Clarus次季扭虧為盈 關稅退款614萬美元帶動毛利率升至48.9%

CLARUS CORPORATION_June 30, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended: June 30, 2026
or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                to               
Commission File Number: 001-34767
CLARUS CORPORATION
(Exact name of registrant as specified in its charter)

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Delaware
  ​ ​ ​
58-1972600

(State or other jurisdiction of
incorporation or organization)
​
(I.R.S. Employer
Identification Number)

​
​

2084 East 3900 South
Salt Lake City, Utah
  ​ ​ ​
84124

(Address of principal executive offices)
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(Zip code)

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(801) 278-5552

(Registrant’s telephone number, including area code)

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Securities registered pursuant to Section 12(b) of the Act:
Title of each class
  ​ ​ ​
Trading Symbol
  ​ ​ ​
Name of each exchange on which registered

Common Stock, par value $.0001 per share
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CLAR
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NASDAQ Global Select Market

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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒ No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☒ No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
​
Non-accelerated filer
☐

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​
​
​
​

Accelerated filer
☒
​
Smaller reporting company
☒

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​
​
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​

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Emerging growth company
☐

​
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of July 30, 2026, there were 38,288,155 shares of common stock, par value $0.0001, outstanding.
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Table of Contents

TABLE OF CONTENTS
CLARUS CORPORATION
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Page

PART I
FINANCIAL INFORMATION
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Item 1.
Financial Statements (Unaudited)
3

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​
​

​
Condensed Consolidated Balance Sheets – June 30, 2026 and December 31, 2025
3

​
Condensed Consolidated Statements of Comprehensive Income (Loss) – Three months ended June 30, 2026 and 2025
4

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Condensed Consolidated Statements of Comprehensive Income (Loss) – Six months ended June 30, 2026 and 2025
5

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Condensed Consolidated Statements of Cash Flows – Six months ended June 30, 2026 and 2025
6

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Condensed Consolidated Statements of Stockholders’ Equity – Three and six months ended June 30, 2026 and 2025
7

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Notes to Condensed Consolidated Financial Statements
8

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
29

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
41

Item 4.
Controls and Procedures
41

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PART II
OTHER INFORMATION
​

​
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Item 1.
Legal Proceedings
42

Item 1A.
Risk Factors
44

Item 5.
Other information
45

Item 6.
Exhibits
46

Signature Page
47

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2

Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
​
CLARUS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except per share amounts)
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June 30, 2026
  ​ ​ ​
December 31, 2025

Assets
​
​
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​

Current assets
​
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​
​
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Cash
$
 28,925
​
$
 36,691

Accounts receivable, less allowance for
​
​
​
​
​

credit losses of $1,269 and $1,121
​
 43,119
​
​
 44,839

Inventories
​
 92,008
​
​
 83,028

Prepaid and other current assets
​
 8,076
​
​
 5,457

Income tax receivable
​
 1,427
​
​
 1,407

Total current assets
​
 173,555
​
​
 171,422

​
​
​
​
​
​

Property and equipment, net
​
 18,867
​
​
 18,255

Other intangible assets, net
​
 21,565
​
​
 23,761

Indefinite-lived intangible assets
​
 19,600
​
​
 19,600

Deferred income taxes
​
 55
​
​
 55

Other long-term assets
​
 21,188
​
​
 15,935

Total assets
$
 254,830
​
$
 249,028

​
​
​
​
​
​

Liabilities and Stockholders’ Equity
​
​
​
​
​

Current liabilities
​
​
​
​
​

Accounts payable
$
 17,861
​
$
 15,907

Accrued liabilities
​
 20,843
​
​
 24,403

Income tax payable
​
 320
​
​
 179

Total current liabilities
​
 39,024
​
​
 40,489

​
​
​
​
​
​

Deferred income taxes
​
 1,301
​
​
 1,418

Other long-term liabilities
​
 16,433
​
​
 10,728

Total liabilities
​
 56,758
​
​
 52,635

​
​
​
​
​
​

Stockholders’ Equity
​
​
​
​
​

Preferred stock, $0.0001 par value per share; 5,000 shares authorized; none issued
​
 -
​
​
 -

Common stock, $0.0001 par value per share; 100,000 shares authorized; 43,104 and 43,054 issued and 38,288 and 38,402 outstanding, respectively
​
 4
​
​
 4

Additional paid in capital
​
 704,909
​
​
 703,487

Accumulated deficit
​
 (457,756)
​
​
 (457,253)

Treasury stock, at cost
​
 (33,635)
​
​
 (33,156)

Accumulated other comprehensive loss
​
 (15,450)
​
​
 (16,689)

Total stockholders’ equity
​
 198,072
​
​
 196,393

Total liabilities and stockholders’ equity
$
 254,830
​
$
 249,028

​
See accompanying notes to condensed consolidated financial statements.
​

3

Table of Contents

​
CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands, except per share amounts)
​
​

​

​

​

​

​

​
Three Months Ended

​
June 30, 2026
  ​ ​ ​
June 30, 2025

​
​
​
​
​
​

Sales
​
​
​
​
​

Domestic sales
$
 24,522
​
$
 24,724

International sales
​
 31,634
​
​
 30,523

Total sales
​
 56,156
​
​
 55,247

​
​
​
​
​
​

Cost of goods sold
​
 28,684
​
​
 35,567

Gross profit
​
 27,472
​
​
 19,680

​
​
​
​
​
​

Operating expenses
​
​
​
​
​

Selling, general and administrative
​
 24,303
​
​
 26,910

Restructuring charges
​
 140
​
​
 161

Transaction costs
​
 22
​
​
 108

Contingent consideration benefit
​
 (254)
​
​
 -

Legal and regulatory matter (benefit) costs
​
 (1,299)
​
​
 1,837

Impairment of indefinite-lived intangible assets
​
 -
​
​
 1,565

​
​
​
​
​
​

Total operating expenses
​
 22,912
​
​
 30,581

​
​
​
​
​
​

Operating income (loss)
​
 4,560
​
​
 (10,901)

​
​
​
​
​
​

Other income
​
​
​
​
​

Interest income, net
​
 84
​
​
 153

Other, net
​
 92
​
​
 1,483

​
​
​
​
​
​

Total other income, net
​
 176
​
​
 1,636

​
​
​
​
​
​

Income (loss) before income tax
​
 4,736
​
​
 (9,265)

Income tax expense (benefit)
​
 22
​
​
 (831)

Net income (loss)
​
 4,714
​
​
 (8,434)

​
​
​
​
​
​

Other comprehensive income, net of tax:
​
​
​
​
​

Foreign currency translation adjustment
​
 841
​
​
 4,677

Unrealized loss on hedging activities
​
 -
​
​
 (1,007)

Other comprehensive income
​
 841
​
​
 3,670

Comprehensive income (loss)
$
 5,555
​
$
 (4,764)

​
​
​
​
​
​

Net income (loss) per share:
​
​
​
​
​

Basic
$
 0.12
​
$
 (0.22)

Diluted
​
 0.12
​
​
 (0.22)

​
​
​
​
​
​

Weighted average shares outstanding:
​
​
​
​
​

Basic
​
 38,369
​
​
 38,402

Diluted
​
 38,369
​
​
 38,402

​
See accompanying notes to condensed consolidated financial statements.
​
​
​
​
​

4

Table of Contents

CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands, except per share amounts)
​
​

​

​

​

​

​

​
​
​
​
​
​

​
Six Months Ended

​
June 30, 2026
​
June 30, 2025

​
​
​
​
​
​

Sales
​
​
​
​
​

Domestic sales
$
 49,402
​
$
 49,533

International sales
​
 68,692
​
​
 66,147

Total sales
​
 118,094
​
​
 115,680

​
​
​
​
​
​

Cost of goods sold
​
 67,859
​
​
 75,206

Gross profit
​
 50,235
​
​
 40,474

​
​
​
​
​
​

Operating expenses
​
​
​
​
​

Selling, general and administrative
​
 50,880
​
​
 53,526

Restructuring charges
​
 993
​
​
 334

Transaction costs
​
 44
​
​
 250

Contingent consideration benefit
​
 (254)
​
​
 -

Legal and regulatory matter costs
​
 80
​
​
 2,462

Impairment of indefinite-lived intangible assets
​
 -
​
​
 1,565

​
​
​
​
​
​

Total operating expenses
​
 51,743
​
​
 58,137

​
​
​
​
​
​

Operating loss
​
 (1,508)
​
​
 (17,663)

​
​
​
​
​
​

Other income
​
​
​
​
​

Interest income, net
​
 172
​
​
 410

Other, net
​
 3,000
​
​
 1,942

​
​
​
​
​
​

Total other income, net
​
 3,172
​
​
 2,352

​
​
​
​
​
​

Income (loss) before income tax
​
 1,664
​
​
 (15,311)

Income tax expense (benefit)
​
 245
​
​
 (1,633)

Net income (loss)
​
 1,419
​
​
 (13,678)

​
​
​
​
​
​

Other comprehensive income, net of tax:
​
​
​
​
​

Foreign currency translation adjustment
​
 1,239
​
​
 6,394

Unrealized loss on hedging activities
​
 -
​
​
 (1,751)

Other comprehensive income
​
 1,239
​
​
 4,643

Comprehensive income (loss)
$
 2,658
​
$
 (9,035)

​
​
​
​
​
​

Net income (loss) per share:
​
​
​
​
​

Basic
$
 0.04
​
$
 (0.36)

Diluted
​
 0.04
​
​
 (0.36)

​
​
​
​
​
​

Weighted average shares outstanding:
​
​
​
​
​

Basic
​
 38,389
​
​
 38,384

Diluted
​
 38,390
​
​
 38,384

​
See accompanying notes to condensed consolidated financial statements.
​

5

Table of Contents

CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
​
​

​

​

​

​

​

​
Six Months Ended

​
June 30, 2026
  ​ ​ ​
June 30, 2025

Cash Flows From Operating Activities:
​
​
​
​
​

Net income (loss)
$
 1,419
​
$
 (13,678)

Adjustments to reconcile net loss to net cash used in operating activities:
​
​
​
​
​

Depreciation of property and equipment
​
 1,987
​
​
 1,760

Amortization of other intangible assets
​
 3,843
​
​
 4,437

Impairment of indefinite-lived intangible assets
​
 -
​
​
 1,565

Accretion of notes payable
​
 -
​
​
 61

Loss on disposition of property and equipment
​
 196
​
​
 428

Noncash lease expense
​
 1,943
​
​
 1,750

Contingent consideration benefit
​
 (254)
​
​
 -

Stock-based compensation
​
 1,422
​
​
 3,024

Deferred income taxes
​
 (243)
​
​
 (1,858)

Changes in operating assets and liabilities, net of dispositions:
​
​
​
​
​

Accounts receivable
​
 1,666
​
​
 5,657

Inventories
​
 (8,997)
​
​
 (10,178)

Prepaid and other assets
​
 (2,387)
​
​
 (3,145)

Accounts payable
​
 1,809
​
​
 (2,717)

Accrued liabilities
​
 (4,971)
​
​
 2,288

Income taxes
​
 174
​
​
 (891)

Net cash used in operating activities
​
 (2,393)
​
​
 (11,497)

​
​
​
​
​
​

Cash Flows From Investing Activities:
​
​
​
​
​

Purchase of business, net of cash acquired
​
 (375)
​
​
 -

Proceeds from disposition of property and equipment
​
 28
​
​
 54

Purchases of property and equipment
​
 (2,662)
​
​
 (3,044)

Net cash used in investing activities
​
 (3,009)
​
​
 (2,990)

​
​
​
​
​
​

Cash Flows From Financing Activities:
​
​
​
​
​

Purchase of treasury stock
​
 (479)
​
​
 (42)

Cash dividends paid
​
 (1,922)
​
​
 (1,920)

Net cash used in financing activities
​
 (2,401)
​
​
 (1,962)

​
​
​
​
​
​

Effect of foreign exchange rates on cash and restricted cash
​
 465
​
​
 520

​
​
​
​
​
​

Change in cash and restricted cash
​
 (7,338)
​
​
 (15,929)

Cash and restricted cash, beginning of year
​
 38,195
​
​
 45,359

Cash and restricted cash, end of period
$
 30,857
​
$
 29,430

​
​
​
​
​
​

Supplemental Disclosure of Cash Flow Information:
​
​
​
​
​

Cash paid for income taxes
$
 72
​
$
 861

Cash paid for interest
$
 -
​
$
 14

Supplemental Disclosures of Non-Cash Investing and Financing Activities:
​
​
​
​
​

Contingent consideration for business acquisitions
$
 499
​
$
 -

Purchases of property and equipment incurred but not paid
$
 105
​
$
 79

Lease liabilities arising from obtaining right-of-use assets
$
 6,433
​
$
 485

​
See accompanying notes to condensed consolidated financial statements.
​
​

6

Table of Contents

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CLARUS CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

(In thousands, except per share amounts)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​

​
​
​
​
​
​
​
​
Additional
​
​
​
​
​
​
​
​
​
​
Other
​
Total

​
​
Common Stock
​
Paid-In
​
Accumulated 
​
Treasury Stock
​
Comprehensive
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Deficit
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Loss
  ​ ​ ​
Equity

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance, December 31, 2024
​
​
 43,004
​
$
 4
​
$
 697,592
​
$
 (406,857)
​
​
 (4,642)
​
$
 (33,114)
​
$
 (24,532)
​
$
 233,093

Net loss
​
​
 -
​
​
 -
​
​
 -
​
​
 (5,244)
​
​
 -
​
​
 -
​
​
 -
​
​
 (5,244)

Other comprehensive income
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 973
​
​
 973

Cash dividends ($0.025 per share)
​
​
 -
​
​
 -
​
​
 -
​
​
 (959)
​
​
 -
​
​
 -
​
​
 -
​
​
 (959)

Purchase of treasury stock
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (10)
​
​
 (42)
​
​
 -
​
​
 (42)

Stock-based compensation expense
​
​
 -
​
​
 -
​
​
 1,469
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 1,469

Proceeds from exercise of options
​
​
 50
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -

Balance, March 31, 2025
​
​
 43,054
​
$
 4
​
$
 699,061
​
$
 (413,060)
​
​
 (4,652)
​
$
 (33,156)
​
$
 (23,559)
​
$
 229,290

Net loss
​
​
 -
​
​
 -
​
​
 -
​
​
 (8,434)
​
​
 -
​
​
 -
​
​
 -
​
​
 (8,434)

Other comprehensive income
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 3,670
​
​
 3,670

Cash dividends ($0.025 per share)
​
​
 -
​
​
 -
​
​
 -
​
​
 (961)
​
​
 -
​
​
 -
​
​
 -
​
​
 (961)

Stock-based compensation expense
​
​
 -
​
​
 -
​
​
 1,555
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 1,555

Balance, June 30, 2025
​
​
 43,054
​
$
 4
​
$
 700,616
​
$
 (422,455)
​
​
 (4,652)
​
$
 (33,156)
​
$
 (19,889)
​
$
 225,120

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​

​
​
​
​
​
​
​
​
Additional
​
​
​
​
​
​
​
​
​
​
Other
​
Total

​
​
Common Stock
​
Paid-In
​
Accumulated 
​
Treasury Stock
​
Comprehensive
​
Stockholders’

​
​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Deficit
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Loss
  ​ ​ ​
Equity

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance, December 31, 2025
​
​
 43,054
​
$
 4
​
$
 703,487
​
$
 (457,253)
​
​
 (4,652)
​
$
 (33,156)
​
$
 (16,689)
​
$
 196,393

Net loss
​
​
 -
​
​
 -
​
​
 -
​
​
 (3,295)
​
​
 -
​
​
 -
​
​
 -
​
​
 (3,295)

Other comprehensive income
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 398
​
​
 398

Cash dividends ($0.025 per share)
​
​
 -
​
​
 -
​
​
 -
​
​
 (961)
​
​
 -
​
​
 -
​
​
 -
​
​
 (961)

Purchase of treasury stock
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (11)
​
​
 (32)
​
​
 -
​
​
 (32)

Stock-based compensation expense
​
​
 -
​
​
 -
​
​
 1,154
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 1,154

Shares issued from restricted stock units
​
​
 50
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -

Balance, March 31, 2026
​
​
 43,104
​
$
 4
​
$
 704,641
​
$
 (461,509)
​
​
 (4,663)
​
$
 (33,188)
​
$
 (16,291)
​
$
 193,657

Net income
​
​
 -
​
​
 -
​
​
 -
​
​
 4,714
​
​
 -
​
​
 -
​
​
 -
​
​
 4,714

Other comprehensive income
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 841
​
​
 841

Cash dividends ($0.025 per share)
​
​
 -
​
​
 -
​
​
 -
​
​
 (961)
​
​
 -
​
​
 -
​
​
 -
​
​
 (961)

Purchase of treasury stock
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 (153)
​
​
 (447)
​
​
 -
​
​
 (447)

Stock-based compensation expense
​
​
 -
​
​
 -
​
​
 268
​
​
 -
​
​
 -
​
​
 -
​
​
 -
​
​
 268

Balance, June 30, 2026
​
​
 43,104
​
$
 4
​
$
 704,909
​
$
 (457,756)
​
​
 (4,816)
​
$
 (33,635)
​
$
 (15,450)
​
$
 198,072

​
See accompanying notes to condensed consolidated financial statements.
​
​
​

7

Table of Contents
CLARUS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(in thousands, except per share amounts)
​

NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited condensed consolidated financial statements of Clarus Corporation and its subsidiaries (which may be collectively referred to as the “Company,” “Clarus,” “we,” “us” or “our”) as of June 30, 2026 and December 31, 2025 and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), instructions to the Quarterly Report on Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments, except as otherwise disclosed) necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be obtained for the year ending December 31, 2026. These interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2026.
Nature of Business
Headquartered in Salt Lake City, Utah, we are a global leading designer, developer, manufacturer and distributor of best-in-class outdoor equipment and lifestyle products focused on the outdoor enthusiast markets. Each of our brands has a long history of continuous product innovation for core and everyday users alike. 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. We believe that our portfolio of iconic brands is well-positioned for sustainable, long-term growth underpinned by industry trends across the outdoor and adventure sport end markets.
Sale of PIEPS
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 (approximately $9,124), including cash held at PIEPS of $1,311, pursuant to the Share Purchase Agreement.
We determined that the sale of the PIEPS business does not represent a strategic shift that had or will have a major effect on the condensed consolidated statements of comprehensive income (loss), and therefore results were not classified as discontinued operations.
Use of Estimates
The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenue and expenses during the reporting period. 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. We base our estimates on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.
​

8

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CLARUS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
(in thousands, except per share amounts)
​

Restricted Cash
​
Restricted cash primarily includes cash and highly liquid instruments that are used as collateral for certain lease agreements which will affect the amount of cash the Company has available for other uses. Restricted cash is recorded in Other long-term assets on the condensed consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash reported within the condensed consolidated balance sheets to the condensed consolidated statements of cash flows as of June 30, 2026 and December 31, 2025.
​
​

​

​

​

​

​

​
June 30, 2026
  ​ ​ ​
December 31, 2025

Cash
$
 28,925
​
$
 36,691

Restricted cash included in Other long-term assets
​
 1,932
​
​
 1,504

Total cash and restricted cash shown in the statements of cash flows
$
 30,857
​
$
 38,195

​
Changes in Laws and Regulations
In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs thereunder. In April 2026, U.S. Customs and Border Protection announced a new administrative process for importers to obtain refunds of certain tariffs imposed under IEEPA.
The Company has submitted eligible refund claims through the established refund process. In the three months ended June 30, 2026, we recognized pre-tax benefits from tariff refunds received of $6,142 related to tariffs incurred in 2025 and 2026 at the Outdoor segment, all of which are recorded within Cost of goods sold in the condensed consolidated statements of comprehensive income (loss).
Recent Accounting Pronouncements
Accounting Pronouncements issued and not yet adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires a public entity to disclose, in the notes to the financial statements, specified information about certain costs and expenses on an annual and interim basis. The guidance will require all entities to disclose the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. The guidance also requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, as well as disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. All entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The amendments in ASU 2024-03 are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the enhanced disclosure requirements, however, it does not anticipate a material change to the consolidated financial statements.
​
​
NOTE 2. ACQUISITIONS
​
ONWRD
​
On June 18, 2026, Clarus and its wholly-owned subsidiary, Rhino-Rack USA LLC, entered into an Asset Purchase Agreement (the “ONWRD Purchase Agreement”) with ONWRD LLC (“ONWRD”) and Jared Peterson, Skyler Pinnick, and Ryan Price, pursuant to which the Company acquired certain assets of ONWRD (the “ONWRD Acquisition”), including inventory, intellectual property, software, domain names and social media accounts. The Company assumed 

9

Table of Contents
CLARUS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
(in thousands, except per share amounts)
​

specified liabilities relating to the acquired assets, including obligations arising under certain assigned contracts from and after the closing of the ONWRD Acquisition on June 18, 2026.
​
Pursuant to the ONWRD Purchase Agreement, the purchase price paid and payable in connection with the ONWRD Acquisition includes (i) $375 paid in cash at closing, subject to adjustment as set forth in the ONWRD Purchase Agreement and (ii) additional contingent payments based on the achievement of specified net sales thresholds and royalty payments based on net sales of certain products (the “ONWRD Contingent Consideration”). The Company estimated the initial fair value of the ONWRD Contingent Consideration to be $499 and recorded the related liabilities within accrued liabilities and other long-term liabilities. See Note 9 for discussion regarding the valuation of the ONWRD Contingent Consideration as of June 30, 2026. The ONWRD Acquisition was accounted for as a business combination.
​
The following table summarizes the preliminary acquisition-date fair value of the consideration transferred in the ONWRD Acquisition and its allocation to the assets acquired and liabilities assumed, each of which has been estimated at fair value. The fair value estimates for the purchase price allocation for ONWRD are based on the Company’s best estimates and assumptions as of the reporting date and are considered preliminary. The fair value measurements of identifiable assets and liabilities related to the ONWRD Acquisition are subject to change and the final purchase price allocation could be different from the amounts presented below. We expect to finalize the valuations as soon as practicable, but not later than one year from the date of the ONWRD Acquisition. There was no excess of consideration transferred over the assets acquired and liabilities assumed and no goodwill was recorded as a result of the ONWRD Acquisition.
​
​

​

​

​
ONWRD

​
June 18, 2026

​
Estimated Fair Value

​
​
​

Cash paid
$
 375

​
​
​

Contingent consideration
​
 499

​
​
​

Total purchase consideration
$
 874

​
​
​

Assets acquired and liabilities assumed
​
​

Assets
​
​

Accounts receivable
$
 13

Inventories
​
 214

Prepaid and other current assets
​
 6

Other intangible assets
​
 646

Total assets
​
 879

​
​
​

Liabilities
​
​

Accounts payable and accrued liabilities
$
 5

Total liabilities
​
 5

​
​
​

Net Book Value Acquired
$
 874

​
The estimated fair value of inventory was recorded at expected sales price less cost to sell plus a reasonable profit margin for selling efforts.
​

10

Table of Contents
CLARUS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
(in thousands, except per share amounts)
​

In connection with the ONWRD Acquisition, the Company acquired exclusive rights to all of ONWRD’s intangible assets. $646 was assigned to the product technologies class of intangible assets, all of which were assigned an average useful life of three years. 
​
No pre-existing relationships existed between the Company and ONWRD or the other parties to the ONWRD Purchase Agreement prior to the ONWRD Acquisition. ONWRD revenue and operating income are included in the Adventure segment. Total revenue and net income of ONWRD from the date of the ONWRD Acquisition to June 30, 2026 were not material to the Company’s consolidated financial statements.
​
​
NOTE 3. INVENTORIES
Inventories, as of June 30, 2026 and December 31, 2025, were as follows:
​
​

​

​

​

​

​

​
June 30, 2026
  ​ ​ ​
December 31, 2025

Finished goods
$
 88,433
​
$
 79,584

Work-in-process
​
 60
​
​
 338

Raw materials and supplies
​
 3,515
​
​
 3,106

​
$
 92,008
​
$
 83,028

​
​
​
NOTE 4. PROPERTY AND EQUIPMENT
Property and equipment, net, as of June 30, 2026 and December 31, 2025, were as follows:
​
​

​

​

​

​

​

​
June 30, 2026
  ​ ​ ​
December 31, 2025

​
​
​
​
​
​

Land
$
 2,850
​
$
 2,850

Building and improvements
​
 7,999
​
​
 8,356

Furniture and fixtures
​
 4,925
​
​
 5,194

Computer hardware and software
​
 9,619
​
​
 8,278

Machinery and equipment
​
 16,662
​
​
 16,246

Construction in progress
​
 2,517
​
​
 968

​
​
 44,572
​
​
 41,892

Less accumulated depreciation
​
 (25,705)
​
​
 (23,637)

​
$
 18,867
​
$
 18,255

​
Depreciation expense for the three months ended June 30, 2026 and 2025 was $1,000 and $877, respectively, and for the six months ended June 30, 2026 and 2025 was $1,987 and $1,760, respectively.
​
​

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CLARUS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
(in thousands, except per share amounts)
​

NOTE 5. GOODWILL AND INTANGIBLE ASSETS
Goodwill
Goodwill by segment as of June 30, 2026 and December 31, 2025 was as follows:
​
​

​

​

​

​

​

​

​

​

​

​
​
Outdoor
  ​ ​ ​
Adventure
  ​ ​ ​
Total

​
​
​
​
​
​
​
​
​
​

Gross value of goodwill
​
$
 29,507
​
$
 96,966
​
$
 126,473

Accumulated goodwill impairments adjusted for impact of foreign currency exchange rates
​
​
 (29,507)
​
​
 (96,966)
​
​
 (126,473)

​
​
$
 -
​
$
 -
​
$
 -

​
Indefinite-Lived Intangible Assets
Trademarks classified as indefinite-lived intangible assets of $19,600 as of June 30, 2026 and December 31, 2025 were all related to the Black Diamond brand.
Other Intangible Assets, net
The following table summarizes the changes in gross other intangible assets:
​
​

​

​

​

Gross balance at December 31, 2025
​
$
 77,740

​
​
​
​

Increase due to ONWRD Acquisition
​
​
 646

Impact of foreign currency exchange rates
​
​
 2,946

​
​
​
​

Gross balance at June 30, 2026
​
$
 81,332

​
Other intangible assets, net of amortization as of June 30, 2026 and December 31, 2025, were as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​
June 30, 2026

​
Gross
  ​ ​ ​
Accumulated Amortization
  ​ ​ ​
Net
  ​ ​ ​
Weighted Average Useful Life

Intangibles subject to amortization
​
​
​
​
​
​
​
​
​
​
​

Customer relationships
$
 61,273
​
$
 (45,481)
​
$
 15,792
​
​
13.7 years

Product technologies
​
 17,369
​
​
 (13,350)
​
​
 4,019
​
​
9.1 years

Tradenames
​
 2,458
​
​
 (863)
​
​
 1,595
​
​
9.7 years

Non-compete agreements
​
 232
​
​
 (73)
​
​
 159
​
​
5.0 years

​
$
 81,332
​
$
 (59,767)
​
$
 21,565
​
​
12.5 years

​
​
​
​
​
​
​
​
​
​
​
​

12

Table of Contents
CLARUS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
(Unaudited)
(in thousands, except per share amounts)
​

​
December 31, 2025

​
Gross
  ​ ​ ​
Accumulated Amortization
  ​ ​ ​
Net
  ​ ​ ​
Weighted Average Useful Life

​
​
​
​
​
​
​
​
​
​
​
​

Customer relationships
$
 59,197
​
$
 (41,439)
​
$
 17,758
​
​
13.7 years

Product technologies
​
 15,943
​
​
 (11,862)
​
​
 4,081
​
​
9.3 years

Tradenames
​
 2,368
​
​
 (628)
​
​
 1,740
​
​
9.6 years

Core technologies
​
 232
​
​
 (50)
​
​
 182
​
​
5.0 years

​
$
 77,740
​
$
 (53,979)
​
$
 23,761
​
​
12.6 years

​
Amortization expense for the three months ended June 30, 2026 and 2025, was $1,906 and $2,213, respectively, and for the six months ended June 30, 2026 and 2025 was $3,843 and $4,437, respectively. Future amortization expense for other intangible assets as of June 30, 2026 is as follows:
​
​

​

​

​

Years Ending December 31,
  ​ ​ ​
Amortization Expense

2026 (excluding the six months ended June 30, 2026)
​
$
 3,446

2027
​
​
 5,397

2028
​
​
 3,866

2029
​
​
 2,854

2030
​
​
 1,986

2031
​
​
 1,426

Thereafter
​
​
 2,590

​
​
$
 21,565

​
​
​
​
NOTE 6. ACCRUED LIABILITIES AND OTHER LONG-TERM LIABILITIES
Accrued liabilities as of June 30, 2026 and December 31, 2025, were as follows:
​
​

​

​

​

​

​

​
June 30, 2026
  ​ ​ ​
December 31, 2025

​
​
​
​
​
​

Accrued payroll and related items
$
 3,603
​
$
 2,837

Accrued bonus
​
 2,072
​
​
 2,005

Designated forward exchange contracts
​
 -
​
​
 358

Accrued warranty
​
 1,251
​
​
 1,480

Current lease liabilities
​
 2,552
​
​
 3,021

Accrued commissions
​
 508
​
​
 576

Sales returns and rebates
​
 2,596
​
​
 3,30