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Clarus (CLAR) investor relations material
Clarus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 sales increased 3–3.3% year-over-year to $69.3 million, led by 16% Adventure segment growth and offset by a 1% Outdoor segment decline due to the PIEPS divestiture and lower DTC revenue.
Adjusted EBITDA rose 15% to $2.8 million (4.0% margin), with Outdoor contributing $4.7 million and Adventure $349,000–$400,000.
Net loss narrowed to $1.6 million ($0.04 per share), improved from $3.2 million loss in the prior year; adjusted net income was $1.8 million ($0.05 per share), flat year-over-year.
Organizational restructuring, SKU rationalization, and cost controls improved profitability and inventory quality.
Adventure segment growth was driven by new customers, strong Australia wholesale, and the RockyMounts acquisition.
Financial highlights
Gross margin was 35.1%, nearly flat year-over-year; adjusted gross margin declined from 37.8% to 35.1%.
SG&A expenses decreased 6–6.2% to $26.2 million, reflecting cost controls and the PIEPS sale.
Free cash flow for Q3 was negative $6.9–$7.0 million; cash at quarter-end was $29.5 million, with $2.0 million in debt.
Net cash used in operating activities was $5.7 million, improved from $8.3 million in the prior year quarter.
Net loss per share for Q3 was $(0.04), improved from $(0.08) in the prior year.
Outlook and guidance
No formal quantitative guidance for 2025 due to macroeconomic and trade uncertainties.
Management expects to generate free cash flow in Q4 and end the year with $35–$40 million in cash.
Ongoing restructuring and cost reduction actions are expected to continue through year-end 2025.
Second round of tariff mitigation actions planned for 2026 to offset $3.2 million in unmitigated tariff impact.
Liquidity needs for the next 12 months are expected to be met through operating cash flows and asset sale proceeds.
Detail 2026 tariff mitigation's margin lift
Adventure's new strategy: key profitability drivers
Retailer caution: impact on Q4 and Spring 2026
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Frequently asked questions
Clarus Corporation is a holding company engaged in the design, development, and marketing of outdoor equipment and lifestyle products. Its portfolio includes gear and apparel for climbing, skiing, hunting, and other performance-based activities. The company operates through a variety of brand subsidiaries serving global consumers. Clarus Corporation is headquartered in Salt Lake City, Utah, and its shares are listed on the NASDAQ.
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