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Byrna Technologies Reports Fiscal Third Quarter 2024 Results

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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 ha riportato risultati record per il terzo trimestre del 2024, con ricavi che hanno raggiunto i 20,9 milioni di dollari, un incremento del 194% rispetto al terzo trimestre del 2023. Il margine lordo è migliorato al 62,4% grazie all’aumento della produzione. Il programma di endorsement di celebrità dell'azienda ha generato un ritorno di 5.0X sulla spesa pubblicitaria, contribuendo a una forte crescita. Punti salienti includono:

- Espansione della presenza in Bass Pro Shops e Cabela's a 137 negozi in tutto il paese
- Ordini ottenuti dall'Uruguay e dall'Argentina per le forze dell'ordine
- Lancio di un programma di riacquisto di azioni da 10 milioni di dollari
- Utile netto di 1,0 milione di dollari, rispetto a una perdita di (4,1) milioni di dollari nel terzo trimestre del 2023
- EBITDA rettificato di 1,9 milioni di dollari, in aumento rispetto a (2,4) milioni di dollari nel terzo trimestre del 2023
- Disponibilità liquide e equivalenti di 20,1 milioni di dollari senza indebitamento

L'azienda sta aumentando la produzione, aggiungendo negozi al dettaglio e preparando il lancio del Compact Launcher nell'estate del 2025.

Byrna Technologies informó resultados récord para el tercer trimestre de 2024, con ingresos alcanzando los 20.9 millones de dólares, un aumento del 194% en comparación con el tercer trimestre de 2023. El margen bruto mejoró al 62.4% a medida que la fabricación se incrementó. El programa de promoción de celebridades de la compañía generó un retorno de 5.0X en gastos publicitarios, impulsando un fuerte crecimiento. Puntos destacados incluyen:

- Expansión de la presencia en Bass Pro Shops y Cabela's a 137 tiendas en todo el país
- Obtención de pedidos de Uruguay y Argentina para la aplicación de la ley
- Lanzamiento de un programa de recompra de acciones de 10 millones de dólares
- Ingreso neto de 1.0 millón de dólares, en comparación con una pérdida de (4.1) millones de dólares en el tercer trimestre de 2023
- EBITDA ajustado de 1.9 millones de dólares, en comparación con (2.4) millones de dólares en el tercer trimestre de 2023
- Efectivo y equivalentes de efectivo de 20.1 millones de dólares sin deuda

La empresa está aumentando la producción, añadiendo tiendas minoristas y preparándose para lanzar el Compact Launcher en el verano de 2025.

Byrna Technologies는 2024년 3분기에 역대 최대 실적을 보고하며 수익이 2천9백만 달러에 이르렀고, 이는 2023년 3분기 대비 194% 증가한 수치입니다. 제조 확대 덕분에 총 이익률은 62.4%로 개선되었습니다. 회사의 유명인 추천 프로그램은 광고 지출에 대해 5.0배의 수익률을 창출하며 강력한 성장을 이끌어냈습니다. 주요 하이라이트는 다음과 같습니다:

- Bass Pro Shops와 Cabela's에 137개의 매장으로 확대
- 우루과이와 아르헨티나에서 법 집행용 주문 확보
- 1천만 달러 규모의 자사주 매입 프로그램 출시
- 순이익 100만 달러, 2023년 3분기 적자 410만 달러와 비교
- 조정된 EBITDA 190만 달러, 2023년 3분기의 적자 240만 달러에서 증가
- 부채 없는 2천1백만 달러의 현금 및 현금성 자산 보유

회사는 생산을 확대하고 소매점을 추가하며 2025년 여름에 Compact Launcher를 출시할 준비를 하고 있습니다.

Byrna Technologies a annoncé des résultats record pour le troisième trimestre 2024 avec un chiffre d'affaires atteignant 20,9 millions de dollars, soit une augmentation de 194 % par rapport au troisième trimestre 2023. La marge brute s'est améliorée à 62,4 % grâce à l'augmentation de la production. Le programme de partenariat avec des célébrités de l'entreprise a généré un retour de 5,0X sur les dépenses publicitaires, favorisant une forte croissance. Points forts incluent :

- Présence étendue dans Bass Pro Shops et Cabela's à 137 magasins à l'échelle nationale
- Commandes sécurisées en Uruguay et en Argentine pour les forces de l'ordre
- Lancement d'un programme de rachat d'actions de 10 millions de dollars
- Revenu net de 1,0 million de dollars, par rapport à une perte de (4,1) millions de dollars au troisième trimestre 2023
- EBITDA ajusté de 1,9 million de dollars, contre (2,4) millions de dollars au troisième trimestre 2023
- Liquidités et équivalents de liquidités de 20,1 millions de dollars sans dettes

L'entreprise augmente la production, ajoute des magasins de détail et se prépare à lancer le Compact Launcher à l'été 2025.

Byrna Technologies meldete für das dritte Quartal 2024 Rekordergebnisse mit einem Umsatz von 20,9 Millionen US-Dollar, was einem Anstieg von 194% im Vergleich zum dritten Quartal 2023 entspricht. Die Bruttomarge verbesserte sich auf 62,4%, da die Fertigung skaliert wurde. Das Werbeprogramm mit Prominenten des Unternehmens erzielte eine 5,0-fache Rendite der Werbeausgaben, wodurch das starke Wachstum unterstützt wurde. Wichtige Highlights sind:

- Erweiterte Präsenz bei Bass Pro Shops und Cabela's auf 137 Geschäfte landesweit
- Aufträge aus Uruguay und Argentinien für die Strafverfolgung gesichert
- Ein 10-Millionen-Dollar-Aktienrückkaufprogramm ins Leben gerufen
- Nettogewinn von 1,0 Millionen USD, im Vergleich zu einem Verlust von (4,1) Millionen USD im dritten Quartal 2023
- Bereinigtes EBITDA von 1,9 Millionen USD, im Vergleich zu (2,4) Millionen USD im dritten Quartal 2023
- Barmittel und Bargeldäquivalente von 20,1 Millionen USD ohne Schulden

Das Unternehmen steigert die Produktion, fügt Einzelhandelsgeschäfte hinzu und bereitet den Start des Compact Launchers im Sommer 2025 vor.

Positive
  • Record Q3 revenue of $20.9 million, up 194% year-over-year
  • Gross margin improved to 62.4% from 44.6% in Q3 2023
  • 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
  • 5.0X return on ad spend from celebrity endorsement program
  • Expanded presence in Bass Pro Shops and Cabela's from 42 to 137 stores
  • Secured international orders from Uruguay and Argentina
  • Launched a $10 million stock repurchase program
  • Strong cash position of $20.1 million with no debt
Negative
  • Operating expenses increased 67% year-over-year to $12.2 million
  • Inventory increased to $19.8 million from $13.9 million at November 30, 2023

Insights

Byrna Technologies has reported impressive Q3 2024 results, marking a significant turnaround for the company. Key highlights include:

  • Record revenue of $20.9 million, up 194% year-over-year
  • Gross margin improvement to 62.4% from 44.6% in Q3 2023
  • Net income of $1.0 million compared to a loss of $4.1 million in Q3 2023
  • Adjusted EBITDA of $1.9 million, a substantial improvement from -$2.4 million in Q3 2023

The company's celebrity endorsement strategy has been highly effective, maintaining a 5.0X return on ad spend. This, coupled with expanded retail presence and international growth, particularly in Latin America, positions Byrna for continued strong performance. The planned launch of the Compact Launcher in 2025 and ongoing production scaling efforts further support the positive outlook. With a solid cash position of $20.1 million and no debt, Byrna appears well-positioned for sustained growth and profitability.

Byrna's Q3 results reflect a significant shift in market perception and adoption of less-lethal personal security solutions. The 194% revenue increase suggests rapidly growing consumer demand, likely driven by increased awareness and normalization of these products. Key market trends include:

  • Successful penetration of major retail chains like Bass Pro Shops and Cabela's, indicating mainstream acceptance
  • International market expansion, particularly in Latin America, opening new growth avenues
  • Effective use of celebrity endorsements and media coverage, driving brand awareness and sales
  • Planned retail store expansion, potentially changing the landscape of personal security product sales

The company's ability to maintain high margins while scaling suggests a strong market position and pricing power. The upcoming Compact Launcher could further expand the addressable market. However, investors should monitor potential regulatory changes and competition in this growing sector.

Q3 Revenue Hits New Record of $20.9 Million, a 194% Increase from Q3 2023

Gross Margin Improves to 62.4% as Manufacturing Scales

ANDOVER, Mass., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported select financial results for its fiscal third quarter (“Q3 2024”) ended August 31, 2024.

Fiscal Third Quarter 2024 and Recent Operational Highlights

  • Continued to generate a highly accretive return on ad spend (ROAS) of 5.0X through the celebrity endorsement program, even as Byrna’s advertising spend grew from $800,000 per month in Q2 to $1.0 million per month in Q3, fueling record quarterly results and strong year-over-year growth.
  • Added Mike Huckabee, former Governor of Arkansas, to its roster of high-profile celebrity endorsers, and has signed agreements with two additional prominent celebrities, which will kick-off in December.
  • Secured earned media placements to date on over two dozen news programs, including ABC, Fox, Newsmax, NewsNation, and numerous other local radio and television news shows. Total media coverage continues to grow, with the celebrity endorsement program playing a key role in driving this earned media for Byrna, helping build significant brand awareness and contributing to the continued normalization of the less-lethal industry.
  • Reached national account status with Bass Pro Shops and Cabela’s, expanding Byrna’s presence from 42 stores to 137 stores nationwide and demonstrating the growing awareness around Byrna launchers.
  • Expanded Byrna’s sales reach into Mexico following a successful partnership with the Secretaría de Trabajo y Previsión Social (STPS) of Mexico to create a federally certified training program allowing civilians to legally carry the Byrna.
  • Secured an initial order with the Ministry of the Interior of Uruguay for 400 Byrna launchers and over 100,000 rounds of less-lethal ammunition for the Uruguayan National Police.
  • Deployed 1,000 launchers across airports in Argentina with the Policía de Seguridad Aeroportuaria.
  • Transferred its 51% stake in Byrna LATAM S.A. to its joint venture partner, enabling Byrna to earn royalty income and recognize revenue directly from sales to Byrna LATAM. Additionally, by selling its stake, the Company no longer needs to report Byrna LATAM’s losses in its financial statements.
  • Repurchased $3.0 million of stock at an average price of $10.25 as part of a new $10 million stock repurchase program commenced in August.

Fiscal Third Quarter 2024 Financial Results
Results compare Q3 2024 to the 2023 fiscal third quarter ended August 31, 2023 unless otherwise indicated.

Net revenue for Q3 2024 was $20.9 million, compared to $7.1 million in the fiscal third quarter of 2023 (“Q3 2023”). The 194% year-over-year increase is primarily due to the transformational shift in Byrna’s advertising strategy implemented in September of last year and the resulting normalization of Byrna and the less-lethal space generally. For the first nine months of 2024, revenue was $57.8 million, compared to $27.0 million in the prior year period, an increase of 114% year-over-year.

Gross profit for Q3 2024 was $13.0 million (62.4% of net revenue), up from $3.2 million (44.6% of net revenue) in Q3 2023. The increase in gross profit was driven by the increase in the proportion of sales made through the high-margin direct-to-consumer (DTC) channels (Byrna.com and Amazon.com), a reduction in component costs driven through an intensive cost reduction effort focused on “design for manufacturability” spearheaded by Byrna’s engineering team, and the economies of scale resulting from increased production volumes. For the first nine months of 2024, gross margin was 60.9%, compared to 54.1% for the same period in 2023.

Operating expenses for Q3 2024 were $12.2 million, compared to $7.3 million for Q3 2023, an increase of 67%. The increase in operating expenses was driven by an increase in variable selling costs (such as freight and third-party processing fees), increased marketing spend tied to the Company’s celebrity endorsement strategy, and higher payroll expenses in marketing and engineering as the Company has added personnel to handle the higher sales and production volumes. For the first nine months of 2024, operating expenses were $32.6 million compared to $21.5 million in 2023, a 52% increase year-over-year.

Net income for Q3 2024 was $1.0 million compared to a loss of $(4.1) million for Q3 2023, a $5.1 million improvement. For the first nine months of 2024, net income was $3.1, compared to a loss of $(7.4) million in 2023, a $10.5 million year-over-year improvement.

Adjusted EBITDA1, a non-GAAP metric reconciled below, for Q3 2024 totaled $1.9 million, compared to $(2.4) million in Q3 2023. For the first nine months of 2024, adjusted EBITDA totaled $6.3 million, an $8.5 million improvement over the loss of $(2.2) million in the prior year period, ahead of the traditionally strong fourth quarter.

Cash and cash equivalents at August 31, 2024 totaled $20.1 million compared to $20.5 million at November 30, 2023. Inventory at August 31, 2024 totaled $19.8 million compared to $13.9 million at November 30, 2023. The Company has no current or long-term debt.

Management Commentary
Byrna CEO Bryan Ganz stated: “In the third quarter, we generated $20.9 million in revenue while also improving our gross margin and operating leverage. This performance underscores the continued impact of our celebrity influencer strategy, which has driven increasing brand recognition and contributed to the growing normalization of our product category.

“Since launching the celebrity advertising program in Q4 of last year, we’ve consistently maintained a highly accretive 5.0X ROAS, driving profitable growth throughout the year. Today, over ten celebrities are actively evangelizing Byrna’s less-lethal mission, helping to normalize less-lethal as a legitimate alternative to lethal force, build brand awareness, and drive both consumer and institutional demand. The continued success of this program is evident in our September sales, which came in at $8.3 million—averaging just over $275,000 in sales per day during what is traditionally our weakest month of the seasonally strong fourth quarter.

“As we continue to post record sales, we remain focused on scaling up production to meet this increasing demand. In Q3, production totaled over 55,000 units as we build inventory to support current sales growth, the anticipated holiday season surge, and the upcoming launch of the Compact Launcher.

“To further increase capacity, we are introducing a partial second shift in the fourth fiscal quarter of 2024, with plans to operate a full second shift by the end of the first quarter next year. Additionally, we are adding a third production line dedicated to the Byrna Compact Launcher. We are also preparing to scale domestic ammunition production, enabling us to meet growing demand and position Byrna to support future product lines. This will also allow us to offer a full range of ammunition that is Made in America. These measures will ensure we can keep up with current launcher demand while building inventory for the Compact Launcher, slated for release in Summer 2025.

“With this continued growth, Byrna is now a self-sustaining, profitable, and cash-flowing enterprise. As we scale, we are strategically investing in initiatives that will drive growth while we continue to focus on returning value to shareholders. In the third quarter, we authorized a $10 million buyback, and, to date, have repurchased $3 million of shares at an average price of $10.25, demonstrating our confidence in Byrna’s long-term strategy and growth potential.

“In addition to expanding production, we are also investing in our retail footprint. We have recently signed leases for Byrna-owned stores in key markets, including Nashville, Tennessee; Ft. Wayne, Indiana; Scottsdale, Arizona; and Salem, New Hampshire. We are also finalizing a lease for a proposed Pasadena, California location. These new stores, which build on the successful proof-of-concept from our Las Vegas location—launched two years ago and running at a $1 million annual revenue rate with a 60%+ gross profit margin—will provide valuable market data for future expansion. Each store will feature a shooting range for customers to experience our products firsthand, supporting both revenue growth and brand awareness, complementing our continued success in DTC sales.

“Internationally, we are seeing strong momentum in Latin America, with a string of recent law enforcement deployments reinforcing our optimism for the region’s growth potential. Our strategic divestment of our stake in Byrna LATAM allows us to fully recognize revenue from future sales to Byrna LATAM and earn a royalty on every launcher produced in Argentina. Additionally, we no longer have to report Byrna LATAM’s losses in its financial statements, improving our reported income and enabling us to focus on our core markets.

“We are confident that our growth will continue into 2025 and beyond, driven by increased advertising, which will result in both direct and indirect sales as less-lethal weapons become normalized, alongside new retail stores, mobile trailers, and the launch of our anticipated Compact Launcher. The Compact Launcher, set for release in mid-2025, will strengthen our product lineup by enhancing accessibility and ease of use, allowing for broader market penetration and increased consumer adoption. As we scale and expand production, we expect further improvements in manufacturing efficiency, which will enhance both gross and net margins. With these initiatives, Byrna is positioned for sustained growth and success well into 2025 and 2026.”

Conference Call
The Company’s management will host a conference call today, October 9, 2024, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

Toll-Free Dial-In: 877-709-8150
International Dial-In: +1 201-689-8354
Confirmation: 13748618

Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

The conference call will be broadcast live and available for replay here and via the Investor Relations section of Byrna’s website.

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," 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 our expected sales during the fourth quarter, our ability to scale production, add shifts and production lines, the expected timing for the launch of the Compact Launcher, Byrna’s ability to remain self-sustaining, profitable and cash flow positive, Byrna’s ability to open new retail locations and realize revenue growth from them, continued momentum in the Latin American market, expected increases in gross and net margins, and Byrna’s positioning for sustained growth in 2025 and 2026. 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 disruption or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased transportation costs or interruptions, including due to weather, flooding or fires; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels, including Amazon, not to carry or reduce inventory of the Company’s products; determinations by advertisers or social media platforms, or legislation that prevents or limits marketing of some or all Byrna products; the loss of marketing partners; increases in marketing expenditure may not yield expected revenue increases; 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 or manufacturing 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; 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 and Part II, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-Q, 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

-Financial Tables to Follow-

BYRNA TECHNOLOGIES INC.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Amounts in thousands except share and per share data)
(Unaudited)
                 
  For the Three Months Ended
  For the Nine Months Ended
 
  August 31,
  August 31,
 
   2024   2023   2024   2023 
Net revenue $20,854  $7,085  $57,777  $27,004 
Cost of goods sold  7,842   3,927   22,566   12,402 
Gross profit  13,012   3,158   35,211   14,602 
Operating expenses  12,184   7,267   32,633   21,522 
INCOME (LOSS) FROM OPERATIONS  828   (4,109)  2,578   (6,920)
OTHER INCOME (EXPENSE)        
Foreign currency transaction loss  (103)  (54)  (381)  (238)
Interest income  281   239   883   525 
Loss from joint venture  (62)  (287)  (42)  (625)
Other income (expense)  3   (7)  7   (270)
INCOME (LOSS) BEFORE INCOME TAXES  947   (4,218)  3,045   (7,528)
Income tax benefit  78   124   75   165 
NET INCOME (LOSS) $1,025  $(4,094) $3,120  $(7,363)
         
Foreign currency translation adjustment for the period  381   585   410   (641)
COMPREHENSIVE INCOME (LOSS) $1,406  $(3,509) $3,530  $(8,004)
         
Basic net income (loss) per share $0.05  $(0.19) $0.14  $(0.34)
Diluted net income (loss) per share $0.04  $(0.19) $0.14  $(0.34)
         
Weighted-average number of common shares outstanding - basic  22,758,155   21,960,163   22,509,018   21,895,815 
Weighted-average number of common shares outstanding - diluted  23,410,159   21,960,163   23,072,498   21,895,815 
         


         
BYRNA TECHNOLOGIES INC.
Condensed Consolidated Balance Sheets
(Amounts in thousands, except share and per share data)
         
  August 31,
  November 30,
 
   2024   2023 
  Unaudited
   
ASSETS    
CURRENT ASSETS    
Cash and cash equivalents $20,077  $20,498 
Accounts receivable, net  2,128   2,945 
Inventory, net  19,797   13,890 
Prepaid expenses and other current assets  1,983   868 
Total current assets  43,985   38,201 
LONG TERM ASSETS    
Intangible assets, net  3,401   3,583 
Deposits for equipment  1,927   1,163 
Right-of-use asset, net  2,404   1,805 
Property and equipment, net  3,481   3,803 
Goodwill  2,258   2,258 
Loan to joint venture     1,473 
Other assets  1,548   28 
TOTAL ASSETS $59,004  $52,314 
     
LIABILITIES    
CURRENT LIABILITIES    
Accounts payable and accrued liabilities $11,124  $6,158 
Operating lease liabilities, current  596   644 
Deferred revenue, current  818   1,844 
Total current liabilities  12,538   8,646 
LONG TERM LIABILITIES    
Deferred revenue, non-current  28   91 
Operating lease liabilities, non-current  1,899   1,258 
Total liabilities  14,465   9,995 
     
     
STOCKHOLDERS' EQUITY    
Preferred stock      
Common stock  24   24 
Additional paid-in capital  132,364   130,426 
Treasury stock  (20,747)  (17,500)
Accumulated deficit  (66,456)  (69,575)
Accumulated other comprehensive loss  (646)  (1,056)
     
Total Stockholders' Equity  44,539   42,319 
     
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $59,004  $52,314 
     

Non-GAAP Financial Measures

In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non-GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non-GAAP financial measure helps us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measure.

Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.

This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.

Adjusted EBITDA

Adjusted EBITDA is defined as net (loss) income as reported in our condensed consolidated statements of operations and comprehensive (loss) income excluding the impact of (i) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss, and (vi) one time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP measure, is as follows (in thousands):

  For the Three Months Ended For the Nine Months Ended
  August 31, August 31,
   2024   2023   2024   2023 
Net Income (Loss) $1,025  $(4,094) $3,120  $(7,363)
         
Adjustments:        
Interest income  (281)  (239)  (883)  (525)
Income tax benefit  (78)  (124)  (75)  (165)
Depreciation and amortization  263   333   1,113   897 
Non-GAAP EBITDA $929  $(4,124) $3,275  $(7,156)
         
Stock-based compensation expense  819   1,738   2,615   4,691 
Impairment loss  -   -   -   176 
Severance/Separation/Officer recruiting  196   30   431   82 
Non-GAAP adjusted EBITDA $1,944  $(2,356) $6,321  $(2,207)
         

1 See non-GAAP financial measures at the end of this press release for a reconciliation and a discussion of non-GAAP financial measures.


FAQ

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

Byrna Technologies reported record revenue of $20.9 million for Q3 2024, representing a 194% increase from Q3 2023.

How much did Byrna's (BYRN) gross margin improve in Q3 2024?

Byrna's gross margin improved to 62.4% in Q3 2024, up from 44.6% in Q3 2023, due to increased direct-to-consumer sales and manufacturing efficiencies.

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

Byrna Technologies reported a net income of $1.0 million for Q3 2024, compared to a loss of $(4.1) million in Q3 2023.

How many stores now carry Byrna (BYRN) products in Bass Pro Shops and Cabela's?

Byrna expanded its presence in Bass Pro Shops and Cabela's from 42 to 137 stores nationwide, reaching national account status.

When is Byrna Technologies (BYRN) planning to launch its Compact Launcher?

Byrna Technologies is planning to launch its Compact Launcher in Summer 2025, which is expected to strengthen its product lineup.

Byrna Technologies, Inc.

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