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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n_______________________________________________________\n\nFORM 10-K\n\n_______________________________________________________\n\nxANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended April 30, 2026\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD\n\nCommission File Number 001-39366\n\n_______________________________________________________\n\nAmerican Outdoor Brands, Inc.\n\n(Exact name of Registrant as specified in its Charter)\n\n_______________________________________________________\n\nDelaware\n\n(State or Other Jurisdiction of\n\nIncorporation or Organization)\n\n84-4630928\n\n(I.R.S. Employer\n\nIdentification No.)\n\n1800 North Route Z\n\nColumbia, Missouri 65202\n\n(800) 338-9585\n\n(Address including zip code, and telephone number, including areas code, of principal executive offices)\n\n_______________________________________________________\n\n(Title of each class)\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTrading Symbol(s)\n(Name of each exchange on which registered)\n\nCommon Stock, par value $0.001 per shareAOUTNasdaq Global Select Market\n\nSecurities registered pursuant to Section 12(g) of the Act: None\n\nIndicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒\n\nIndicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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.\n\nLarge accelerated filer\no\nAccelerated filer\nx\n\nNon-accelerated fileroSmaller reporting companyx\n\nEmerging growth companyo\n\nIf 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. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No☒\n\nThe aggregate market value of Common Stock held by non-affiliates of the registrant (12,242,301 shares) based on the last reported sale price of the registrant’s Common Stock on the Nasdaq Global Select Market on October 31, 2025, which was the last business day of the registrant’s most recently completed second fiscal quarter, was $84,104,608. For purposes of this computation, all officers, directors, and 10% beneficial owners of the registrant are deemed to be affiliates. Such determination should not be deemed to be an admission that such officers, directors, or 10% beneficial owners are, in fact, affiliates of the registrant.\n\nThe number of shares of Registrant’s Common Stock outstanding as of June 18, 2026 was 12,507,120.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nPortions of the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of the Form 10-K.\n\nAMERICAN OUTDOOR BRANDS, INC. AND SUBSIDIARIES\n\nANNUAL REPORT ON FORM 10-K\n\nFor the Fiscal Year Ended April 30, 2026\n\nTABLE OF CONTENTS\n\nPage\n\n[PART I](#ieb264ac0dbdb4e6a9c07b6f964896196_13)\n\n[ITEM 1.](#ieb264ac0dbdb4e6a9c07b6f964896196_16)\n\n[BUSINESS](#ieb264ac0dbdb4e6a9c07b6f964896196_16)\n\n[6](#ieb264ac0dbdb4e6a9c07b6f964896196_16)\n\n[ITEM 1A.](#ieb264ac0dbdb4e6a9c07b6f964896196_19)\n\n[RISK FACTORS](#ieb264ac0dbdb4e6a9c07b6f964896196_19)\n\n[21](#ieb264ac0dbdb4e6a9c07b6f964896196_19)\n\n[ITEM 1B.](#ieb264ac0dbdb4e6a9c07b6f964896196_22)\n\n[UNRESOLVED STAFF COMMENTS](#ieb264ac0dbdb4e6a9c07b6f964896196_22)\n\n[43](#ieb264ac0dbdb4e6a9c07b6f964896196_22)\n\n[ITEM 1C.](#ieb264ac0dbdb4e6a9c07b6f964896196_25)\n\n[CYBERSECURITY](#ieb264ac0dbdb4e6a9c07b6f964896196_25)\n\n[43](#ieb264ac0dbdb4e6a9c07b6f964896196_25)\n\n[ITEM 2.](#ieb264ac0dbdb4e6a9c07b6f964896196_28)\n\n[PROPERTIES](#ieb264ac0dbdb4e6a9c07b6f964896196_28)\n\n[45](#ieb264ac0dbdb4e6a9c07b6f964896196_28)\n\n[ITEM 3.](#ieb264ac0dbdb4e6a9c07b6f964896196_31)\n\n[LEGAL PROCEEDINGS](#ieb264ac0dbdb4e6a9c07b6f964896196_31)\n\n[45](#ieb264ac0dbdb4e6a9c07b6f964896196_31)\n\n[ITEM 4.](#ieb264ac0dbdb4e6a9c07b6f964896196_34)\n\n[MINE SAFETY DISCLOSURES](#ieb264ac0dbdb4e6a9c07b6f964896196_34)\n\n[45](#ieb264ac0dbdb4e6a9c07b6f964896196_34)\n\n[PART II](#ieb264ac0dbdb4e6a9c07b6f964896196_37)\n\n[ITEM 5.](#ieb264ac0dbdb4e6a9c07b6f964896196_40)\n\n[MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#ieb264ac0dbdb4e6a9c07b6f964896196_40)\n\n[46](#ieb264ac0dbdb4e6a9c07b6f964896196_40)\n\n[ITEM 6.](#ieb264ac0dbdb4e6a9c07b6f964896196_43)\n\n[RESERVED](#ieb264ac0dbdb4e6a9c07b6f964896196_43)\n\n[47](#ieb264ac0dbdb4e6a9c07b6f964896196_43)\n\n[ITEM 7.](#ieb264ac0dbdb4e6a9c07b6f964896196_46)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ieb264ac0dbdb4e6a9c07b6f964896196_46)\n\n[48](#ieb264ac0dbdb4e6a9c07b6f964896196_46)\n\n[ITEM 7A.](#ieb264ac0dbdb4e6a9c07b6f964896196_76)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ieb264ac0dbdb4e6a9c07b6f964896196_76)\n\n[56](#ieb264ac0dbdb4e6a9c07b6f964896196_76)\n\n[ITEM 8.](#ieb264ac0dbdb4e6a9c07b6f964896196_79)\n\n[FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#ieb264ac0dbdb4e6a9c07b6f964896196_79)\n\n[56](#ieb264ac0dbdb4e6a9c07b6f964896196_79)\n\n[ITEM 9.](#ieb264ac0dbdb4e6a9c07b6f964896196_82)\n\n[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#ieb264ac0dbdb4e6a9c07b6f964896196_82)\n\n[56](#ieb264ac0dbdb4e6a9c07b6f964896196_82)\n\n[ITEM 9A.](#ieb264ac0dbdb4e6a9c07b6f964896196_85)\n\n[CONTROLS AND PROCEDURES](#ieb264ac0dbdb4e6a9c07b6f964896196_85)\n\n[56](#ieb264ac0dbdb4e6a9c07b6f964896196_85)\n\n[ITEM 9B.](#ieb264ac0dbdb4e6a9c07b6f964896196_88)\n\n[OTHER INFORMATION](#ieb264ac0dbdb4e6a9c07b6f964896196_88)\n\n[57](#ieb264ac0dbdb4e6a9c07b6f964896196_88)\n\n[ITEM 9C.](#ieb264ac0dbdb4e6a9c07b6f964896196_91)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ieb264ac0dbdb4e6a9c07b6f964896196_91)\n\n[57](#ieb264ac0dbdb4e6a9c07b6f964896196_91)\n\n[PART III](#ieb264ac0dbdb4e6a9c07b6f964896196_94)\n\n[ITEM 10.](#ieb264ac0dbdb4e6a9c07b6f964896196_97)\n\n[DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#ieb264ac0dbdb4e6a9c07b6f964896196_97)\n\n[58](#ieb264ac0dbdb4e6a9c07b6f964896196_97)\n\n[ITEM 11.](#ieb264ac0dbdb4e6a9c07b6f964896196_100)\n\n[EXECUTIVE COMPENSATION](#ieb264ac0dbdb4e6a9c07b6f964896196_100)\n\n[58](#ieb264ac0dbdb4e6a9c07b6f964896196_100)\n\n[ITEM 12.](#ieb264ac0dbdb4e6a9c07b6f964896196_103)\n\n[SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#ieb264ac0dbdb4e6a9c07b6f964896196_103)\n\n[58](#ieb264ac0dbdb4e6a9c07b6f964896196_103)\n\n[ITEM 13.](#ieb264ac0dbdb4e6a9c07b6f964896196_106)\n\n[CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#ieb264ac0dbdb4e6a9c07b6f964896196_106)\n\n[58](#ieb264ac0dbdb4e6a9c07b6f964896196_106)\n\n[ITEM 14.](#ieb264ac0dbdb4e6a9c07b6f964896196_109)\n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ieb264ac0dbdb4e6a9c07b6f964896196_109)\n\n[58](#ieb264ac0dbdb4e6a9c07b6f964896196_109)\n\n[PART IV](#ieb264ac0dbdb4e6a9c07b6f964896196_112)\n\n[ITEM 15.](#ieb264ac0dbdb4e6a9c07b6f964896196_115)\n\n[EXHIBITS AND FINANCIAL STATEMENT SCHEDULES](#ieb264ac0dbdb4e6a9c07b6f964896196_115)\n\n[59](#ieb264ac0dbdb4e6a9c07b6f964896196_115)\n\n[ITEM 16.](#ieb264ac0dbdb4e6a9c07b6f964896196_118)\n\n[FORM 10-K SUMMARY](#ieb264ac0dbdb4e6a9c07b6f964896196_118)\n\n[61](#ieb264ac0dbdb4e6a9c07b6f964896196_118)\n\n[SIGNATURES](#ieb264ac0dbdb4e6a9c07b6f964896196_121)\n\n[62](#ieb264ac0dbdb4e6a9c07b6f964896196_121)\n\n[INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#ieb264ac0dbdb4e6a9c07b6f964896196_124)\n\nF-[1](#ieb264ac0dbdb4e6a9c07b6f964896196_124)\n\nEX-21.1\n\nEX-23.1\n\nEX-31.1\n\nEX-31.2\n\nEX-32.1\n\nEX-32.2\n\nEX-10.1\n\nAccumax®, Autotorque®, BOG®, BUBBA®, Caldwell®, ClayCopter®, Claymore®, Deadshot®, Deathgrip®, Delta Series®, Don’t Be Outdoorsy – Be Outdoors®, E-MAX®, Engineered for the Unknown®, F.A.T. Stix®, F.A.T. Wrench®, Fieldpod®, Flex-Change®, Frankford Arsenal®, Golden Rod®, Grilla®, Grilla Grills®, Grilla Pie-Ro®, Hooyman®, Imperial®, Intellidropper®, Kong®, Lead Sled®, Lockdown®, Mag Charger®, Mammoth®, MEAT! Your Maker®, Nope Rope®, NXT®, Old Timer®, Orange Peel®, Paddoc®, Pile Driver®, Pullpup®, Primate®, RIG®, Schrade®, Sharpfinger®, Silverbac®, Tipton®, Treepod®, Triple Play®, Tunnel Vision®, Uncle Henry®, Unmatched Accuracy at the Bench and in the Field®, ust®, Velociradar®, Wheeler®, XLA®, Your Land. Your Legacy®, Brushline®, Crimson Trace®, Hardline®, Lasergrips®, Laserguard®, LaserLyte®, Lasersaddle®, Lightguard®, Night Guard®, and Rail Master® are some of the registered U.S. trademarks of our company or one of our subsidiaries. AOB Products Company™, Dock and Unlock™, From Niche to Known™, Nightcap™, MEAT!™, Secure Your Lifestyle™, The Ultimate Lifestyle™, and Water to Plate™ are some of the unregistered trademarks of our company or one of our subsidiaries. Trademarks licensed to us by Smith & Wesson Brands, Inc. in connection with the manufacture, distribution, marketing, advertising, promotion, merchandising, shipping, and sale of certain licensed accessory product categories include M&P®, Performance Center®, and Smith & Wesson®, among others. This report also may contain trademarks and trade names of other companies.\n\nThis report includes market and industry data that we obtained from industry publications, third-party studies and surveys, government agency sources, filings of public companies in our industry, and internal company surveys. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Although we believe the foregoing industry and market data to be reliable at the date of the report, this information could prove to be inaccurate as a result of a variety of matters.\n\nStatement Regarding Forward-Looking Information\n\nThe statements contained in this Annual Report on Form 10-K that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained or incorporated herein by reference in this Annual Report on Form 10-K, including statements regarding our future operating results, future financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “suggests,” “targets,” “contemplates,” “projects,” “predicts,” “may,” “might,” “plan,” “would,” “should,” “could,” “may,” “can,” “potential,” “continue,” “objective,” or the negative of those terms, or similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. Specific forward-looking statements in this Annual Report on Form 10-K include statements regarding the following:\n\n•our expectation that the unrecognized compensation expense related to unvested restricted stock units, or RSUs, and performance-based restricted stock units, or PSUs, will be recognized over a weighted average remaining contractual term of one year;\n\n•our intention to vigorously defend ourselves in the lawsuits to which we are subject;\n\n•the possibility that an unfavorable outcome of litigation or prolonged litigation could harm our business;\n\n•the consolidated financial statements may not be indicative of our future performance;\n\n•our belief that our future ability to fund our operating needs will depend on our future ability to generate positive cash flow from operations and obtain financing on acceptable terms;\n\n•our belief we will meet known or reasonably likely future cash requirements through the combination of cash flows from operating activities, available cash balances, and available borrowings through our existing $75 million credit facility;\n\n•our expectation that our overall cost of debt funding may increase and decrease the overall debt capacity and commercial credit available to us;\n\n•our future capital requirements depend on many factors, including net sales, the timing and extent of spending to support product development efforts, the expansion of sales and marketing activities, the timing of introductions of new products and enhancements to existing products, and any acquisitions or strategic investments that we may determine to make;\n\n•the possibility that our ability to take advantage of unexpected business opportunities or to respond to competitive pressures could be limited or severely constrained if sufficient funds are not available or are not available on acceptable terms;\n\n•our expectation to continue to utilize our cash flows to invest in our business, including research and development for new product initiatives; hire additional employees; fund growth strategies, including any potential acquisitions; repay any indebtedness we may incur over time; and repurchase our common stock if we have authorization to do so; and\n\n•the possibility that increased demand for sourced products in various industries and other transportation disturbances could cause delays at various U.S. ports, which could delay the timing of receipt or cost of our products.\n\nA number of factors could cause our actual results to differ materially from those indicated by the forward-looking statements. Such factors include, among others, the following:\n\n•potential disruptions in our suppliers’ ability to source the raw materials necessary for the production of our products, disruptions and delays in the manufacture of our products, and difficulties encountered by retailers and other components of the distribution channel for our products;\n\n•lower levels of consumer spending in general and specific to our products or product categories;\n\n•our ability to introduce new products that are successful in the marketplace;\n\n•interruptions of our arrangements with third-party contract manufacturers and freight carriers that disrupt our ability to fill our customers’ orders;\n\n•increases in costs or decreases in availability of finished products, components, and raw materials;\n\n•our ability to maintain or strengthen our brand recognition and reputation;\n\n•our ability to forecast demand for our products accurately;\n\n•our ability to continue to expand our e-commerce business;\n\n•our ability to compete in a highly competitive market;\n\n•our dependence on large customers;\n\n•our ability to attract and retain talent;\n\n•pricing pressures by our customers;\n\n•our ability to collect our accounts receivable;\n\n•the potential for product recalls, product liability, and other claims or lawsuits against us;\n\n•our ability to protect our intellectual property;\n\n•inventory levels, both internally and in the distribution channel, in excess of demand;\n\n•our ability to identify acquisition candidates, to complete acquisitions of potential acquisition candidates, to integrate acquired businesses with our business, to achieve success with acquired companies, and to realize the benefits of acquisitions in a manner consistent with our expectations;\n\n•the performance and security of our information systems;\n\n•our ability to comply with any applicable foreign laws or regulations and the effect of any increased protective tariffs;\n\n•economic, social, political, legislative, and regulatory factors, such as the impact from changing economic policies, tariffs and supply chain constraints;\n\n•the potential for increased regulation of firearms and firearms-related products;\n\n•future investments for capital expenditures, liquidity and anticipated cash needs and availability;\n\n•the potential for impairment charges;\n\n•estimated amortization expense of intangible assets for future periods;\n\n•actions of social or economic activists that could, directly or indirectly, have an adverse effect on our business;\n\n•disruptions caused by social unrest, including related protests or disturbances;\n\n•our assessment of factors relating to the valuation of assets acquired and liabilities assumed in acquisitions, the timing for such evaluations, and the potential adjustment in such evaluations; and\n\n•other factors detailed from time to time in our reports filed with the Securities and Exchange Commission, or the SEC, including information contained herein.\n\nAll forward-looking statements included herein are based on information available to us as of the date hereof and speak only as of such date. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. The forward-looking statements contained in or incorporated by reference into this Annual Report on Form 10-K reflect our views as of the date of this Annual Report on Form 10-K about future events and are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause our actual results, performance, or achievements to differ significantly from those expressed or implied in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, performance, or achievements.\n\nWe are subject to the informational requirements of the Exchange Act, and we file or furnish reports, proxy statements, and other information with the SEC. Such reports and other information we file with the SEC are available free of charge at https://ir.aob.com/financial-information/sec-filings as soon as practicable after such reports are available on the SEC’s website at sec.gov. The SEC’s website contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.\n\nPART I"}