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

POWW@gatewayir.com