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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 reported significant growth in Q4 FY22, with revenues increasing 43.5% to $16.0 million and gross profit rising 52.0% to $8.7 million. For the full year FY22, revenues reached $48.0 million, a 13.8% increase over FY21. However, the net loss rose to $(7.9) million from $(3.3) million in FY21. Byrna forecasts revenues of $55 to $60 million for FY23, expecting a growth rate of approximately 20%. This cautious outlook accounts for economic challenges and new product launches. Despite these challenges, Byrna anticipates profitability on an adjusted EBITDA basis and aims to begin production in its new facility in Argentina.
Byrna Technologies Inc. (NASDAQ: BYRN) announced it will release its fiscal fourth quarter financial results for the period ending November 30, 2022, on February 9, 2023, before market open. A conference call will follow at 9:00 am ET that day to discuss the results. Interested participants can join by phone or access a webcast via the company’s website. Byrna specializes in non-lethal personal security solutions, including the Byrna SD personal security device. This upcoming earnings release is key for investors assessing the company’s performance.
Byrna Technologies Inc. (NASDAQ: BYRN) has announced the establishment of a new subsidiary, Byrna LATAM, based in Montevideo, Uruguay, responsible for the manufacture and distribution of Byrna products in Latin America. The joint venture, with an initial investment of $4.1 million, aims to capitalize on the growing demand for non-lethal self-defense options amid rising civil unrest. Manufacturing operations will begin in Buenos Aires, Argentina, enabling Byrna to reduce costs significantly within the Mercosur free-trade zone. The company's CEO emphasizes the potential for market expansion in a region with a strong demand for personal security solutions.
Byrna Technologies announced preliminary revenue expectations of $16.0 million for Q4 FY2022, a 43% increase from $11.2 million in Q4 FY2021. This marks the second consecutive quarter of 43% year-over-year growth. Full-year revenue for FY2022 is projected at $48.0 million, reflecting a 14% increase. Key sales channels include Byrna.com ($7.4 million) and Amazon ($1.8 million). Management highlights strong demand during the holiday season, although average order value decreased. New product launches, including the Byrna LE launcher, are scheduled for the SHOT Show in January.
Byrna Technologies Inc. reported Q3 FY2022 revenues of $12.4 million, a 43% increase year-over-year, marking the third consecutive quarter of growth. The company achieved a gross margin of 55.4% despite a net loss of $(1.5 million) compared to $(1.8 million) in Q3 FY2021. Byrna expects Q4 FY2022 revenues to range between $16.0 million and $18.0 million, indicating 52% growth at midpoint. However, anticipated economic challenges may temper 2023 growth to 10%-30% compared to higher rates in previous quarters. Operating costs will be trimmed by $1.6 million in 2023.
Byrna Technologies Inc. (NASDAQ: BYRN) announced it will release its financial results for the second quarter ended August 31, 2022, on October 5, 2022, before market open. A conference call is scheduled for 9:00 am ET to discuss the results. The company specializes in developing non-lethal personal security solutions, including the Byrna SD personal security device. Interested parties can access the call by phone or via a webcast on Byrna's website. The results will be available for thirty days post-call.
Byrna Technologies Inc. (NASDAQ: BYRN) announced preliminary Q3 FY2022 revenues of $12.4 million, reflecting a 43% increase from $8.7 million in Q3 FY2021. Year-to-date sales reached $32 million. However, the company revised its Q4 FY2022 revenue guidance to between $16 million and $18 million, citing signs of a softening economy and anticipated decreased demand for discretionary goods. Byrna's full year revenue guidance is now set between $48 million and $50 million. Notably, sales on Amazon surged 3,500% year-over-year.
Byrna Technologies Inc. (NASDAQ: BYRN) has announced a partnership with Argentine firearms manufacturer Bersa SA to distribute its less-lethal self-defense products across South America. This collaboration provides Byrna with immediate access to Bersa's established network of police agencies and dealers. In Argentina, where firearm ownership is heavily regulated, Byrna's products present a viable alternative. With around 5 million firearm owners and strict carry permit limitations, the demand for non-lethal options is significant. Both companies anticipate substantial sales potential in this market.
Byrna Technologies Inc. (NASDAQ: BYRN) has reiterated its full-year revenue guidance of $55 - $60 Million. The company clarified previous communications regarding the sale of its 40 millimeter blunt impact projectile (40 MM BIP) business, which saw total revenues of $43 thousand in fiscal year 2021 and $0 year-to-date in fiscal year 2022. Despite the clarification, Byrna emphasizes the potential risks associated with their forward-looking statements, including factors that may disrupt expected revenues and product demand.
Byrna Technologies Inc. (NASDAQ: BYRN) has sold its 40mm legacy business's IP and tooling to Facta Global, retaining exclusive rights to sell the product in the U.S. and South Africa. The deal includes cash and future royalties. Following production issues at its contract manufacturer, Byrna aims to resume supplying the 40mm BIP to U.S. law enforcement as early as July. The partnership with Facta Global, which has extensive experience in law enforcement training and is Byrna's long-time distributor, positions both companies for growth in the less-lethal product market.
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