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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 Inc. (Nasdaq: BYRN) has achieved a significant milestone in Mexico. The company's less-lethal launchers have been approved for use by security professionals and private citizens, following completion of a newly approved, federally certified training program. This program, endorsed by Mexico's Secretaría de Trabajo y Previsión Social (STPS), was developed in partnership with Distribution Goel and a network of certified instructors across major regions.
The DC-3 certification training covers legal guidelines, product nomenclature, target practice, and real-world scenario simulations. This approval marks an important step in Byrna's international expansion, building on its success in Canada and South America. The company expects its products to resonate with individuals seeking effective and responsible personal protection solutions in Mexico.
Byrna Technologies Inc. (Nasdaq: BYRN), a company specializing in less-lethal personal security solutions, has announced its participation in several upcoming investor conferences. These events include:
1. Sidoti Micro-Cap Virtual Conference on August 15th (virtual presentation)
2. 2024 Gateway Conference on September 5th in San Francisco
3. H.C. Wainwright 26th Annual Global Investment Conference on September 9th-10th in New York
4. B. Riley Consumer & TMT Consumer Conference on September 12th in New York
The company will deliver presentations and engage in one-on-one meetings with investors at these events. Webcasts will be available for some presentations, offering investors insights into Byrna's innovative technology and business strategies.
Byrna Technologies Inc. (Nasdaq: BYRN) has announced a $10 million stock repurchase program approved by its Board of Directors. The program authorizes the company to repurchase up to $10 million of its common stock over a 24-month period. CEO Bryan Ganz believes Byrna's shares are undervalued and present a compelling investment opportunity. The company has achieved impressive sequential revenue growth, with Q2 2024 marking a company record for revenue, surpassing the previous record set in Q1 2024, while improving profitability.
The repurchase program reflects management's confidence in the company's long-term prospects and commitment to enhancing shareholder value. Byrna intends to fund the repurchases with its existing cash balance, including cash generated from operations. During previous stock repurchase programs, Byrna has repurchased $17.5 million of stock.
Byrna Technologies Inc. (Nasdaq: BYRN) has secured a significant order from the City of Buenos Aires for 500 Byrna SD launchers to equip its police force. The city recently held a demonstration showcasing the training of police officers with these less-lethal devices at the Higher Institute of Public Security (ISSP). Mayor Jorge Macri emphasized the importance of incorporating new technology to address various forms of crime, highlighting Byrna's extended range compared to handheld stun guns.
The Byrna SD, powered by compressed air, shoots .68 caliber projectiles that can disable threats from up to 50 feet away. CEO Bryan Ganz noted that this order demonstrates the effectiveness of Byrna's solutions and signals strong traction in Latin America, with significant orders from large governments and police forces.
Byrna Technologies reported a record Q2 2024 revenue of $20.3 million, a 76% increase from Q2 2023. Gross margin improved to 62%, and net income rose to $2.1 million, reversing a $1.1 million loss in Q2 2023. The growth was driven by a successful shift in advertising strategy and increased production capacity. The company delivered 1,500 launchers to the armed forces of a Central American country and expects more orders. Byrna also named Lauri Kearnes as the new CFO. Cash and cash equivalents increased to $24.8 million, with no current or long-term debt. The company plans further expansions in retail stores and international law enforcement markets to sustain growth.
Byrna Technologies, a company specializing in less-lethal personal security solutions, announced its inclusion in the Russell 3000® Index as part of the annual reconstitution that took effect on June 28, 2024. This inclusion is based on market capitalization and style attributes. CEO Bryan Ganz highlighted that this achievement is a result of their successful advertising strategy and aims to increase exposure to the investment community. The Russell Indexes, a critical benchmark for $10.5 trillion in assets, are widely used by investment managers and institutional investors.
Byrna Technologies (Nasdaq: BYRN) has appointed Lauri Kearnes as Chief Financial Officer, effective July 15, 2024. Kearnes, who joins from Harte Hanks, brings over 20 years of financial and operational leadership experience. At Harte Hanks, she oversaw finance, accounting, and human resources for a $200 million revenue business. Kearnes also held significant roles at Brooks Automation and Nutraceutical CEO Bryan Ganz praised her financial strategy expertise and leadership skills. Outgoing CFO David North will retire but remain as an outside consultant to ensure a seamless transition.
Byrna Technologies (Nasdaq: BYRN), a company known for its innovative less-lethal personal security solutions, announced that it will report its financial results for the fiscal second quarter of 2024 on Tuesday, July 9, 2024. The announcement will be followed by a conference call at 9:00 a.m. Eastern Time, where Byrna's management will discuss the financial outcomes and take questions from participants.
The financial results for the quarter ended May 31, 2024, will be disclosed in a press release prior to the call. The call can be accessed toll-free at 877-709-8150 or internationally at +1 201-689-8354 using Conference ID 13746883. A live broadcast and replay will be available on Byrna's Investor Relations website.
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.
Byrna Technologies, a leader in less-lethal personal security solutions, announced new partnerships with three media influencers to expand its reach. These partnerships include Dan Bongino, Dana Loesch, and Mike Gallagher, who will promote Byrna's products through their popular radio shows and podcasts. Dan Bongino’s show reaches over 400,000 daily listeners and 1.2 million weekly podcast downloads. Dana Loesch's 'The Dana Show' reaches 100,000 weekly listeners, while Mike Gallagher's show connects with over 100,000 daily listeners. Byrna aims to enhance its visibility and consumer engagement through these strategic alliances.
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