Purpose Built Optics

2023 Investor Update


Cedar Park warehouse leased 12/23 (720 S Bell Blvd Building C)

  • 2000sf w/ small office and ample reception area to be decorated to be on brand, similar to the iCast booth
  • Currently seeking pallet racks, shelving and the necessary equipment to build out our main distribution center as we ramp up for the retail launch

Key Personnel

  • Bill’s son, Will, is coming on board part-time to assist in the warehouse set up, and will be transitioning to a full time Distribution and Logistics Manager position to oversee the day-to-day order fulfillment, shipping and logistics.
  • Brad Stubbs , former Dir of Operations for Marolina Outdoors (HuK Performance Fishing and Nomad Outdoor) is working with us to build out the distribution workflow drawing on a wealth of experience from his time at Marolina, Under Armor, Ag-Gear, Rhea Nautical Eyewear and others.

Sales and Marketing

Branding Change/Transition Plan

  • To highlight our competitive advantage and lens first strategy, we are changing our brand from Hook and Bullet Purpose Built Optics to simply Purpose Built Optics (PBO). We believe this change better reflects our premium positioning, emphasizes our differentiation in the market and provides us the opportunity to seek other channels (golf, racket sports, military, etc.) where our technical formulations can provide an advantage. 

  • The transition is underway and will be formally announced in the new year.  Currently both purposebuiltoptics.com and hookandbullet.life are functional however the logos have been changed and all new assets will reflect the PBO branding.
  • Our display cases will be branded Purpose Built Optics PBO but will also reflect the “HB Series”.  This messaging will evolve to just PBO when the remaining HB branded frames are sold.  Any re-order of existing styles and the 4 frames currently being designed will feature the new PBO logo. 

Contracted with Frontier Sales and Marketing Group after iCast  

  • FSMG represents several premium brands in the hunting and fishing space across 15 states (Texas up through the midwest over to Va and down to Fl). Their 10 sales reps maintain a great reputation with the key fishing/hunting retailers in the territory and are fired up to hit the ground running.

Retail Launch/Expectations

  • We contracted with the group that built the display units for GoPro and are expecting to receive 90 units (20 Floor Standing Units w/ 45 pair capacity, 30 Countertop Unit w/ 25 pair capacity and 40 Mini w/10 pair capacity) in time to launch late February. (link to display pics)
  • The 12 month target is to have a mix of 70 display units across FSMG’s territory with an average sell through of 7 pairs/month.

Retail Strategy

  • To ensure scalability, manage growth and provide enough marketing to drive sell-through, our initial focus will be on the Trout/Redfish segment of the Inshore Flats category and expanding our LightPro lens to the Crappie and adjacent Bass market.
  • While the highest percentage of our marketing, near-term, will be focused on Inshore Flats and LightPro, many, if not most, of our retailers will carry our other pursuits categories. As our marketing budget builds, we will increase our spend on these pursuits.
  • We will also begin to seed retailers, on a deliberate but limited basis, whose clientele/region is geared more towards the other 3 pursuits. Like Mack’s Prairie Wings in AR. (waterfowl/hunting) or RJ Boyle’s Big Game Tackle in FL, (offshore), for example.

Retail Differentiation/Product Picker

  • A common problem for retailers in the legacy sunglasses market is the risk of becoming a place to “try on” for fit and style only to have the buyer go home and order online. To solve this problem we are introducing a new strategy we believe will provide PBO an in-store competitive advantage.
  • Our unique product picker can be obtained by clicking on a QR code on the front of the retail case and used by a customer to find his perfect pursuit lens and frame combo. If the optimum selection is not in stock, the customer can order directly from their phone, while on site, and their pair will be priority shipped to the retailer (or customer TBD). The retailer will get a lower revenue share to ensure this tool is not used to reduce back stock inventory, but will provide an incentive for them to recommend PBO over the competition.
  • Product Picker Details

Owned Audience Engagement

  • Website - The product picker will be a key feature of our website evolution in 2024. Additionally, we will be overhauling the site from a UI/UX perspective to align with our lens first strategy as well as elevating our brand through improved content (photography, video and copy). This overhaul is anticipated to be in multiple phases. Phase 1 will align with our retail availability and will focus primarily on the product finder, evolution to lens focused PDP pages and elevated content throughout the site. While there will be constant improvements post Phase 1 launch, we anticipate a significant upgrade to the user experience in Phase 2, which will be in progress throughout Q2 and Q3.
  • Integrated Communication (Emails and Organic Social) - As you have hopefully seen, we have started to upgrade our owned audience communication through emails and social. We will continue this evolution through broadcast as well as automated strategic communication to drive migration through our progression of resonance. This plays off our goal to sell 5-10 pair of PBO’s to each consumer, delivering cheerleaders for the Brand and perpetuating Word-of-Mouth growth to optimize acquisition and profitability.
  • Direct Mail - As we proceed throughout the year, the goal is to leverage targeted post-cards and trifolds with key consumers to drive awareness and traffic (both to our website as well as our retailers).

Demand Generation and Sell-through

  • Trusted Advisors (ambassadors) will play a key role in driving demand/sales, so we have structured a tiered Trusted Advisor program using the YETI/Sitka model (Trusted Advisor Details).  We are in the process of updating and expanding our current list of pros/influencers to promote PBO to their audience.
  • Content - As a part of this ambassador structure, we will be working with key partner brands as well as numerous levels of content creators to get the photos and videos necessary to drive our premium positioning across our vast array of pursuits and geographies. This will be a work in progress, but the goal is to be scrappy while expecting industry-leading and authentic content.
  • Regional guides/pros/pursuit experts and retail employees will be used to bolster sell-through and credibility across our markets.
  • iCast provided the opportunity to connect with several potential Tier 1 personalities and media groups such as Carter Andrews, WAYPOINT TV, B.A.S.S.  and several others who’ve shown interest. These relationships will be cultivated continuously with the intention to formalize when funds allow.
  • Events - Road Warriors will set up at local events, tournaments, shows and retail “pop-ups” to augment the field work provided by FSMG.
  • Podcasts - We’ve seen significant spikes in sales when we do regional podcasts and will expand this effort across all geographic regions leveraging the core team and local Trusted Advisors.
  • Paid Performance - Digital Marketing across all channels (paid social, google, SEO/SEM, etc.) will be employed extensively both from an holistic brand promotion standpoint and targeted to specific geographic areas to highlight new retail outlets and drive store traffic throughout the year.

Key Personnel (added/needed)

  • Jason Michelotti (CMO/contracted March ‘23) 
  • John Ide (Branding/contracted June ‘23) https://john-ide.com/
  • E-Commerce Manager (‘24 mid year add)
  • Social Media/Content Manager (‘24 mid year add)
  • Road Warriors (2-’24 mid year add)
  • Road Warrior Manager (‘24 mid year add)

Upcoming Events

Financial Highlights

2023 ended with Total Sales of $149,898 and a gross profit margin of 70% after returns and discounts.  We are anticipating that we will show a loss of approximately $300,000.  Upon completion and review by Seidel Shroeder (CPA), a formal EOY P&L will be released with 2023 K1 to each investor. 

Direct to Consumer Statistics

YOY, all numbers are tracking to the positive. 

Pro Forma 2024 - 2028


Pro Forma Summary 2024-2028


Raise Status and Importance

$6M for 25% Equity

  • As of this update, we’ve secured a little over $1M and are in a good financial position to kick off and support our retail launch. In general however, due to the recent economic headwinds, specifically the increase in interest rates, ‘23 turned out to be a less than ideal time to seek private capital.
  • Based on the enthusiasm from our customers, the feedback from key industry players and the marketing foundation Jason and John have helped us build, we believe our pro-forma revenue is attainable but we will need to complete the raise in ‘24 to fuel our growth (inventory/marketing/headcount) to hit those projections.
  • We have several things in the pipeline we are confident will produce additional capital, but we would certainly welcome help, in terms of investor referrals, from our current shareholders.

General Outlook/Closing Remarks

By all accounts 2023 was a very successful and pivotal year. We continued to validate an appetite for an alternative player in the space and acceptance/buy-in for the PBO point of view amongst the most important influencers in the fishing/shooting community.

We proved we can move the sales needle when we are “present” physically at events (Houston Fishing Show in March and CCA in May/not reflected on the graph), and, more importantly, when we participate in marketing efforts such as podcasts, paid social and email campaigns, etc.

Jason is dialing in his formula to “finding a bunch of friends” to broaden our reach and drive sell-through. John is polishing/elevating our “brand voice” to better align our look and feel to the competitive advantage we provide. And, Brad is working diligently to build out a functional, efficient distribution machine.

In short, we accomplished many behind the scenes motions and built a world class team of “been there done that” experts around us to ensure success as we transition from the “Proof of Concept” phase to building sustainable revenue growth.

Q1 will be busy as we build out promotional materials, retail line books and other assets to provide Frontier Sales and Marketing Group ammo to start educating retailers and securing pre-orders. The continuation of the “back office” stuff will be in full swing as we gear up to receive 90 display cases in February and ready our inventory for the retail launch immediately following.

The feedback we are receiving via FSMG around the retailer interest is exciting and we are anxious to get rolling. It will be all hands-on deck to ensure we execute on v1 of the product picker and geography based marketing initiatives to build demand right out of the gate. Staying in front of the sales effort will be critical to ensure we have localized Trusted Advisors helping us break new ground.

Bottom line, we are expecting great things this year and beyond. Our pro-forma is based on an average sell-through of just 7 units per month and, with enough capital we believe we can build the sales/marketing efforts and scale the team to realize exponential growth.

We are grateful for, and don’t take lightly, the trust you have placed in us. We are more convinced and excited about the opportunities in front of us, every day.

Rob and Bill