Byrna Technologies Inc. (BYRN) develops, manufactures and sells less-lethal personal security solutions, including Byrna-branded launchers, projectiles and other personal defense tools. Company news centers on revenue results, channel performance and the expansion of direct-to-consumer, dealer, chain-store and brick-and-mortar retail distribution.
Updates also cover product innovation, research and development, marketing and customer-acquisition initiatives, investor presentations and leadership changes. The recurring themes connect Byrna's consumer personal-defense model with manufacturing execution, retail-channel strategy and governance transitions as the company scales its less-lethal security portfolio.
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.