#1GUN BROKER.COM® Nasdaq PowW ammo INCORPORATED TM Investor Presentation December 2023#2Safe Harbor Statement GUN BROKER.COM® ammo INCORPORATED This document contains certain “forward-looking statements”. All statements other than statements of historical fact are “forward-looking statements" for purposes of federal and state securities laws, including, but not limited to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies, goals and objectives of management for future operations; any statements concerning proposed new products and services or developments thereof; any statements regarding future economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing. Forward looking statements may include the words “may,” “could,” “estimate,” “intend,” “continue,” “believe,” “expect” or “anticipate" or other similar words, or the negative thereof. These forward-looking statements present our estimates and assumptions only as of the date of this report. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. We do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the dates they are made. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. In our filings with the Securities and Exchange Commission, references to “AMMO, Inc.", "AMMO", "the Company", "we," "us," "our" and similar terms refer to AMMO, Inc. and its wholly owned operating subsidiaries. NON-GAAP FINANCIAL MEASURES Non-GAAP financial measures such as Adjusted EBITDA and Adjusted EBITDA Margin as included in this presentation are supplemental measures that are not calculated in accordance with Generally Accepted Accounting Principles ("GAAP"). Please see the Supplemental Materials to this presentation for reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures. We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA Margin helps investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provides useful information to both management and investors by excluding certain items that may not be indicative of the core operating results and operational strength of our business and helps investors evaluate our ability to service our debt and our profitability relative to our sales. These non-GAAP financial measures have limitations as analytical and comparative tools, and you should consider Adjusted EBITDA and Adjusted EBITDA Margin in addition to, and not as substitutes for, operating income or any other measure of financial performance reported in accordance with GAAP. Nasdaq POWW 2#3Investment Highlights • The largest online marketplace for firearms in the US and expanding from the 'Auction House of Firearms' to the 'Amazon / eBay of Shooting Activities' • • • • New management team leading transition from manufacturing model to technology model Legacy manufacturing business (Ammo, Inc.) pivoting to higher-margin product mix for sustainable profitability New product development improving customer experience (improved check-out) and creating new revenue opportunities (e.g., concierge services for outdoor experiences) Excellent balance sheet and strong FCF to support expansion and acquisitions Nasdaq POWW GUN BROKER.COM™ ammo INCORPORATED 3#4Introduction - Ammo, Inc. REASONS TO LISTEN GUNBROKER.COM (TECHNOLOGY) GUN ammo BROKER.COM™ INCORPORATED AMMO (MANUFACTURING) $1 + BILLION ANNUAL MERCHANDISE SALES 80+% GROSS PROFIT MARGIN FROM MERCHANDISE FEE REVENUE LARGEST MARKETSHARE IN FIREARM AND AMMUNITION SPACE ENHANCED PLATFORM WITH CARTING ENABLES GREATER TAKE RATE - CURRENT TAKE RATE OF 5-6% NEW 185,000 SQ FT. MANUFACTURING FACILITY DOUBLES CAPACITY STRATEGIC PIVOT TO HIGHER MARGIN DEEP DRAW RIFLE BRASS PRODUCTS MANUFACTURER OF NATO AND RUSSIAN CALIBERS THAT ARE IN HIGH DEMAND BOTH DOMESTICALLY AND INTERNATIONALLY SIGNIFICANT INTERNATIONAL GOVERNMENT OPPORTUNITIES Nasdaq POWW 4#5Market Opportunity GUN ammo BROKER.COM™ INCORPORATED GUNBROKER.COM INCREASED CUSTOMER BASE • 70% of the US Population shops online • Marketplace ecommerce sales were forecast to hit $357 billion in 2022 or 34.6% of total online sales EVOLVING CUSTOMER BASE • 20% of all retail sales happen online • Annual growth rate for in-store sales is about 4% while for ecommerce sales it's almost 13% SOCIAL/POLITICAL COMMENTARY . Legislative or regulatory events bring new & diverse consumers to the platform AMMUNITION MARKET GROWING INTERNATIONAL DEMAND $22.35B global ammunition market in 2021 and estimated to reach $23.30B in 2030 - $12B in Small Caliber 3.2% CAGR 2022- 2030 STRONG DEMAND FOR PREMIUM RIFLE • Customers are looking for flatter, heavier, faster • 7mm PRC, 6.5 CM, 338 Lapua, 338 Norma, 300 Norma, 264 Int. NATO AND EASTERN EUROPE WILL BE RESTOCKING FOR THE NEXT TEN YEARS Nasdaq POWW 5#6GUN BROKER.COM® Marketplace#7GunBroker.com Today GUN BROKER.COM™ GunBroker.com is the World's Largest Online Marketplace of Firearms and Accessories HOW IT WORKS FFL Performs NICS --> Transfers Gun to Buyer. FFL typically charges Buyer a Transfer Fee FFL . Buyer purchases Firearm from Seller on GunBroker.com Top 600 Ranked in the USA for Traffic • GUN BROKER.COM Seller • Seller ships Firearm to FFL Buyer Buyer Pays $ Seller Buyer sends FFL's info to Seller 7.9 MILLION Registered Users Conveniently transact regulated and unregulated merchandise Nasdaq POWW 2.5 MILLION Items for Sale $1+ BILLION Annual Gross Merchandise Volume in FY 2022#8Market Dynamics Strong Hunt Shoot Industry Fundamentals 38% of all FFL's are Actively engaged on GunBroker.com¹ 16.4 Million Firearms Sold in the US 2022² GUN BROKER.COM® GUN BROKER.COM™ Increased Capability and Go To Market Approach • Customer Experience • Seller Solutions • Building Brand Awareness. ⚫ New Higher Lows pause 8 Overall On-Line Consumer Behavior 268 Million Digital Buyers in US in 20223 10% Growth Ecommerce sales in 2022 (All US Sites)4 Source: 1: GunBroker.com Site Data and NICS Reporting by ATF. 2: NRAILA January 9 2023, "AnotherStrong Year for Gun Sales". 3: https://www.statista.com/statistics/273957/number-of-digital-buyers-in-the-united-states/ 4: Forbes https://www.forbes.com/sites/johnkoetsier/2023/01/28/e-commerce-retail-just-passed-1-trillion-for-the-first-time-ever Nasdaq POWW ∞#9Transaction & Payment BUYER BUYER Transaction Today GUN BROKER.COM® FFL Exchange Future Transaction GUN BROKER.COM FFL Exchange Nasdaq POWW Payment Today SINGLE SELLER SINGLE SELLER BUYER $ Future Payment MULTIPLE SELLERS BUYER $ Internalized CC Processing St GUN BROKER.COM™ $ GUN BROKER.COM® Fees/Taxes MULTIPLE SELLERS $ Money Transmission Service \I/ Fees/Taxes $ GUN BROKER.COM 9#10Marketing: Lifestyle Campaigns Lifestyle campaigns are the backbone of our marketing communications. They get. populated into: GUN сом Search Browse Categories ▾ GUN BROKER.COM All Categories Search Advanced Sign In / Register Buy Sell Coupons Stores Articles Videos Help Bid on Semi Auto Rifles Start Bidding Now Starting at 1¢ PISTOL CALIBER CARBINES RIFLES CHAMBERED IN YOUR FAVORITE PISTOL CALIBERS Ruger Auction More + LIGHT SHOP NOW Landing pages • Hero Cards • • Broadcast Emails Targeted emails - browse abandonment. Showcase Items Tikka T3 JRTXVA382 T3x Lite 6.5 Creedmoor 3+1 24.30" Veil Alpine.... • House Ad Campaigns • Offsite Ad Campaigns Nasdaq POWW GUN BROKER.COM GUN BROKER.COM GUN BROKER.COM™ Firearms Ammo Gun Parts PISTOL CALIBER CARBINES RIFLES CHAMBERED IN YOUR FAVORITE PISTOL CALIBERS RUGER SP101.357 Mag Revolver Sales Sample. 2011 SHOP NOW 11d+ $1,025.00 11 Bids More Featured Manufacturers WALTHER RUGER SHOP NOW! SHOP NOW! Pistol CZ TS 2 RACING GREEN No Reserve Auction starts only at... HK SPS 81000477 SPS PWS MK113 ALPHA 13" HK 5.56 NATO BARREL LIMITED EDITION HK SPS 81000477 SPS HK $1,449.00 1d+ $1,000.00 1 Bids $2,999.99 Sponsored Items $2,295.95 Savage Stevens HENRY 410 LEVER CLOTCUM PISTOL CALIBER CARBINES RIFLES CHAMBERED IN YOUR FAVORITE PISTOL CALIBERS SHOP NOW More > SHOP PCCS BY CALIBER 9MM 40 S&W 45 ACP 10MM 10#11Marketing: Lifestyle Campaigns - Target unique consumer personas – 126 current campaigns and growing NOW THAT'S A KNIFE! SHOP ALL KNIVES. & SWORDS NOW! SHOP NOW THEY DON'T MAKE THEM LIKE THEY USED TO. ANTIQUE FIREARMS START YOUR 4TH OF JULY OFF WITH A BANG! SHOP AMERICANA-THEMED GUNS & AMMO SHOP NOW VARMINT HUNTING FIGHT THE PRAIRIE DOG REBELLION! SHOP TOP SHOTGUNS BY THE BEST BRANDS THE WILD IS CALLING. COME PREPARED! Browse Camping Gear Now! DROP A LINE & START FISHING NOW! BIGGER, BADDER, BETTER. LARGE-CALIBER RIFLES SHOP NOW SHOP NOW SHOP NOW SHOP NOW SHOP NOW SHOP NOW From Tanks to Targets The 50 BMG does it all! SPRING BEAR SEASON IS HERE FIND ALL YOUR "BEAR" NECESSITIES! SHOP ARCHERY & START PRACTICING NOW! EVEN GREAT GUNS CAN BE BETTER. HANDGUN PARTS SHOP NOW Stay on target with these PRECISION RIFLES TOP HANDGUNS FOR HER! BEST PISTOLS FOR WOMEN CONCEALED CARRY & HOME DEFENSE SHOP NOW Keep Your Investment SAFE & SECURE SHOP NOW SHOP NOW SHOP NOW DOVE SEASON is almost here RIMFIRE MADNESS SHOP THOUSANDS OF RIMFIRE RIFLES & HANDGUNS! Shop the essentials now SHOP NOW CIVILIAN VERSIONS OF MILITARY GUNS SHOP NOW GunBroker.com New Product SPOTLIGHT VIEW NOW A HENRY FOR EVERY OCCASION TRIBUTE & SPECIAL EDITION HENRY RIFLES GO HAM! HOG HUNTING 10,000+ SIG SAUER PRODUCTS AVAILABLE NOW! GEAR NOW, DEER LATER. SHOP NOW SHOP NOW HENRY SHOP NOW SHOP NOW Nasdaq POWW SIG SAUER SHOP NOW SHOP NOW SHOP NOW HOME DEFENSE SHOTGUNS SAFARI GUNS FOR WHEREVER YOUR ADVENTURE TAKES YOU! SHOP NOW GUNS from D-DAY OWN A PIECE OF HISTORY SHOP NOW Show Your TEXAS PRIDE! shop now SHOP NOW TOP 15 CONCEALED CARRY GUNS ADD SOME BLING TO YOUR BANG! GOLD PLATED GUNS SHOP NOW Sometimes BIGGER = BETTER Shop AR-10 Rifles Shop your favorite Guns from the Movies SHOP NOW SHOP NOW SHOP NOW https://www.gunbroker.com/c/a/gunbroker-lifestyle/ GUN BROKER.COM™ 11#12Marketplace Revenue: Current and Future GUN BROKER.COM™ Final Value Fee • Current Revenue The Final Value Fee is assessed when the listing sells and is based on the price that the item is sold for. Optional Listing Fees Revenue Expansion Ancillary Product Categories for the Outdoor Enthusiast • Ancillary categories significantly expand market opportunity. Credit Card Processing Fee . Financial Impact: Increased average take rate. Advertising Nasdaq POWW Analytics Analytics revenue stems from the sale of customized reporting solutions tailored to industry marketplace trends. Services • An upcoming feature facilitating experience offerings for various services including safaris, guided fishing, gunsmithing, and more. Shipping 12#13Financial Goals Over Next 3 Years GUN BROKER.COM 10% Year-Over-Year Revenue Growth • Trailing 36-month Annual Average Gross Merchandise Volume of $1.3 Billion ● Increasing take rate from 6% to 9%-12% . . Tiered fee structure • Attractive shipping offerings ● Advertising • Customized Analytics Solutions Cross-selling and suggestive pay to click 1999 25 2024 YEARS Nasdaq POWW 13#14GunBroker.com Build out Profitable Growth 3-to-5-Year View Year 1 Near-term Organizational alignment Develop centralized CC Processing . Develop Carting Capabilities Leverage Advertising and Analytics Years 2-3 Mid-term Marketing/Advertising Services Model Financing of Cart Expand Communication Networks Position GB as a solution to Legislation/Regulation • Transitioned to Pro Active Customer Service Model Build Seller Engagement Team Nasdaq POWW • • • Years 4-5 Long-term Expand Service offerings • Forecasting • Social engagement Establish new markets GUN BROKER.COM™ • Fishing and Off-Road (example) • Other Regulated Markets • M&A • Financers of firearm/ammunition Build tiered fee structure for non firearm items • Domains and Trademarks Pull in Al and other customer engagement tools 14#15Ammunition Division ammo#16Ammunition Components Nasdaq ammo INCORPORATED PISTOL PROJECTILE The object that goes down range toward intended target POWDER Nitrocellulose-based propellent, also refered to as "grain" BRASS Drawn brass case manufactured to chamber dimentions to hold pressures to match cartridge specs PRIMER Catalyst containing explosive mixture that ignites the gun powder RIFLE POWW 16#17Pivot to Higher Margin Product Mix AMMO, INC. PRODUCT MIX 2023 12% 31% ammo INCORPORATED 16% ammo INCORPORATED PIVOT - FUTURE PRODUCT MIX 41% 40% ammo INCORPORATED 25% 35% Pistol Ammo Nasdaq POWW Rifle Ammo Brass Sales Other Pistol Ammo Rifle Ammo Brass Sales 17#18Build-out of Manufacturing Facility ammo INCORPORATED • Cost Out Initiatives - Bunter Mfg. ● ● CAPEX -$1.285M Redundancy Rifle Case Production ● CAPEX - $818K Annealing Oven - Body Annealing • CAPEX - $723K Press Rebuild - Medium Action Cervo Press Rebuild - Operational 11/15/2023 Nasdaq POWW 18#19Competitive Landscape Competition Positioning ammo INCORPORATED FEDERAL PREMIUM Remington® AMMUNITION Lellier & Bellot §. • Ammo division stock split from outdoor group - Strong Performer but heavy overhead with cost of Remington • Predatory Pricing, consistently lowest price on market with PMC • Market Leader on 223/5.56 with offset cost from LC WINCHESTER AMMUNITION H Hornady JL FIOCCHI PMC AMMUT SIERRA BARNES The Bulletsmiths® OPTIMIZED FOR YOUR TARGET™ • High Quality, Seen as market leader for innovation • • Strong Shotshell sales, declining Centerfire market sales Predatory Pricing. Low price leader with S&B • Premium Bullet Manufacturer making its way into Ammo Nasdaq POWW 19#20Strategic Account Management ONLINE / RETAIL SHOOTING RANGES ammo INCORPORATED Bass Pro Shops Cabela's SCHEELS GEAR. PASSION. SPORTS. Dunham's Fleet Farm BIG5 SPORTS® Rural King America's Farm and Home Store SPORTSMAN'S RANGE USA CHOOT A Academy SPORTS+OUTDOORS BI-MART GUNS-N-GEAR MADISON MISSISSIPPI KINGS GLON Center SHITET MAXON SHOOTER'S SUPPLIES AND INDOOR RANGE TOMBSTONE TACTICAL S MAGNUM™ SHOOTING CENTER IMPACT GUNS ottsdale Gun Club INDOOR STATE RANGE SHOOTERS WORLD GUNS RANGE TRAINING PALMETTO STALE ARMORY SO SPORTSMAN'S GUIDE AL'S SPORTING GOODS TM OPTICS PLANET.COM Midway DISTRIBUTORS Ⓡ LUCKY GUNNER EAGLE SPORTS RANGE KENTUCKY EUN Co TOP GUN INDOOR RANGE = EST. 1947 GREEN TOP SHOOTING RANGE HICKS IRON VALLEY™ Sports South.Le ORION WHOLESALE INC. RSR GROUP SUPPLY CO. EST. 1923 AMCHAR WHOLESALE INC. & LADY MENDASARAY TG D TACTICAL GEAR DISTRIBUTORS BILL HICKS &CO. LTD NBS Nation's Best Sports BUYING GROUPS PORTS NC. ST M MID-STATES Nasdaq POWW Worldwide Do it Best Corp. 20#21Sales & Channel Management Expand channels and presence with targeted initiatives and new products Objectives • Target and build key customer relationships through Strategic • • Account Management Align demand plan with operations Begin exploration of expanding into other classes of trade- OEM/LE/Gov Investment • Rebrand initiative of premium rifle with consumers Strategic events for marketing and customer retention Enhance Brand Portfolio at Retail • Continued investment in cost out initiatives with 1-2 year ROI Deliverables ammo INCORPORATED Sales plan of $100M+ Loaded Ammunition Marginality • Pistol +5% • Rifle +15% Brass Casings • Brass - Rifle +30% • Brass - Pistol +10% - OH Nasdaq POWW 21#22Ammunition Division Profitable Growth • • 3-to-5-Year View YEAR 1 Near-term Organizational alignment Strategic account management Focus on high margin pistol products as we transition • Focus on rifle ammunition & brass sales for OEM and international customer base Rebranding Years 2-3 Mid-term • New products • • Build superior brand around rifle ammunition Continue expansion of customer- base internationally Leverage Streak Brand in LE/Mil Market Continue to fill out organization • Expansion of rifle loading capabilities Years 4-5 Long-term • New products • • ammo INCORPORATED Portfolio expansion in premium rifle Acquisitions/divestitures Projectile Manufacturers Primer Manufacturers Strategically target and execute profitable segments utilizing Ammo's size and agility • Capacity expansion • LE/MIL/International Expansion Nasdaq POWW 22#23Financial Goals Over Next 3 Years Revenue Goals exceeding $150M Financial Targets: • Gross Profit Margins: 25%+ ● . EBITDA Margins: 20%+ • Maximum Capacity: • 600M to 700M Cartridges / Brass Casings . At 80% OEE Rate Stroke and Machine Capacity to Exceed 900M ammo INCORPORATED Nasdaq POWW 23#24Summary The Largest Online Marketplace for Firearms in the U.S. New Management Team Leading Transition from Manufacturing Model to Technology Model Gunbroker.com Expanding From the 'Auction House of Firearms' to the 'Amazon / eBay of Shooting Activities' Legacy Manufacturing Business Pivoting to Higher Margin Product Mix and Sustainable Profitability Excellent Balance Sheet and Strong FCF to Support Expansion and Acquisitions Nasdaq POWW GUN BROKER.COM™ ammo INCORPORATED 24#25GUN BROKER.COM® emmo TM INCORPORATED Nasdaq POWW#26ammo INCORPORATED APPENDIX GILLE GUN BROKER.COM™#27Company Snapshot Share Price 52 Week High 52 Week Low Avg. Daily Volume (3 Months) Insider Ownership $4.00 $3.00 $2.00 $1.00 $0.00 Dec-22 Jan-23 GUN ammo BROKER.COM™ INCORPORATED Market Statistics 1,3 $2.02 Diluted Shares Outstanding² 118.2 million $3.15 Market Capitalization $239.3 million $1.56 Debt (as of 9/30/2023) $12.3 million 805,570 Cash (as of 9/30/2023) $49.5 million 25.0% Enterprise Value $202.1 million LTM Share Price Performance¹,3 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Feb-23 Mar-23 Apr-23 Volume May-23 Jun-23 Jul-23 Aug-23 Sep-23 -Close Oct-23 Nov-23 1) As of 12/5/2023, except as otherwise noted. 2) Treasury stock method as of 9/30/23 3) Source: Public filings, Yahoo Finance, and management. Nasdaq POWW 27#28Manufacturing Facility, WI ammo INCORPORATED 185,000 sq ft - Training facility - 12 shipping bays 37 acres with options on an additional 38 contiguous acres Highly desired deep draw skill set and equipment • 200-meter indoor ballistic range Footprint to expand another 40,000 sq ft H-Occupancy loading bay for handling - - Fuses - Explosives Nasdaq POWW amma 28#29Calibers Produced in House ammo INCORPORATED Rifle . • 50BMG 12.7 X 108 • 338 Lapua Pistol 9mm • 25Auto 32Auto • 338 Norma Magnum 380Auto • 300 Norma Magnum 38SPL • 7mm PRC - New • 38SUPER • 6.5mm PRC • 357M • 300WM · 40SW • 7REM MAG · 45Auto • 6MM ARC · 44 MAG • 45-70 . 45 LC • 350 Legend • • 300BLK • • 5.56 X 45 450 BM New 10mm • 44SW - • 7.62 X 51 Nasdaq POWW ammo 29 29#30Calibers Produced in House ammo INCORPORATED Rifle 308 • 22-250 • 7mm-08 . Rifle • 7.62 X 39 • 5.45 X 39 - NP . • 6.5 CM . 6mm CM • 243 • 6.8 X 51 . • 30-06 270 . 25-06 . 35 Whelan - NP • 350 Legend - NP 45-70 - NP · . 6.5 Grendel 6mm Arc • 4.6 Pistol 25 Auto • 32 Auto 357 Sig Nasdaq POWW ammo 30#31Current Military Opportunities BMMPR Ballistically Matched Multi-Purpose Round The Ballistically Matched Multi-Purpose Round [BMMPR] provides snipers the ability to interchange with standard precision ammunition without adjustment to the ballistic shooting solution. Shooter can immediately transition to the BMMPR™ round to increase hard target penetration and defeat light armor quickly and effectively. Rapidly engaging these hard targets with improved penetration BMMPRTM rounds increases operator survivability, lethality and overall combat effectiveness. These precision rounds match the POA/POI of program ammunition allowing users of the KAC M1 10 6.5CM, Barrett MRAD™ MK22, FN UCC, and .264 AMG rifles the ability to interchange between rounds without adjustment or re-zeroing. CALIBERS: 6.5CM 140gr/ 300NM 215gr/ .338NM 300gr Rigorous Standards ammo INCORPORATED Each loaded ammunition product line has defined and established performance specifications to ensure that every round performs the same in both firearm function and on-target. Pressure and velocity measurements are verified with a Kistler EPVAT system and conformal pressure test barrels throughout the production process to ensure cartridges will have consistent performance from beginning to end of a production run and from lot to lot. Mark 10 strain measurement systems are used throughout to confirm bullet retention meets performance requirements. Extreme precision laboratory scales are used extensively in process to confirm powder charges remain precise and consistent throughout a production lot. AMMO utilizes Hermon auto sealer machines to apply UV light cured sealant onto the junction of the case mouth and bullet, as well as at the primer case head junction when applicable. Loaded cartridges undergo 100% automated inspection for critical features before packaging to ensure every round shipped meets AMMO's stringent quality standards. AMMO has the capability and equipment to perform ASTM B858-06 ammonia vapor stress corrosion testing, grain structure analysis, Vickers microhardness analysis, surface roughness verification, brass offset calibration, and Oehler systems for velocity and projectile ballistic coefficient measurement. Every process for production at AMMO is tightly controlled and regulated through the ERP system which requires all parts to follow established control plans that will determine that all part features are accounted for and maintained. SOT on Target Signature-on-Target [SOT] ammunition provides warfighters with the ability to see the impact of rounds fired on a wider variety of targets in both day and night. SoT round produces signature upon impact with smoke for daytime visibility, flash/sparkle for nighttime visibility and are ballistically matched to impact in the beaten zone with belted machine gun ammunition. SoT rounds ensure shooters see downrange impacts beyond the effective range of traditional tracers and can adjust fire without signature in flight exposing their location. Precision rifle rounds are in development to indicate impacts for shooters and spotters at extreme distances when fired through sniper rifle systems. Smoke effect also provides wind information at target. CALIBER: .338NM 272gr 338NM SOT 338NM 5eT OWL TECHNOLOGY Our patented One-Way Luminescent Technology [O.W.L. Technology™M] rounds allow the shooter and close fire team to visually see the projectile's path to target. Shooter and fire team receive immediate visual feedback and facilitate making instant corrections to increase speed and number of hits on threat. Exceptional in low visibility environments and CQB. Patented non-incendiary luminous composite utilizes light emitted from cartridge powder to illuminate path of projectile. Does not bloom NVDs or produce downrange halos after impact. CALIBERS: 9mm/45 ACP / 308 Win 7.62x51mm Visible Only to Shooter & Fire Team IHVAC Intermediate High Velocity Assault Cartridge The Intermediate High Velocity Assault Cartridge [IHVAC] round utilizes the Shell Shock Technologies two-part case, coupled with a new ballistically efficient 6.5 Creedmoor round, increasing maximum effective range. POWW The IHVAC round under development by AMMO through work with and by utilizing the Shell Shock Technologies two-part case is to provide operators with a multi-purpose type cartridge that defeats current barriers at extended ranges. The tactical community has upgraded its assault weapons, but ammunition development supporting those weapons has not kept pace in further optimizing overall weapon system performance. Ultimately, the IHVAC will enable tactical teams to hit extended range targets with higher first shot probabilities. CALIBER: 6.5 CM 132gr NEXT GENERATION ARMOR PIERCING ROUNDS Patented armor piercing [AP] technology fully encapsulates a tungsten carbide penetrator inside the copper jacket of the projectile delivering superior hard target penetration while simultaneously shielding the weapon and bore from the damaging effects of exposed or thinly jacketed tungsten penetrators. (US Patent 10,436,557 B2) AMMO's AP & Hard Armor Piercing Incendiary (HAPI) cartridges are loaded on a state-of-the-art production line for use in machine gun and sniper systems with standard NATO chambers. These rounds provide increased penetration and lethality over currently available AP cartridges, with an optimized projectile design and incendiary reaction which more effectively penetrates and defeats hardened targets. CALIBERS: 300 BLK/6mm ARC / 6.5 CM 7.62x51mm/.300NM / .338NM .338LM/.50BMG 338 HAPI Nasaaq 338 HAP NEXT GEN MATCH GRADE 2" BALLISTIC GLASS 31#32Market Share: GunBroker vs NICS Market Share % (Estimated) 6% 6.0% 4% 2% 0% Aug 1, 21 Dec 1, 21 Apr 1, 22 Aug 1, 22 Dec 1, 22 Apr 1, 23 Aug 1, 23 Date National Instant Criminal Background Check System (NICS): Adjusted NICS 5.7% The NICS conducts background checks on people who want to own a firearm or explosive, as required by law. Comparing sales from 9/1/2021 to 9/30/2023 on the GunBroker.com platform against reported adjusted NICS checks provided by the FBI. **Adjusted NICs numbers are Total NICS- Permits - Permit Rechecks. These numbers are to be used for general estimations as they don't account for any granular characteristics and may cause slight inflation of numbers. Nasdaq POWW GUN BROKER.COM™#3316 Year Market Trend $1,400,000,000 Obama (D) Obama (D) Trump (R) Elected Elected Elected $1,200,000,000 $1,000,000,000 $800,000,000 $600,000,000 GUN BROKER.COM™ ammo INCORPORATED Biden (D) Elected $400,000,000 $200,000,000 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 PIS/REV SUM LONG GUNS AMMO/SHELLS SUM Firearms and Ammunition Excise Tax (FAET): An 11% federal excise tax based on the first point of sale for the manufacturer or importer and is used by the industry as a gauge for the commercial market. Nasdaq POWW 33