Circa 10-12 years ago Warren Kanders et al acquired the corporate shell of what was once Clarus Corp. (CLRS) and along with it a couple hundred million in NOL carry forward. Clarus Corp then acquired Black Diamond, became BDE, and has these NOLs available to use. The NOLs have cash value to an acquirer.
NOL is now $167 million or about 1/2 of BDE's market cap. Most of Wall Street as well as individual investors have lost track of this "hidden" value. Now BDE is growing their revenues on top of that.
An acquisition of $15-20 per share isn't out of the question, in my opinion. Do your own DD.