A company that makes self-defense products has spent the last few years moving much of its manufacturing to the U.S. and is finding the benefits extend beyond having the ability to put a "Made in America" label on their products. Byrna Technologies, which makes non-lethal personal security devices that can launch plastic or chemical irritant rounds, moved its main manufacturing facility from South Africa to Indiana in 2021 and began finding qualified U.S. component suppliers to prevent supply chain disrupti ...

Financial Performance - Revenue for the fiscal year ended November 30, 2025, was $118.1 million, an increase of $32.3 million, or 37.7%, compared to $85.8 million in the prior fiscal year[198]. - Direct-to-consumer revenue increased by $10.7 million, or 16.3%, from $65.9 million in fiscal year 2024 to $76.6 million in fiscal year 2025[200]. - Domestic dealer and retail sales increased by $14.0 million, or 108.4%, from $12.9 million in fiscal year 2024 to $26.9 million in fiscal year 2025[200]. - E-commerce transactions accounted for 64.8% of total net revenue for fiscal year 2025, down from 76.8% in fiscal year 2024[198]. - Gross margin declined by 1.0% compared to the prior year, primarily due to a higher proportion of lower-margin wholesale and retail revenue[199]. - Profit from operations for fiscal year 2025 was $11.8 million, compared to an operating profit of $6.7 million for fiscal year 2024[199]. - International revenue, including Canada, increased from $6.8 million to $12.1 million year-over-year[200]. - Wholesale revenue increased to $41.5 million in fiscal year 2025, reflecting expanded relationships with retailers and increased law-enforcement interest[202]. - Cost of goods sold was $46.7 million for fiscal year 2025, up from $33.0 million in fiscal year 2024, driven by higher sales volume[203]. - Gross profit was $71.5 million, or 60.5% of net revenue, for fiscal year 2025, compared to $52.8 million, or 61.5%, in the prior year, indicating a decline in gross margin[204]. - Operating expenses rose to $59.6 million in fiscal year 2025, compared to $46.1 million in the prior year, primarily due to higher marketing and personnel-related costs[205]. - Profit from operations increased by $5.1 million to $11.8 million in fiscal year 2025, compared to $6.7 million in fiscal year 2024[206]. - Interest income decreased to $0.4 million for fiscal year 2025 from $1.0 million in fiscal year 2024, due to a reduction in interest-earning funds[208]. - The effective income tax rate was 17.49% for the year ended November 30, 2025, compared to (80.31)% in the prior year, with an income tax expense of $2.1 million[209]. - Cash and cash equivalents totaled $13.7 million as of November 30, 2025, a decrease of approximately $3.1 million from $16.8 million as of November 30, 2024[215]. - Cash used in operating activities was $1.6 million for fiscal year 2025, compared to cash provided by operations of $11.7 million in fiscal year 2024[217]. - Non-GAAP adjusted EBITDA was $16.8 million for fiscal year 2025, compared to $11.5 million in fiscal year 2024[214]. Product Development and Innovation - The Byrna CL™ (Compact Launcher) was launched in April 2025, featuring a muzzle velocity of approximately 400 feet-per-second and a form factor 38% smaller than the Byrna SD[47]. - Byrna's product portfolio includes handheld launchers capable of firing projectiles from a standoff distance of up to 60 feet, enhancing user safety[21]. - Byrna's R&D efforts focus on developing new projectile technologies, including a 12-gauge less-lethal kinetic round designed for enhanced accuracy at distances exceeding 100 feet[48]. - R&D efforts are focused on new product introductions, including enhancements to the Byrna SD, Byrna LE, and Byrna CL platforms, and expanded projectile offerings across multiple calibers[52]. - The company has expanded R&D collaboration with U.S. suppliers and established a dedicated ammunition production facility in Fort Wayne, Indiana, enhancing new projectile design iterations and quality control[51]. - The company plans to expand its product portfolio to meet the growing demand for less-lethal products in the law enforcement and private security markets[195]. Market Expansion and Strategy - In fiscal 2025, international revenue represented 10.0% of total revenue, up from 8.0% in fiscal 2024, indicating growth in global market interest[33]. - The company established Byrna Technologies Canada to support regulatory compliance and sales in the Canadian market, expanding its international footprint[20]. - Byrna's marketing strategy generated over 60 million organic views through the "Banana" campaign, significantly increasing brand recognition and consumer engagement[37]. - The company has diversified its distribution channels, including a partnership with Sportsman's Warehouse and the opening of Byrna-branded retail locations[44]. - The company acquired a 51% ownership interest in Byrna LATAM S.A. for $0.5 million to expand operations in South America[196]. - Byrna's AI-assisted advertising platform has improved marketing efficiency and reduced customer-acquisition costs[34]. - The company intends to improve operational, financial, and management controls to manage growth effectively and maintain product quality[85]. Operational Challenges - The company has a history of operating losses, with an accumulated deficit of $47.1 million as of November 30, 2025, despite achieving net income in the last two fiscal years[79]. - Revenue growth may not sustain at previous rates due to various challenges, including product development delays and market adoption uncertainties[80]. - The company has consolidated all manufacturing activities at its Fort Wayne, Indiana facility, discontinuing operations at Byrna South Africa[70]. - The company faces competition from manufacturers of conductive energy devices, handheld CO2-powered launchers, and traditional firearms, necessitating continuous innovation and brand awareness[56][57]. - The company is subject to extensive regulations that could adversely affect demand for its products and increase compliance costs[58][62]. - The company has experienced rapid growth in headcount and operations, which may strain management and operational infrastructure[81]. - The company faces intense competition for talent, which may lead to increased expenses and challenges in integrating new hires into corporate culture[83]. - Future growth may be hindered by slower demand for products, increased competition, and the need for successful new product development[84]. - The company is dependent on third-party suppliers for key components, and any failure in supply could adversely affect production and financial results[100]. - The company faces challenges in profitability due to factors such as higher fuel costs, port closures, and increased government regulations affecting imports[103]. - The company must continuously innovate and develop new products to maintain sales, with significant costs associated with product design and development[105]. - Accurate forecasting of consumer demand is critical; failure to do so may lead to excess inventory or product shortages, negatively impacting financial results[106][107]. - Dependence on a limited number of third-party logistics and shipping providers poses risks to operations and financial performance[108]. - Product defects could lead to recalls, negative publicity, and harm to the company's reputation, affecting sales and operating margins[109]. - The company is exposed to cybersecurity risks that could disrupt operations and lead to significant financial and reputational damage[112]. - Expansion into global markets may be hindered by political and economic volatility, affecting market share and profitability[114]. - Legislative changes regarding the regulation of less-lethal products could impact production capabilities and market demand[125]. - The company operates in a highly competitive environment, facing challenges from larger competitors with established market presence[118]. - The company is subject to U.S. and foreign export control laws, which could significantly impact operations and revenues if compliance is not maintained[126]. - Non-compliance with Trade Control Laws could result in administrative, civil, or criminal liabilities, adversely affecting the company's business and growth efforts[127]. - Health and safety risks related to products may lead to litigation or regulatory actions, potentially harming financial condition and operating results[128]. - The company faces operating hazards that could result in significant costs, impacting financial position, despite maintaining insurance[129]. - Compliance with anti-corruption legislation is critical, as violations could lead to fines and penalties, adversely affecting business operations[130]. - The company relies on suppliers and manufacturers to comply with ethical practices; non-compliance could harm reputation and operational results[131]. - Protecting intellectual property is essential for maintaining competitive advantage; inadequate protection could lead to substantial litigation costs[132]. - The company may face intellectual property infringement claims, which could divert management attention and incur additional costs[133]. Economic and Environmental Factors - Economic conditions significantly influence customer spending on the company's discretionary products, affecting revenue and profitability[152]. - Tariffs and trade barriers, particularly with China, may disrupt the company's operations and require price adjustments, potentially harming revenue[153]. - Data privacy and security laws could increase operational costs and expose the company to sanctions and penalties[155]. - Climate change may increase operating costs and adversely affect business operations due to extreme weather events and rising temperatures[166]. - The availability and costs of materials and components may be impacted by climate change, potentially increasing operational costs[168]. - Prevailing wage rates have increased significantly, which may require the company to raise employee wages, affecting profit margins[169]. Stock and Financial Risks - The common stock is listed on the Nasdaq Capital Market, and failure to maintain listing criteria could impair liquidity and trading volume[136]. - The market price of the common stock may be volatile, influenced by various factors including operational results and analyst coverage[137]. - The company does not intend to pay dividends on its common stock for the foreseeable future, opting to retain future earnings instead[147]. - Future litigation could materially adversely impact the company's results of operations, financial condition, and liquidity[148]. - The company faces risks from commercial crime, including theft and electronic crime, which could lead to financial losses[150].

分组1 - Byrna Technologies Inc. reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, but down from $0.17 per share a year ago, representing an earnings surprise of +7.69% [1] - The company achieved revenues of $35.25 million for the quarter ended November 2025, surpassing the Zacks Consensus Estimate by 0.42% and increasing from $27.98 million year-over-year [2] - Byrna Technologies has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed, losing about 27.2% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.07 on $30 million in revenues, and for the current fiscal year, it is $0.52 on $139.03 million in revenues [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4][5] - Full year 2025 net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Full year gross profit was $71.5 million, or 61% of net revenue, compared to $52.8 million, or 62% of net revenue in 2024 [6] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a prior year tax benefit [8][9] - Full year net income was $9.7 million, down from $12.8 million in 2024, but improved by $2.5 million when excluding the tax benefit [9] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in 2024 to $31 million in 2025, representing over 100% growth [12] - Chain store sales were the largest contributor to brick-and-mortar performance, expanding from around 200 locations to approximately 900 by year-end [13][14] - International sales grew by 66% year-over-year, while direct-to-consumer channels saw an 18.4% increase [21][22] Market Data and Key Metrics Changes - Byrna's DTC sales on Amazon grew by 46.9%, now accounting for 28.6% of DTC sales, up from 23.2% [22] - The company expects to expand its retail footprint to approximately 2,000 locations in 2026 [18] Company Strategy and Development Direction - Byrna is transitioning from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [11] - The company plans to implement a price increase of 4%-5% as of February 1, 2026, alongside the introduction of the new Byrna CL XL [7] - Byrna aims to enhance its product offerings with new devices, including a modular launcher and subscription-based products [34][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and expanding profitability in fiscal 2026 [35][38] - The company anticipates margin improvement due to a favorable product mix, manufacturing efficiencies, and recent price increases [38] - Byrna's leadership believes the less lethal personal safety category is becoming more accepted, positioning the company as a leader in this space [39] Other Important Information - Byrna has entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [10][35] - The company is exploring creative advertising strategies, including a Super Bowl commercial to enhance brand awareness [24][25] Q&A Session Summary Question: Insights on the new CL XL launcher and its margin profile - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing strong value for consumers [46][47] Question: Expectations for gross margin trends and revenue growth for 2026 - Gross margins are expected to grow incrementally throughout the year, aiming for a range of 63%-65% by the end of 2026 [58][61] Question: Contribution of growth from existing and new retail partners - The company expects growth from both expanding existing relationships and adding new chain stores, with a focus on optimizing product and inventory support [74]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4] - For the full year 2025, net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a $5.6 million tax benefit in the prior year [9] - Adjusted EBITDA for Q4 2025 totaled $6 million, compared to $5 million in Q4 2024, bringing the full year adjusted EBITDA to $16.8 million, up from $11.5 million in the prior year [10] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in fiscal year 2024 to $31 million in fiscal year 2025, representing over 100% growth [13] - Chain store sales were a significant contributor, expanding from around 200 locations at the start of 2025 to approximately 900 by year-end [14] - International sales generated 66% growth from the prior year, while direct-to-consumer channels grew by 18.4% [22] Market Data and Key Metrics Changes - Byrna's brick-and-mortar dealers accounted for 26.7% of sales in 2025, up from 17.7% in 2024, indicating a strong growth segment [21] - Amazon.com sales grew by 46.9% year-over-year, now accounting for 28.6% of direct-to-consumer sales, up from 23.2% last year [23] Company Strategy and Development Direction - The company is transitioning from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [12] - Byrna plans to continue expanding its retail footprint, aiming for approximately 2,000 locations in 2026 [18] - The introduction of new products, including the Byrna Cam and modular launchers, is expected to enhance user experience and drive growth [36][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and expanding profitability in fiscal 2026, with expectations for gross margins to improve [37][41] - The company anticipates a favorable product mix and manufacturing efficiencies to contribute to margin expansion [41] - Byrna aims to maintain a growth rate and EBITDA margins that exceed the Rule of 40 threshold [39] Other Important Information - The company entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [11] - Management is actively seeking strategic acquisition opportunities to further enhance product development and market reach [38] Q&A Session Summary Question: Insights on the new CL XL launcher and its margin profile - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing a strong value proposition for consumers [48][49] Question: Expectations for gross margin trends and revenue growth for 2026 - Gross margins are expected to grow incrementally throughout the year, aiming for a range of 63%-65% by the end of 2026 [60] - Revenue guidance was not provided, but the company expects to remain in growth mode [61] Question: Contribution of growth from existing and new retail partners - The company anticipates growth from both expanding existing relationships and onboarding new partners, with a focus on optimizing product and inventory support [76]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4] - Full year 2025 net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Full year gross profit was $71.5 million, or 61% of net revenue, compared to $52.8 million, or 62% of net revenue in 2024 [6] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a $5.6 million tax benefit in the prior year [9] - Full year net income was $9.7 million, down from $12.8 million in 2024, but improved by $2.5 million when excluding the tax benefit [10] - Adjusted EBITDA for Q4 2025 totaled $6 million, compared to $5 million in Q4 2024, bringing full year adjusted EBITDA to $16.8 million, up from $11.5 million in 2024 [10] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in 2024 to $31 million in 2025, representing over 100% growth [13] - Chain store sales increased significantly, with show dealers up 20.9%, premier dealers up 40.4%, traditional dealers up 73.4%, and company-owned retail stores up 186.5% [14] - International sales showed strong momentum, generating 66% growth from the prior year [21] Market Data and Key Metrics Changes - DTC channels, including Byrna.com and Amazon.com, grew by 18.4% year-over-year, with Amazon growing at 46.9% [21][22] - Byrna's market presence expanded to over 1,500 retail locations, with expectations to grow to approximately 2,000 locations in 2026 [18] Company Strategy and Development Direction - The company transitioned from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [12] - Byrna plans to continue expanding its retail footprint and product offerings, including the introduction of the new Byrna CL XL and subscription-based products [32][36] - The company is exploring strategic acquisitions to support growth initiatives [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and profitability expansion in fiscal 2026, with expectations for improved gross margins [40][41] - The company anticipates a low point in inventory at the end of Q1 2026, followed by a ramp-up to support growth [11] - Management highlighted the growing acceptance of less lethal personal safety solutions and Byrna's position as a leader in this market [42] Other Important Information - Byrna implemented a price increase of 4%-5% as of February 1, 2026, to support margin improvement [7] - The company entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [11] Q&A Session Summary Question: Can you provide insights on the new CL XL launcher and its margin profile? - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing a strong value proposition for consumers [49] Question: What are the expectations for gross margin trends and revenue growth in 2026? - Gross margins are expected to grow towards the 63%-65% range by the end of 2026, with continued revenue growth anticipated [62] Question: How does the company plan to handle the rollout of the camera product? - The camera will be developed with a third-party vendor and is expected to launch in late Q2 or early Q3 2026 [81]

Core Insights - Byrna Technologies Inc. reported a 26% year-over-year increase in net revenue for Q4 2025, reaching $35.2 million, driven by strong dealer and chain store performance, as well as growth in Amazon and international channels [4] - The company expanded its monthly production capacity by 33% to 20,000 units to meet growing demand, including higher-than-expected dealer reorders [23] - Byrna's net income for Q4 2025 was $3.4 million, a decrease from $9.7 million in Q4 2024, which had benefited from a significant tax benefit [7] Fiscal Fourth Quarter 2025 Financial Results - Net revenue for Q4 2025 was $35.2 million, up from $28.0 million in Q4 2024, marking a 26% increase [4] - Gross profit for Q4 2025 was $21.1 million (60% of net revenue), compared to $17.6 million (63% of net revenue) in Q4 2024 [5] - Operating expenses for Q4 2025 increased by 27% to $17.1 million, reflecting higher advertising and marketing costs [6] - Adjusted EBITDA for Q4 2025 was $6.0 million, compared to $5.0 million in Q4 2024 [7] Fiscal Year 2025 Financial Results - Net revenue for FY 2025 was $118.1 million, a 38% increase from $85.8 million in FY 2024 [11] - Gross profit for FY 2025 was $71.5 million (61% of net revenue), compared to $52.8 million (62% of net revenue) in FY 2024 [12] - Operating expenses for FY 2025 were $59.6 million, reflecting a 29% increase from FY 2024 [13] - Adjusted EBITDA for FY 2025 totaled $16.8 million, compared to $11.5 million for FY 2024 [14] Operational Highlights - Byrna surpassed 750,000 launchers sold since inception, with cumulative unit sales increasing by over 250,000 during FY 2025 [8] - The company appointed new board members, including Adam Roth and TJ Kennedy, to enhance its strategic direction [8] - Byrna introduced the new Byrna CL XL launcher at SHOT Show, expanding its product lineup [8] - The company secured a $20 million credit facility with Texas Capital Bank to support potential acquisitions and working capital needs [8] Market Position and Strategy - Byrna's advertising campaign and retail expansion contributed to increased brand visibility, with over 600 new chain store locations opened [11] - The brick-and-mortar segment grew more than 100% year-over-year, increasing its share of sales from 18% in 2024 to 26% in 2025 [16] - The company plans to implement a strategic price increase of 4% to 5% as of February 1, 2026, to support margin expansion [12] - Byrna aims to broaden its consumer reach through innovative marketing strategies, including a local advertisement during the Super Bowl [22]

Core Insights - Byrna Technologies (BYRN) stock price has decreased by nearly 25% since March 2025, despite the company meeting and exceeding the price target of $28.02 set by the analyst [1] Group 1: Company Overview - Byrna Technologies operates within the aerospace, defense, and airline sectors, which are characterized by significant growth prospects [1] - The company is analyzed by an experienced aerospace, defense, and airline analyst who provides insights into investment opportunities in these industries [1] Group 2: Analyst's Perspective - The analyst emphasizes the importance of data-informed analysis in driving investment ideas and offers context to industry developments [1] - The analyst's investing group, The Aerospace Forum, aims to discover investment opportunities and provides access to data analytics monitors [1]

Core Viewpoint - Byrna Technologies Inc. will hold a conference call on February 5, 2026, to discuss its financial results for the fiscal fourth quarter and full year ended November 30, 2025 [1] Group 1: Conference Call Details - The conference call is scheduled for Thursday, February 5, 2026, at 9:00 a.m. Eastern time [2] - Participants can join the call using a toll-free number or an international dial-in number, and should call 10 minutes prior to the start time for registration [2] - The call will be broadcast live and available for replay on Byrna's website [3] Group 2: Company Overview - Byrna Technologies Inc. specializes in the development, manufacture, and sale of innovative less-lethal personal security solutions [4] - The company produces Byrna® CL, Byrna® LE, and Byrna® SD personal security devices, which are CO2 powered launchers designed as less-lethal alternatives to firearms [4]

Core Insights - Byrna Technologies Inc. (BYRN) is well-positioned to continue its earnings-beat streak, having a strong history of surpassing earnings estimates, particularly in the last two quarters with an average surprise of 90.00% [1][5] Earnings Performance - In the most recent quarter, Byrna Technologies reported earnings of $0.09 per share, exceeding the expected $0.05 per share, resulting in a surprise of 80.00% [2] - For the previous quarter, the company reported $0.10 per share against a consensus estimate of $0.05 per share, achieving a surprise of 100.00% [2] Earnings Estimates and Predictions - There has been a favorable change in earnings estimates for Byrna Technologies, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [5][8] - The current Earnings ESP for Byrna Technologies is +15.39%, suggesting that analysts have recently become more optimistic about the company's earnings prospects [8] Zacks Rank and Success Rate - The stock holds a Zacks Rank of 2 (Buy), which, when combined with a positive Earnings ESP, indicates a high probability of another earnings beat [8] - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% success rate in beating consensus estimates [6]