E T
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COMMERCIAL PRODUCTS
Exclusive patented technology
allows shooter to see projectile’s
path
Non-incendiary and does not
generate heat allowing them to
be used in environments where
traditional tracer prohibited(i.e. shooting ranges)
AMMO INC. Signature Line STREAK Visual Ammunition stelTH Subsonic Ammunition AMMO INC. Signature Blackline
Designed specifically for superior
performance in suppressed firearms,
reducing decibel levels while
improving accuracy and cleanliness
Utilizes HyperClean technology with
a total metal jacket slowing
suppressor corrosion and reducing
build-up of lead emissions
Superior hollow point
ammunition loaded for extreme
accuracy and reliability
Balanced velocity and recoil
with HyperClean powder to
shoot more and clean less
Superior ball and hollow point
ammunition loaded for extreme
accuracy and reliability
Balanced velocity and recoil
with HyperClean powder to
shoot more and clean less
Plated Brass
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MULTI-CHANNEL DISTRIBUTIONCurrent Distribution Channels
Online / Retail Shooting Ranges
Distributors Buying Groups
GLOB A LD EFEN SEM A R K E T
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MARKET PENETRATION STRATEGY
Launched in 2019 with Mission to Deliver High-Quality,
Precision Rounds for Military & Defense Operations Across the World
Introduce Proprietary Technologies Penetrate and Expand Market Share
Strong demand for our superior brand of patented
Armor Piercing (AP) and Hard Armor Piercing
Incendiary (HAPI) rounds that are made in America
Our patented One-Way Luminescent
(O.W.L) technology utilized in our STREAK
products to provide competitive advantage in
tactical and defense scenarios
Prove increased performance through
demonstrations of lethality and accuracy
Offer lower-cost, made in America product lines
by controlling component manufacturing costs
Utilize backlog of competitors to capture sales
Partner with strategic players and weapon
manufacturers to expand product lines
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DEFENSE PRODUCTS
Hard Armor Piercing
Incendiary (HAPI) Round
. x mm
. x mm
AC O T
I O MA MA
A A O MA MA
. x mm
O.W.L. Non-Incendiary
Visual Ammunition
Extremely effective and accurate
alternative to current AP rounds
offered by defense contractors –
consistently outperform competitor
offerings
Optimized incendiary projectile
designed to penetrate and defeat
hard targets
Manufactured in America
to match grade specs to ensure
accuracy and effectiveness
Utilizes the O.W.L. technology
in STREAK ammo to illuminate
the trajectory of the projectile
Leaves visible trace
with a non-incendiary round
significantly improving accuracy
Optimal ammunition for military
tactical engagements – the trace
is only visible in a 30-degree
window from the point of view
of the shooter, making the round
completely undetectable from
the target’s viewpoint
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CURRENT PROGRESS IN THE GLOBAL DEFENSE MARKET
Next Generation
ammunition AP/HAPI and O.W.L for
U.S. Military and Allied Forces
Awarded State Law Enforcement
Ammunition Contracts
Compliant with the U.S.
State Department and Department
of Commerce statutes and
regulations governing the lawful
export of ammunition and munition
componentsDemonstrated AP/HAPI and O.W.L. to U.S.
Special Forces and foreign allies
Samples of AP/HAPI and O.W.L. delivered
for testing by U.S. Military (COVID Delayed)
Engaged to develop specialized rounds for
Special Forces and conventional forces
Contract began shipping in the second
half of 2019, making ammunition available
for purchase by all agencies through
the state contract
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JAGEMANN ACQUISITION
Closed Acquisition
of Jagemann Stamping’s
Brass Casing and Projectile
Manufacturing Operations
in March 2019
One of the leading brass casing
manufacturers in the U.S.
Aligns key elements in our supply chain ensuring consistent access to brass
casings and proprietary projectiles across varying business cycles
Seamless integration between component manufacturing & assembly – allowing
for more rapid product development and enhancing speed to market
Secures industry best pricing to compete in global markets and expands
industry relationships
Diversifies revenue base and provides significant cash flow
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MANUFACTURING FACILITIES
25,000 sq.ft 95%50,000 sq.ft 750M+ rounds
Among the top manufacturers in the country
with state-of-the-art test labs
Manitowoc facility supplies many leading
ammunition manufacturers
Ammo loading facility
located in Payson, AZ
Utilization rate – scaled quickly to
support recent industry growth
Brass casing and military
loading facility in Manitowoc, WI
Current combined capacity being
produced per year
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RECENTLY ESTABLISHED SALES CALL CENTER
Began operations of sales call center on April 1, 2020, with the
responsibility of calling and servicing the ~67,000 dealers with active federal
firearms licenses.
Call center is staffed with 10 full-time employees being led by proven sales
leader and industry veteran Matt Nicholson.
As of July 2020, the call center has generated 1,000 new customers with
approximately $80.1 million in booked orders.
New customers represent >1,600+ retail stores and a significant ecommerce
presence from notable brands, including ural ing, DIC ’S Sporting oods,
Cascade Farm and Outdoor, Shoot Point Blank, and many other regional chains.
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KEY STATS
Trading Data (as of 9/1/20) Valuation Measures (as of 9/1/20) Financial Overview (TTM @ 6/30/20)
Stock Price Enterprise Value Revenue
$2.25 $116.5M $19.0M
52 Week High/Low
$3.07/$0.96Market Cap
$107.2MAvg. Daily Volume (3 months)
94,087Shares Outstanding
47.6MPublic Float
~72%
EV/Sales1
6.1x
GAAP Net Income
$(13.8)M
GAAP EPS
$(0.30)
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1) Includes trailing twelve-month revenue as of the quarter ended 6/30/20.
Adjusted EBITDA
$(6.2)M
Adjusted EBITDA per share
$(0.13)
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PROJECTED SALES GROWTH AND MARGIN EXPANSION
Sales Growth Drivers
Margin Expansion Drivers:$2.3$4.6
$14.8
$50
FY18 FY19 FY20 FY21E
Sales (in $mm)
Significantly expand sales in defense and export markets
Continue to grow retail presence, including adding more kiosks at
big box retailers and penetrate the shooting range market
Increase manufacturing capacity and utilization at current facilities
Pricing power with patented proprietary technology that deliver
superior performance
Vertical integration
Cost-efficient product distributionCost-efficient product distribution
Control over component
supply and pricing
Premium Brands
Higher Margins
Increased Sales
Diversified Channel Mix
400%+ average annual sales
growth over past 4 years
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MANAGEMENT TEAM WITH DEEP TIES TO THE INDUSTRY
Fred WagenhalsChairman, President & CEO
Tod WagenhalsExecutive Vice President, Secretary
Rob WileyCFO
Steve HilkoCOO
Founder of Action
Performance Companies, a
subsidiary of International
Speedway Corp. (Nasdaq:
ISCA) with over $400M
annual sales of NASCAR-
branded products
Deep experience in the
acquisition and monetization
of licensed products
Named Entrepreneur of the
Year for the retail/ wholesale
category by the Center for
Entrepreneurial Leadership
Over 30 years experience in
marketing and contract
manufacturing, as well as
overseeing companies day-
to-day operations and
production
Long history with officially
licenced sports and celebrity
memorabilia
Joined AMMO, Inc. in 2017 at
his current position
40 years of experience in
manufacturing, engineering
and supply-chain logistics at
notable consumer product
companies, including Action
International Marketing,
Lionel and Action
Performance Companies
Widely recognized gun expert
in the ammunition industry
Joined AMMO as controller
in 2018
Former Certified Public
Accountant at Moss Adams,
LLP
Holds a master’s degree from
Arizona State University and
is a licensed CPA
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MANAGEMENT TEAM WITH DEEP TIES TO THE INDUSTRY
Mark HanishPresident, Global Sales & Marketing
Matt NicholsonVice President, Sales & Marketing
Scott BitterDirector of OEM Brass Sales
Jim MannGeneral Manager,
Jagemann Munition Components
Over twenty years of
experience in the firearms
industry as a top sales
executive for notable
companies, including Surefire
and FN America
Founding member of the
Scottsdale Gun Club, which
one of the largest public
indoor shooting ranges in
the country
World-class competitive
shooter and has been
sponsored for over twenty
years
A dedicated sales professional
for over 26 years in the
manufacturing stamping
industry
Helped build the ammunition
brass market/business from
its establishment in 2010
Sales leader and coach with
over 20 years of experience
in call center operations and
outside sales
Firearms industry Executive
for over 10 years
Spent eight years as VP of
Sales with largest west coast
firearms distributor in the
nation specializing in sales of
Ruger, Smith & Wesson and
Glock
Director of all OEM Brass
Sales within AMMO, Inc.
19 years of experience in deep
draw metal stamping which
started in the automotive
industry - the last 10 years
spent in ammunition case
manufacturing for Jagemann
Intricate role in establishing
Jagemann’s brass casing
division
Extensive knowledge of Lean
Manufacturing, Continuous
Improvement, Six Sigma
Principals, Global 8D, plus
additional manufacturing and
engineering disciplines
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STRONG BOARD OF DIRECTORS
Robert Goodmanson Randy Luth Harry MarkleyRussel William
(“Rusty”) Wallace, Jr.
More than 30 years of
experience in the
investment industry
Currently is a registered
investment advisor at
Tealwood Asset Management
in Minneapolis, MN
Founder and CEO of Maxwell
Simon, an investment
advisory firm focused on
private and public equity
transactions
Founder and president of
LUTH-AR, one of the leading
manufacturers of AR-15
firearms and firearm
components in the world
Former CEO of DPMS
Panther Arms, a producer of
AR-15 firearms and
accessories
Currently serves as the law
enforcement senior advisor
for the federal government
More than 30 years with the
Phoenix Police Department,
most recently as assistant
chief of the patrol division
Principal Shareholder of the
Rusty Wallace Automotive
Group and Owner of Rusty
Wallace Racing
Competed in NASCAR races
for over 16 years and is a
member of the NASCAR Hall
of Fame
Lead Racing Analyst for the
Motor Racing Network the
voice of NASCAR
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KEY TAKEAWAYS
Multi-billion dollar addressable market ripe for disruption
Diversified portfolio of premium products for both commercial and defense markets across the world
Substantial competitive advantage through innovative patent and IP portfolio
Ammunition lines that meet the current requirements and growing needs of the U.S. military and our allies
Significant sales growth potential with near-term positive cash flow expected
Consistently expandingpresence through new strategic relationships with industry leaders
Experienced management team and board with deep ties across the industry
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CONTACT US
Investor Relations Contact
Cody SlachSenior Managing Director, Gateway IR
(949) 574-3860