Exhibit 99.2

Q2 EARNINGS PRESENTATION JULY 31, 2025

6 February 2023 PAGE 2 Forward - Looking Statements Please note that in this presentation we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “int end s,” “future,” and similar expressions which constitute forward - looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward - looking statem ents are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward - looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward - looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward - looking statements in this presentation, include, but are not limited to, those risks and uncert ainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company's Annual Report on Form 10 - K, and/or Quarterly Reports on Form 10 - Q, as well as in the Company’s Current Reports on Form 8 - K. All forward - looking statements included in this presentation are based upon information available t o the Company as of the date of this presentation and speak only as of the date hereof. We assume no obligation to update any forward - looking statements to reflect events or circumstances after the date of t his presentation. Non - GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). This pre sen tation contains the non - GAAP measures: ( i ) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earnings (loss) per diluted share, (iii) ear nin gs before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), EBITDA margin, adjusted EBITDA, and adjusted EBITDA margin, and (iv) free cash flow (defined as net cash provided by operating activities less capital expenditures). The Company believes that the presentation of certain non - GAAP measures, i.e.: ( i ) adjusted gross margin and adjusted gross profit, (ii) adjusted (loss) income from continuing operations and related earning s ( loss) per diluted share, (iii) EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin, and (iv) free cash flow, provide useful information for the unders tan ding of its ongoing operations and enables investors to focus on period - over - period operating performance, and thereby enhances the user's overall understanding of the Company's current financial perfor man ce relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non - GAAP measures are reconciled to comparable GAAP financial me asures within this presentation. We do not provide a reconciliation of the non - GAAP guidance measures adjusted EBITDA and/or adjusted EBITDA margin for the fiscal year 2025 to net income for the fiscal y ear 2025, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not a dju sted EBITDA and/or adjusted EBITDA margin. The Company cautions that non - GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, th e Company notes that there can be no assurance that the above referenced non - GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies. Market and Industry Data The market and industry data used throughout this presentation was obtained from various sources, including the Company’s own re search and estimates, surveys or studies conducted by third parties and industry or general publications and forecasts. Industry publications, surveys and forecasts generally state that they have o bta ined information from sources believed to be reliable, but there can be no assurance as to the accuracy and completeness of such information. While the Company believes that each of these surveys, studies, publ ica tions and forecasts is reliable, it has not independently verified such data and the Company is not making any representation as to the accuracy of such information. Similarly, the Company believes its internal re search and estimates are reliable but it has not been verified by any independent sources. In addition, while the Company believes that the industry and market information included herein is generally reliab le, such information is inherently imprecise. While the Company is not aware of any misstatements regarding the industry and market data presented herein, its estimates involve risks and uncertainties and are sub ject to change based on various factors, including those discussed under the heading “Forward - Looking Statements” above. DISCLAIMER

Warren Kanders EXECUTIVE CHAIRMAN Clarus TODAY’S PRESENTERS Mike Yates CFO Clarus Neil Fiske PRESIDENT Black Diamond Equipment

6 February 2023 PAGE 4 STRATEGIC PRIORITIES: Q2 HIGHLIGHTS Positioned for long - term sustainable growth Strategic roadmap continues to guide execution Black Diamond objective : Simplify and focus on the core Steady progress highlighted by simplified product portfolio, sharper and more differentiated marketing message, key personnel hires, and rationalized inventory Adventure objective: Focus on the basics Organizational right - sizing, prioritizing highest - return initiatives, and emphasizing fitting more vehicles at a regular pace Strong balance sheet/ p rudent capital allocation Nearly debt - free 1 with $28.5M of cash on the balance sheet at 6/30; sale of PIEPS consistent with simplification strategy 1 Total debt of $1.9 million at 6/30 related to the RockyMounts acquisition

Commitment to operational and organizational progress despite increasingly challenging macro backdrop $55.2 m $ 18.6m $ 36.7m 36.5 % $( 2.1)m Revenue - 2% Y/Y Adventure Revenue - 8% Y/Y Outdoor Revenue + 1% Y/Y Adj. Gross Margin - 90 BPS Y/Y Adj. EBITDA SECOND QUARTER RESULTS AT A GLANCE Adventure Adj. EBITDA: $0.3m Outdoor Adj. EBITDA: $(0.2)m

6 February 2023 PAGE 6 OUTDOOR - STRATEGIC PRIORITIES AND HIGHLIGHTS • Solid Q2 results affected by wavering consumer sentiment and chaotic macro environment • Q2 revenue, gross margins and adjusted EBITDA increased y/y • Continued to improve quality of inventory and revenue; full price sales for digital DTC were slightly up while discounted sales were down substantially in Q2, a mix shift to full price we expect to build upon in 2H25 • Apparel initiative gaining traction with growth of 11% and improving margins • Completed sale of PIEPS snow safety brand for $9.1M • Moving target on tariffs continues to pressure near - term supply chain • Implemented tariff mitigation plan to offset nearly half of the projected tariff impact in 2025 at current levels MANAGEMENT COMMENTARY BUILDING BLOCKS IN FOCUS SIMPLIFICATION EXECUTION PRODUCT LEADERSHIP FEWER, BIGGER, BETTER

6 February 2023 PAGE 7 ADVENTURE - STRATEGIC PRIORITIES AND HIGHLIGHTS • Q2 results continued to be affected by market softness and over - reliance on legacy wholesale and OEM customers • Global wholesale and DTC revenue increased by ~8%, partially driven by bike rack sales, and offset by continued soft demand at certain legacy retailers • New leadership has commenced right - sizing of global structure to enable capacity to scale profitably in each geography • Launched top - to - top tours with key accounts • Initiated product roadmap simplification and prioritization, tightening funnel and focusing on foundational base racks and vehicle fits • Enhanced U.S. sales organization to capitalize on clear growth opportunities MANAGEMENT COMMENTARY BUILDING BLOCKS IN FOCUS FOCUS ON BASICS RATIONALIZED NPD PIPELINE REBUILT LEADERSHIP TEAM

6 February 2023 PAGE 8 NET SALES Q2 2025 FINANCIAL RESULTS Q2 202 5 ADJ. GROSS MARGIN ADJ. EBITDA ADJ. EBITDA MARGIN (3.8)% ($2.1M) 36.5% $ 55.2 M Q2 202 4 (3.4)% ($1.9M) 37.4% $ 56.5 M

APPENDIX

6 February 2023 PAGE 10 BALANCE SHEET

6 February 2023 PAGE 11 INCOME STATEMENT (Q2)

6 February 2023 PAGE 12 INCOME STATEMENT (YTD)

6 February 2023 PAGE 13 NON - GAAP RECONCILIATION

6 February 2023 PAGE 14 NON - GAAP RECONCILIATION (Q2)

6 February 2023 PAGE 15 NON - GAAP RECONCILIATION (YTD)

6 February 2023 PAGE 16 NON - GAAP RECONCILIATION (Q2)

6 February 2023 PAGE 17 NON - GAAP RECONCILIATION (YTD)