Clarus (BDO) Q3 2026 Earnings Report
DE:BDO Q3 2026 EPS Results
- Actual EPS
- EUR 0.13
- Consensus EPS
- EUR 0.04
- Beat/Miss
- Beat by +EUR 0.09
- One Year Ago EPS
- -EUR 0.04
DE:BDO Q3 2026 Revenue Results
- Actual Revenue
- EUR 63.53M
- Expected Revenue
- EUR 59.62M
- Beat/Miss
- Beat by +EUR 3.91M
- YoY Revenue Growth
- +1.76%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/05/2026
- Time
- After Close
- Conference Call
- Thursday, November 5, 2026
Clarus's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was predominantly positive. Outdoor delivered strong revenue growth, significant margin expansion, higher EBITDA, successful product launches, and broad regional gains, while the company raised full-year sales and adjusted EBITDA guidance. Adventure continued to face substantial revenue pressure, especially in Australia, and the company highlighted negative free cash flow, lower cash, macroeconomic risks, and input-cost inflation, but management emphasized improved margins, cost discipline, international expansion, and a stronger operating foundation.
The company now expects fiscal year 2026 sales to range between $251 million and $255 million, including full-year revenue at Adventure of approximately $65 million and full-year Outdoor revenue of approximately $188 million; full-year adjusted EBITDA is expected to range between approximately $15 million and $17 million, or an adjusted EBITDA margin of 6.3% at the midpoint of the revenue and adjusted EBITDA ranges, compared with prior guidance of $12 million-$13 million and an increase of approximately 28% at the midpoint. Fourth-quarter sales are expected to range between $62 million and $66 million, with adjusted EBITDA expected to be approximately $3 million at the midpoint of full-year guidance of $16 million; free cash flow is expected to be positive in the fourth quarter, Outdoor inventory is expected to reduce to $67 million by the end of the fourth quarter, and Mike Yates said he would expect the Adventure business to grow in 2027.
- Improved Consolidated Gross MarginThird-quarter consolidated gross margin was 41.0%, up from 35.1% in the prior-year quarter. The result included a $600,000 benefit from the recovery of IEEPA tariffs, with $495,000 received by Adventure and approximately $70,000 by Outdoor.
- Outdoor Revenue and Category GrowthBlack Diamond Outdoor revenue increased 12.4% year over year. The mountain, climb, and apparel categories generated 92% of total revenue and grew 13.1% collectively; mountain increased 15.2%, climb increased 15.1%, and apparel increased 3.3%, marking its sixth consecutive quarter of growth.
- Outdoor Margin Expansion and EBITDA GrowthExcluding approximately $70,000 of tariff refunds, Outdoor gross margin was 40.4%, up 440 basis points year over year. Outdoor adjusted EBITDA was $8 million, up 80.7% versus the prior period, reflecting healthier inventory, a focus on profitable categories, less discounting, and a fuller-price premium business model.
- Strong Outdoor Regional and Channel PerformanceNorth America wholesale grew 10.7%, North America digital D2C increased 15.7% with a 350-basis-point gross-margin improvement, and North America retail comparable-store sales increased 23.6% with a 580-basis-point gross-margin improvement. E.U. wholesale increased 13.1% in dollars and 10.3% in constant currency, while the international distributor channel increased 31.9%.
- Successful New Product IntroductionsManagement reported strong results from new products and collaborations, including the Norda collaboration, the Magnetron carabiner, Dirtbag Pant franchise styles, and the Momentum climbing shoe. The Magnetron carabiner sold out immediately, was re-planned, and sold out again; several apparel franchise styles also sold out multiple times.
- Outdoor Inventory Investment Supporting DemandOutdoor inventory ended the quarter at $73.8 million versus $62.8 million in the prior period. Management described the increase as a deliberate investment to support growth and fulfill historically high at-once orders, and expects Outdoor inventory to decline to approximately $67 million by year-end with less discounted merchandise and greater concentration in proven styles.
- Adventure Margin and Profitability ImprovementExcluding the $0.5 million tariff refund, Adventure adjusted EBITDA was in line with Q3 2025 on 20% less revenue. Adventure gross margin improved 640 basis points year over year to 39.6%, reflecting pricing actions, improved customer and product mix, and reduced promotional activity.
- Adventure Commercial and Distribution ProgressAdventure reported an improving sales trend in the Americas, supported by growth in RockyMounts and MAXTRAX and continued dealer-network expansion. The company added more than 120 dealers during the year, generating approximately $1 million in incremental year-to-date revenue, and said Rhino-Rack margins in the U.S. improved significantly because of pricing and channel initiatives.
- International Adventure ExpansionAdventure EMEA revenue increased 27% year to date, supported by new customer and dealer relationships and improved distribution following the opening of the Netherlands facility. Expansion beyond an exclusive distribution arrangement in Japan contributed to strong growth, and the company reported new relationships with Bentley, Porsche, Jaguar Land Rover, and Mercedes.
- Product Innovation and Portfolio Expansion in AdventureThe MAXTRAX Recovery Shovel was well received, and the acquisition of ONWRD expanded the portfolio of high-margin vehicle accessories. The company is preparing additional products, including the next-generation P7 platform rack, expanded vehicle fitments, and the MAXTRAX MK3 recovery board.
- Lower Consolidated SG&A ExpensesThird-quarter consolidated selling, general and administrative expenses decreased to $25.3 million from $26.2 million in the same year-ago quarter, reflecting lower outside services and employee-related costs at the corporate level and other expense-reduction initiatives at Adventure.
- Positive Consolidated EBITDA ResultThird-quarter consolidated adjusted EBITDA was $6.8 million, representing a 9.6% adjusted EBITDA margin. Segment adjusted EBITDA was $8 million at Outdoor and $800,000 at Adventure, with adjusted corporate costs of $2 million.
- Raised Full-Year GuidanceThe company raised full-year 2026 sales guidance to $251 million-$255 million, with approximately $188 million expected from Outdoor and approximately $65 million from Adventure. Adjusted EBITDA guidance increased to $15 million-$17 million from the prior $12 million-$13 million range; at the midpoint, the revised outlook represents an approximately 28% increase versus the prior adjusted EBITDA forecast.
- Debt-Free Balance SheetTotal debt was zero as of September 30, 2026. Management said the company has a simplified operating structure and a debt-free balance sheet as a foundation for sustainable, profitable growth.
- Strategic Alternatives Review ContinuesClarus continues to explore actions intended to unlock value, has retained Jefferies as financial advisor, and said potential alternatives could include the sale of all or part of the business or other strategic or financial transactions.
- Strong Outdoor Demand IndicatorsManagement reported strong at-once orders across all Outdoor regions. By early September, the international distributor group had completed more at-once orders than in any prior year, and management said the strength of the order book and 2027 product response was encouraging.
DE:BDO Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2026 (Q4) | 0.06- | -0.72 | ― | ― |
| Nov 05, 2026 | 2026 (Q3) | 0.040.13 | -0.04 | 475.00% (+0.17) | |
| Aug 06, 2026 | 2026 (Q2) | -0.070.16 | -0.2 | 181.82% (+0.36) | |
| May 07, 2026 | 2026 (Q1) | -0.100.02 | -0.12 | 114.29% (+0.14) | |
| Mar 05, 2026 | 2025 (Q4) | -0.02-0.72 | -1.71 | 57.81% (+0.99) | |
| Nov 06, 2025 | 2025 (Q3) | -0.04-0.04 | -0.07 | 50.00% (+0.04) | |
| Jul 31, 2025 | 2025 (Q2) | -0.10-0.20 | -0.12 | -57.14% (-0.07) | |
| May 08, 2025 | 2025 (Q1) | -0.10-0.12 | -0.15 | 17.65% (+0.03) | |
| Mar 06, 2025 | 2024 (Q4) | ―-1.71 | -0.17 | -910.53% (-1.54) | |
| Nov 07, 2024 | 2024 (Q3) | -0.03-0.07 | -0.03 | -166.67% (-0.04) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
