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Byrna Technologies Inc. (Nasdaq: BYRN) is a pioneering less-lethal defense technology company that designs, manufactures, and distributes innovative personal security solutions. The company's flagship product, the Byrna HD, is a handheld personal security device designed for use by civilians and private security professionals. This state-of-the-art CO2-powered launcher offers a less-lethal alternative to firearms, capable of deploying impact rounds and payload rounds carrying chemical irritants or marking products. Additionally, Byrna offers a range of accessories and third-party products compatible with the Byrna HD.
Byrna's product portfolio also includes less-lethal munitions suitable for military, correctional services, police agencies, and private security markets. These munitions comprise 40mm rifled launchers and 12 gauge less-lethal impact rounds, providing effective non-lethal options to stop individuals without causing permanent injury or death. The company serves customers across the United States, Canada, South Africa, and other international markets.
Founded in 2005 and headquartered in Andover, Massachusetts, Byrna has recently expanded its manufacturing capacity in response to surging demand driven by new marketing campaigns. The company's facility in Fort Wayne, Indiana, now boasts increased production capabilities, with a second assembly line and a 25% increase in personnel, allowing for a production boost from 10,000 to 12,500 units per month.
This expansion supports Byrna's efforts to meet the growing demand, particularly in the direct-to-consumer (DTC) market. The company has experienced significant sales growth, bolstered by the success of its celebrity influencer network, which includes notable figures such as Sean Hannity, Glenn Beck, Bill O'Reilly, and Judge Jeanine Pirro. This influencer-driven strategy has led to remarkable increases in web traffic and sales, especially during typically slow post-holiday months.
Byrna has also seen increased traction with large public safety agencies and premier dealer partners in Canada and Mexico. The company's first premier dealer in Canada, Byrna Toronto, has reported strong sales since opening, reflecting the growing acceptance of Byrna's less-lethal launchers as effective personal defense options.
Financially, Byrna reported net revenue of $15.6 million for Q4 2023, demonstrating strong domestic growth despite a slight year-over-year decline due to a previous one-time surge in international sales. The company's gross profit for the quarter increased to $9.0 million, driven by a higher percentage of sales from the higher-margin DTC channel. Byrna ended FY 2023 with $20.5 million in cash and cash equivalents and no debt, providing a stable foundation for continued growth.
Byrna's commitment to enhancing law enforcement capabilities is exemplified by its recent contract with the Córdoba Provincial Police force in Argentina for 10,000 Byrna launchers, adding to the 5,000 previously purchased. The company aims to have 100% of the force trained with Byrna launchers by the end of 2024, supported by Byrna's T3 (Train-The-Trainer) program.
Looking ahead, Byrna remains focused on leveraging its strong financial position, expanding its market reach, and increasing production capacity to meet rising demand. The company's innovative less-lethal solutions are poised to continue gaining traction in both the consumer and professional security markets.
Byrna Technologies (Nasdaq: BYRN) has announced significant strides in its Latin American strategy, focusing on expanding its manufacturing capacity in Argentina to meet rising demand for its less-lethal security solutions.
Byrna LATAM plans to produce 3,000 launchers per month starting in Q1 2025 and expand ammunition production, including Byrna's Mission-4 and SDXL launchers in Argentina in 2025. A dedicated ammunition factory in Córdoba Province will boost the availability of Byrna Max and Byrna Pepper projectiles across Latin America.
In 2024, the Córdoba Provincial Police deployed 15,000 Byrna SD and Mission-4 units and ordered an additional 10,000 units for 2025, generating approximately $1.5 million in royalty income for Byrna Technologies. Byrna LATAM is also in talks with agencies in Peru and Brazil, potentially increasing production beyond 3,000 units per month.
Byrna's CEO, Bryan Ganz, highlighted the success and regional demand for Byrna's solutions during a recent visit to Buenos Aires, where he met with Argentina's Vice President Victoria Villarruel and the Córdoba Police Chief.
Byrna retains the right to repurchase 100% of Byrna LATAM based on profitability and compliance with U.S. audit standards, which would allow Byrna to include LATAM's sales in its topline numbers. Byrna expects to earn between $1.0 and $2.0 million in royalty income in 2025 based on LATAM's production plans.
Byrna Technologies (NASDAQ: BYRN) announced plans to increase launcher production by 33% to 24,000 units monthly starting January 2025, up from current 18,000 units. The company will implement two full shifts at its Fort Wayne, Indiana facility, with additional Saturday capacity when needed.
The company will also begin producing payload ammunition at a new facility near its launcher factory. These initiatives are part of Byrna's 'Made in America' strategy, which has increased US-sourced components from 11% to 79% since 2020. Byrna plans to exit China within six months and achieve 100% domestic sourcing for its Byrna SD launcher by end-2025.
The company expects improved margins through increased freight efficiency, higher volumes, and better supply chain management, offsetting potential price increases from domestic sourcing.
Byrna Technologies (Nasdaq: BYRN) has announced reaching a significant milestone of 500,000 launchers sold in November 2024, just five and a half years after its first sale in 2019. The company's growth trajectory shows remarkable acceleration, reaching 100,000 units in Q4 2021, 250,000 by Q1 2023, and doubling its sales over the past two years.
The introduction of the Byrna LE launcher in early 2023 and the company's strategic use of celebrity influencers have contributed to significant growth, resulting in doubled annual revenue from fiscal year 2023 to 2024. This achievement demonstrates increasing market adoption of Byrna's less-lethal personal security solutions.
Byrna Technologies reported preliminary Q4 2024 revenue of $28.0 million, a 79% increase from $15.6 million in Q4 2023. Full-year 2024 revenue reached a record $85.8 million, more than doubling from $42.6 million in 2023. E-commerce channels grew by $8.9 million year-over-year, representing 76% of total Q4 sales.
Launcher production exceeded 55,000 units in Q4 at the Fort Wayne facility. International sales increased by $1.0 million, including $43,000 in royalties from Byrna LATAM. Black Friday and Cyber Monday sales will be included in Q1 2025 results. The company's fulfillment team can now process over 2,000 packages daily.
Byrna Technologies reported record-breaking sales during Black Friday and Cyber Monday 2024, totaling $2.4 million in combined revenue across Byrna.com and Amazon.com. Black Friday sales reached $1,025,000 (up 91% YoY), with Byrna.com contributing $710,000 (up 70%) and Amazon.com $315,000 (up 162%). Cyber Monday sales hit $1,381,000 (up 188% YoY), with Byrna.com generating $1,088,000 (up 189%) and Amazon.com $293,000 (up 183%).
The company's email marketing showed significant growth, with its subscriber list expanding by over 200% YoY. Their Black Friday promotion email reached 595,000 recipients with a 57% open rate.
Byrna Technologies reported record Q3 2024 results with revenue hitting $20.9 million, a 194% increase from Q3 2023. Gross margin improved to 62.4% as manufacturing scaled. The company's celebrity endorsement program generated a 5.0X return on ad spend, driving strong growth. Key highlights include:
- Expanded presence in Bass Pro Shops and Cabela's to 137 stores nationwide
- Secured orders from Uruguay and Argentina for law enforcement
- Launched a $10 million stock repurchase program
- Net income of $1.0 million, compared to a loss of $(4.1) million in Q3 2023
- Adjusted EBITDA of $1.9 million, up from $(2.4) million in Q3 2023
- Cash and cash equivalents of $20.1 million with no debt
The company is scaling production, adding retail stores, and preparing to launch the Compact Launcher in Summer 2025.
Byrna Technologies Inc. (Nasdaq: BYRN), a personal defense technology company specializing in less-lethal personal security solutions, has announced its upcoming financial results conference call. The call is scheduled for Wednesday, October 9, 2024, at 9:00 a.m. Eastern time to discuss the company's fiscal third quarter results for the period ended August 31, 2024.
Key details for the conference call include:
- Toll-Free Dial-In: 877-709-8150
- International Dial-In: +1 201-689-8354
- Conference ID: 13748618
Financial results will be released via press release prior to the call. The call will be broadcast live and available for replay through the Investor Relations section of Byrna's website.
Byrna Technologies Inc. (Nasdaq: BYRN) has secured a 1,000 launcher order from Argentina's Policía de Seguridad Aeroportuaria (PSA), the federal agency responsible for airport security. This follows an initial purchase in April, with PSA now deploying Byrna's less-lethal pistols and rifles across national airports after officer training. The order marks Byrna's expanding presence in Argentina, following a recent 10,000 launcher order from the Córdoba Provincial Police and adoptions by police departments near Buenos Aires.
CEO Bryan Ganz highlighted the increasing normalization of less-lethal solutions in Argentina and the broader region, emphasizing Byrna's growing international footprint and traction with law enforcement agencies. This deployment reinforces Byrna's leadership in the evolving public safety landscape.
Byrna Technologies Inc. (Nasdaq: BYRN) has announced record preliminary financial results for Q3 2024. The company, which specializes in less-lethal personal security solutions, reported:
- Total revenue of $20.8 million, a 194% increase from Q3 2023 ($7.1 million)
- Year-to-date revenues of $57.7 million, surpassing previous annual sales record
- Production of over 55,000 units in Q3
The growth was attributed to successful marketing strategies, including a celebrity endorsement campaign. Sales increased across all channels, with notable growth in web sales (219.6%) and international sales (490.7%). Byrna plans to report full Q3 2024 financial results in October, followed by a conference call.
Byrna Technologies Inc. (Nasdaq: BYRN) has secured a significant order from the Uruguayan Ministry of the Interior for 400 Byrna launchers and over 100,000 rounds of less-lethal ammunition. The purchase includes 300 handheld and 100 long gun launchers for the Uruguayan National Police. This adoption aims to enhance public safety and reduce reliance on lethal force in various law enforcement scenarios.
The launchers will initially be deployed by the Republican Guard, with plans for expansion to other divisions following comprehensive training programs. This order aligns with Byrna's broader strategy in Latin America, where the company sees strong momentum and significant opportunities. CEO Bryan Ganz emphasized that this decision underscores the growing recognition of Byrna's products as effective, less-lethal solutions for law enforcement.
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