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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) 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.
Byrna Technologies Inc. (NASDAQ: BYRN) will release its financial results for the fiscal second quarter ending February 28, 2022, on April 6, 2022, before market open. Management will discuss the results in a conference call at 9:00 am ET the same day. Interested parties can participate by calling (201) 689-8354 or (877) 709-8150, or by accessing a live webcast on the company's website. Byrna focuses on developing non-lethal personal security solutions, including the Byrna® HD device, designed for consumers and law enforcement.
Byrna Technologies has authorized a $30M stock repurchase program, aimed at enhancing shareholder value. The program will initiate following a blackout period, using available cash for the purchases. The Board's decision reflects confidence in Byrna's business fundamentals and growth potential. As per the approved 10b5-1 plan, repurchases are set to start in February 2022 and continue until April 30, 2022, with a maximum of $10M to be repurchased under this plan. However, no assurances can be made regarding the exact number of shares and total value to be purchased.
Byrna Technologies (NASDAQ: BYRN) reported Q4 FY21 revenues of $11.2 million, up 1.2% year-over-year, with orders rising 57.4% to $12 million. Gross profit increased by 16.4% to $5.7 million, resulting in a gross margin of 51.1%. For FY2021, revenues surged 154.5% to $42.2 million, while gross profit rose 204.9% to $22.9 million. However, operating expenses also increased to $26.2 million. Byrna anticipates Q1 FY22 revenues will fall between $8.4 and $9.2 million due to supply chain issues, reducing its FY22 guidance from $60-$65 million to $55-$60 million.
Byrna Technologies Inc. (NASDAQ: BYRN) will release its fiscal fourth quarter and full year financial results for the period ending November 30, 2021, on February 11, 2022, before markets open. A conference call will follow at 9:00 AM ET for management to discuss these results. Interested parties can access the call by dialing (201) 493-6744 or (877) 445-9755, and the call will also be available via a webcast on the company's investor relations site. Byrna specializes in the development of non-lethal personal security solutions, including the Byrna® SD device.
Byrna Technologies Inc. (NASDAQ: BYRN) announced the retirement of Paul Jensen from its Board of Directors as of December 8, 2021. Jensen served since July 2018 and was Chair of the Nominating and Governance Committee. The company welcomed Leonard Elmore and Emily Rooney as new board members, effective December 2, 2021. Elmore, a seasoned professional in law and sports commentary, and Rooney, an accomplished media executive, are expected to bring valuable insights to Byrna's strategic initiatives. Byrna specializes in non-lethal security solutions with its flagship product, the Byrna® HD.
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