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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024 or


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission file number 1-41793

REVELYST, INC.

(Exact name of Registrant as specified in its charter)


Delaware						88-3763984
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

P.O. Box 1411

Providence, RI 02901

(Address of principal executive offices)

Registrant's telephone number, including area code: (763) 433-1000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act: None.

____________________________________________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-Accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 11, 2024, there were 1,000 shares of the registrant's voting common stock outstanding.

Table of Contents

TABLE OF CONTENTS


		Page

PART I - Financial Information
Item 1.	Unaudited Financial Statements	2
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	34
Item 4.	Controls and Procedures	34
PART II - Other Information
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	42
SIGNATURES		44

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

REVELYST, INC.

BALANCE SHEETS


	Unaudited
Dollar and share amounts in ones	September 30, 2024		March 31, 2024
ASSETS
Cash	$	—	$	—
Total assets	$	—	$	—

LIABILITIES AND EQUITY
Liabilities	$	—	$	—
Total liabilities	—		—

Stockholder equity:
Common stock—$0.01 par value:
Authorized—500,000,000 shares
Issued and outstanding—1,000 shares as of September 30, 2024 and 1,000 shares as of March 31, 2024	10		10
Stock subscription receivable	(10)		(10)
Total stockholder equity	—		—
Total liabilities and stockholder equity	$	—	$	—

See Notes to the Balance Sheets

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REVELYST, INC.

NOTES TO THE BALANCE SHEETS

1. Background and Nature of Operations

Revelyst, Inc. (the “Company”, “Revelyst”) was incorporated in Delaware on August 16, 2022. The Company was formed for the purpose of effecting a separation from Vista Outdoor and is currently a wholly owned subsidiary of Vista Outdoor. On October 15, 2023, Vista Outdoor Inc. (“Vista Outdoor”) entered into a definitive agreement (the “Merger Agreement”) to sell The Kinetic Group business (formerly the Sporting Products business) to CZECHOSLOVAK GROUP a.s. (“CSG”), (the “Sporting Products Sale”). Pursuant to a Separation Agreement entered into between Vista Outdoor and Revelyst, Inc. simultaneously with the entry into the Merger Agreement, Vista Outdoor will separate its Revelyst Outdoor Performance, Revelyst Adventure Sports and Revelyst Precision Sports Technology segments (together, the “Revelyst Business”, formerly the Outdoor Products business) from The Kinetic Group business by transferring the assets and liabilities of the Revelyst Business to Revelyst and CSG will merge one of its subsidiaries with Vista Outdoor (holding only The Kinetic Group Business), with each share of common stock, par value $0.01 per share, of Vista Outdoor (“Vista Outdoor Common Stock”) outstanding as of immediately prior to the closing of such transaction (other than shares held by Vista Outdoor, its subsidiaries or CSG, which will be canceled, and shares subject to appraisal demands in connection with the Sporting Products Sale) being converted into the right to receive (a) one fully paid and non-assessable share of common stock of Revelyst (“Revelyst Common Stock”) and (b) $12.90 in cash (the “Cash Consideration”).

On May 27, 2024, the parties entered into the first amendment to the Merger Agreement (the “First Amendment”). The First Amendment:

1.increases the base purchase price from $1,910,000 to $1,960,000;

2.increases the Cash Consideration from $12.90 to $16.00 in cash per share of Vista Outdoor Common Stock; and

3.provided that certain Vista Outdoor restricted stock units held by Vista Outdoor employees will be converted into restricted cash awards, subject to the same terms and conditions as the corresponding Vista Outdoor restricted stock units , including vesting terms, to the extent necessary to address adverse tax consequences to such employees and Vista Outdoor under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended from time to time.

On June 23, 2024, the parties entered into the second amendment to the Merger Agreement (the “Second Amendment”). The Second Amendment:

1.increased the base purchase price from $1,960,000 to $2,000,000; and

2.increased the Cash Consideration from $16.00 to $18.00 in cash per share of Vista Outdoor Common Stock.

On July 7, 2024, the Parties entered into the third amendment to the Merger Agreement (the “Third Amendment”). The Third Amendment:

1.increased the base purchase price from $2,000,000 to $2,100,000; and

2.increased the Cash Consideration from $18.00 to $21.00 in cash per share of Vista Outdoor Common Stock.

On July 21, 2024, the Parties entered into the fourth amendment to the Merger Agreement (the “Fourth Amendment”). The Fourth Amendment:

1.increased the base purchase price from $2,100,000 to $2,150,000; and

2.increased the Cash Consideration from $21.00 to $24.00 in cash per share of Vista Outdoor Common Stock.

On July 30, 2024, Vista Outdoor announced their Board of Directors (the “Vista Outdoor Board”) decided to commence a review of strategic alternatives which included: (i) the exploration of a full range of alternatives for the Revelyst Business, including a potential sale of the Revelyst Business, (ii) engagement with MNC Capital and its private equity partner with respect to its proposal to acquire Vista Outdoor in an all-cash transaction for $42.00 per share of Vista Outdoor Common Stock, and (iii) continued consideration of the separation of the Revelyst Business and The Kinetic Group through a spin-off. CSG was

Table of Contents

also considering an acquisition of the Revelyst Business with potential partners (in addition to its proposed acquisition of The Kinetic Group).

On September 12, 2024, the parties entered into the Fifth Merger Agreement Amendment. The Fifth Merger Agreement Amendment:

1.provided for Revelyst to issue Vista Outdoor additional shares of Revelyst Common Stock in an amount equal to the number of shares of Revelyst Common Stock equal to 7.5% of the fully diluted outstanding shares of Revelyst Common Stock as of the Closing (after giving effect to the Contribution including, for the avoidance of doubt, the shares of Revelyst Common Stock to be transferred by Vista Outdoor to Merger Sub Parent) (the “Revelyst Purchased Shares”) prior to the sale of such shares from Vista Outdoor to Merger Sub Parent;

2.provided that immediately prior to Closing, Merger Sub Parent would purchase from Vista Outdoor the Revelyst Purchased Shares for $150,000 (“Revelyst Purchased Shares Purchase Price”) (the “Revelyst Investment”);

3.provided that following payment of the Revelyst Purchased Shares Purchase Price, Vista Outdoor would contribute such amount to Revelyst to be paid to Vista Outdoor stockholders as part of the Cash Consideration; and

4.increased the Cash Consideration from $24.00 to $28.00 in cash per share of Vista Outdoor Common Stock.

On October 4, 2024, the parties entered into the Sixth Merger Agreement Amendment. The Sixth Merger Agreement Amendment:

1.increased the Base Purchase Price from $2,150,000 to $2,225,000;

2.changed the Cash Consideration from $28.00 to $25.75 in cash per share of Vista Outdoor Common Stock;

3.extended the End Date to December 11, 2024; and

4.eliminated the Revelyst Investment.

On October 4, 2024, Vista Outdoor completed certain portions of the legal and structural separation of Revelyst, Inc. from Vista Outdoor. To effect the structural separation, Vista Outdoor undertook certain pre-spin-off transactions described below:

1.Vista Outdoor contributed its equity interest in certain of its wholly owned subsidiaries to its wholly owned subsidiary Revelyst, Inc.

The Sporting Products Sale is subject to approval of Vista Outdoor stockholders and other customary closing conditions. There can be no assurance regarding the ultimate timing of the proposed transaction or that the Sporting Products Sale will be completed.

On October 4, 2024, Vista Outdoor entered into an agreement with Revelyst, Cabin Ridge Inc. (“SVP Merger Sub”) and Olibre LLC (“SVP Parent”) (“Revelyst Merger Agreement”) pursuant to which, following the completion of the Sporting Products Sale and subject to the receipt of regulatory approvals and other customary closing conditions, SVP Merger Sub will be merged with and into Revelyst (holding only the Revelyst business), with Revelyst surviving the merger as a wholly owned subsidiary of SVP Parent (the “Revelyst Merger” and, together with the other transactions contemplated by the Revelyst Merger Agreement and the related transaction documents, in each case as amended from time to time, the “Revelyst Transaction”). Each share of Revelyst Common Stock issued and outstanding immediately prior to the closing of such transaction (including shares of Revelyst Common Stock received by Vista Outdoor stockholders as part of the Sporting Products Sale) (other than any such shares of Revelyst Common Stock held by Revelyst, its subsidiaries or SVP Parent) will be converted into the right to receive merger consideration in an amount calculated in accordance with the provisions of the Revelyst Merger Agreement, using a base purchase price of $1,125,000. There can be no assurance regarding the ultimate timing of the Revelyst Merger Agreement or that it will be completed.

2. Basis of Presentation and Accounting

The balance sheets are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Separate statements of comprehensive income, changes in stockholder equity, and cash flows have not been presented because there have been no operations since the Company was formed.

3. Stockholder Equity

As of September 30, 2024, we had 1,000 issued and outstanding shares of common stock or preferred stock.

Table of Contents

REVELYST BUSINESS

CONDENSED COMBINED BALANCE SHEETS (unaudited)


	Unaudited
(Amounts in thousands)	September 30, 2024		March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	21,740	$	22,946
Net receivables	211,274		209,492
Net inventories	261,392		293,746
Prepaid expenses	26,773		23,094
Income tax receivable	1,966		1,441
Other current assets	6,433		6,708
Total current assets	529,578		557,427
Net property, plant, and equipment	45,404		61,493
Operating lease assets	90,490		99,705
Goodwill	232,145		232,145
Net intangible assets	542,656		569,314
Other non-current assets	60,442		54,779
Total assets	$	1,500,715	$	1,574,863
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	88,862	$	87,038
Accrued compensation	19,666		19,649
Sales and other taxes payable	11,400		12,622
Other current liabilities	89,896		87,054
Total current liabilities	209,824		206,363
Deferred income tax liabilities	11,946		12,755
Long-term operating lease liabilities	91,528		100,070
Other long-term liabilities	21,504		21,827
Total liabilities	334,802		341,015
Commitments and contingencies (Note 15)
Parent company equity
Parent company investment	1,171,312		1,239,462
Accumulated other comprehensive loss	(5,399)		(5,614)
Total parent company equity	1,165,913		1,233,848
Total liabilities and parent company equity	$	1,500,715	$	1,574,863

See Notes to the Condensed Combined Financial Statements.

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REVELYST BUSINESS

CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited)


	Three months ended				Six months ended
(Amounts in thousands)	September 30, 2024		September 24, 2023		September 30, 2024		September 24, 2023
Sales, net (including related party sales of $381 and $857 for the three and six months ended September 30, 2024, respectively, and $5,370 and $10,215 for the three and six months ended September 24, 2023, respectively)	$	314,975	$	332,821	$	589,195	$	654,264
Cost of sales	216,678		239,062		409,508		465,779
Gross profit	98,297		93,759		179,687		188,485
Operating expenses:
Research and development	9,508		10,306		20,031		20,670
Selling, general, and administrative	83,594		88,250		174,871		177,909
(Gain) loss on divestitures, net (Note 6)	872		—		(18,787)		—
Operating income (loss)	4,323		(4,797)		3,572		(10,094)
Other income (expense), net (Note 4)	255		(1,174)		178		(1,715)
Interest income	12		37		26		79
Income (loss) before income taxes	4,590		(5,934)		3,776		(11,730)
Income tax (provision) benefit	(34)		1,592		(506)		2,030
Net income (loss)	$	4,556	$	(4,342)	$	3,270	$	(9,700)

Net income (loss) (from above)	$	4,556	$	(4,342)	$	3,270	$	(9,700)
Other comprehensive income, net of tax:
Change in derivative instruments, net of tax benefit (expense) of $0 and $0 for the three and six months ended September 30, 2024, respectively, and $(419) and $(641) for the three and six months ended September 24, 2023, respectively	(855)		1,312		(538)		2,008
Change in cumulative translation adjustment, net of tax benefit (expense) of $0 and $0 for the three and six months ended September 30, 2024, respectively, and $(66) and $(66) for the three and six months ended September 24, 2023, respectively	1,002		(759)		753		(95)
Total other comprehensive income	147		553		215		1,913
Comprehensive income (loss)	$	4,703	$	(3,789)	$	3,485	$	(7,787)

See Notes to the Condensed Combined Financial Statements.

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REVELYST BUSINESS

CONDENSED COMBINED STATEMENTS OF CASH FLOWS (unaudited)


	Six months ended
(Amounts in thousands)	September 30, 2024		September 24, 2023
Operating Activities
Net income (loss)	$	3,270	$	(9,700)
Adjustments to net loss to arrive at cash provided by operating activities:
Depreciation	8,114		10,129
Amortization of intangible assets	24,847		25,217
Impairment of long-lived assets	8,043		2,802
Gain on sale of businesses (Note 6)	(18,787)		—
Deferred income taxes	(805)		176
Foreign currency translation gains, net	(302)		(240)
Loss on disposal of property, plant, and equipment	419		68
Share-based compensation	3,837		1,507
Changes in assets and liabilities:
Net receivables	(2,016)		(14,781)
Net inventories	15,282		48,675
Prepaid expenses	(3,679)		12,107
Accounts payable	(145)		11,537
Accrued compensation	15		(707)
Accrued income taxes	(516)		(239)
Sales tax	(1,226)		(392)
Other assets and liabilities	4,084		12,981
Cash provided by operating activities	40,435		99,140
Investing Activities
Capital expenditures	(4,015)		(6,632)
Proceeds from the sale of businesses	39,538		—
Proceeds from the disposition of property, plant and equipment	—		128
Asset acquisition	(263)		—
Cash provided by (used for) investing activities	35,260		(6,504)
Financing Activities
Net transfers to Parent	(77,025)		(73,006)
Payments made for contingent consideration	(750)		(8,585)
Cash used for financing activities	(77,775)		(81,591)
Effect of foreign currency exchange rate fluctuations on cash	874		(699)
Increase in cash and cash equivalents	(1,206)		10,346
Cash and cash equivalents at beginning of period	22,946		15,541
Cash and cash equivalents at end of period	$	21,740	$	25,887
Supplemental Cash Flow Disclosures:
Noncash investing activity:
Capital expenditures included in accounts payable and other accrued liabilities	$	693	$	870

See Notes to the Condensed Combined Financial Statements.

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REVELYST BUSINESS

CONDENSED COMBINED STATEMENTS OF PARENT COMPANY EQUITY (unaudited)


(Amounts in thousands)	Parent Company Investment		Accumulated Other Comprehensive Loss		Total Parent Company Equity
Balance, March 31, 2024	$	1,239,462	$	(5,614)	$	1,233,848
Comprehensive (loss)	(1,286)		68		(1,218)
Net transfers to Parent	(49,812)		—		(49,812)
Balance, June 30, 2024	$	1,188,364	$	(5,546)	$	1,182,818
Comprehensive income	4,556		147		4,703
Net transfers to Parent	(21,608)		—		(21,608)
Balance, September 30, 2024	$	1,171,312	$	(5,399)	$	1,165,913

Balance, March 31, 2023	$	1,593,826	$	(8,160)	$	1,585,666
Comprehensive (loss)	(5,358)		1,360		(3,998)
Net transfers to Parent	(34,999)		—		(34,999)
Balance, June 25, 2023	$	1,553,469	$	(6,800)	$	1,546,669
Comprehensive (loss)	(4,342)		553		(3,789)
Net transfers to Parent	(36,030)		—		(36,030)
Balance, September 24, 2023	$	1,513,097	$	(6,247)	$	1,506,850

See Notes to the Condensed Combined Financial Statements.

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REVELYST BUSINESS

NOTES TO THE CONDENSED COMBINED FINANCIAL STATEMENTS (unaudited)

(Amounts in thousands except share and per share data and unless otherwise indicated)

1. Background and Basis of Presentation

Separation from Vista Outdoor Inc.

Revelyst, Inc. (the “Company”, “Revelyst”) was incorporated in Delaware on August 16, 2022. The Company was formed for the purpose of effecting a separation from Vista Outdoor and is currently a wholly owned subsidiary of Vista Outdoor. Vista Outdoor Inc. (“Vista Outdoor”) entered into a definitive agreement (the “Merger Agreement”) to sell The Kinetic Group business (formerly the Sporting Products business) to CZECHOSLOVAK GROUP a.s. (“CSG”), (the “Sporting Products Sale”) for an enterprise value of $1,910,000 (the “base purchase price”) on a cash-free, debt-free basis subject to working capital adjustments. Pursuant to a Separation Agreement entered into between Vista Outdoor and Revelyst, Inc. simultaneously with the entry into the Merger Agreement, Vista Outdoor will separate its Revelyst Outdoor Performance, Revelyst Adventure Sports and Revelyst Precision Sports Technology segments (together, the “Revelyst Business”, “we”, “our”, and “us”, unless the context otherwise requires, formerly the Outdoor Products business) from The Kinetic Group business by transferring the assets and liabilities of the Revelyst business to a wholly owned subsidiary of Vista Outdoor, Revelyst, and CSG will merge one of its subsidiaries with Vista Outdoor (holding only The Kinetic Group business), with each share of common stock, par value $0.01 per share, of Vista Outdoor ("Vista Outdoor Common Stock") outstanding as of immediately prior to the closing of such transaction (other than shares held by Vista Outdoor, its subsidiaries or CSG, which will be canceled, and shares subject to appraisal demands in connection with the Sporting Products Sale) being converted into the right to receive (a) one fully paid and non-assessable share of common stock of Revelyst (“Revelyst Common Stock”) and (b) $12.90 in cash (“Cash Consideration”).

Revelyst, Inc. 10-Q