Byrna Technologies Announces Record Preliminary Q2 2024 Results: Revenues Exceed $20 Million; Q2 Production Totals Over 48,000 Units
Byrna Technologies (BYRN) announced preliminary financial results for Q2 2024, ending May 31, 2024. The company reported record revenue of $20.3 million, a 76% increase from $11.5 million in Q2 2023, driven by effective new marketing strategies and celebrity endorsements. The production totaled 48,600 units in Q2 2024, aiming to reduce backlog and meet demand. Sales surged across all channels, notably a 197% increase on Amazon and 97.6% on Byrna.com. Full results and a conference call will be shared in July.
- Revenue increased by 76% to $20.3 million in Q2 2024 compared to Q2 2023.
- Significant sales growth across all channels, especially on Amazon (197%) and Byrna.com (97.6%).
- Achieved production of 48,600 units, indicating strong operational efficiency.
- Expected to clear backlog and fulfill orders within 48 hours by June.
- International sales (outside USMCA) decreased by 2.8%, reflecting potential challenges in global markets.
Insights
Byrna Technologies' preliminary Q2 2024 results are notable for their significant revenue growth and production increase. The jump in revenue from
This revenue growth across multiple channels—Direct-to-Consumer (DTC), Amazon, Dealer and Fox Labs—indicates effective market penetration and strong consumer demand. Notably, the Amazon channel saw a remarkable
The production figures are equally impressive. Producing 18,601 units in May and totaling over 48,000 units for the quarter aligns with the company's stated goal of ramping up to 18,000 launchers per month. This level of production capability addresses the backlog issue, promising smoother order fulfillment moving forward, which can enhance customer satisfaction and potentially drive further sales.
In terms of financial health, such growth typically bodes well for the company's profitability and cash flow, assuming costs are managed effectively. Investors would be keen to see the full financial results in July, particularly profitability metrics and updates on any associated expenses.
Analyzing Byrna Technologies from a market perspective, the revenue surge is substantial, with the company capitalizing on a niche market of non-lethal personal security solutions. The consumer interest highlighted by DTC and Amazon channels is significant, especially the
The production ramp-up to 18,000 units per month is a strategic move to meet rising demand. This increase mitigates backlog issues, which is important for maintaining customer trust and satisfaction. However, this level of production must be matched by demand; otherwise, it risks overproduction and associated inventory costs.
Geographically, the company shows robust performance in the U.S. and moderate gains in Canada and Mexico. The slight decline in international sales outside USMCA (-
Overall, Byrna's strategy appears well-executed, though sustainability of this growth depends on maintaining momentum in marketing and addressing any potential international market challenges.
From a technological standpoint, Byrna Technologies' production increase to over 48,000 units in Q2 2024 is impressive. This ramp-up likely involves enhancements in manufacturing processes and supply chain logistics. The ability to produce 18,601 units in May alone indicates optimized production capabilities and effective supply chain management.
Considering the nature of Byrna's products—non-lethal personal security devices—the increased production capability suggests significant improvements in both manufacturing efficiency and possibly in product design that facilitates quicker assembly and scaling. This efficiency is important for meeting current demand and reducing order backlog, thus improving customer satisfaction and brand reputation.
It's also worth noting that these improvements in production capacity likely required capital investment in new equipment or technologies. Investors should be attentive to any details provided in the upcoming full financial report regarding these investments and their impact on future profitability.
ANDOVER, Mass., June 05, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions, today announced select preliminary financial results for the fiscal second quarter ended May 31, 2024.
Preliminary Second Quarter Results
Based on preliminary unaudited results, the Company expects total revenue for the fiscal second quarter of 2024 to be
Furthermore, the Company produced 18,601 Byrna SD and Byrna LE launchers in the month of May alone, contributing to a total of 48.6 thousand units produced in the fiscal second quarter. This achievement is part of Byrna’s previously announced plan to ramp up production volume to 18,000 launchers per month. With this increase in production, Byrna expects to be able to work through its current backlog during the month of June and resume fulfilling orders within 48 hours of receipt.
Preliminary Fiscal Second Quarter 2024 Sales Breakdown:
| Q2 2024 vs. Q2 2023 | ||||||
| Sales Channel ($ in 000s) | Q2 2024 | Q2 2023 | % Increase / (Decrease) | |||
| Byrna.com | $ | 11,379 | $ | 5,758 | ||
| Amazon | $ | 3,214 | $ | 1,082 | ||
| Dealer/Distributor | $ | 3,447 | $ | 2,785 | ||
| Fox Labs | $ | 386 | $ | 272 | ||
| Canada | $ | 555 | $ | 336 | ||
| Mexico | $ | 88 | $ | 15 | ||
| International (Outside USMCA) | $ | 1,225 | $ | 1,260 | - | |
| Total Sales | $ | 20,294 | $ | 11,508 | ||
Conference Call
Byrna plans to report its full financial results for the fiscal second quarter in July, which will be accompanied by a conference call to discuss the results and address questions from investors and analysts. The conference call details will be announced prior to the event.
About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company's investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a non-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company's e-commerce store.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "intends," "anticipates," and "believes" and statements that certain actions, events or results "may," "could," "would," "should," "might," "occur," or "be achieved," or "will be taken." Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include, but are not limited to, our statements related to preliminary revenue and production results for the second fiscal quarter of 2024, the timing of the release of full financial results for the quarter, and Byrna’s ability to maintain production goals and reduce backlog. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.
Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of our supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels not to carry or reduce inventory of the Company's products; determinations by advertisers to prohibit marketing of some or all Byrna products; the loss of marketing partners; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company's supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company's cash resources, increased costs and other events that could potentially reduce demand for the Company's products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, ("Risk Factors") in the Company's most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company's SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com
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