Byrna Technologies Reports Record Results for Fiscal Fourth Quarter and Full Year 2024
Rhea-AI Summary
Byrna Technologies (NASDAQ: BYRN) reported strong financial results for Q4 and FY 2024. The company achieved record Q4 revenue of $28.0 million, up 79% year-over-year, and full-year revenue of $85.8 million, a 101% increase from 2023.
Q4 2024 highlights include net income of $9.7 million compared to a loss of $0.8 million in Q4 2023, and gross profit margin improvement to 63%. The company ended the year with $25.7 million in total available funds and no debt.
Key operational developments include surpassing 500,000 launchers sold, increasing production capacity by 33% to 24,000 launchers monthly, opening new retail stores, and signing an LOI with Sportsman's Warehouse for a store-within-store pilot program. The company also expanded its celebrity endorsement program, maintaining a return on ad spend above 5.0X.
Positive
- Record Q4 revenue of $28.0M (+79% YoY)
- FY2024 revenue reached $85.8M (+101% YoY)
- Q4 net income improved by $10.5M to $9.7M
- Gross profit margin increased to 63% in Q4 2024
- Strong cash position with $25.7M available funds and no debt
- Production capacity increased by 33% to 24,000 launchers monthly
- Marketing ROI above 5.0X through celebrity endorsement program
Negative
- Cash and equivalents decreased from $20.5M to $16.8M YoY
- Operating expenses increased 39% in Q4 2024
- Loss of successful celebrity endorser (Mike Huckabee)
News Market Reaction 1 Alert
On the day this news was published, BYRN gained 7.78%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Full-Year 2024 Revenues Reach
ANDOVER, Mass., Feb. 07, 2025 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. (“Byrna” or the “Company”) (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported select financial results for its fiscal fourth quarter (“Q4 2024”) and full year ended November 30, 2024.
Fiscal Fourth Quarter 2024 and Recent Operational Highlights
- Surpassed 500,000 launchers sold since inception, just five and a half years after the sale of Byrna’s first launcher in June 2019.
- Increased launcher production in the first fiscal quarter of 2025 by
33% to 24,000 launchers a month to meet growing market demand and support operational growth. - Recently opened a new U.S.-based ammunition manufacturing facility in Fort Wayne, Indiana, as part of a re-shoring initiative, significantly expanding Byrna’s domestic production capacity and enhancing the Company’s supply chain for its payload ammunition.
- Continued to generate a highly accretive return on ad spend (ROAS) above 5.0X through the celebrity endorsement program for the full year 2024 period, leading to a record
$28.0 million of sales for the fourth quarter of 2024. - Added Megyn Kelly, Charlie Kirk, and Lara Trump as celebrity influencers to continue amplifying brand awareness and further support the normalization of its less-lethal solutions, while continuing to optimize marketing spend for maximum impact.
- Partnered with the United States Concealed Carry Association (USCCA), gaining access to nearly one million USCCA members to promote less-lethal solutions while introducing Byrna customers to USCCA’s training, education, and self-defense liability insurance offerings.
- Opened retail stores in the Greater Nashville Area, Scottsdale, Arizona, and Salem, New Hampshire. Byrna plans to open the Fort Wayne, Indiana store in the coming months.
- Signed a Letter of Intent to launch a pilot store-within-a-store program at eleven Sportsman’s Warehouse locations, expanding Byrna’s retail footprint.
Fiscal Fourth Quarter 2024 Financial Results
Results compare Q4 2024 to the 2023 fiscal fourth quarter ended November 30, 2023 unless otherwise indicated.
Net revenue for Q4 2024 was
Gross profit for Q4 2024 was
Operating expenses for Q4 2024 were
Net income for Q4 2024 was
Adjusted EBITDA1, a non-GAAP metric reconciled below, for Q4 2024 totaled
Cash and cash equivalents at November 30, 2024 totaled
Fiscal Year 2024 Financial Results
Results compare the 2024 fiscal year ended November 30, 2024 to the 2023 fiscal year ended November 30, 2023 unless otherwise indicated.
Net revenue for FY 2024 was
Gross profit for FY 2024 was
Operating expenses for FY 2024 were
Net income for FY 2024 was
Adjusted EBITDA1 for FY 2024 totaled
Management Commentary
Byrna CEO Bryan Ganz stated: “The fourth quarter was the culmination of a remarkable year for Byrna. We successfully generated a record
“Our marketing strategy, anchored by the continued success of our celebrity influencer program, has continued to be instrumental in driving DTC sales and expanding brand awareness. For 2024, the program maintained a highly accretive return on ad spend (ROAS) above 5.0X, underscoring the effectiveness of this approach in normalizing less-lethal solutions. Building on this foundation, we have been adding a more robust, multi-channel marketing strategy that now includes traditional media such as cable and broadcast networks. This diversification complements our influencer program, which recently welcomed prominent voices like Megyn Kelly, Charlie Kirk, and Lara Trump.
As we execute across multiple channels, we will continue to be disciplined in evaluating partnerships and optimizing ad spend to maximize impact and ROAS. We have prioritized celebrity endorsers who demonstrate strong ROAS and have discontinued partnerships that did not meet our minimum ROAS requirements. To date, the celebrity endorsers who were initially successful have continued to perform well, while those we discontinued never met our ROAS benchmarks. Unfortunately, we did lose one very successful celebrity endorser, Governor Mike Huckabee, due to his appointment as U.S. ambassador to Israel.
“In addition to expanding our online DTC reach, we are making strides in building our brick-and-mortar footprint. With four company-owned stores up and running, we are optimistic that these stores will validate the company-owned store model and open the way to a rollout of Byrna company-owned stores in key markets throughout the United States. Given the high gross margins and the relatively inexpensive operating costs, we believe that these stores can contribute meaningfully to Byrna’s bottom line as they ramp up over the coming quarters. We are also pleased to announce that we have signed a letter of intent to partner with Sportsman’s Warehouse to launch a store-within-a-store model at 11 locations across the United States. Each of these Sportsman’s Warehouse locations will convert their existing archery range into a firing range for customers to experience our launchers, similar to our company-owned stores and premier dealers. If the initial pilot program is successful, Byrna expects to be in 90 more stores by the end of the year, accelerating the rate of our brick-and-mortar presence across the United States.
“To ensure our production keeps pace with our growth initiatives, we have successfully increased launcher production to 24,000 units as of January at our Fort Wayne, Indiana launcher production facility. Additionally, we have begun producing payload ammunition at a new facility in Fort Wayne, located four miles from our launcher production facility. This state-of-the-art manufacturing facility will house eight advanced dousing and welding machines capable of producing both .68 and .61 caliber payload rounds for our existing launchers as well as our anticipated new Compact Launcher. We will also be able to produce .61 caliber fin-tail payload rounds for our Pepper and Max 12-gauge less-lethal rounds. Once fully operational later this year, these eight machines will collectively produce up to 10 million rounds per month, including 1.5 million fin-tail rounds for the 12-gauge platform. We believe the combination of Byrna Pepper and Max 12-gauge rounds, coupled with the Sportsman’s “store-within-a-store” partnership, will help spur the sale of our less-lethal 12-gauge rounds.
The onshoring of ammunition production is part of Byrna’s larger ‘Made in America’ strategy. We remain committed to exiting China by mid-year and aim to source nearly
“Our momentum has carried into the new fiscal year with a strong holiday season in December, including
“Looking ahead, we remain optimistic about our trajectory. The ongoing success of our marketing efforts has resulted in less-lethal becoming a much more widely accepted personal self-defense category. This is allowing us to advertise on an increasing number of cable and social media platforms. We believe that the market for less-lethal weapons among gun owners in the U.S. is in the tens of millions of consumers. This expanding market, along with our growing online presence, expanding retail presence, and increasing international opportunities, reinforces our confidence in the long-term demand for less-lethal weapons as a whole and for Byrna specifically. While the first quarter historically experiences a seasonal slowdown in consumer spending, we expect to achieve strong year-over-year growth as we continue executing our strategic initiatives. We believe that Byrna is well-positioned to generate additional cash and expand profitability in 2025 and beyond.”
Conference Call
The Company’s management will host a conference call today, February 7, 2025, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.
Toll-Free Dial-In: 877-709-8150
International Dial-In: +1 201-689-8354
Confirmation: 13750859
Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the Investor Relations section of Byrna’s website.
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 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 our expected sales during 2025, our ability to scale production lines, Byrna’s ability to remain self-sustaining, profitable and cash flow positive, Byrna’s ability to open new retail locations and realize revenue growth from them, the expected scale, timing and benefits of Byrna’s store-within-a-store partnership with Sportsman’s Warehouse, the benefits and continued success of Byrna’s celebrity endorser strategy, Byrna’s ability to re-shore production and cease purchasing parts from China on the anticipated timeline, the expected benefits of re-shoring production, the anticipated growth and potential size of the U.S. less-lethal market, and Byrna’s positioning for sustained growth in 2025 and 2026. 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 disruption or delays in entry or penetration of sales channels due to inventory constraints, competitive factors, increased transportation costs or interruptions, including due to weather, flooding or fires; 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 or social media platforms, or legislation that prevents or limits marketing of some or all Byrna products; the loss of marketing partners; increases in marketing expenditure may not yield expected revenue increases; 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 or manufacturing 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; 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 and Part II, Item 1A (“Risk Factors”) in the Company’s most recent Form 10-Q, 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.
Investor Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
949-574-3860
BYRN@gateway-grp.com
-Financial Tables to Follow-
| BYRNA TECHNOLOGIES INC. Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Amounts in thousands except share and per share data) (Unaudited) | |||||||||||||||||
| For the Three Months Ended | For the Twelve Months Ended | ||||||||||||||||
| November 30, | November 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net revenue | $ | 27,979 | $ | 15,640 | $ | 85,756 | $ | 42,644 | |||||||||
| Cost of goods sold | 10,417 | 6,596 | 32,984 | 18,997 | |||||||||||||
| Gross profit | 17,561 | 9,044 | 52,772 | 23,647 | |||||||||||||
| Operating expenses | 13,468 | 9,729 | 46,101 | 31,437 | |||||||||||||
| INCOME (LOSS) FROM OPERATIONS | 4,094 | (684 | ) | 6,671 | (7,790 | ) | |||||||||||
| OTHER INCOME (EXPENSE) | |||||||||||||||||
| Foreign currency transaction loss | (195 | ) | (32 | ) | (576 | ) | (270 | ) | |||||||||
| Interest income | 141 | 168 | 1,024 | 693 | |||||||||||||
| Loss from joint venture | - | 22 | (42 | ) | (603 | ) | |||||||||||
| Other income (expense) | 1 | 27 | 7 | (57 | ) | ||||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | 4,040 | (499 | ) | 7,084 | (8,027 | ) | |||||||||||
| Income tax benefit | 5,634 | (330 | ) | 5,708 | 165 | ||||||||||||
| NET INCOME (LOSS) | $ | 9,674 | $ | (829 | ) | $ | 12,792 | $ | (8,192 | ) | |||||||
| Foreign currency translation adjustment for the period | (133 | ) | 205 | 342 | (436 | ) | |||||||||||
| Unrealized gain (loss) on marketable securities | 65 | - | 65 | - | |||||||||||||
| COMPREHENSIVE INCOME (LOSS) | $ | 9,606 | $ | (624 | ) | $ | 13,199 | $ | (8,628 | ) | |||||||
| Basic net income (loss) per share | $ | 0.43 | $ | (0.04 | ) | $ | 0.57 | $ | (0.37 | ) | |||||||
| Diluted net income (loss) per share | $ | 0.41 | $ | (0.04 | ) | $ | 0.55 | $ | (0.37 | ) | |||||||
| Weighted-average number of common shares outstanding - basic | 22,514,644 | 21,991,313 | 22,504,938 | 21,919,624 | |||||||||||||
| Weighted-average number of common shares outstanding - diluted | 23,754,328 | 21,991,313 | 23,139,549 | 21,919,624 | |||||||||||||
| BYRNA TECHNOLOGIES INC. Condensed Consolidated Balance Sheets (Amounts in thousands, except share and per share data) | |||||||||
| November 30, | |||||||||
| 2024 | 2023 | ||||||||
| ASSETS | |||||||||
| CURRENT ASSETS | |||||||||
| Cash and cash equivalents | $ | 16,829 | $ | 20,498 | |||||
| Accounts receivable, net | 2,630 | 2,945 | |||||||
| Marketable Securities | 8,904 | — | |||||||
| Inventory, net | 19,972 | 13,890 | |||||||
| Prepaid expenses and other current assets | 2,623 | 868 | |||||||
| Total current assets | 50,958 | 38,201 | |||||||
| Deposits for equipment | 2,665 | 1,163 | |||||||
| Right-of-use-asset, net | 2,452 | 1,805 | |||||||
| Property and equipment, net | 3,408 | 3,803 | |||||||
| Intangible assets, net | 3,337 | 3,583 | |||||||
| Goodwill | 2,258 | 2,258 | |||||||
| Loan to joint venture | — | 1,473 | |||||||
| Deferred tax asset | 5,837 | ||||||||
| Other assets | 1,007 | 28 | |||||||
| TOTAL ASSETS | $ | 71,922 | $ | 52,314 | |||||
| LIABILITIES | |||||||||
| CURRENT LIABILITIES | |||||||||
| Accounts payable and accrued liabilities | $ | 13,108 | $ | 6,158 | |||||
| Operating lease liabilities, current | 539 | 644 | |||||||
| Deferred revenue | 1,791 | 1,844 | |||||||
| Line of credit | — | — | |||||||
| Notes payable, current | — | — | |||||||
| Total current liabilities | 15,438 | 8,646 | |||||||
| Notes payable, non-current | |||||||||
| Deferred revenue, non-current | 17 | 91 | |||||||
| Operating lease liabilities, non-current | 2,098 | 1,258 | |||||||
| Total Liabilities | 17,553 | 9,995 | |||||||
| COMMITMENTS AND CONTINGENCIES (NOTE 19) | |||||||||
| Preferred stock, | — | — | |||||||
| Common stock, issued and 22,002,027 outstanding as of November 30, 2024 and, 24,018,612 shares issued and 21,852,625 outstanding as of November 30, 2023 | 24 | 24 | |||||||
| Additional paid-in capital | 133,030 | 130,426 | |||||||
| Treasury stock (2,165,987 shares purchased as of November 30, 2024 and 2023) | (21,253 | ) | (17,500 | ) | |||||
| Accumulated deficit | (56,783 | ) | (69,575 | ) | |||||
| Accumulated other comprehensive loss | (649 | ) | (1,056 | ) | |||||
| Total Stockholders' Equity | 54,369 | 42,319 | |||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 71,922 | $ | 52,314 | |||||
Non-GAAP Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non-GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non-GAAP financial measure helps us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measure.
Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.
This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.
Adjusted EBITDA
Adjusted EBITDA is defined as net (loss) income as reported in our condensed consolidated statements of operations and comprehensive (loss) income excluding the impact of (I) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss, and (vi) one time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP measure, is as follows (in thousands):
| For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||
| November 30, | November 30, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| Net Income (Loss) | $ | 9,673 | $ | (829 | ) | $ | 12,792 | $ | (8,192 | ) | ||||||||
| Adjustments: | ||||||||||||||||||
| Interest income | (141 | ) | (168 | ) | (1,024 | ) | (693 | ) | ||||||||||
| Income tax benefit | (5,634 | ) | 330 | (5,708 | ) | 165 | ||||||||||||
| Depreciation and amortization | 378 | 341 | 1,491 | 1,262 | ||||||||||||||
| Non-GAAP EBITDA | $ | 4,276 | $ | (326 | ) | $ | 7,551 | $ | (7,458 | ) | ||||||||
| Stock-based compensation expense | 788 | 686 | 3,403 | 5,375 | ||||||||||||||
| Severance/Separation/Officer recruiting | 93 | 30 | 524 | 82 | ||||||||||||||
| Non-GAAP adjusted EBITDA | $ | 5,157 | $ | 390 | $ | 11,478 | $ | (2,001 | ) | |||||||||
1 See non-GAAP financial measures at the end of this press release for a reconciliation and a discussion of non-GAAP financial measures.
FAQ
What was Byrna Technologies (BYRN) revenue growth in fiscal 2024?
How much did BYRN's Q4 2024 revenue increase year-over-year?
What is Byrna's (BYRN) current production capacity as of 2025?
What is BYRN's expansion plan with Sportsman's Warehouse?
What was Byrna's (BYRN) net income for Q4 2024?
