Net revenue for the year ended December 31, 2025, increased by 2% to $398.3 million, up from $391.5 million in 2024. Gross profit decreased by 14% to $137.9 million in 2025, down from $161.2 million in 2024, with gross margin falling from 41% to 35%. The company reported a net loss of $32.2 million in 2025, a significant increase from a net loss of $7.6 million in 2024. Wholesale channel net revenue grew by 5% to $258.0 million in 2025, primarily due to expanded distribution and the launch of Black Rifle Energy. Direct-to-Consumer (DTC) channel net revenue decreased by 5% to $117.6 million in 2025, attributed to consumer shifts to retail and reallocation of marketing resources. Outpost channel net revenue remained relatively flat at $22.6 million in 2025, with limited new unit growth and a focus on improving existing locations' profitability. Operating expenses increased by 3% to $162.5 million, driven by higher marketing spend and general & administrative costs, partially offset by reduced salaries, wages, and benefits. Net cash used in operating activities was $9.8 million in 2025, a significant shift from $11.3 million provided by operating activities in 2024. The company completed a public offering on July 18, 2025, issuing 32.2 million Class A Common Stock shares and generating net proceeds of $37.3 million. An Operational Improvement Plan was implemented in Q2 2025, resulting in $5.6 million in costs and an estimated $8.9 million in annualized run rate savings, with $5.3 million realized by year-end. Workforce was reduced by approximately 12.2% (67 employees) as part of the Operational Improvement Plan. The company received a notice from the NYSE on February 11, 2026, regarding non-compliance with the minimum average closing price of $1.00 per share over 30 trading days.