From Guns America:

“We currently have over a year’s worth of orders for ammunition in excess of $1 billion,” CEO Chis Metz said during the Nov. 5 call, calling the backlog “unprecedented.”

“With demand far outstripping supply and inventory levels in the channel at all-time lows, we see strong demand continuing, and this metric informs our viewpoint of what a recovery or normalization could look like,” he continued.