Self-Defense Products Specialist Byrna Technologies Establishes Itself as an Innovator in the Less Lethal Weapons Space
- Byrna achieves significant revenue growth, selling over 300,000 launchers and reaching $48 million in net revenue in FY2022.
- Strong demand from gun owners and non-gun owners, with potential market growth still untapped.
- Byrna counts over 300 police departments as customers, including large federal agencies like the ATF and DEA.
- Challenges with bans on advertising on social media platforms.
Byrna Technologies has achieved significant and sustained revenue growth, demonstrating its appeal to consumers who are attracted to less lethal self-defense products.
Andover, Massachusetts, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Andover, Massachusetts August 24, 2023, updated September 1, 2023
More than 300,000 Byrna SD Launchers Sold Since Shipping began in June 2019
Byrna Technologies Inc. (“Byrna” or the “Company”) (NASDAQ: BYRN) announced earlier this year that it had reached a revenue milestone, capping off four years of impressive growth. Revenues increased from
Byrna’s early focus has been providing American gun owners with a safe, effective, and reliable less-lethal option in their arsenal to protect themselves and their families in situations that do not call for deadly force, tapping into an expected Total Addressable Market (TAM) of 100 million U.S. gun owners. Along the way, the Company has found that there also is strong demand for their Byrna launchers among non-gun owners looking for an effective form of protection for themselves and their families without the risk of causing grievous injury or death.
Bryan Ganz, the Company’s President and CEO, says that many of their customers have been attracted to the Company’s products because they are looking for an effective means of self-defense without unnecessary or lasting harm, and without the risks associated with having a firearm in the house. “Crime and gun violence are two of Americans top concerns,” Ganz explained, “and we believe there are many people who feel a need to protect themselves and their loved ones, but are not willing to risk taking a human life.”
Byrna’s historic growth was fueled through sales direct to consumers, through dealers (such as Bass Pro), to private security firms, and to law enforcement agencies, including police departments across the country. Today, Byrna counts more than 300 police departments amongst its customers, including large federal agencies such as the ATF and DEA. These customers welcome tools that can facilitate their job performance and protect officers and the public without the risk of excessive force.
Ganz continued: “In many of our cities crime is on the rise, so police departments are increasingly called upon to deploy force to maintain the peace. Unfortunately, at the same time, accusations of police brutality have skyrocketed due to a number of high-profile police shootings. This can lead officers to hesitate when faced with a potentially deadly threat, potentially putting the life of the officer or the lives of innocent bystanders at risk. Our products offer a solution to this tension because with the Byrna launchers there should not be fatal mistakes.”
The Company recently has run up against bans on advertising or promoting weapons on social media platforms that are applied blindly to less lethal tools for self-defense, like the Byrna launchers, and other weapons, including firearms. As the Company works on new marketing strategies to overcome these challenges, Ganz remains committed to its mission to provide civilians, law enforcement officers, and security professionals with a safe, reliable and effective alternative to traditional firearms to protect themselves, their families and their communities without the need to resort to deadly force.
“We need to educate the public that there are safe, effective, and reliable alternatives to lethal force,” Ganz explained. “I am convinced we have only started to scratch the surface of the market. Most gun owners don’t know they have options, much less that our products exist. When they have an opportunity to try a Byrna launcher and learn about its effectiveness, many become customers. And whenever someone is carrying a less-lethal weapon rather than a firearm, we are potentially saving a life.”
Forward- Looking Statements
This news release contains "forward-looking statements" within the meaning of securities laws. All statements contained in this news release, other than statements of current and historical fact, are forward-looking. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "intends," "anticipates," and "believes" and statements that certain actions, events or results "may," "could," "would," "should," "might," "occur," or "be achieved," or "will be taken." Forward-looking statements include descriptions of currently occurring matters which may continue in the future. Forward-looking statements in this news release include but are not limited to our statements related to the Company's ability to access its total addressable market and the Company’s prospects for future growth. Forward-looking statements are not, and cannot be, a guarantee of future results or events. Forward-looking statements are based on, among other things, opinions, assumptions, estimates, and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies, and other factors that may cause actual results and events to be materially different from those expressed or implied.
Any number of risk factors could affect our actual results and cause them to differ materially from those expressed or implied by the forward-looking statements in this news release, including, but not limited to, disappointing market responses to current or future products or services; prolonged, new, or exacerbated disruption of our supply chain; the further or prolonged disruption of new product development; production or distribution or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, pandemic-related factors, civil unrest, increased shipping costs or freight interruptions; prototype, parts and material shortages, particularly of parts sourced from limited or sole source providers; determinations by third party controlled distribution channels, including Amazon, not to carry or reduce inventory of the Company's products; determinations by advertisers to prohibit marketing of some or all Byrna products; potential cancellations of existing or future orders including as a result of any fulfillment delays, introduction of competing products, negative publicity, or other factors; product design defects or recalls; litigation, enforcement proceedings or other regulatory or legal developments; changes in consumer or political sentiment affecting product demand; regulatory factors including the impact of commerce and trade laws and regulations; import-export related matters or sanctions or embargos that could affect the Company's supply chain or markets; delays in planned operations related to licensing, registration or permit requirements; and future restrictions on the Company's cash resources, increased costs and other events that could potentially reduce demand for the Company's products or result in order cancellations. The order in which these factors appear should not be construed to indicate their relative importance or priority. We caution that these factors may not be exhaustive; accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. Investors should carefully consider these and other relevant factors, including those risk factors in Part I, Item 1A, ("Risk Factors") in the Company's most recent Form 10-K, should understand it is impossible to predict or identify all such factors or risks, should not consider the foregoing list, or the risks identified in the Company's SEC filings, to be a complete discussion of all potential risks or uncertainties, and should not place undue reliance on forward-looking information. The Company assumes no obligation to update or revise any forward-looking information, except as required by applicable law.
Media Contact
Name: David North
Email: dnorth@byrna.com
