Exhibit 99

Rocky Brands, Inc. Announces Second Quarter 2025 Results

Net Sales Increased 7.5% to $105.6 Million

Income from Operations Increased 58.7% to $7.2 Million

Net Income Increased to $3.6 Million or $0.48 Per Diluted Share, compared to Net Loss of $1.2 Million or $0.17 Per Diluted Share

Adjusted Net Income Increased to $4.1 Million or $0.55 Per Diluted Share, compared to Adjusted Net Income of $1.3 million or $0.17 Per Diluted Share

Total Debt Decreased 13.1% Year-Over-Year

NELSONVILLE, Ohio, July 29, 2025 – Rocky Brands, Inc. (NASDAQ: RCKY) today announced financial results for its second quarter ended June 30, 2025.

Second Quarter 2025 Overview

“We executed well during the second quarter, capitalizing on the strength of our brand portfolio and the benefits of our diversified manufacturing and sourcing base to deliver results that well exceeded last year and expectations,” said Jason Brooks, Chairman, President and Chief Executive Officer. “The drivers of our top-line performance were broad based and led by XTRATUF, as demand for the brand in our Wholesale and e-Commerce channels accelerated, along with Muck, which posted its strongest growth in several quarters. We were particularly pleased with the strong full-price selling we experienced, which, combined with our nimble supply chain and recent pricing actions, contributed to a 230-basis point increase in gross margins and significant improvement in profitability.”

Brooks continued, “Looking ahead, we are approaching the remainder of 2025 with optimism about the momentum in our business coupled with the appropriate level of caution given the overall market uncertainty. Bookings for our U.S. Wholesale business for the second half are up solidly year-over-year, and we’ve enacted plans including leveraging our manufacturing facilities in the Dominican Republic and Puerto Rico to mitigate the impact from higher tariffs. While visibility into consumer demand is currently more challenging, we believe we are well positioned to navigate the current macroeconomic backdrop and continue delivering value for our shareholders over the near and long-term.”

Second Quarter 2025 Review

Second quarter net sales increased 7.5% to $105.6 million compared with $98.3 million in the second quarter of 2024. Wholesale net sales for the second quarter increased 7.1% to $73.1 million compared to $68.3 million in the second quarter of 2024. Retail net sales for the second quarter increased 13.9% to $29.7 million compared to $26.1 million in the second quarter of 2024. Contract Manufacturing net sales for the second quarter decreased 27.8% to $2.8 million compared to $3.9 million in the second quarter of 2024.

Gross margin in the second quarter of 2025 was $43.3 million, or 41.0% of net sales, compared to $38.0 million, or 38.7% of net sales, for the same period last year. The increase in gross margin as a percentage of net sales was primarily attributable to a 300-basis point increase in Wholesale segment margins as well as increased Retail segment net sales, which carry a higher gross margin than the Wholesale and Contract Manufacturing segments.

Operating expenses were $36.1 million, or 34.2% of net sales, for the second quarter of 2025 compared to $33.5 million, or 34.1% of net sales, for the same period a year ago. Excluding $0.7 million of acquisition-related amortization in the second quarter of 2025 and 2024, adjusted operating expenses were $35.4 million in the current year period and $32.8 million in the year ago period. As a percentage of net sales, adjusted operating expenses were 33.5% in the second quarter of 2025 compared with 33.4% in the year ago period. The increase in operating expenses was driven primarily by higher selling costs associated with the increase in our direct-to-consumer business, as well as an increase in our marketing investments compared with the year ago period.

Income from operations for the second quarter of 2025 was $7.2 million, or 6.8% of net sales, compared to $4.5 million, or 4.6% of net sales, for the same period a year ago. Adjusted income from operations for the second quarter of 2025 was $7.8 million, or 7.4% of net sales, compared to adjusted income from operations of $5.2 million, or 5.3% of net sales, a year ago.

Interest expense for the second quarter of 2025 was $2.5 million compared with $6.1 million, inclusive of a $2.6 million one-time term loan extinguishment charge for the prior year period. Excluding the one-time term loan extinguishment charge, interest expense in the second quarter of 2024 was $3.5 million. The decrease in interest expense was driven by lower interest rates as a result of the debt refinancing completed in April 2024 as well as lower debt levels.

The Company reported second quarter net income of $3.6 million, or $0.48 per diluted share, compared to a net loss of $1.2 million, or $0.17 per diluted share, in the second quarter of 2024. Adjusted net income for the second quarter of 2025 was $4.1 million, or $0.55 per diluted share, compared to $1.3 million, or $0.17 per diluted share, in the year ago period.

Balance Sheet Review

Cash and cash equivalents were $2.8 million as of June 30, 2025, compared to $4.1 million on the same date a year ago.

As of June 30, 2025, total debt, net of unamortized debt issuance costs of $2.0 million, was $132.5 million consisting of a $30.9 million senior term loan and $103.6 million of borrowings under the Company's senior secured asset-backed credit facility. As of June 30, 2025, total debt, net of unamortized debt issuance costs was down 13.1% from June 30, 2024, and was up 2.9% compared to December 31, 2024.

Inventories as of June 30, 2025, were $186.8 million, up 6.8% compared to $175.0 million on the same date a year ago and up 12.1% compared to $166.7 million as of December 31, 2024.

Conference Call Information

The Company's conference call to review second quarter 2025 results will be broadcast live over the internet today, Tuesday, July 29, 2025, at 4:30 pm Eastern Time. Investors and analysts interested in participating in the call are invited to dial (877) 704-4453 (domestic) or (201) 389-0920 (international). The conference call will also be available to interested parties through a live webcast at www.rockybrands.com. Please visit the website and select the “Investors” link at least 15 minutes prior to the start of the call to register and download any necessary software.

About Rocky Brands, Inc.

Rocky Brands, Inc. is a leading designer, manufacturer and marketer of premium quality footwear and apparel marketed under a portfolio of well recognized brand names. Brands in the portfolio include Rocky®, Georgia Boot®, Durango®, Lehigh®, The Original Muck Boot Company®, XTRATUF® and Ranger®. More information can be found at RockyBrands.com.

Safe Harbor Language

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding intent, beliefs, expectations, projections, forecasts, and plans of the Company and its management and include statements in this press release regarding the Company's optimism about the momentum of its business and the appropriateness of the Company's level of caution given overall market uncertainty (Paragraph 3), the Company's plans and ability to mitigate the impact of higher tariffs (including leveraging manufacturing facilities in the Dominican Republic and Puerto Rico) (Paragraph 3), the Company's visibility into future consumer demand (Paragraph 3), and the Company belief that it is well-positioned to navigate the current macroeconomic backdrop and deliver value for shareholders over the near and long-term (Paragraph 3). These forward-looking statements involve numerous risks and uncertainties, including, without limitation, the various risks inherent in the Company’s business as set forth in periodic reports filed with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2024 (filed March 17, 2025) and quarterly report on Form 10-Q for the quarter ended March 31, 2025 (filed May 8, 2025). One or more of these factors have affected historical results and could in the future affect the Company’s businesses and financial results in future periods and could cause actual results to differ materially from plans and projections. Therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation or warranty by the Company or any other person that the objectives and plans of the Company will be achieved. All forward-looking statements made in this press release are based on information presently available to the management of the Company. The Company assumes no obligation to update any forward-looking statements.

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)

(Unaudited)

Rocky Brands, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In thousands, except share amounts)

(Unaudited)

Rocky Brands, Inc. and Subsidiaries

Reconciliation of GAAP Measures to Non-GAAP Measures

(In thousands, except share amounts)

(Unaudited)

Use of Non-GAAP Financial Measures

In addition to GAAP financial measures, we present the following non-GAAP financial measures: "non-GAAP adjusted operating expenses," "non-GAAP adjusted income from operations," "non-GAAP adjusted interest expense and other - net", "non-GAAP adjusted net income," and "non-GAAP adjusted net income per share." Adjusted results exclude the impact of items that management believes affect the comparability or underlying business trends in our consolidated financial statements in the periods presented. We believe that these non-GAAP measures are useful to management and investors and other users of our consolidated financial statements as an additional tool for evaluating operating performance. We believe they also provide a useful baseline for analyzing trends in our operations.

Investors should not consider these non-GAAP measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. See "Reconciliation of GAAP Measures to Non-GAAP Measures" accompanying this press release.