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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) 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.
Byrna Technologies Inc. (NASDAQ: BYRN) reported preliminary revenues of $11.2 million for Q4 2021, totaling $42.2 million for FY 2021, exceeding previous guidance by $2.2 million. This marks a 150% revenue increase from FY 2020. Looking ahead, Byrna anticipates FY 2022 revenues between $60 million and $65 million. Additionally, the company announced a $30 million share repurchase program, indicating confidence in its financial position and growth prospects, while overcoming supply chain challenges.
Byrna Technologies Inc. (NASDAQ: BYRN) announced the purchase approval of 200 Tactical Compact Rifles (TCR) and 39,000 rounds of ammunition by the Spokane County Sheriff's Office, totaling over $200,000. This decision follows new Washington legislation mandating less-lethal options for law enforcement. Byrna held a training session for 19 officers to enable them to train others in using the TCR. The Sheriff's Office plans to deploy these launchers in January 2022. In FY 2021, Byrna's law enforcement sales reached $500,000.
Byrna Technologies (NASDAQ: BYRN) announced that CEO Bryan Ganz will host a virtual fireside chat at the Raymond James Technology Investors Conference on December 8, 2021, at 8:50 am ET. A live webcast and replay will be accessible on their investor relations website. Byrna specializes in innovative non-lethal personal security solutions, including the Byrna® HD device, aimed at consumers, private security, and law enforcement. For more details, visit ir.byrna.com.
Byrna Technologies Inc. (NASDAQ: BYRN) will have its CEO, Bryan Ganz, present at the Ladenburg Thalmann Virtual Technology Expo on November 18, 2021, at 9:30 am ET. This one-day event will showcase around 50 technology companies, covering various sectors such as cybersecurity, AI, and public safety. Investors can register to watch the presentation and request one-on-one meetings via the event website. A replay of the webcast will also be available on the company's investor relations site.
Byrna Technologies reported impressive Q3 FY21 results, with revenues increasing by 107.3% to $8.7 million and gross profit rising 129.6% to $4.9 million. Gross margins improved to 56.2%, up from 50.7% year-over-year. Despite a net loss of $(1.8 million), the company boasts strong cash reserves of $58.4 million as of August 31, 2021. Byrna plans to expand its product line and sales channels, including a dedicated Amazon store, which shows promising growth in traffic. The FY2021 revenue guidance remains between $40-$42 million, marking a projected 146% increase.
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