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Stockholders' Equity - Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Net Loss
Basic earnings	$ (3,411)	$ (1,855)
Effect of dilutive stock awards	0	0
Diluted earnings	$ (3,411)	$ (1,855)
Weighted average shares outstanding — Basic	44,262	45,321
Effect of dilutive stock awards	0	0
Weighted average shares outstanding — Diluted	44,262	45,321
Earnings per share - Basic
Net income	$ (0.08)	$ (0.04)
Earnings per share - Diluted
Net income	(0.08)	(0.04)
Earnings Per Share - Effect of Dilutive Stock Awards
Effect of dilutive stock awards	$ 0	$ 0

Stockholders' Equity (Tables)

3 Months Ended

Jul. 31, 2025

Equity [Abstract]

Reconciliation of Net Income Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share

The following table provides a reconciliation of the net income amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per common share (in thousands, except per share data):


	For the Three Months Ended July 31,
	2025										2024
	Net						Per Share				Net						Per Share
	Loss				Shares		Amount				Loss				Shares		Amount
Basic earnings	$		(3,411	)		44,262	$		(0.08	)	$		(1,855	)		45,321	$		(0.04	)
Effect of dilutive stock awards		—			—			—				—			—			—
Diluted earnings	$		(3,411	)		44,262	$		(0.08	)	$		(1,855	)		45,321	$		(0.04	)

Summary of Activity for Unvested RSUs and PSUs

A summary of activity for unvested RSUs and PSUs for the three months ended July 31, 2025 and 2024 is as follows:


	For the Three Months Ended July 31,
	2025					2024
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,204,133		$	14.21		1,000,347		$	13.45
Awarded		752,643			9.37		543,697			16.15
Released		(278,557	)		14.20		(220,525	)		13.24
Forfeited		(115,293	)		14.22		(74,044	)		19.51
RSUs and PSUs outstanding, end of period		1,562,926		$	11.87		1,249,475		$	14.30

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income/(loss) from discontinued operations, net of tax	$ 0	$ 0

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Inventory Disclosure [Abstract]
Finished goods	$ 127,794	$ 115,686
Finished parts	58,161	55,119
Work in process	4,622	6,037
Raw material	12,520	12,998
Total inventories	$ 203,097	$ 189,840

Notes and Loans Payable - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2025	Aug. 24, 2020
Maximum
Debt Instrument [Line Items]
Swingline Loan		$ 5.0
Swingline Loan
Debt Instrument [Line Items]
Interest description of revolving line of credit	Each Swingline Loan (as defined in the Second Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our Adjusted Consolidated Leverage Ratio (as defined in the Second Amended and Restated Credit Agreement).
Credit facility additional borrowing capacity option to increase maximum borrowing capacity		50.0
Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity		100.0
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity		$ 175.0
Interest description of revolving line of credit	The Revolving Line bears interest at either the Base Rate (as defined in the Second Amended and Restated Credit Agreement) or the Adjusted Term SOFR rate, plus an applicable margin based on our consolidated leverage ratio.
Credit Facilities
Debt Instrument [Line Items]
Borrowings outstanding	$ 95.0
Outstanding letters of credit	3.0
Credit Facilities \| Self Insurance
Debt Instrument [Line Items]
Outstanding letters of credit	$ 1.5
Credit Facilities \| Weighted Average
Debt Instrument [Line Items]
Interest rate on borrowings	6.69%

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS` EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends issued	$ 0.13	$ 0.13

Organization

3 Months Ended

Jul. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

(1) Organization:

We are one of the world’s leading manufacturers and designers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting rifles, pistol caliber carbines, and lever-action rifles), handcuffs, firearm suppressors, and other firearm-related products for sale to a wide variety of customers, including firearm enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We sell our products under the Smith & Wesson and Gemtech brands. We manufacture our products at our facilities in Maryville, Tennessee; Springfield, Massachusetts; and Houlton, Maine. We also sell our manufacturing services under our Smith & Wesson and Smith & Wesson Precision Components brands to other businesses to attempt to level-load our factories. During the fiscal year ended April 30, 2025, or fiscal 2025, we discontinued operations at our Deep River, Connecticut facility and vacated the premises. See Note 8 — Commitments and Contingencies for more information.

Leases - Summary of Future Lease Payments for Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Operating Leases
Less current maturities of lease liabilities	$ (222)	$ (233)
Financing Leases
Finance Lease, Liability, Noncurrent	$ 33,257	$ 33,703

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Income Statement [Abstract]
Net sales	$ 85,077	$ 88,334
Cost of sales	63,003	64,148
Gross profit	22,074	24,186
Operating expenses:
Research and development	3,007	2,515
Selling, marketing, and distribution	8,752	9,889
General and administrative	13,316	13,366
Gain on sale/disposition of assets, net	(43)	(58)
Total operating expenses	25,032	25,712
Operating loss	(2,958)	(1,526)
Other expense, net:
Other income/(expense), net	62	(6)
Interest expense, net	(1,205)	(732)
Total other expense, net	(1,143)	(738)
Loss before income taxes	(4,101)	(2,264)
Income tax benefit	(690)	(409)
Net Income (Loss)	$ (3,411)	$ (1,855)
Net loss per share:
Basic - net loss	$ (0.08)	$ (0.04)
Diluted - net loss	$ (0.08)	$ (0.04)
Weighted average number of common shares outstanding:
Basic	44,262	45,321
Diluted	44,262	45,321

Segment Reporting (Additional Information) (Details)	3 Months Ended
Segment Reporting (Additional Information) (Details)	Jul. 31, 2025 Segment
Segment Reporting Information [Line Items]
Number of Operating Segments	1

Stockholders' Equity

3 Months Ended

Jul. 31, 2025

Equity [Abstract]

Stockholders' Equity

(7) Stockholders’ Equity:

Treasury Stock

On September 19, 2023, our Board of Directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions through September 19, 2024, or the 2023 Authorization. During fiscal 2025, we purchased 1,531,763 shares of our common stock for $21.4 million under the 2023 Authorization. The 2023 Authorization expired on September 19, 2024. On September 5, 2024, our Board of Directors authorized the repurchase of up to $50.0 million of our common stock, subject to certain conditions, in the open market or in privately negotiated transactions from September 20, 2024 through September 20, 2025, or the 2024 Authorization. As of July 31, 2025, we had repurchased 312,310 shares of our common stock for $4.1 million under the 2024 Authorization.

During the three months ended July 31, 2025, there were no common stock repurchases. During the three months ended July 31, 2024, we repurchased a total of 870,669 shares of our common stock for $12.9 million.

Earnings per Share


	For the Three Months Ended July 31,
	2025										2024
	Net						Per Share				Net						Per Share
	Loss				Shares		Amount				Loss				Shares		Amount
Basic earnings	$		(3,411	)		44,262	$		(0.08	)	$		(1,855	)		45,321	$		(0.04	)
Effect of dilutive stock awards		—			—			—				—			—			—
Diluted earnings	$		(3,411	)		44,262	$		(0.08	)	$		(1,855	)		45,321	$		(0.04	)

For the three months ended July 31, 2025 and 2024, there were no shares excluded from the computation of diluted earnings per share as a result of the net loss for the periods.

Incentive Stock and Employee Stock Purchase Plans

We have two stock incentive plans: the 2013 Incentive Stock Plan and the 2022 Incentive Stock Plan, or, together, the Incentive Stock Plans, under which employees and non-employees may be granted stock options, restricted stock awards, restricted stock units, or RSUs, stock appreciation rights, bonus stock, and awards in lieu of obligations, performance awards, and dividend equivalents. No grants have been made under the 2013 Incentive Stock Plan since our stockholders approved the 2022 Incentive Stock Plan at our annual meeting of stockholders held in September 2022. All new grants are issued under the 2022 Incentive Stock Plan.

We have an Employee Stock Purchase Plan, or the ESPP, under which each participant is granted an option to purchase our common stock at a discount on each subsequent exercise date during the offering period (as such terms are defined in the ESPP) in accordance with the terms of the ESPP.

The total stock-based compensation expense, including purchases under our ESPP and grants of RSUs and performance-based RSUs, or PSUs, under the Incentive Stock Plans, was $1.9 million for both the three months ended July 31, 2025 and 2024. We include stock-based compensation expense in cost of sales, sales, marketing, and distribution, research and development, and general and administrative expenses.

We grant RSUs to employees and non-employee members of our Board of Directors. The awards are made at no cost to the recipient. An RSU represents the right to receive one share of our common stock and does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees prior to fiscal 2026 vest over a period of four years and RSUs granted during fiscal 2026 vest over a period of three years with one-fourth and one-third, respectively, of the units vesting on each grant anniversary date. We amortize the aggregate fair value of our RSU grants to compensation expense over the vesting period.

We grant PSUs to our executive officers and, from time to time, certain management employees who are not executive officers. The PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period.

During the three months ended July 31, 2025, we granted an aggregate of 514,952 RSUs, including 277,258 RSUs to non-executive officer employees and 237,694 RSUs to our executive officers. During the three months ended July 31, 2025, we granted 237,691 PSUs to certain of our executive officers. During the three months ended July 31, 2025, we cancelled 108,736 PSUs as a result of the failure to satisfy the performance metrics. During the three months ended July 31, 2025, we cancelled 6,557 RSUs as a result of the service conditions not being met. In connection with the vesting of RSUs, during the three months ended July 31, 2025, we delivered common stock to our employees (including our executive officers), former employees, and directors, with a total market value of $2.8 million.

During the three months ended July 31, 2024, we granted an aggregate of 400,819 RSUs, including 257,937 RSUs to non-executive officer employees and 142,882 RSUs to our executive officers. During the three months ended July 31, 2024, we granted 142,878 PSUs to certain of our executive officers. During the three months ended July 31, 2024, we cancelled 63,469 PSUs as a result of the failure to satisfy the performance metrics and 10,575 RSUs as a result of the service conditions not being met. In connection with the vesting of RSUs, during the three months ended July 31, 2024, we delivered common stock to our employees (including our executive officers), former employees, and directors, with a total market value of $3.6 million.

A summary of activity for unvested RSUs and PSUs for the three months ended July 31, 2025 and 2024 is as follows:


	For the Three Months Ended July 31,
	2025					2024
				Weighted					Weighted
	Total # of			Average		Total # of			Average
	Restricted			Grant Date		Restricted			Grant Date
	Stock Units			Fair Value		Stock Units			Fair Value
RSUs and PSUs outstanding, beginning of period		1,204,133		$	14.21		1,000,347		$	13.45
Awarded		752,643			9.37		543,697			16.15
Released		(278,557	)		14.20		(220,525	)		13.24
Forfeited		(115,293	)		14.22		(74,044	)		19.51
RSUs and PSUs outstanding, end of period		1,562,926		$	11.87		1,249,475		$	14.30

As of July 31, 2025, there was $9.1 million of unrecognized compensation expense related to unvested RSUs and PSUs. This expense is expected to be recognized over a weighted average remaining contractual term of 1.8 years.

- Definition

The entire disclosure for equity.

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+ Details

Accrued Expenses and Deferred Revenue (Tables)

3 Months Ended

Jul. 31, 2025

Payables and Accruals [Abstract]

Summary of Accrued Expenses

The following table sets forth other accrued expenses as of July 31, 2025 and April 30, 2025 (in thousands):


	July 31, 2025		April 30, 2025
Accrued employee benefits	$	3,877	$	3,240
Accrued taxes other than income		3,471		5,907
Accrued customer incentives and promotions		2,564		4,853
Accrued professional fees		2,306		1,774
Current portion of finance lease obligation		1,736		1,701
Current portion of operating lease obligation		222		233
Accrued other		3,928		6,970
Total accrued expenses and deferred revenue	$	18,104	$	24,678

Segment Reporting

3 Months Ended

Jul. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

(9) Segment Reporting:

We operate our business as one operating segment, which also represents one reportable segment: firearms. Therefore, our operating results are reported on a consolidated basis for purposes of segment reporting, consistent with internal management reporting.

The firearms segment is engaged in the design, manufacture, and sale of a variety of firearms and firearm-related products. Our Chief Executive Officer has been identified as the chief operating decision maker, or CODM. The CODM manages and allocates

resources on a consolidated basis. The determination of a single segment is consistent with the financial information regularly reviewed by the CODM for purposes of evaluating our performance and allocating resources, which is reviewed on a consolidated basis.

As our CODM evaluates the financial performance of our firearms segment on a consolidated basis, the measure of segment performance is net income, as reflected in our consolidated statements of operations. The CODM uses net income to allocate resources on a consolidated basis, which enables the CODM to assess both the overall level of resources available and to optimize the distribution of resources in line with our long-term strategic goals. Our segment net sales, segment significant expenses, and segment profit, as provided to the CODM, align to the captions presented on our consolidated statements of operations. As we manage our assets on a consolidated basis, the measure of segment assets is total assets, as reflected in the consolidated balance sheets.

The following table summarizes additional segment information not already disclosed elsewhere (in thousands):


	For the Three Months Ended July 31,
	2025			2024
Interest income	$	632		$	714
Interest expense		1,837			1,446
Interest expense, net	$	(1,205	)	$	(732	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Accrued Expenses and Deferred Revenue - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Payables and Accruals [Abstract]
Accrued employee benefits	$ 3,877	$ 3,240
Accrued taxes other than income	3,471	5,907
Accrued customer incentives and promotions	2,564	4,853
Accrued professional fees	2,306	1,774
Current portion of finance lease obligation	1,736	1,701
Current portion of operating lease obligation	222	233
Accrued other	3,928	6,970
Total accrued expenses and deferred revenue	$ 18,104	$ 24,678

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Current assets:
Cash and cash equivalents	$ 17,964	$ 25,231
Marketable securities	3,219	0
Accounts receivable, net of allowances for credit losses of $5 on July 31, 2025 and $5 on April 30, 2025	41,309	55,868
Inventories	203,097	189,840
Prepaid expenses and other current assets	9,041	6,260
Income tax receivable	883	66
Total current assets	275,513	277,265
Property, plant, and equipment, net of accumulated depreciation and amortization of $376,471 on July 31, 2025 and $368,811 on April 30, 2025	239,407	242,648
Intangibles, net	2,370	2,409
Goodwill	19,024	19,024
Deferred income taxes	10,260	10,260
Other assets	8,059	8,006
Total assets	554,633	559,612
Current liabilities:
Accounts payable	21,225	26,887
Accrued expenses and deferred revenue	18,104	24,678
Accrued payroll and incentives	7,689	9,060
Accrued profit sharing	4,636	4,636
Accrued warranty	1,252	1,379
Total current liabilities	52,906	66,640
Notes and loans payable (Note 3)	94,147	79,096
Finance lease payable, net of current portion	33,257	33,703
Other non-current liabilities	9,944	7,719
Total liabilities	190,254	187,158
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.001 par value, 20,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 75,988,368 issued and 44,310,374 shares outstanding on July 31, 2025 and 75,789,455 shares issued and 44,111,461 shares outstanding on April 30, 2025	76	76
Additional paid-in capital	299,175	298,075
Retained earnings	523,420	532,615
Treasury stock, at cost (31,677,994 shares on July 31, 2025 and 31,677,994 shares on April 30, 2025)	(458,292)	(458,312)
Total stockholders’ equity	364,379	372,454
Total liabilities and stockholders' equity	$ 554,633	$ 559,612

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2018 USD ($)	Jul. 31, 2025 CAD ($) Case Plaintiff Claim	Jul. 31, 2025 USD ($) Case Plaintiff Claim
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought	$ 18,600,000
Number of Product liability cases \| Case		2	2
Number of Other product liability claims \| Claim		4	4
Year Of Other Product Liability Claim		December 2019	December 2019
Aggregate estimated capital expenditure			$ 120,000,000
IDB
Schedule Of Commitments And Contingencies [Line Items]
Terms of commitment		County and the cities of Alcoa and Maryville, Tennessee, a public, nonprofit corporation organized and existing under the laws of the state of Tennessee, or the IDB. Pursuant to the Project Agreement, we represented to the IDB that we intend to incur, or cause to be incurred, no less than $120.0 million in aggregate capital expenditures on or before December 31, 2025, create no less than 620 new jobs, and sustain an average hourly wage of at least $25.97 at the facility. Further, pursuant to the Project Agreement, we are required to, among other things, (a) execute a facility lease and an equipment lease with the IDB; (b) cause the construction of the new facility at our sole cost and expense to commence on or before May 31, 2022; (c) incur, or cause to be incurred, aggregate capital expenditures in connection with the construction and equipping of the new facility in an aggregate amount of not less than $120.0 million on or before December 31, 2025; (d) cause the construction of the new facility to be substantially completed and for a certificate of occupancy to be issued therefore on or before December 31, 2023; (e) provide the IDB with a written report certified by one of our authorized officers, not later than January 31 of each year during the period between January 31, 2024 and January 31, 2031; and (f) make certain payments to the IDB in the event that our actual capital expenditures, number of employees, or average hourly wage of such employees are less than our projections.	County and the cities of Alcoa and Maryville, Tennessee, a public, nonprofit corporation organized and existing under the laws of the state of Tennessee, or the IDB. Pursuant to the Project Agreement, we represented to the IDB that we intend to incur, or cause to be incurred, no less than $120.0 million in aggregate capital expenditures on or before December 31, 2025, create no less than 620 new jobs, and sustain an average hourly wage of at least $25.97 at the facility. Further, pursuant to the Project Agreement, we are required to, among other things, (a) execute a facility lease and an equipment lease with the IDB; (b) cause the construction of the new facility at our sole cost and expense to commence on or before May 31, 2022; (c) incur, or cause to be incurred, aggregate capital expenditures in connection with the construction and equipping of the new facility in an aggregate amount of not less than $120.0 million on or before December 31, 2025; (d) cause the construction of the new facility to be substantially completed and for a certificate of occupancy to be issued therefore on or before December 31, 2023; (e) provide the IDB with a written report certified by one of our authorized officers, not later than January 31 of each year during the period between January 31, 2024 and January 31, 2031; and (f) make certain payments to the IDB in the event that our actual capital expenditures, number of employees, or average hourly wage of such employees are less than our projections.
Average hourly wage			$ 25.97
Minimum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought			75,000
Maximum
Schedule Of Commitments And Contingencies [Line Items]
Compensatory damages sought			$ 50,000,000
Putative Class
Schedule Of Commitments And Contingencies [Line Items]
Number of plaintiffs \| Plaintiff		2	2
Putative Class \| General Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims		$ 50
Putative Class \| Compensatory or Punitive Damages
Schedule Of Commitments And Contingencies [Line Items]
Aggregate damages claims		$ 100

Inventories

3 Months Ended

Jul. 31, 2025

Inventory Disclosure [Abstract]

Inventories

(5) Inventories:

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of July 31, 2025 and April 30, 2025 (in thousands):


	July 31, 2025		April 30, 2025
Finished goods	$	127,794	$	115,686
Finished parts		58,161		55,119
Work in process		4,622		6,037
Raw material		12,520		12,998
Total inventories	$	203,097	$	189,840

Leases - Schedule of Assets and Liabilities Related to Operating and Financing Leases (Detail) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Operating Leases
Current liabilities	$ 222	$ 233
Finance Leases
Non-current liabilities	$ 33,257	$ 33,703

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2025	Apr. 30, 2025
Statement of Financial Position [Abstract]
Allowances for credit losses	$ 5	$ 5
Net of accumulated depreciation and amortization	$ 376,471	$ 368,811
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	75,988,368	75,789,455
Common stock, shares outstanding	44,310,374	44,111,461
Treasury Stock, Common, Shares	31,677,994	31,677,994

Fair Value Measurement

3 Months Ended

Jul. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

(4) Fair Value Measurement:

We follow the provisions of Accounting Standards Codification, or ASC, 820-10, Fair Value Measurements and Disclosures Topic, or ASC 820-10, for our financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value under GAAP and requires expanded disclosures regarding fair value measurements. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value.

Financial assets and liabilities recorded on the accompanying condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access at the measurement date (e.g., active exchange-traded equity securities, listed derivatives, and most U.S. Government and agency securities).

Our cash and cash equivalents, which are measured at fair value on a recurring basis, totaled $18.0 million and $25.2 million as of July 31, 2025 and April 30, 2025, respectively. Our marketable securities, which are measured at fair value on a recurring basis, totaled $3.2 million as of July 31, 2025. The carrying value of our revolving line of credit approximated the fair value as of both July 31, 2025 and April 30, 2025. We utilized Level 1 of the value hierarchy to determine the fair values of these assets and liabilities.

Level 2 — Financial assets and liabilities whose values are based on quoted prices in markets in which trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets. Level 2 inputs include the following:

•

quoted prices for identical or similar assets or liabilities in non-active markets (such as corporate and municipal bonds that trade infrequently);

•

inputs other than quoted prices that are observable for substantially the full term of the asset or liability (such as interest rate and currency swaps); and

•

inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (such as certain securities and derivatives).

Level 3 — Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our judgments about the assumptions a market participant would use in pricing the asset or liability.

We did not have any Level 2 or Level 3 financial assets or liabilities as of July 31, 2025.

Fair Value Measurement - Additional Information (Detail) - USD ($)	Jul. 31, 2025	Apr. 30, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable securities	$ 3,219,000	$ 0
(Level 1) \| Fair Value on Recurring Basis
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	18,000,000	$ 25,200,000
Marketable securities	3,200,000
(Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	0
(Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Financial assets	0
Financial liabilities	$ 0

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Segment Reporting - Schedule of Segment Reporting additional segment information (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Segment Reporting Information [Line Items]
Interest expense, net	$ (1,205)	$ (732)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Interest income	632	714
Interest expense	1,837	1,446
Interest expense, net	$ (1,205)	$ (732)

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

+ Details

Accrued Expenses and Deferred Revenue

3 Months Ended

Jul. 31, 2025

Payables and Accruals [Abstract]

Accrued Expenses and Deferred Revenue

(6) Accrued Expenses and Deferred Revenue:

The following table sets forth other accrued expenses as of July 31, 2025 and April 30, 2025 (in thousands):


	July 31, 2025		April 30, 2025
Accrued employee benefits	$	3,877	$	3,240
Accrued taxes other than income		3,471		5,907
Accrued customer incentives and promotions		2,564		4,853
Accrued professional fees		2,306		1,774
Current portion of finance lease obligation		1,736		1,701
Current portion of operating lease obligation		222		233
Accrued other		3,928		6,970
Total accrued expenses and deferred revenue	$	18,104	$	24,678

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Treasury Stock
Balance at Apr. 30, 2024	$ 399,914	$ 75	$ 289,994	$ 542,414	$ 73	$ (432,642)
Balance (in shares) at Apr. 30, 2024		75,395,000
Treasury stock (in shares) at Apr. 30, 2024						29,834,000
Stock-based compensation	1,854		1,854
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(1,057)	$ 1	(1,058)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		157,000
Repurchase of treasury stock, including excise tax	(12,958)					$ (12,958)
Repurchase of treasury stock, including excise tax, shares						871,000
Dividends issued	(5,907)			(5,907)
Net income	(1,855)			(1,855)
Balance at Jul. 31, 2024	379,991	$ 76	290,790	534,652	73	$ (445,600)
Balance (in shares) at Jul. 31, 2024		75,552,000
Treasury stock (in shares) at Jul. 31, 2024						30,705,000
Balance at Apr. 30, 2025	$ 372,454	$ 76	298,075	532,615	0	$ (458,312)
Balance (in shares) at Apr. 30, 2025	44,111,461	75,789,000
Treasury stock (in shares) at Apr. 30, 2025	31,677,994					31,678,000
Stock-based compensation	$ 1,892		1,892
Issuance of common stock under restricted stock unit awards, net of shares surrendered	(792)		(792)
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares)		199,000
Repurchase of treasury stock, including excise tax	(20)					$ (20)
Dividends issued	(5,784)			(5,784)
Net income	(3,411)			(3,411)
Balance at Jul. 31, 2025	$ 364,379	$ 76	$ 299,175	$ 523,420	$ 0	$ (458,292)
Balance (in shares) at Jul. 31, 2025	44,310,374	75,988,000
Treasury stock (in shares) at Jul. 31, 2025	31,677,994					31,678,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Cash flows from operating activities:
Net loss	$ (3,411)	$ (1,855)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	8,436	8,048
Gain on sale/disposition of assets	(43)	(58)
Deferred income taxes	0	84
Stock-based compensation expense	1,892	1,854
Non-cash sublease income	(442)	(425)
Other, net	(51)	5
Changes in operating assets and liabilities:
Accounts receivable	14,559	11,307
Inventories	(13,257)	(29,315)
Prepaid expenses and other current assets	(2,781)	(4,066)
Income taxes	(817)	(688)
Accounts payable	(6,429)	(11,740)
Accrued payroll and incentives	(1,371)	(4,839)
Accrued profit sharing	0	59
Accrued expenses and deferred revenue	(4,092)	526
Accrued warranty	(127)	(70)
Other assets	23	313
Other non-current liabilities	(199)	45
Net cash used in operating activities	(8,110)	(30,815)
Cash flows from investing activities:
Purchases of marketable securities	(3,168)	0
Payments to acquire patents and software	(54)	(21)
Proceeds from sale of property and equipment	49	58
Payments to acquire property and equipment	(4,291)	(4,702)
Net cash used in investing activities	(7,464)	(4,665)
Cash flows from financing activities:
Proceeds from loans and notes payable	20,000	30,000
Payments on finance lease obligation	(46)	(44)
Payments on notes and loans payable	(5,000)	0
Payments to acquire treasury stock	0	(12,856)
Dividend distribution	(5,855)	(5,886)
Payment of employee withholding tax related to restricted stock units	(792)	(1,058)
Net cash provided by financing activities	8,307	10,156
Net decrease in cash and cash equivalents	(7,267)	(25,324)
Cash and cash equivalents, beginning of period	25,231	60,839
Cash and cash equivalents, end of period	17,964	35,515
Supplemental disclosure of cash flow information
Interest, net of amounts capitalized	1,288	1,313
Income taxes	194	361
Supplemental Disclosure of Non-cash Investing and Financing Activities:
Purchases of property and equipment included in accounts payable	3,056	1,824
Capital lease included in accrued expenses and finance lease payable	$ 398	$ 570

Basis of Presentation (Additional Information) (Details) - USD ($)	3 Months Ended
	Jul. 31, 2024	Jul. 31, 2025	Apr. 30, 2025
Product Information [Line Items]
Period reclassification adjustment amount	$ 336,000
Understated income tax expense	$ 85,000
Marketable Securities		$ 3,219,000	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation

3 Months Ended

Jul. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

(2) Basis of Presentation:

Immaterial Correction of an Error — During the fourth quarter of fiscal 2025, we identified an immaterial error related to our accrual for certain legal expenses, resulting in an overstatement of general and administrative expenses in the interim and annual periods for the fiscal year ended April 30, 2024 and during the interim periods for the fiscal year ended April 30, 2025. In accordance with Staff Accounting Bulletin, or SAB, No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the quantitative and qualitative considerations of the error and determined that the related impact was not material to the results of operations, financial position, or cash flows for any historical annual or interim period. Prior year amounts have been adjusted to correct the immaterial error, which overstated general and administrative expenses by $336,000 and understated income tax expense by $85,000 for the three months ended July 31, 2024. Related changes to net income, corresponding line items within cash provided by operating activities, and related disclosures within the notes accompanying these financial statements reflect the immaterial correction.

Interim Financial Information — The condensed consolidated balance sheet as of July 31, 2025, the condensed consolidated statements of operations for the three months ended July 31, 2025 and 2024, the condensed consolidated statements of changes in stockholders’ equity for the three months ended July 31, 2025 and 2024, and the condensed consolidated statements of cash flows for the three months ended July 31, 2025 and 2024 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows for the three months ended July 31, 2025 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of April 30, 2025 has been derived from our audited consolidated financial statements.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2025 Form 10-K. The results of operations for the three months ended July 31, 2025 may not be indicative of the results that may be expected for the fiscal year ending April 30, 2026, or any other period.

Marketable Securities — Marketable securities are defined as equity investments that are highly liquid and can be readily purchased or sold through established markets. As of July 31, 2025, we had marketable securities of $3.2 million, comprised of exchange-traded and mutual funds. These investments are reported at fair value on our condensed consolidated balance sheets, with the related unrealized gains and losses recorded in other income/(expense), net on our condensed consolidated statements of operations. Net unrealized gains and losses recognized on our marketable securities during the three months ended July 31, 2025 totaled $51,000, all of which related to securities that we continued to hold as of July 31, 2025.

Reclassifications — We have reclassified certain amounts relating to prior period results to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.

Recently Issued Accounting Standards — In December 2023, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. Entities will have to provide qualitative disclosures about the new categories. The guidance will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal

(national), state, and foreign taxes for annual periods, and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2024, or the fiscal year ending April 30, 2026 for us. We are currently evaluating the impact, if any, that the adoption of this standard will have on our financial disclosures.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires entities to disclose, in the notes to financial statements, specified information about certain costs and expenses included in each relevant expense caption presented on the face of the income statement. Entities will also be required to disclose qualitative descriptions of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Entities will need to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2026, or the fiscal year ending April 30, 2028 for us. We are currently evaluating the impact that the adoption of this standard will have on our financial disclosures.

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 05, 2024	Jul. 31, 2025	Jul. 31, 2024	Jan. 31, 2025	Sep. 19, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 1.9	$ 1.9
Performance period				3 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Stock units, awarded		514,952	400,819
Stock units, forfeited		6,557	10,575
RSUs \| Non-Executive Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		277,258	257,937
RSUs \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		237,694	142,882
Performance Shares \| Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		237,691	142,878
Grant date fair value of vested RSUs and PSUs		$ 2.8	$ 3.6
RSUs and PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, awarded		752,643	543,697
Stock units, forfeited		115,293	74,044
Unrecognized compensation expense related to unvested RSUs and PSUs		$ 9.1
Weighted average remaining contractual term		1 year 9 months 18 days
Service based PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, forfeited		108,736	63,469
Maximum \| RSUs \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting, percentage		0.25%
Minimum \| RSUs \| Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Vesting, percentage		0.25%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock		312,310
Number of shares repurchased, value		$ 4.1
Share Repurchase Transactions One \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Repurchase of common stock		0	870,669
Number of shares repurchased, value			$ 12.9
Share Repurchase Transactions Two \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase authorization					$ 50.0
Repurchase of common stock				1,531,763
Number of shares repurchased, value	$ 50.0			$ 21.4

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 31, 2025	Jul. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,411)	$ (1,855)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2025	Sep. 02, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Registrant Name	Smith & Wesson Brands, Inc.
Entity Central Index Key	0001092796
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-31552
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	87-0543688
Entity Address, Address Line One	1852 Proffitt Springs Road
Entity Address, City or Town	Maryville
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37801
City Area Code	800
Local Phone Number	331-0852
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		44,341,781
Title of each Class	Common Stock, par value $0.001 per share
Trading Symbol	SWBI
Name of exchange on which registered	NASDAQ

Notes and Loans Payable

3 Months Ended

Jul. 31, 2025

Debt Disclosure [Abstract]

Notes and Loans Payable

(3) Notes and Loans Payable:

Credit Facilities — On August 24, 2020, we and certain of our subsidiaries entered into an amended and restated credit agreement, or the Amended and Restated Credit Agreement, with certain lenders, including TD Bank, N.A., as administrative agent; TD Securities (USA) LLC and Regions Bank, as joint lead arrangers and joint bookrunners; and Regions Bank, as syndication agent. The Amended and Restated Credit Agreement provided for a revolving line of credit of $100.0 million at any one time. On April 28, 2023, we entered into an amendment to the Amended and Restated Credit Agreement to, among other things, replace LIBOR with SOFR as the interest rate benchmark and amend the definition of “Consolidated Fixed Charge Coverage Ratio” to exclude unfinanced capital expenditures in connection with our plan to move our headquarters and significant elements of our operations to Maryville, Tennessee in 2023, or the Relocation. The revolving line bore interest at either the Base Rate (as defined in the Amended and Restated Credit Agreement) or the Adjusted Term SOFR rate, plus an applicable margin based on our consolidated leverage ratio.

On October 3, 2024, we entered into an amended and restated credit agreement, or the Second Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement is currently unsecured; however, should any Springing Lien Trigger Event (as defined in the Second Amended and Restated Credit Agreement) occur, we and certain of our subsidiaries would be required to execute certain documents in favor of TD Bank, N.A., as administrative agent, and the lenders party to such documents would have a legal, valid, and enforceable ‎first priority lien on the collateral described therein.

The Second Amended and Restated Credit Agreement provides for a revolving line of credit of $175.0 million at any one time, or the Revolving Line. The Revolving Line bears interest at either the Base Rate (as defined in the Second Amended and Restated Credit Agreement) or the Adjusted Term SOFR rate, plus an applicable margin based on our consolidated leverage ratio. The Second Amended and Restated Credit Agreement also provides a swingline facility in the maximum amount of $5.0 million at any one time (subject to availability under the Revolving Line). Each Swingline Loan (as defined in the Second Amended and Restated Credit Agreement) bears interest at the Base Rate, plus an applicable margin based on our Adjusted Consolidated Leverage Ratio (as defined in the Second Amended and Restated Credit Agreement). Subject to the satisfaction of certain terms and conditions described in the Second Amended and Restated Credit Agreement, we have an option to increase the Revolving Line by an aggregate amount not exceeding $50.0 million. The Revolving Line matures on the earlier of October 3, 2029 or the date that is six months in advance of the earliest maturity of any Permitted Notes (as defined in the Second Amended and Restated Credit Agreement) under the Second Amended and Restated Credit Agreement.

On August 15, 2025, we entered into a first amendment to the Second Amended and Restated Credit Agreement, or the First Amendment. The First Amendment provides for (a) in connection with the calculation of Consolidated Funded Indebtedness (as defined in the Second Amended and Restated Credit Agreement), the exclusion of any Indebtedness (as defined in the Second Amended and Restated Credit Agreement) of the guarantors relating to a particular guaranty; (b) in connection with the calculation of Consolidated Fixed Charge Coverage Ratio (as defined in the Second Amended and Restated Credit Agreement), a one-time exclusion of cash taxes paid by the loan parties during fiscal 2026 in connection with the filing of amended tax returns in fiscal 2026 covering particular periods; and (c) an amendment to the minimum Consolidated Fixed Charge Coverage Ratio for particular measurement periods.

As of July 31, 2025, we had $95.0 million of borrowings outstanding on the Revolving Line, bearing interest at a weighted average rate of 6.69%, which is equal to the Adjusted Term SOFR rate plus an applicable margin.

The Second Amended and Restated Credit Agreement contains customary limitations, including limitations on indebtedness, liens, fundamental changes to business or organizational structure, investments, loans, advances, guarantees, and acquisitions, asset sales, dividends, stock repurchases, stock redemptions, the redemption or prepayment of other debt, and transactions with affiliates. We are also subject to financial covenants, including a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio. As of July 31, 2025, we were compliant with all required financial covenants.

Letters of Credit — As of July 31, 2025, we had outstanding letters of credit aggregating $3.0 million, which included a $1.5 million letter of credit to collateralize our captive insurance company.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-SubTopic 10
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-Paragraph 6
-Subparagraph (b)
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-Subparagraph (a)
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+ Details

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Lessee Lease Description [Line Items]
Income related to sublease agreement	$ 442	$ 425

Stockholders' Equity - Summary of Activity for Unvested RSUs and PSUs (Detail) - RSUs and PSUs - $ / shares	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Summary of activity in unvested restricted stock units and performance share units
Restricted Stock Units, RSUs and PSUs outstanding, beginning of period	1,204,133	1,000,347
Restricted Stock Units, Awarded	752,643	543,697
Restricted Stock Units, Released	(278,557)	(220,525)
Restricted Stock Units, Forfeited	(115,293)	(74,044)
Restricted Stock Units, RSUs and PSUs outstanding, end of period	1,562,926	1,249,475
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of period	$ 14.21	$ 13.45
Weighted Average Grant Date Fair Value, Awarded	9.37	16.15
Weighted Average Grant Date Fair Value, Released	14.2	13.24
Weighted Average Grant Date Fair Value, Forfeited	14.22	19.51
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period	$ 11.87	$ 14.3

Inventories (Tables)

3 Months Ended

Jul. 31, 2025

Inventory Disclosure [Abstract]

Summary of Inventories

The following table sets forth a summary of inventories, net of reserves, stated at lower of cost or net realizable value, as of July 31, 2025 and April 30, 2025 (in thousands):


	July 31, 2025		April 30, 2025
Finished goods	$	127,794	$	115,686
Finished parts		58,161		55,119
Work in process		4,622		6,037
Raw material		12,520		12,998
Total inventories	$	203,097	$	189,840

Commitments and Contingencies

3 Months Ended

Jul. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

(8) Commitments and Contingencies:

Litigation

In January 2018, Gemini Technologies, Incorporated, or Gemini, commenced an action against us in the U.S. District Court for the District of Idaho, or the District Court. The complaint alleges, among other things, that we breached the earn-out and other provisions of the asset purchase agreement and ancillary agreements between the parties in connection with our acquisition of the Gemtech business from Gemini. The complaint seeks a declaratory judgment interpreting various terms of the asset purchase agreement and damages in the sum of $18.6 million. In November 2019, we filed an answer to Gemini’s complaint and a counterclaim against Gemini and its stockholders at the time the asset purchase agreement was signed. Plaintiffs amended their complaint to add a claim of fraud in the inducement. In September 2021, Gemini filed a motion for summary judgment seeking to dismiss our counterclaim. In June 2022, the District Court denied Gemini's motion for summary judgment. Gemini filed a second motion for summary judgment, and in August 2023, the District Court again denied Gemini’s motion. In November 2023, we entered into a settlement agreement with plaintiffs on the indemnity and counterclaims. On the same day, plaintiffs filed a motion for leave, seeking to file a second amended complaint. In January 2024, the District Court allowed plaintiffs’ amended allegations of fraud, and denied without prejudice their motion to add punitive damages. In February 2024, the District Court set a trial date of January 6, 2025, which was later postponed. On April 16, 2025, the District Court issued an amended scheduling order. On August 15, 2025, we filed a motion for summary judgment. We believe the claims asserted in the complaint have no merit, and we intend to aggressively defend this action.

We are a defendant in two product liability cases and are aware of four other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed in August 1999 by the city of Gary, Indiana, or the City, against numerous firearm manufacturers, distributors, and dealers seeking to recover monetary damages, as well as injunctive relief, allegedly arising out of the misuse of firearms by third parties. In January 2018, the Lake Superior Court, County of Lake, Indiana granted defendants’ Motion for Judgment on the Pleadings, dismissing the case in its entirety. In February 2018, plaintiffs appealed the dismissal to the Indiana Court of Appeals. In May 2019, the Indiana Court of Appeals issued a decision, which affirmed in part and reversed in part, and remanded for further proceedings, the trial court’s dismissal of the City’s complaint. In July 2019, defendants filed a Petition to Transfer jurisdiction to the Indiana Supreme Court. In November 2019, the Indiana Supreme Court denied defendants' petition to transfer, and the case was returned to the trial court. In March 2024, a bill was signed into law that purports to prohibit political subdivisions in Indiana from bringing certain legal actions against certain firearm industry members and to apply to actions or lawsuits filed before, after, or on August 27, 1999. Defendants subsequently filed a joint motion for judgment on the pleadings based on the new law. In August 2024, the trial court denied defendants’ joint motion for judgment on the pleadings and, in October 2024, stayed its proceedings pending an interlocutory appeal with the Indiana Court of Appeals. In November 2024, the Indiana Court of Appeals granted defendants’ motion to accept jurisdiction of the interlocutory appeal. In December 2024, the state of Indiana filed a notice of intervention in the appeal, which was accepted in January 2025. On February 20, 2025, defendants and the state of Indiana filed opening briefs with the Indiana Court of Appeals. The City filed its opposition brief on May 23, 2025 and, on May 30, 2025, the Indiana Court of Appeals issued a notice of defect to the City on technical grounds – the City filed a corrected brief on June 6, 2025. On July 8, 2025, the defendants and the state of Indiana filed their reply briefs. On July 14, 2025, the City filed a motion for the Indiana Court of Appeals to hear oral argument in the matter. We believe the claims asserted in the complaint have no merit, and we intend to aggressively defend this action.

We are a defendant in a putative class proceeding before the Ontario Superior Court of Justice in Toronto, Canada that was filed in December 2019. The action claims CAD$50 million in aggregate general damages, CAD$100 million in aggregate punitive damages, special damages in an unspecified amount, together with interest and legal costs. The named plaintiffs are two victims of a shooting that took place in Toronto in July 2018 and their family members. One victim was shot and injured during the shooting. The other victim suffered unspecified injuries while fleeing the shooting. The plaintiffs sought to certify a claim on behalf of classes that include all persons who were killed or injured in the shooting and their immediate family members. The plaintiffs allege negligent design and public nuisance. In July 2020, we filed a Notice of Motion for an order striking the claim and dismissing the action in its entirety. In February 2021, the court granted our motion in part and dismissed the plaintiffs’ claims in public nuisance and strict liability. The court declined to strike the negligent design claim and ordered that the claim proceed to a certification motion. In March 2021, we filed a motion for leave to appeal the court’s refusal to strike the negligent design claim with the Divisional Court, Ontario Superior Court of Justice. In July 2021, plaintiffs filed a motion to stay our motion for leave to appeal with the Divisional Court, on grounds that appeal is premature. In November 2021, the Divisional Court granted plaintiffs’ motion, staying our motion for leave to appeal until 30 days after the decision on the balance of plaintiffs’ certification motion. A hearing on plaintiffs’ certification motion was held in January 2024. In March 2024, the court denied the plaintiffs’ motion for class certification. Three appeals were filed: (1) our appeal from the dismissal of our motion to strike the negligent design claim; (2) the plaintiffs’ appeal from the order striking out their public nuisance and strict liability claims; and (3) the plaintiffs’ appeal from the order dismissing their certification motion. In August 2024, the parties filed their motions regarding the appeals. In October 2024, the parties filed their response briefs and, in December 2024, the Court of Appeals for Ontario heard the appeals together. On June 23, 2025, the Court of Appeals for Ontario issued a decision: (1) dismissing our appeal from the dismissal of our motion to strike the negligent design claim; (2) dismissing plaintiffs’ appeal from the order striking out their public nuisance and strict liability claims; and (3) granting plaintiffs’ appeal from the order dismissing their certification order and certifying their negligence claim as a class proceeding.

In May 2020, we were named in an action related to the Chabad of Poway synagogue shooting that took place in April 2019. The complaint was filed in the Superior Court of the State of California for the County of San Diego – Central and asserts claims against us for product liability, unfair competition, negligence, and public nuisance. The plaintiffs allege they were present at the synagogue on the day of the incident and suffered physical and/or emotional injury. The plaintiffs seek compensatory and punitive damages, attorneys’ fees, and injunctive relief. In September 2020, we filed a demurrer and motion to strike, seeking to dismiss plaintiffs’ complaint. In July 2021, the court granted our motion in part and reversed it in part, ruling that (1) the Protection of Lawful Commerce in Arms Act barred plaintiffs’ product liability action; (2) plaintiffs did not have standing to maintain an action under the Unfair Competition Law for personal injury related damages, but the court gave plaintiffs leave to amend to plead an economic injury; and (3) the Protection of Lawful Commerce in Arms Act did not bar plaintiffs’ ordinary negligence and public nuisance actions because plaintiffs had alleged that we violated 18 U.S.C. Section 922(b)(4), which generally prohibits the sale of fully automatic “machineguns.” In August 2021, we filed a Petition for Writ of Mandate in the Court of Appeal of the State of California, Fourth Appellate District, Division One. In September 2021, the Court of Appeal denied our appeal. In February 2022, the court consolidated the case with three related cases, in which we are not a party. In March 2022, the court granted our motion, dismissing plaintiffs’ Unfair Competition Law claim, without further leave to amend. In February 2023, we filed a motion for summary judgment. In May 2023, the court denied our motion for summary judgment without prejudice and allowed plaintiffs time for additional discovery. A hearing on our renewed motion for summary judgment was held in October 2024. In December 2024, the court granted our renewed motion for summary judgment and we later filed a proposed notice of final judgment with the court, requesting the court to enter a final judgment in our favor and to dismiss all claims against us. In February 2025, the court entered the final judgment. On April 8, 2025, plaintiffs filed a notice of appeal with the California Court of Appeal.

We are a defendant in an action filed in the U.S. District Court for the District of Massachusetts. In August 2021, the Mexican Government filed an action against several U.S.-based firearms manufacturers and a firearms distributor, claiming defendants design, market, distribute, and sell firearms in ways they know routinely arm the drug cartels in Mexico. Plaintiff alleges, among other claims, negligence, public nuisance, design defect, unjust enrichment, and restitution against all defendants and violation of the Massachusetts Consumer Protection Act against us alone, and is seeking monetary damages and injunctive relief. In November 2021, defendants filed motions to dismiss plaintiff’s complaint. In September 2022, the district court granted defendants’ motions to dismiss. In October 2022, plaintiff filed a notice of appeal with the U.S. Court of Appeals for the First Circuit. In January 2024, the First Circuit reversed the trial court’s dismissal of the case. In April 2024, defendants filed a Petition for a Writ of Certiorari with the U.S. Supreme Court. In August 2024, the district court dismissed the case against six of the eight defendants in the lawsuit (excluding us) based on personal jurisdiction grounds. In October 2024, the U.S. Supreme Court granted defendants’ Petition for Writ of Certiorari, and the district court issued an order staying the case pending the U.S. Supreme Court’s review. On June 5, 2025, the U.S. Supreme Court ruled in our favor, holding that the Protection of Lawful Commerce in Arms Act bars the lawsuit because the Mexican Government's complaint does not plausibly allege that the defendant firearm manufacturers aided and abetted firearm dealers' unlawful sales of firearms to Mexican traffickers. The U.S. Supreme Court reversed and remanded the action to the U.S. Court of Appeals for the First Circuit for further proceedings consistent

with its opinion. On July 8, 2025, the U.S. Court of Appeals for the First Circuit affirmed the district court’s decision and remanded the case to the district court for further proceedings consistent with the U.S. Supreme Court’s opinion. On August 19, 2025, the district court issued an order dismissing all of the plaintiffs' claims.

In September 2022, we were named as defendants in 12 nearly identical, separate actions related to a shooting in Highland Park, Illinois on July 4, 2022. The complaints were filed in the Circuit Court of the Nineteenth Judicial Circuit in Lake County, Illinois and assert claims against us for negligence and deceptive and unfair practices under the Illinois Consumer Fraud and Deceptive Business Practices Act. The plaintiffs allege they were present at a parade at the time of the incident and suffered physical and/or emotional injury. The plaintiffs seek compensatory damages, attorneys’ fees, and injunctive relief. We filed motions for removal of each case to the U.S. District Court for the Northern District of Illinois. In November 2022, we filed a motion to consolidate the cases for preliminary motion purposes. In December 2022, plaintiffs filed motions to remand the cases back to the state court. In September 2023, the court granted plaintiffs’ motion to remand. In October 2023, we filed a notice of appeal to the U.S. Court of Appeals for the Seventh Circuit. In March 2024, three new lawsuits were filed in the Circuit Court of Lake County, Illinois. In April 2024, the Seventh Circuit affirmed the remand decision. In May 2024, plaintiffs filed a motion for attorneys’ fees incurred as a result of removal, and we filed an opposition to plaintiffs’ motion. In March 2025, the district court granted plaintiffs’ motion, ordering us to pay certain of plaintiffs’ attorneys’ fees. In June and July 2024, the district court remanded the 12 separate actions to state court, with some plaintiffs amending their complaints to remove references to violations of federal law and asserting additional claims against us, including claims alleging violation of the Illinois Uniform Deceptive Trade Practices Act, the Illinois Consumer Fraud and Deceptive Business Practices Act, negligent and intentional infliction of emotional distress, and negligent entrustment. We were also named in 13 additional separate cases against us in the same state court during the same time period, largely raising similar allegations against us as in the initial and amended complaints. In July 2024, the trial court consolidated all cases for purposes of motions to dismiss and discovery. In September 2024, we filed our motions to dismiss plaintiffs’ 25 separate complaints. On April 1, 2025, the court granted our motion to dismiss without prejudice with respect to plaintiffs’ counts for violation of the Illinois Consumer Fraud and Deceptive Business Practices Act for lack of standing (with respect to the deceptive claims only) and negligent entrustment and denied all remaining counts. Later in April 2025, plaintiffs served their first set of written discovery and we filed a motion to certify issues for interlocutory appeal with the trial court. On May 1, 2025, the court ordered an expedited briefing schedule for the motion and stayed discovery. On June 5, 2025, the court certified several issues for interlocutory appeal, lifted the discovery stay, set an initial trial date for March 8, 2027, and scheduled a status conference, which was held on August 14, 2025. We also filed our answers to plaintiffs' complaints. On July 7, 2025, we filed an application for interlocutory appeal with the Court of Appeal.

In December 2022, the City of Buffalo, New York filed a complaint in the Supreme Court of the State of New York, County of Erie, against numerous manufacturers, distributors, and retailers of firearms. Later in December 2022, the City of Rochester, New York filed an almost identical complaint in the Supreme Court of the State of New York, County of Monroe against the same defendants. The complaints allege violation of the New York General Business Law, public nuisance, and deceptive business practices in violation of the New York General Business Law. In January 2023, we filed notices of removal of the cases to the U.S. District Court for the Western District of New York. In March 2023, defendants filed a motion to stay both cases pending a ruling by the U.S. Court of Appeals for the Second Circuit in the NSSF v. James case. In June 2023, the court granted defendants’ motions to consolidate and to stay pending resolution of the NSSF v. James appeal. On July 10, 2025, the U.S. Court of Appeals for the Second Circuit ruled against NSSF in the NSSF v. James appeal. Later, the court granted the parties’ joint briefing schedule, setting September 25, 2025 as the deadline for defendants to file their motion to dismiss the complaint.

We believe that the various allegations as described above are unfounded, and, in addition, that any incident and any results from them or any injuries were due to negligence or misuse of the firearm by the claimant or a third party.

In addition, from time to time, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, premises, and employment matters, which arise in the ordinary course of business.

The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $50.0 million. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. We believe that our accruals for product liability cases and claims are a reasonable quantitative measure of the cost to us of product liability cases and claims.

We are involved in a putative stockholder derivative lawsuit filed on February 4, 2025 in the U.S. District Court for the District of Nevada. The action was brought by plaintiffs seeking to act on our behalf against our directors and certain of our executive officers. The complaint alleges a breach of fiduciary duty (for allegedly allowing us to become exposed to significant liability for intentionally violating federal, state, and local laws through our manufacturing, marketing, and sales of “AR-15 style rifles” and similar semiautomatic firearms) and violations of Section 14(a) of the Exchange Act. The derivative plaintiffs seek, among other things, damages, as well as reforms and improvements to our compliance procedures and governance policies. In May 2025, we filed a motion to dismiss plaintiffs’ complaint. On June 30, 2025, plaintiffs filed an opposition brief to our motion to dismiss. On July 28, 2025, we filed a reply to plaintiffs’ opposition brief.

We were named in a putative class action lawsuit filed on April 4, 2025 in the U.S. District for the Northern District of California. The complaint alleges violation of the California Invasion of Privacy Act, the California Privacy Act, invasion of privacy, intrusion upon seclusion, fraud/deceit/misrepresentation, breach of contract, breach of implied contract and fair dealing, trespass to chattels, and unjust enrichment. Plaintiffs allege that after they clicked on the “reject all” cookies button on our website, our website enabled third parties to place cookies and similar tracking technologies on their browsers and devices and/or to transmit their user data to third parties for their financial gain and other purposes. Plaintiffs seek compensatory damages (including statutory damages), punitive damages, nominal damages, restitution, disgorgement of revenues and profits, injunctive relief, and attorneys’ fees and costs. On May 30, 2025, we filed a motion to dismiss plaintiffs’ complaint. On July 11, 2025, plaintiffs filed an opposition brief to our motion to dismiss. On August 1, 2025, we filed a reply to plaintiffs’ opposition brief.

We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive, time consuming, and diverts the time and attention of our management.

We monitor the status of known claims and the related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and a review of the merit of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore, we have not accrued for any such judgments. In the future, should we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided adequate accruals for defense costs.

At this time, an estimated range of reasonably possible additional losses relating to unfavorable outcomes cannot be made.

Commitments

In connection with the Relocation, we entered into a project agreement, or the Project Agreement, with The Industrial Development Board of Blount County and the cities of Alcoa and Maryville, Tennessee, a public, nonprofit corporation organized and existing under the laws of the state of Tennessee, or the IDB. Pursuant to the Project Agreement, we represented to the IDB that we intend to incur, or cause to be incurred, no less than $120.0 million in aggregate capital expenditures on or before December 31, 2025, create no less than 620 new jobs, and sustain an average hourly wage of at least $25.97 at the facility. Further, pursuant to the Project Agreement, we are required to, among other things, (a) execute a facility lease and an equipment lease with the IDB; (b) cause the construction of the new facility at our sole cost and expense to commence on or before May 31, 2022; (c) incur, or cause to be incurred, aggregate capital expenditures in connection with the construction and equipping of the new facility in an aggregate amount of not less than $120.0 million on or before December 31, 2025; (d) cause the construction of the new facility to be substantially completed and for a certificate of occupancy to be issued therefore on or before December 31, 2023; (e) provide the IDB with a written report certified by one of our authorized officers, not later than January 31 of each year during the period between January 31, 2024 and January 31, 2031; and (f) make certain payments to the IDB in the event that our actual capital expenditures, number of employees, or average hourly wage of such employees are less than our projections.

Discontinued Operations - Summary of Major Business Line Items Included in Discontinued Operations in Condensed Consolidation Statements of Income/(Loss) and Comprehensive Income/(Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2025	Jul. 31, 2024
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 0	$ 0

- Definition

+ References + Details

Segment Reporting (Tables)

3 Months Ended

Jul. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting additional segment information

The following table summarizes additional segment information not already disclosed elsewhere (in thousands):


	For the Three Months Ended July 31,
	2025			2024
Interest income	$	632		$	714
Interest expense		1,837			1,446
Interest expense, net	$	(1,205	)	$	(732	)

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Jul. 31, 2025
Accounting Policies [Abstract]
Immaterial Correction of an Error	Immaterial Correction of an Error — During the fourth quarter of fiscal 2025, we identified an immaterial error related to our accrual for certain legal expenses, resulting in an overstatement of general and administrative expenses in the interim and annual periods for the fiscal year ended April 30, 2024 and during the interim periods for the fiscal year ended April 30, 2025. In accordance with Staff Accounting Bulletin, or SAB, No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the quantitative and qualitative considerations of the error and determined that the related impact was not material to the results of operations, financial position, or cash flows for any historical annual or interim period. Prior year amounts have been adjusted to correct the immaterial error, which overstated general and administrative expenses by $336,000 and understated income tax expense by $85,000 for the three months ended July 31, 2024. Related changes to net income, corresponding line items within cash provided by operating activities, and related disclosures within the notes accompanying these financial statements reflect the immaterial correction.
Interim Financial Information	Interim Financial Information — The condensed consolidated balance sheet as of July 31, 2025, the condensed consolidated statements of operations for the three months ended July 31, 2025 and 2024, the condensed consolidated statements of changes in stockholders’ equity for the three months ended July 31, 2025 and 2024, and the condensed consolidated statements of cash flows for the three months ended July 31, 2025 and 2024 have been prepared by us without audit. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows for the three months ended July 31, 2025 and for the periods presented, have been included. All intercompany transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of April 30, 2025 has been derived from our audited consolidated financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2025 Form 10-K. The results of operations for the three months ended July 31, 2025 may not be indicative of the results that may be expected for the fiscal year ending April 30, 2026, or any other period.
Marketable Securities	Marketable Securities — Marketable securities are defined as equity investments that are highly liquid and can be readily purchased or sold through established markets. As of July 31, 2025, we had marketable securities of $3.2 million, comprised of exchange-traded and mutual funds. These investments are reported at fair value on our condensed consolidated balance sheets, with the related unrealized gains and losses recorded in other income/(expense), net on our condensed consolidated statements of operations. Net unrealized gains and losses recognized on our marketable securities during the three months ended July 31, 2025 totaled $51,000, all of which related to securities that we continued to hold as of July 31, 2025.
Reclassifications	Reclassifications — We have reclassified certain amounts relating to prior period results to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods.
Recently Issued Accounting Standards	Recently Issued Accounting Standards — In December 2023, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state, and foreign income taxes and provide more details about the reconciling items in some categories if items meet a quantitative threshold. Entities will have to provide qualitative disclosures about the new categories. The guidance will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state, and foreign taxes for annual periods, and to disaggregate the information by jurisdiction based on a quantitative threshold. The guidance makes several other changes to the disclosure requirements. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2024, or the fiscal year ending April 30, 2026 for us. We are currently evaluating the impact, if any, that the adoption of this standard will have on our financial disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires entities to disclose, in the notes to financial statements, specified information about certain costs and expenses included in each relevant expense caption presented on the face of the income statement. Entities will also be required to disclose qualitative descriptions of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Entities will need to disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. Entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The guidance is effective for annual periods beginning after December 15, 2026, or the fiscal year ending April 30, 2028 for us. We are currently evaluating the impact that the adoption of this standard will have on our financial disclosures.