Clarus Corporation Q3 2026 Earnings Recap

Clarus shares rose 18.1% after the company raised its 2026 adjusted EBITDA outlook and reported double-digit Black Diamond growth with margin expansion. The headline improvement was tempered by declining Adventure sales and the benefit of tariff refunds to reported results.

Key Takeaways

• 2026 adjusted EBITDA guidance increased to approximately $15–$17 million; management said the midpoint is about 28% above its prior $12–$13 million forecast. Clarus also raised the low end of full-year revenue guidance.
• Black Diamond revenue grew 12.4% in Q3. Mountain rose 15.2%, climbing 15.1%, and apparel 3.3%; the three categories accounted for 92% of segment revenue.
• Black Diamond gross margin was 40.4% excluding roughly $70,000 in tariff refunds, up 440 basis points year over year. Adjusted EBITDA increased 80.7% to $8 million.
• Adventure sales declined, primarily due to a challenging consumer environment in Australia. Excluding the tariff refund, its gross margin improved 640 basis points year over year.
• Consolidated gross margin was 41%, versus 35.1% a year earlier; management said the quarter included IEEPA tariff recovery, limiting how much of the reported improvement reflects underlying operations.