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CLOSED · 06:30 ET
Market ClerkRecap
Sun Oct 25 · markets closed1 signal on Oct 2494 insider buys this week · $48.3MCIRO short report next: Oct 31The week ahead

CLAR

Clarus Corp
NASDAQ · CONSUMER DISCRETIONARY · SPORTING & ATHLETIC GOODS, NEC
3.83
+0.00 +0.00%
USD · close Oct 23
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Work order
49
WATCH · shorts 49
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $146.6MP/E —DIV YIELD —FCF YIELD -0.29%REV TTM $252.9M −0.5%NET INCOME −$31.5MNET CASH $28.9M52W 2.53 – 3.83SEC XBRL · TTM TO Invalid Date

How CLAR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
40%
of sentences unchanged
Added
301
new sentences
Dropped
287
sentences removed
Length
+968
words, now 33,585

New in FY2025

  • The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, TRED Outdoors®, and RockyMounts® brand names through outdoor specialty and online retailers, our own websites, distributors and original equipment manufacturers.
  • Founded in 1993, our RockyMounts brand is known for making well designed and dependable premium bicycle racks and other accessories compatible with vehicles of all sizes.
  • On February 29, 2024, the Company completed the sale of all of the equity associated with the Company’s Precision Sport segment, which was comprised of the Company’s subsidiaries Sierra Bullets, L.L.C.
  • (“Sierra”) and Barnes Bullets – Mona, LLC (“Barnes”), pursuant to a Purchase and Sale Agreement dated as of December 29, 2023.
  • On May 8, 2025, BD European Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company, entered into a Share Purchase and Transfer Agreement (the “Share Purchase Agreement”) to sell all of the issued and outstanding shares of Black Diamond Austria GmbH, together with its operating subsidiary, PIEPS GmbH (collectively, “PIEPS”).
  • On July 11, 2025, the Company completed the sale of PIEPS, which was included in the Company’s Outdoor segment, to a private investment firm for a total purchase price of €7,825,000 (approximately $9,124,000), including cash held at PIEPS of $1,311,000, pursuant to the Share Purchase Agreement.
  • In 2025, 2024 and 2023 our total Quarterly Cash Dividends were $3,840,000, $3,831,000, and $3,750,000, respectively.
  • On March 4, 2026 , the Company announced that its Board of Directors approved the payment on March 25, 2026 of the Quarterly Cash Dividend of $ 0.025 to the record holders of shares of the Company’s common stock as of the close of business on March 16, 2026 .
  • During the years ended December 31, 2025, 2024, and 2023, the Company incurred $967,000, $1,948,000, and $3,223,000, respectively, of restructuring charges related to these actions.
  • The Company has incurred $6,138,000 of cumulative restructuring charges since the commencement of these restructuring actions in 2023.
  • Restructuring costs include severance costs, exit costs, and other restructuring costs and are included in Restructuring charges in the consolidated statements of comprehensive loss.
  • We estimate that we will incur additional employee-related and facility exit restructuring costs in 2026; however, the Company cannot estimate the total amount expected to be incurred at this time as cost reduction actions continue to be evaluated.
  • The Company currently anticipates completing these restructuring activities in 2026; however, the timing and scope of these actions may change, and additional actions may be taken, depending on business conditions and other factors.
  • We continually evaluate our estimates and assumptions including those related to revenue recognition, inventory provisions, income taxes and valuation of long-lived assets, goodwill and indefinite-lived intangible assets, and other intangible assets.
  • If we do not achieve the results reflected in the market assumptions and forecasted estimates, our indefinite-lived intangibles impairment evaluations could be adversely affected, and we may impair a portion or all of their carrying values, which would adversely affect our operating results in the period of impairment. ● Inventory provision – We make ongoing estimates of potential excess, close-out or slow moving inventory.
  • We evaluate our inventory on hand considering our purchasing plans, sales forecasts, and historical experience to identify excess, close-out, discontinued, or slow moving inventory and make provisions as necessary to properly reflect inventory value at the lower of cost or net realizable value.
  • Results of Operations (In Thousands) Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 The following presents a discussion of operations for the year ended December 31, 2025, compared with the year ended December 31, 2024: ​ ​ ​ ​ ​ ​ ​ Year Ended ​ December 31, 2025 ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 1,948 Transaction costs ​ ​ ​ 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 ​ ​ ​ 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) ​ Sales Total sales decreased $13,875, or 5.2%, to $250,440 during the year ended December 31, 2025, compared to total sales of $264,315 during the year ended December 31, 2024.
  • The decrease in sales was attributable to a decrease in sales at the Adventure and Outdoor segments of $7,170 and $6,705, respectively.
  • Sales in the Adventure segment were reduced by $1,302 due to foreign exchange impact from the strengthening of the U.S. dollar against the Australian dollar during the year ended December 31, 2025, compared to the prior period.
  • Sales in the Outdoor segment were reduced by $176 due to foreign exchange impact from the strengthening of the U.S. dollar primarily against the euro during the year ended December 31, 2025, compared to the prior period.
  • Sales in the Adventure segment decreased 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 reoccurring in 2025, partially offset by a $5,962 increase from the RockyMounts acquisition.
  • Sales in the Outdoor segment decreased due to lower independent global distributor revenue, lower global direct-to-consumer revenue of $2,934, and lower PIEPS revenue of $3,418 due to the sale of PIEPS in July 2025, compared to the prior period.
  • Domestic sales increased $378, or 0.4%, to $106,123 during the year ended December 31, 2025, compared to domestic sales of $105,745 during the year ended December 31, 2024.
  • The increase in sales was attributable to an increase in sales at the Adventure segment of $2,837, partially offset by a decrease in sales at the Outdoor segment of $2,459.
  • International sales decreased $14,253, or 9.0%, to $144,317 during the year ended December 31, 2025, compared to international sales of $158,570 during the year ended December 31, 2024.
  • The decrease in sales was attributable to a decrease in sales at the Adventure and Outdoor segments of $10,007 and $4,246, respectively.
  • Cost of Goods Sold Cost of goods sold decreased $4,232, or 2.5%, to $167,464 during the year ended December 31, 2025, compared to cost of goods sold of $171,696 during the year ended December 31, 2024.
  • Gross Profit Gross profit decreased $9,643, or 10.4%, to $82,976 during the year ended December 31, 2025, compared to gross profit of $92,619 during the year ended December 31, 2024.
  • Gross margin was 33.1% during the year ended December 31, 2025, compared to a gross margin of 35.0% during the year ended December 31, 2024.
  • Gross margin during the year ended December 31, 2025, decreased compared to the prior year as a result of 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 and increases of inventory reserve expenses at the Adventure segment.
  • Specifically, the unfavorable product mix at Adventure was primarily driven by promotional sales efforts in North America and higher RockyMounts revenue.
  • This combined with lower wholesale volume at both Rhino-Rack and MAXTRAX in Australia drove the decline in gross margin compared to the year ended December 31, 2024.
  • Additionally, losses on foreign currency cash flow hedges were $1,585 during the year ended December 31, 2025, which negatively impacted gross margin.
  • These were partially offset by a favorable product mix at the Outdoor segment due to our simplification initiatives.
  • Selling, General and Administrative Selling, general, and administrative expenses decreased $6,775, or 6.1%, to $105,173 during the year ended December 31, 2025, compared to selling, general and administrative expenses of $111,948 during the year ended December 31, 2024.
  • Selling, general and administrative expenses at the Outdoor segment decreased by $3,051 primarily as a result of lower digital marketing and employee-related costs, lower costs from PIEPS due to the sale in July 2025, as well as lower retail expenses due to store closures and other expense reduction initiatives to manage costs.
  • Selling, general and administrative expenses at the Adventure segment decreased by $2,155 primarily as a result of lower marketing, amortization, and employee-related costs, combined with other expense reduction initiatives, partially offset by a write-off of internally developed software during the year ended December 31, 2025.
  • Additionally, Corporate costs decreased $1,569 due to lower outside service and employee-related costs.
  • Restructuring Charges Restructuring charges decreased to $967 during the year ended December 31, 2025, compared to restructuring charges of $1,948 during the year ended December 31, 2024.
  • The restructuring charges incurred during the year ended December 31, 2025 relate to benefits provided to employees who were terminated due to the Company’s reduction-in-force as part of its continued realignment of resources within the organization of $937 and lease exit and contract termination costs of $30.

and 261 more.

Gone since FY2024

  • The Company’s products are principally sold globally under the Black Diamond®, Rhino-Rack®, MAXTRAX®, and TRED Outdoors® brand names through outdoor specialty and online retailers, our own websites, distributors and original equipment manufacturers.
  • On February 29, 2024, the Company and Everest/Sapphire Acquisition, LLC, its wholly-owned subsidiary, completed the sale to Bullseye Acquisitions, LLC, an affiliate of JDH Capital Company, of all of the equity associated with the Company’s Precision Sport segment, which is comprised of the Company’s subsidiaries Sierra and Barnes Bullets – Mona, LLC (“Barnes”), pursuant to a Purchase and Sale Agreement dated as of December 29, 2023, by and among, Bullseye Acquisitions, LLC, Everest/Sapphire Acquisition, LLC and the Company (the “Precision Sport Purchase Agreement”).
  • Under the terms of the Precision Sport Purchase Agreement, the Company received net proceeds of approximately $37,871,000 in cash, after payment of certain fees and settlement of the Restated Credit Agreement, for all of the equity associated with the Company’s Precision Sport segment.
  • The activities of the Precision Sport segment have been segregated and reported as discontinued operations for all periods presented.
  • See Note 3 to our consolidated financial statements for financial information regarding discontinued operations.
  • In 2024, 2023 and 2022 our total Quarterly Cash Dividends were $3,831,000, $3,750,000, and $3,721,000, respectively.
  • On March 5, 2025 , the Company announced that its Board of Directors approved the payment on March 26, 2025 of the Quarterly Cash Dividend of $ 0.025 to the record holders of shares of the Company’s common stock as of the close of business on March 17, 2025 .
  • During the years ended December 31, 2024 and 2023, the Company incurred $1,948,000 and $3,223,000, respectively, of restructuring charges related to these actions.
  • The Company has incurred $5,171,000 of cumulative restructuring charges since the commencement of our restructuring actions in 2023.
  • These costs include severance costs, exit costs, and other restructuring costs and are included in restructuring charges in the consolidated statements of comprehensive loss.
  • We estimate that we will incur restructuring costs related to employee-related costs and facility exit costs during the year 2025; however, the Company cannot estimate the total amount expected to be incurred as cost reduction actions continue to be evaluated.
  • The Company anticipates completing these restructuring activities in 2025.
  • We continually evaluate our estimates and assumptions including those related to revenue recognition, income taxes and valuation of long-lived assets, goodwill and indefinite-lived intangible assets, and other intangible assets.
  • If we do not achieve the results reflected in the market assumptions and forecasted estimates, our indefinite-lived intangibles impairment evaluations could be adversely affected, and we may impair a portion or all of their carrying values, which would adversely affect our operating results in the period of impairment.
  • Results of Operations (In Thousands) Year Ended December 31, 2024 Compared to Year Ended December 31, 2023 The following presents a discussion of operations for the year ended December 31, 2024, compared with the year ended December 31, 2023: ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ December 31, 2024 December 31, 2023 ​ ​ ​ ​ ​ ​ Sales ​ ​ ​ ​ ​ Domestic sales $ 105,745 ​ $ 112,385 International sales ​ 158,570 ​ ​ 173,635 Total sales ​ 264,315 ​ ​ 286,020 ​ ​ ​ ​ ​ ​ Cost of goods sold ​ 171,696 ​ ​ 188,509 Gross profit ​ 92,619 ​ ​ 97,511 ​ ​ ​ ​ ​ ​ Operating expenses ​ ​ ​ ​ ​ Selling, general and administrative ​ 111,948 ​ ​ 114,603 Restructuring charges ​ 1,948 ​ ​ 3,223 Transaction costs ​ ​ ​ Contingent consideration benefit ​ (125) ​ ​ (1,565) Legal costs and regulatory matter expenses ​ 3,842 ​ ​ 1,764 Impairment of goodwill ​ 36,264 ​ ​ - Impairment of indefinite-lived intangible assets ​ 8,545 ​ ​ - ​ ​ ​ ​ ​ ​ Total operating expenses ​ 162,998 ​ ​ 118,618 ​ ​ ​ ​ ​ ​ Operating loss ​ (70,379) ​ ​ (21,107) ​ ​ ​ ​ ​ ​ Other income (expense) ​ ​ ​ ​ ​ Interest income, net ​ 1,467 ​ ​ Other, net ​ (1,673) ​ ​ ​ ​ ​ ​ ​ ​ Total other (expense) income, net ​ (206) ​ ​ 1,028 ​ ​ ​ ​ ​ ​ Loss before income tax ​ (70,585) ​ ​ (20,079) Income tax expense (benefit) ​ 17,852 ​ ​ (4,291) Loss from continuing operations ​ (88,437) ​ ​ (15,788) ​ ​ ​ ​ ​ ​ Discontinued operations, net of tax ​ 36,150 ​ ​ 5,642 ​ ​ ​ ​ ​ ​ Net loss $ (52,287) ​ $ (10,146) ​ Sales Total sales decreased $21,705, or 7.6%, to $264,315 during the year ended December 31, 2024, compared to total sales of $286,020 during the year ended December 31, 2023.
  • The decrease in sales was attributable to a decrease in sales at the Outdoor and Adventure segments of $20,485 and $1,220, respectively.
  • Sales in the Adventure segment were reduced by $524 due to foreign exchange impact, compared to the prior period.
  • Sales in the Outdoor segment increased by $235 due to foreign exchange impact, compared to the prior period.
  • Sales in the Outdoor segment decreased due to weakness in our European, independent global distributor (“IGD”), and North American markets, combined with the effects from our product simplification and SKU rationalization strategy.
  • Sales in the Adventure segment decreased due to lower demand from original equipment manufacturer (“OEM”) and wholesale customers both in Australia and North America, partially offset by a $3,019 increase from the TRED Outdoors acquisition.
  • Domestic sales decreased $6,640, or 5.9%, to $105,745 during the year ended December 31, 2024, compared to domestic sales of $112,385 during the year ended December 31, 2023.
  • The decrease in sales was attributable to a decrease in sales at the Outdoor segment of $7,829, partially offset by an increase in sales at the Adventure segment of $1,189.
  • International sales decreased $15,065, or 8.7%, to $158,570 during the year ended December 31, 2024, compared to international sales of $173,635 during the year ended December 31, 2023.
  • The decrease in sales was attributable to a decrease in sales at the Outdoor and Adventure segments of $12,656 and $2,409, respectively.
  • Cost of Goods Sold Cost of goods sold decreased $16,813, or 8.9%, to $171,696 during the year ended December 31, 2024, compared to cost of goods sold of $188,509 during the year ended December 31, 2023.
  • Gross Profit Gross profit decreased $4,892, or 5.0%, to $92,619 during the year ended December 31, 2024, compared to gross profit of $97,511 during the year ended December 31, 2023.
  • Gross margin was 35.0% during the year ended December 31, 2024, compared to a gross margin of 34.1% during the year ended December 31, 2023.
  • Gross margin during the year ended December 31, 2024, increased compared to the prior year due to favorable channel mix as a result of lower OEM sales at the Adventure segment and favorable product mix due to the simplification and SKU rationalization strategy at the Outdoor segment.
  • These increases were partially offset by an increase in inventory reserve expenses at the Adventure segment.
  • Selling, General and Administrative Selling, general, and administrative expenses decreased $2,655, or 2.3%, to $111,948 during the year ended December 31, 2024, compared to selling, general and administrative expenses of $114,603 during the year ended December 31, 2023.
  • Selling, general and administrative expenses at the Outdoor segment decreased by $7,176 primarily as a result of lower retail expenses due to store closures and other expense reduction initiatives to manage costs.
  • Selling, general and administrative expenses at the Adventure segment increased by $3,806 primarily as a result of investments in global marketing, e-commerce initiatives, and organizational leadership to accelerate growth, as well as the full year impact of the TRED Outdoors acquisition.
  • These increases at the Adventure segment were partially offset by lower intangible amortization expense.
  • Restructuring Charges Restructuring charges decreased to $1,948 during the year ended December 31, 2024, compared to restructuring charges of $3,223 during the year ended December 31, 2023.
  • The restructuring charges incurred during the year ended December 31, 2024 relate to benefits provided to employees who were terminated due to the Company’s reduction-in-force as part of its continued realignment of resources within the organization of $1,824 and lease exit and contract termination costs of $124.
  • Transaction Costs Transaction expense decreased to $576 during the year ended December 31, 2024, compared to transaction costs of $593 during the year ended December 31, 2023.
  • The 2024 transaction costs primarily related to the RockyMounts and TRED Outdoor acquisitions and other expenses related to the Company’s various acquisition efforts.
  • Contingent Consideration Benefit Contingent consideration benefit decreased to $125 during the year ended December 31, 2024, compared to a contingent consideration benefit of $1,565 during the year ended December 31, 2023, which consisted of changes in the estimated fair value of contingent consideration liabilities associated with our acquisitions of MAXTRAX in 2021 and TRED in 2023.
  • Legal Costs and Regulatory Matter Expenses Legal costs and regulatory matter expenses increased to $3,842 during the year ended December 31, 2024, compared to legal costs and regulatory matter expenses of $1,764 during the year ended December 31, 2023.
  • The increase in legal costs and regulatory matter expenses recognized during year ended December 31, 2024 reflects the Company’s accrued liability for the outstanding regulatory matter with the U.S.

and 247 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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