CLARUS CORP (=) : Still Waiting for Clarity

研报英文原文证据摘录

CLARUS CORP (=) : Still Waiting for Clarity

EQUITIES

GENERAL RETAIL

CLARUS CORP NEUTRALPRICE* USD2.87  TARGET PRICE USD3.00 (UPSIDE 5%) TARGETunchangedPRICE EPS-1%26e EPS-13%27e

Still Waiting for Clarity

Clarus reported 1Q26 revenue of $62m (up 3% YoY) and adj. EBITDA of ($1m), vs consensus of12 MAY 2026

Securities Research Report $61m and breakeven, respectively. Despite stronger revs, management lowered FY26 guidance,

Production time: 05:16* (London time)

reflecting lower sales in the Adventure segment (~$70m from ~$80m), as recent macro headwinds

Research Analysts & Publishing Entities

weigh upon customer orders in Australia. Considering recent results/guidance, we lower our FY26

Laurent Vasilescu EBITDA est. to $3m from $6m upon revs of $250m (from $259m). We provide thoughts below afterBNP Paribas Securities Corp1

(+1) 212 634 4971 catching up with mgmt. Reiterate Neutral rating and TP of $3 as we wait for clarity on the turnaround.

Laurent.Vasilescu@us.bnpparibas.com

1Q26 results essentially in line

Aubrey Tianello, CFA 1Q26 revenue rose 3% to $62m, topping consensus of $61m. The increase was led by a 6% increase

BNP Paribas Securities Corp1

(+1) 212 710 9815 in the Adventure segment, on stronger sales in Australia during the quarter, and Outdoor segment

Aubrey.Tianello@us.bnpparibas.com up 1%, reflecting higher distributor sales and strength in Black Diamond apparel, which was up 10%

YoY for the second consecutive quarter. Gross margin expansion of 210bps (from 34.6% to 36.8%)Leah Yang, CFA

BNP Paribas Securities Corp1 was driven by higher volumes and favorable product mix between segments, and SG&A levered

(+1) 212 884 2565 110bps largely due to lower wages and marketing. Adj. EBITDA came in at a loss of $1.1m vs a loss

leah.x.yang@us.bnpparibas.com