First Breach, an ammunition manufacturer for commercial, law enforcement, and military markets, filed on Thursday with the SEC to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; First Breach will not raise new capital in its listing. The company did not disclose the anticipated timing of its listing.
The Registered Stockholders plan to sell up to 45 million shares of common stock.
First Breach raised $1.2 million in the 1Q26 by selling 0.3 million shares at $3.00 per share; at that price, the company would be valued at $135 million. During the 2025 fiscal year, the company generated net revenue of $384k.
First Breach is a vertically integrated ammunition and ammunition components manufacturer serving commercial, law enforcement, and military markets. The company operates a single facility that encompasses the full production process, from lead smelting and brass cup and casing manufacturing through final product assembly. Raw materials are sourced from multiple international suppliers. Products are distributed primarily through wholesale distributor channels, with a smaller portion sold directly to consumers and small businesses. In September, the company formed a JV with Indian drone maker IdeaForge Technology.
The Hagerstown, MD-based company was founded in 2018 and plans to list on the Nasdaq under the symbol FBDT. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, RBW Capital Partners will serve as financial advisor.
