Byrna Technologies Announces $10 Million Stock Repurchase Program
Rhea-AI Summary
Byrna Technologies Inc. (Nasdaq: BYRN) has announced a $10 million stock repurchase program approved by its Board of Directors. The program authorizes the company to repurchase up to $10 million of its common stock over a 24-month period. CEO Bryan Ganz believes Byrna's shares are undervalued and present a compelling investment opportunity. The company has achieved impressive sequential revenue growth, with Q2 2024 marking a company record for revenue, surpassing the previous record set in Q1 2024, while improving profitability.
The repurchase program reflects management's confidence in the company's long-term prospects and commitment to enhancing shareholder value. Byrna intends to fund the repurchases with its existing cash balance, including cash generated from operations. During previous stock repurchase programs, Byrna has repurchased $17.5 million of stock.
Positive
- Board approval of $10 million stock repurchase program over 24 months
- Record-breaking revenue in Q2 2024, surpassing previous record in Q1 2024
- Improving profitability alongside revenue growth
- Strong cash position to fund repurchases without impacting operations
- Previous successful repurchase of $17.5 million in stock
Negative
- None.
News Market Reaction – BYRN
On the day this news was published, BYRN declined 2.24%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ANDOVER, Mass., Aug. 05, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that its Board of Directors has approved a
“Based on our continuing strong operating performance, primarily driven by our successful marketing strategies, we believe Byrna’s shares present a compelling investment opportunity at their current valuation,” said Byrna CEO Bryan Ganz. “We believe that our shares are currently undervalued by the market, and this repurchase program demonstrates our confidence in the long-term sustainability of our marketing strategies and business model. As we have done with previous repurchase programs, we aim to enhance shareholder value and demonstrate our commitment to delivering consistent returns by taking advantage of the current market conditions.”
Byrna has achieved impressive sequential revenue growth over the past several quarters, with Q2 2024 marking a company record for revenue, surpassing the previous record set in Q1 2024, all while improving profitability. This consistent growth reinforces management’s confidence in the Company’s long-term prospects. The stock repurchase program reflects management’s belief in the intrinsic value of Byrna and the Company’s dedication to utilizing its robust cash position to benefit shareholders. Management remains committed to driving returns for Byrna’s shareholders through strong operational performance and in the capital markets.
Under the stock repurchase program, the Company may buy back its common stock in the open market from time to time, in amounts, at prices, and at such times as the Company deems appropriate, subject to market conditions, pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934, and federal and state laws governing such transactions. Byrna intends to fund the repurchases with its existing cash balance, including cash generated from operations, ensuring that the program does not impact operational capabilities or growth initiatives. There can be no assurances as to the exact number or aggregate value of shares that will be repurchased by Byrna.
During the Company’s previous stock repurchase programs, Byrna has repurchased
About Byrna Technologies Inc.
Byrna is a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. For more information on the Company, please visit the corporate website here or the Company's investor relations site here. The Company is the manufacturer of the Byrna® SD personal security device, a state-of-the-art handheld CO2 powered launcher designed to provide a less-lethal alternative to a firearm for the consumer, private security, and law enforcement markets. To purchase Byrna products, visit the Company's e-commerce store.
Forward-Looking Statements
This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this news release, other than statements of current and historical fact, are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as: “may,” “aim,” “will,” “plan,” “expect,” “intend,” “anticipate,” and “believe,” “could,” “should,” “might,” “occur,” “achieved” and similar references to future periods. 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 approval and implementation of the
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com
FAQ
What is the size and duration of Byrna Technologies' new stock repurchase program?
How does Byrna Technologies (BYRN) plan to fund the stock repurchase program?
What was Byrna Technologies' (BYRN) financial performance in Q2 2024?
How much stock has Byrna Technologies (BYRN) repurchased in previous programs?
