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Joseph Bess

Research Analyst at ROTH Capital Partners

Joseph Bess is an Equity Research Analyst at ROTH Capital Partners, specializing in the Metals & Mining sector and providing coverage for junior mining companies worldwide. He has contributed to ROTH’s reputation for sharp sector analysis, with his coverage spanning firms in metals and natural resources and supporting investment decisions for institutional clients. Bess began his career in investment research and has accumulated years of corporate finance experience before joining ROTH, where he is part of a team with a combined 40+ years in the industry. He maintains professional credentials required for equity analysts, such as applicable FINRA registrations and securities licenses.

Joseph Bess's questions to Clarus (CLAR) leadership

Question · Q3 2024

Asked about the requirements for returning to revenue growth in 2025, specific levers for gross margin expansion, and self-help initiatives to drive growth if the market remains flat, particularly for the Adventure segment.

Answer

The company stated that the Outdoor segment is now positioned for profitable growth even without a market tailwind. The Adventure segment's growth will be driven by self-help initiatives including new product launches, e-commerce enhancements, and a strategic expansion of vehicle fits to increase its addressable market. Gross margin expansion is driven by product mix simplification in Outdoor and channel mix (e-commerce) in Adventure.

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Question · Q3 2024

Joseph Bess, on behalf of ROTH Capital Partners, asked about the necessity of market growth for a return to revenue growth in 2025, specific levers for gross margin expansion, and self-help initiatives for the Adventure segment.

Answer

CFO Michael J. Yates stated that while the company is not giving 2025 guidance, the Outdoor business has been rightsized for profitable growth, which would be amplified by a market tailwind. He identified margin levers as product simplification and mix shift in Outdoor, and e-commerce growth in Adventure. Self-help for Adventure includes new product launches in 2025 and expanding the vehicle fitment library to grow the addressable market.

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