Byrna Technologies Expands Presence in Argentina, Adding Airport Security Deployment

Rhea-AI Summary

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.

Positive

• Secured a 1,000 launcher order from Argentina's airport security agency (PSA)
• Expanding presence in Argentina with multiple law enforcement agencies adopting Byrna's products
• Growing international footprint and traction with law enforcement agencies
• Reinforcing leadership position in the less-lethal solutions market

Negative

• None.

Insights

Market Research Analyst

The 1,000 launcher order from Argentina's PSA represents a significant expansion for Byrna in the South American market. This follows a larger 10,000 launcher order from Córdoba Provincial Police earlier this year, indicating growing momentum in the region.

The adoption by airport security forces could lead to increased visibility and potential word-of-mouth marketing among travelers, possibly spurring interest from other countries or sectors. However, investors should note that the financial impact of this specific order is likely modest in the short term, given Byrna's $48.6 million revenue in fiscal 2022.

The expanding international footprint, especially in law enforcement, could provide a more stable revenue stream compared to consumer sales. This diversification may help mitigate risks associated with fluctuations in the U.S. market or changing consumer sentiment.

Security Industry Expert

The PSA's adoption of Byrna's less-lethal solutions marks a significant shift in airport security approaches in Argentina. This trend towards less-lethal options in high-security environments could set a precedent for other countries, potentially opening up new market opportunities for Byrna.

The deployment in multiple municipalities near Buenos Aires suggests a growing acceptance of Byrna's technology among various law enforcement agencies. This diversification of clients within a single country can lead to more stable and recurring revenue streams.

However, investors should be aware that the less-lethal weapons market is competitive and subject to regulatory scrutiny. Byrna's success will depend on its ability to maintain technological advantages and navigate potential legal and ethical concerns associated with these products.

ANDOVER, Mass., Sept. 19, 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 a 1,000 launcher order from Argentina’s Policía de Seguridad Aeroportuaria (“PSA”), the federal agency responsible for airport security across the country.

The PSA initially purchased Byrna’s less-lethal pistols and rifles in April. Since then, the agency has been training officers to use the launchers and has recently begun deploying them in airports across the nation.

PSA Officers equipped with Byrna TCR (left) and Byrna SD (right) at Ezeiza International Airport 
Credit: Policía de Seguridad Aeroportuaria

“This latest deployment of Byrna launchers with the PSA further highlights our expanding presence in Argentina and the increasing normalization of less-lethal solutions in both the country and the region broadly,” said Bryan Ganz, CEO of Byrna Teachnologies. “As our international footprint continues to grow, we are gaining strong traction with law enforcement agencies that are embracing less-lethal alternatives. These deployments reinforce our leadership in the evolving landscape of public safety, and we are looking forward to seeing the positive impact Byrna has across Argentina.”

This order is another significant step in Byrna’s expansion across Argentina. Earlier this year, Byrna secured a 10,000 launcher order with the Córdoba Provincial Police. The police departments of Lanús, Tigre, and Ezeiza, municipalities near Buenos Aires, Argentina have also been using Byrna launchers and ammunition in their units.

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 the fulfillment of orders, trends in acceptance of less-lethal solutions in Argentina and regionally, and growth in the Company’s international presence. 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, disruption of our supply chain; disruption or delays in new product development; inventory constraints; increased shipping costs or delayed shipments; prototype, parts and material shortages; 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; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; 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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/99218f3d-35b6-4b3d-ba5b-621dc20f10a2

FAQ

What is the size of Byrna Technologies' recent order from Argentina's airport security agency?

Byrna Technologies received a 1,000 launcher order from Argentina's Policía de Seguridad Aeroportuaria (PSA), the federal agency responsible for airport security across the country.

Which other Argentine law enforcement agencies have recently adopted Byrna's products?

In addition to the PSA, Byrna secured a 10,000 launcher order with the Córdoba Provincial Police earlier this year. Police departments in Lanús, Tigre, and Ezeiza municipalities near Buenos Aires have also been using Byrna launchers and ammunition.

How is Byrna Technologies (BYRN) expanding its presence in Argentina?

Byrna is expanding its presence in Argentina through orders from various law enforcement agencies, including a recent 1,000 launcher order from the airport security agency (PSA) and a 10,000 launcher order from the Córdoba Provincial Police. The company is also gaining traction with police departments near Buenos Aires.

What types of products is Byrna Technologies (BYRN) deploying in Argentine airports?

Byrna Technologies is deploying its less-lethal pistols and rifles in airports across Argentina, as purchased and used by the Policía de Seguridad Aeroportuaria (PSA).