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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 has acquired assets from Ballistipax, a developer of bulletproof backpacks that aim to enhance safety during active shooter situations. The acquisition includes trademarks, patents, finished goods, and inventory, funded by cash on hand. Byrna plans to launch the 'Byrna Shield' product line, which offers various configurations for personal protection, with sales beginning shortly. The company also conducted its first 'Learn Safe' training program for law enforcement in Texas, focusing on non-lethal protective tools and active shooter responses, enhancing its product offerings and market presence.
Byrna Technologies Inc. (NASDAQ: BYRN) announced that Bi-Mart, a retail chain in the Pacific Northwest, has begun stocking Byrna products across 82 locations since late July 2021. This partnership expands Byrna's presence to approximately 1,600 retail locations nationwide. CEO Bryan Ganz noted that the collaboration enhances revenue diversification and offers a competitive advantage by allowing customers to physically interact with Byrna products. Positive customer reception is indicated by a replenishing order within two weeks of launch.
Byrna Technologies Inc. has launched the Byrna Eco-Kinetic round, a .68 caliber non-lethal projectile available for pre-order since August 1, 2021. Priced at 25 cents per round, it aims to be both cost-effective and environmentally friendly as it dissolves completely when exposed to the elements. Featuring visual impact technology, it leaves a mark upon impact, enhancing user experience during target practice. The CEO, Bryan Ganz, anticipates strong consumer engagement, positioning the Eco-Kinetic round as a potential best-seller.
Byrna Technologies Inc. (NASDAQ: BYRN) has priced an upsized public offering of 2,500,000 common shares at $21.00 per share, aiming for total gross proceeds of approximately $52.5 million. The offering was increased from the initial 2,250,000 shares announced earlier. An option for underwriters to purchase an additional 375,000 shares is included. Proceeds will be allocated for working capital and corporate purposes. Raymond James & Associates, Inc. is the lead book-running manager of the offering.
Byrna Technologies has announced an underwritten public offering of 2,250,000 common shares, with a 30-day option for underwriters to purchase an additional 337,500 shares. The funds raised will be used for working capital and general corporate purposes. Raymond James & Associates, Inc. leads the offering as book-running manager, with B. Riley Securities and Ladenburg Thalmann also involved. A registration statement has been filed with the SEC, but it is not yet effective, meaning no securities can be sold until then.
Byrna Technologies (NASDAQ: BYRN) announced significant growth in its fiscal Q2 2021 results, with revenues soaring to $13.4 million from $1.2 million year-over-year. The company achieved a gross margin of 56.4% and reported a GAAP net income of $2.0 million, a turnaround from a net loss of $8.1 million in Q2 2020. Byrna has raised its fiscal year revenue guidance to between $38 - $41 million, reflecting an expected growth of 138% at the midpoint. Additionally, Byrna has been added to the Russell 3000® Index, enhancing its market visibility.
Byrna Technologies Inc. (NASDAQ: BYRN) recently conducted its first training program for private security at Sony Pictures Studios, equipping security personnel with the Byrna HD Plus non-lethal platform. The training, attended by over 50 participants, aimed to ensure the effective use of Byrna's technology in real-world scenarios. Sony's selection of Byrna after evaluating various non-lethal solutions highlights the Byrna HD's effective range and reliability. CEO Bryan Ganz expressed satisfaction with the partnership, emphasizing Byrna's capabilities in enhancing security.
Byrna Technologies Inc. (NASDAQ: BYRN) announced the release of its fiscal second quarter financial results for the period ending May 31, 2021, scheduled for June 30, 2021, before market opening. Management will hold a conference call at 9:00 am ET on the same day to discuss these results. Interested listeners can participate by calling designated numbers or accessing a live webcast on the company’s website. Byrna specializes in non-lethal personal security solutions and is known for its Byrna® HD personal security device, positioned for consumers and law enforcement markets.
Byrna Technologies Inc. (NASDAQ: BYRN) announced the filing of a registration statement on Form S-1 with the SEC for a proposed public offering of common stock, expected to raise approximately $50 million. The number of shares and offering price are not yet determined. Proceeds will be used for working capital and general corporate purposes. The completion of the offering is subject to market conditions. Raymond James & Associates will serve as the lead manager alongside B. Riley Securities and Ladenburg Thalmann.
Byrna Technologies Inc. (BYRN) announced the acquisition of Mission Less Lethal assets, enhancing its portfolio in non-lethal security solutions. The deal, funded with Byrna's cash on hand, integrates Mission's products, including the TCR and MLR launchers, along with valuable IP rights. This strategic move aims to expand Byrna's reach into law enforcement and private security markets, leveraging synergies between both companies' technologies. CEO Bryan Ganz emphasized the potential for new product development and the appeal of Mission's TCR to Byrna's existing customer base.
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