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Clarus Corporation (CLAR+0.73%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a decrease in total sales to $264.3 million from $286 million in the previous year. This decline was attributed to reduced sales in both the Outdoor and Adventure segments.
Domestic sales fell to $105.7 million from $112.4 million, while international sales decreased to $158.6 million from $173.6 million.
Cost of goods sold decreased to $171.7 million from $188.5 million, resulting in a gross profit of $92.6 million, down from $97.5 million.
Operating expenses increased significantly to $163 million from $118.6 million, driven by impairment charges related to goodwill and indefinite-lived intangible assets.
The company reported a goodwill impairment of $36.3 million and an impairment of indefinite-lived intangible assets of $8.5 million, primarily within the Adventure segment.
Clarus recorded a net loss of $52.3 million for the year, compared to a net loss of $10.1 million in the previous year. Loss from continuing operations was $88.4 million, compared to $15.8 million in the prior year.
Discontinued operations, primarily related to the sale of the Precision Sport segment, contributed $36.2 million in net income, up from $5.6 million the previous year.
The company's cash position improved to $45.4 million from $11.3 million, largely due to proceeds from the sale of the Precision Sport segment.
Clarus anticipates completing its ongoing restructuring activities in 2025, which aim to facilitate long-term sustainable growth through cost reduction actions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clarus Corporation annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.