Byrna Technologies Announces Record Preliminary Q3 2024 Results: Revenues Increase 194% Year-Over-Year, Exceed $20 Million

Rhea-AI Summary

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.

Positive

• Record Q3 2024 revenue of $20.8 million, up 194% year-over-year
• Year-to-date revenues of $57.7 million, surpassing previous annual sales record
• Production of over 55,000 Byrna SD and Byrna LE launchers in Q3
• Web sales increased by 219.6% to $15.5 million
• International sales grew by 490.7% to $951,000

Negative

• None.

Insights

Financial Analyst

Byrna Technologies' Q3 2024 results are exceptionally strong, showcasing remarkable growth across all sales channels. The $20.8 million revenue represents a 194% year-over-year increase, significantly outpacing market expectations. The company's Direct-to-Consumer (DTC) channel stands out with a 219.6% growth, indicating successful marketing strategies and increasing brand awareness.

The international sales surge of 490.7% suggests potential for global market expansion. With year-to-date revenues of $57.7 million already surpassing the previous annual record, Byrna is on track for a transformative fiscal year. The production ramp-up to 55,000 units demonstrates improved operational efficiency, which should support sustained growth and potentially lead to economies of scale.

Market Research Analyst

Byrna's stellar Q3 performance reflects a growing demand for less-lethal personal security solutions. The success of their celebrity endorsement campaign highlights the power of influencer marketing in this sector. The 146.1% growth in Byrna Dedicated Dealers and 113.5% increase in Traditional Dealers suggest a expanding retail presence and market penetration.

The 49% growth in Law Enforcement sales, while smaller, indicates potential for further expansion in this important market segment. The company's ability to nearly triple its revenue year-over-year in a challenging economic environment speaks to the resilience and appeal of its product offerings. This performance could position Byrna as a leader in the less-lethal security market, potentially attracting investor attention and industry partnerships.

Company Surpasses Previous Annual Sales Record in First Nine Months, Year-to-Date Revenues Total $57.7 Million

Q3 Production Totals Over 55,000 Units

ANDOVER, Mass., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced select preliminary financial results for the fiscal third quarter ended August 31, 2024.

Preliminary Third Quarter Results
Based on preliminary unaudited results, the Company expects total revenue for the fiscal third quarter of 2024 to be $20.8 million compared to $7.1 million in the fiscal third quarter of 2023. This 194% increase in revenue was driven by both Direct-to-Consumer (DTC) as well as strong Dealer & Distributor sales. The Company attributes this record sales performance to the continued success of Byrna’s marketing strategies, including its celebrity endorsement campaign which it kicked off in the fourth fiscal quarter of 2023.

Furthermore, the Company produced 55,000 Byrna SD and Byrna LE launchers in the fiscal third quarter. This achievement is part of Byrna’s previously announced plan to ramp up production volume to 18,000 launchers per month.

Preliminary Fiscal Third Quarter 2024 Sales Breakdown:

	Q3 2024 vs. Q3 2023
Sales Channel ($ in 000s)	Q3 2024				Q3 2023				% Increase / (Decrease)
Web	$	15,508			$	4,852			219.6	%
Byrna Dedicated Dealers	$	1,464			$	595			146.1	%
Traditional Dealers	$	2,383			$	1,116			113.5	%
Law Enforcement	$	538			$	361			49.0	%
International	$	951			$	161			490.7	%
Total Sales	$	20,844			$	7,085			194.2	%

Conference Call
Byrna plans to report its full financial results for the fiscal third quarter in October, 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 less-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 less-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,” “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 third fiscal quarter of 2024, the timing of the release of full financial results for the quarter, and Byrna’s ability to maintain production. 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

FAQ

What was Byrna Technologies' (BYRN) revenue for Q3 2024?

Byrna Technologies reported preliminary Q3 2024 revenue of $20.8 million, a 194% increase from $7.1 million in Q3 2023.

How many units did Byrna (BYRN) produce in Q3 2024?

Byrna produced over 55,000 Byrna SD and Byrna LE launchers in Q3 2024, aligning with their plan to ramp up production to 18,000 launchers per month.

What was Byrna's (BYRN) year-to-date revenue for the first nine months of 2024?

Byrna's year-to-date revenues for the first nine months of 2024 totaled $57.7 million, surpassing their previous annual sales record.

Which sales channel showed the highest growth for Byrna (BYRN) in Q3 2024?

International sales showed the highest growth for Byrna in Q3 2024, increasing by 490.7% to $951,000 compared to Q3 2023.