CLARNasdaqSporting & Athletic Goods, NECUS GAAP · USD

Clarus Corp

Clarus Corp designs, develops, manufactures, and distributes outdoor equipment and lifestyle products for climbers, skiers, cyclists, overlanders, and other outdoor enthusiasts. Its portfolio is built around brands such as Black Diamond, Rhino-Rack, MAXTRAX, TRED Outdoors, and RockyMounts, sold through specialty retailers, online channels, distributors, OEMs, and company websites.

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Revenue250m USD
−5.2 %y/y
Operating profit (EBIT)-59.7m USD
+15.2 %y/y
EBIT margin-23.8%
+2.8 ppy/y
Net income-46.6m USD
+11.0 %y/y
Free cash flow-9.9m USD
+29.4 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-2000200400600m USD2020: 224 m USD2020: EBIT 3.9 m USD20202021: 266 m USD2021: EBIT -13 m USD20212022: 448 m USD2022: EBIT -67 m USD20222023: 286 m USD2023: EBIT -21 m USD20232024: 264 m USD2024: EBIT -70 m USD20242025: 250 m USD2025: EBIT -60 m USD2025250-60
RevenueOperating profit (EBIT)
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Business

Share of revenue
Outdoor performance equipment45 %

Technical climbing, skiing, and mountain sports gear sold under Black Diamond.

Vehicle racks and transport accessories30 %

Roof racks, trays, bars, and bike-carrying products for vehicles.

Off-road recovery and overlanding gear20 %

Recovery tracks and related products for 4x4, camping, and touring use.

Direct-to-consumer and OEM distribution5 %

Sales through company websites, distributors, and OEM channels.

Customers

Clarus sells to outdoor enthusiasts and performance-focused consumers who need durable, high-precision gear for climbing, skiing, cycling, camping, and off-road travel. It also serves specialty retailers, premium sporting goods chains, distributors, and OEM customers that stock or integrate its branded products. Demand is tied to participation in outdoor recreation, retailer shelf space, and the strength of e-commerce and specialty retail channels.

Outdoor enthusiasts

Buy Black Diamond gear for climbing, skiing, trail running, and mountain use because they value performance and safety.

Automotive and overlanding consumers

Buy Rhino-Rack, MAXTRAX, TRED, and RockyMounts products for vehicle transport, recovery, and adventure travel.

Specialty retail channels

Outdoor specialty stores and premium sporting goods retailers stock Clarus brands to serve enthusiast demand.

Distributors and OEMs

Purchase products for resale or integration into vehicles and outdoor equipment ecosystems.

Direct-to-consumer shoppers

Buy through Clarus websites for brand-direct access, product selection, and convenience.

Strategy

Clarus is focused on using its brand portfolio, product innovation, and vertical design capabilities to defend premium positioning in outdoor recreation and vehicle-adventure categories. Recent disclosures show it is also reshaping the portfolio, including the sale of PIEPS, while continuing to emphasize international growth, specialty retail, and direct-to-consumer reach.

Brand-led product innovationMedium term

Premium outdoor customers pay for performance, safety, and durability.

Portfolio simplification and focusShort term

Divesting non-core assets can sharpen management attention and capital allocation.

International channel executionMedium term

A majority of sales are outside the United States, so growth depends on local channel strength.

Operational efficiency and supply chain resilienceShort term

Owned distribution centers and third-party logistics must support demand without excess cost.

Geography

Clarus is headquartered in Salt Lake City, Utah and sells products in more than 50 countries. The company reported that about 58% of 2025 sales were earned internationally, with meaningful exposure to North America, Europe, Australia, Asia, and other global outdoor markets. It also operates owned and leased distribution centers in the United States, Australia, Austria, and New Zealand, which makes logistics and cross-border trade conditions important to execution.

Risks

Clarus faces demand volatility from outdoor recreation cycles, retailer consolidation, and shifts toward e-commerce and large digital marketplaces. It also has meaningful exposure to international operations, foreign exchange, tariffs, trade restrictions, and supply-chain disruption, while recent disclosures highlight cybersecurity, AI-related, and legal/regulatory risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Retail channel consolidation and store closures1E-commerce and marketplace channel shift2International operations and FX exposure3Cybersecurity and IT disruption4Impairment of goodwill and indefinite-lived intangibles5Tariffs, trade restrictions, and sanctions compliance6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Retail channel consolidation and store closuresImpact: HighLikelihood: High

    Fewer specialty and sporting goods outlets can reduce distribution reach and bargaining power.

    Exposure: Wholesale and specialty retail channels

  2. E-commerce and marketplace channel shiftImpact: HighLikelihood: High

    Online comparison shopping and large marketplaces can pressure pricing and reduce direct-to-consumer economics.

    Exposure: Direct-to-consumer and wholesale demand

  3. International operations and FX exposureImpact: HighLikelihood: Medium

    About 58% of sales are international, so currency moves and local market conditions affect results.

    ExposureEuropeAustraliaAsia-PacificOther foreign markets
  4. Cybersecurity and IT disruptionImpact: HighLikelihood: Medium

    Manufacturing, fulfillment, reporting, and customer communications depend on IT systems.

    Exposure: Enterprise systems and third-party vendors

  5. Impairment of goodwill and indefinite-lived intangiblesImpact: HighLikelihood: Medium

    Weak sales or lower forecasts can trigger non-cash write-downs of acquired brands and assets.

    Exposure: Acquired brands and intangible assets

  6. Tariffs, trade restrictions, and sanctions complianceImpact: MediumLikelihood: Medium

    Cross-border sourcing and sales expose the company to cost inflation and regulatory penalties.

    Exposure: Global supply chain and distribution

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Accounting

Judgemental items
Revenue recognition timing and channel mix

Wholesale, distributor, OEM, and DTC sales can ship and recognize at different times, affecting quarter-to-quarter results.

Impact: Quarterly revenue comparability

Inventory provisions

Outdoor products can become obsolete or require markdowns if demand slows or product cycles change.

Impact: Gross margin and working capital

Goodwill and indefinite-lived intangible impairment

Management explicitly cites sales growth, cash flow, and discount-rate assumptions in impairment testing.

Impact: Potential non-cash write-downs

Contingent consideration valuation

Acquisition-related liabilities are remeasured using estimated sales growth and discount rates.

Impact: Other income/expense volatility

Restructuring and legal/regulatory expenses

These items can be material and distort underlying operating performance in a given period.

Impact: Operating income and net loss

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Last updated: 24/09/2026