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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. announced that the Harris County Sheriff's Department selected its TCR .68 caliber launchers for use in the Harris County Jail. This decision follows a rigorous evaluation of less-lethal weapons systems. The TCR is designed to propel chemical projectiles efficiently, allowing deputies to respond swiftly to non-lethal threats. Byrna's products have recently been adopted by several other law enforcement and security agencies, enhancing their non-lethal response capabilities. CEO Bryan Ganz expressed optimism about continued adoption across police departments nationwide.
Byrna Technologies Inc. (NASDAQ: BYRN) announced that Coastal Farm and Ranch has begun carrying its SD XL product line across 20 store locations in Oregon and Washington. The SD XL device, designed for self-defense and recreation, can shoot up to 30 rounds at 300 feet per second, effective up to 60 feet. This expansion demonstrates Byrna's growth strategy and partnership with Big Rock Sports and Maschmedt and Associates. Customers now have more access to Byrna's innovative non-lethal personal security solutions.
Byrna Technologies has partnered with Sports Inc., the largest sporting goods buying group in the U.S., to provide its full range of products to over 500 independent retailers. This strategic collaboration was formalized in May 2022 after Byrna's successful product presentation at a vendor event, where it secured $32,000 in initial orders. This partnership enhances Byrna's market penetration in independent retail, with guaranteed payment terms, reducing credit risk. Byrna continues to leverage its sales team to offer training and demonstrations at retail locations nationwide.
Byrna Technologies Inc. (NASDAQ: BYRN) has selected Outdoor Investment Holdings (OIH) as its exclusive distribution partner for the South African consumer market. OIH will distribute Byrna's range of less-lethal launchers and ammunition through its subsidiaries, Formalito and Inyathi Sporting Supplies, which service over 1,000 retail locations. Under the agreement, OIH will purchase a minimum of 15,000 Byrna launchers in the first year, with an initial order of 6,000. This partnership aims to expand Byrna's presence in South Africa while providing consumers access to premium non-lethal self-defense products.
Byrna Technologies Inc. (Nasdaq: BYRN) announced the appointment of Brian Terando as Vice President of Production and Supply Chain, succeeding Mike Gillespie, who is retiring at the end of May. Terando brings over 30 years of experience in operations, supply chain, and engineering, emphasizing Lean Continuous Improvement. He will take over Gillespie's responsibilities and will ensure a smooth transition until August.
The company acknowledges Gillespie's contributions in establishing the new Ft. Wayne production facility on time and under budget.
Byrna Technologies Inc. (NASDAQ: BYRN) has opened a new manufacturing facility in Fort Wayne, significantly increasing production capacity for its Tactical Compact Rifle (TCR). The 30,000 square-foot facility can produce up to 600,000 launchers annually, doubling the existing capacity. The TCR, designed for home defense, features rapid firing capabilities and enhanced accuracy. It will retail for $749, targeting both consumers and law enforcement. This expansion marks a pivotal step in Byrna's growth strategy, allowing for increased inventory and improved quality control.
Byrna Technologies (NASDAQ: BYRN) reported Q1 FY22 revenues of $8.0 million, a 10.3% decline from $8.9 million in Q1 FY21. Orders received rose 45.6% to $8.9 million, indicating strong demand despite supply chain disruptions. Gross profit decreased slightly to $4.6 million, with a margin improvement to 57.8%. Operating expenses increased to $8.0 million due to corporate growth investments. Byrna reiterates its full-year revenue guidance of $55-$60 million and expects to achieve positive adjusted EBITDA by Q3 FY22.
Byrna Technologies Inc. (NASDAQ: BYRN) announced the launch of its self-defense products at Sportsman's Warehouse and SCHEELS, extending its retail footprint across 139 locations. Sportsman's Warehouse will feature Byrna products in all its 122 stores in 29 states and online, anticipating 7-10 new store openings in 2022. SCHEELS, an employee-owned retailer, will carry Byrna in 17 of its 31 locations across 14 states. CEO Bryan Ganz expressed confidence in these partnerships, emphasizing their alignment with Byrna's customer-first approach.
Byrna Technologies announces the appointment of Andy Pollack as Chief Public Safety Officer to promote school safety initiatives. Pollack, a school safety advocate following the tragic loss of his daughter in the Parkland shooting, will lead the Byrna School Safety Program. The company will donate 10% of sales from its new safety products, the Byrna Ballistipac and Shield, to Pollack's charitable organization, Meadow's Movement, aimed at enhancing school security. Byrna aims to provide essential tools for School Resource Officers to enhance rapid response during potential active shooter situations.
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