Clarus Corporation

What is Clarus Corporation?
Clarus Corporation (Nasdaq: CLAR) is a publicly traded American outdoor products company headquartered in Salt Lake City, Utah. The company operates through two segments: Outdoor (Black Diamond Equipment) and Adventure (Rhino-Rack, MAXTRAX, TRED Outdoors, RockyMounts, ONWRD). Clarus reported $250.4 million in FY2025 sales and employs approximately 390 people. Executive Chairman Warren Kanders leads the company.

Who owns Clarus Corporation?
Clarus Corporation is a publicly traded company listed on Nasdaq under ticker CLAR. Executive Chairman Warren Kanders and members of the Board and management team own approximately 35 percent of outstanding shares. The remainder is held by institutional and retail investors. Kanders previously built Armor Holdings, a defense company sold to BAE Systems in 2007.

What brands does Clarus Corporation own?
Clarus owns six brands as of August 2026: Black Diamond Equipment (climbing and skiing gear), Rhino-Rack (roof racks), MAXTRAX (recovery boards), TRED Outdoors (recovery equipment), RockyMounts (bicycle racks), and ONWRD Supply Co. (vehicle storage, acquired June 2026). Former brands include Sierra Bullets and Barnes Bullets (sold 2024) and PIEPS (sold 2025).

What is Clarus Corporation's strategic review?
In 2026, Clarus's Board of Directors initiated a comprehensive review of strategic alternatives to increase shareholder value. The review includes the potential sale of all or part of the business or other strategic transactions. Clarus has retained Jefferies LLC as financial advisor. The review has no deadline, and there is no assurance it will result in a transaction.

How much revenue does Clarus Corporation generate?
Clarus reported $250.4 million in sales for FY2025, a 5.2 percent decrease from $264.3 million in 2024. The Outdoor segment contributed $176.9 million and the Adventure segment contributed $73.6 million. In Q2 2026, total sales increased 1.6 percent to $56.2 million, with the Outdoor segment growing 8.5 percent.

Is Clarus Corporation profitable?
Clarus reported a net loss of $46.6 million in FY2025, or $(1.21) per diluted share. The loss was driven primarily by the Adventure segment's $42.5 million operating loss. In Q2 2026, Clarus reported net income of $4.7 million, or $0.12 per diluted share, its first profitable quarter following the simplification strategy. The company is debt-free with $28.9 million in cash.

Where is Clarus Corporation headquartered?
Clarus Corporation is headquartered at 2084 East 3900 South, Salt Lake City, Utah, USA. The company's common stock is listed on the Nasdaq Global Select Market under the symbol CLAR. Black Diamond Equipment, the company's largest brand, is also based in the Salt Lake City area.

Clarus Corporation's history involves a transformation from an e-commerce software company to an outdoor products holding company. The current Board of Directors was elected in May 2002 to pursue an asset redeployment strategy. In December 2002, the Board sold substantially all of the operating assets of Clarus's legacy e-commerce software business, retaining the public company structure, cash resources, and net operating loss carryforwards.

The Board's goal was to redeploy these assets into an operating business that could serve as a platform for future growth. Warren Kanders, elected as Executive Chairman, and Robert Schiller led the search for acquisition targets. The process took approximately eight years, during which Clarus maintained its public listing as a shell company with cash and tax assets.

In May 2010, Clarus announced definitive merger agreements to acquire Black Diamond Equipment and Gregory Mountain Products in two separate transactions. Black Diamond was acquired for approximately $90 million in cash, and Gregory was acquired for approximately $45 million. The aggregate purchase consideration was approximately $135 million. Peter Metcalf, co-founder and CEO of Black Diamond, was appointed President and CEO of Clarus, while Kanders continued as Executive Chairman.

The Black Diamond acquisition transformed Clarus from a cash shell into an operating outdoor products company. Gregory Mountain Products was later divested as Clarus refined its portfolio focus. The company's strategy centered on acquiring "super fan" brands with strong positions in enthusiast markets.

In 2017, Clarus acquired Sierra Bullets for $79 million, entering the precision shooting market. Sierra Bullets, a 70-year-old company, manufactured bullets for reloaders and ammunition manufacturers. Clarus later acquired Barnes Bullets, forming a Precision Sport segment alongside the Outdoor segment.

In 2019, Clarus acquired PIEPS, an Austrian avalanche safety brand, adding avalanche transceivers and safety equipment to its Outdoor segment. The company also expanded its Adventure segment through acquisitions of Rhino-Rack, MAXTRAX, TRED Outdoors, and RockyMounts, building a vehicle accessory business focused on the overlanding and adventure market.

Clarus underwent significant portfolio changes in 2024 and 2025. In December 2023, the company announced a definitive agreement to sell its Precision Sport segment, comprising Sierra Bullets and Barnes Bullets, to Bullseye Acquisitions, an affiliate of JDH Capital. The sale closed in February 2024 for approximately $175 million. Clarus used a portion of the proceeds to retire all outstanding debt. In July 2025, Clarus sold PIEPS and JetForce avalanche pack intellectual property for approximately $9.1 million.

In 2024 and 2025, Clarus implemented a simplification strategy across its Outdoor segment. The company exited unprofitable categories and styles, right-sized inventory, and focused on its highest-margin products. Outdoor segment revenue declined from $204 million in 2023 to $184 million in 2024 to $176.9 million in 2025, but adjusted EBITDA improved by 80 percent in 2024. The strategy prioritized "A" and "B" products (high-margin styles) over "C" and "D" products (low-margin styles).

In Q2 2026, the Outdoor segment returned to growth, with sales increasing 8.5 percent to $39.8 million. Apparel sales grew for the fifth consecutive quarter with double-digit growth. In June 2026, Rhino-Rack USA completed the acquisition of ONWRD Supply Co., adding modular vehicle storage products to the Adventure segment.

In 2026, Clarus announced a comprehensive strategic review with Jefferies LLC as financial advisor. The review includes the potential sale of all or part of the business or other strategic transactions. The announcement created uncertainty about the company's future structure and the potential separation of its Outdoor and Adventure segments.

Clarus Corporation publishes environmental, social, and governance information as part of its SEC filings and annual reporting. The company's outdoor brands, particularly Black Diamond Equipment, design products for durability and repairability, extending product lifecycles and reducing waste.

Black Diamond Equipment offers repair services for certain products, including resoling climbing shoes and servicing technical equipment. The brand's connection to the clean climbing ethic, established through the 1972 Chouinard Equipment manifesto, remains part of its identity. The company continues to develop removable climbing protection that minimizes environmental impact on rock faces.

Clarus requires contract suppliers to meet social compliance standards. The company's supply chain monitoring includes factory audits and corrective action requirements. Manufacturing includes both company-owned facilities in the United States and contract manufacturers in Asia.

The company's human capital objectives focus on identifying, recruiting, retaining, and incentivizing employees. Clarus had approximately 390 employees as of December 31, 2025, with no union representation. The company does not publish a standalone sustainability report and is not a certified B Corporation.

• ISPO Awards: Black Diamond products have received multiple ISPO awards for innovation in climbing and skiing equipment.
• Nasdaq Listing: Clarus Corporation is listed on the Nasdaq Global Select Market under ticker CLAR.

The 2025 sale of PIEPS followed reported issues with PIEPS avalanche transceivers and related litigation. Clarus sold PIEPS and JetForce avalanche pack intellectual property to a private investment firm for approximately $9.1 million. The divestiture removed avalanche safety liability from Clarus's portfolio but also eliminated a product category from the Outdoor segment.

Clarus's net loss of $46.6 million in FY2025 reflected both operating challenges and impairment charges. The Adventure segment's $42.5 million operating loss was the primary driver, including impairments related to the challenging wholesale market in Australia. The company's ability to return the Adventure segment to profitability is a key question for investors.

The 2026 strategic review has drawn attention from investors and industry observers. The review's open-ended scope, including the potential sale of all or part of the business, creates uncertainty about Clarus's future direction. Warren Kanders's history of acquiring and divesting companies suggests that a transaction is possible, though the review may also result in no change.

Clarus received a $6.1 million IEEPA tariff refund in Q2 2026, related to previously paid tariffs under the International Emergency Economic Powers Act. The refund boosted the quarter's gross margin to 48.9 percent, though the underlying margin improvement was more modest when excluding the one-time benefit.