With the launch of Black Rifle Energy in 2025, expects revenue growth to fall below the guided 3-year rate and gross margin to dip below 40% for the year. While these expenses may temporarily impact EBITDA, they are expected to set the stage for stronger growth in 2026 and 2027 as distribution expands and launch-related costs taper off. Sees 2024 gross margin rate 40%-42%, adjusted EBITDA $35M-$40M. Expects a 3-year revenue CAGR through 2027 of 10-15% and an adjusted EBITDA CAGR of 15-25%, compared to 2024 results. Projects a gross margin rate above 40%.
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