Strong Top-Line Growth
Q4 2025 net revenue of $35.2M, up 26% YoY from $28.0M. Full-year 2025 net revenue $118.1M, up 38% YoY from $85.8M, driven by expanded brand visibility, broader retail presence, and the launch of the Byrna SCL.
Improving Adjusted EBITDA and Profitability
Adjusted EBITDA for Q4 2025 was $6.0M (vs. $5.0M in Q4 2024). Full-year adjusted EBITDA was $16.8M (vs. $11.5M prior year), showing EBITDA growth that outpaced revenue growth. Company reported continued GAAP and non-GAAP EBITDA profitability.
Rapid Brick-and-Mortar and Channel Expansion
Brick-and-mortar sales grew from $15.2M in FY2024 to $31.0M in FY2025, an increase of more than 100%. Chain-store footprint expanded from ~200 to ~900 locations in 2025; total retail footprint exceeded 1,500 locations by year-end with a target of ~2,000 in 2026. Brick-and-mortar share of sales rose from 17.7% to 26.7% of total sales.
E-commerce and Amazon Momentum
Direct-to-consumer channels grew: byrna.com +18.4% YoY and Amazon +46.9% YoY for FY2025. Amazon now represents 28.6% of DTC sales (up from 23.2%), contributing materially to online growth and holiday season fulfillment capability.
Onshoring Manufacturing and Production Gains
Opened advanced ammunition factory in Fort Wayne (onshored production), began producing 12-gauge payload rounds; monthly production increased by 33%. Reporting favorable manufacturing variances for the first time, ability to scale via additional shifts, and expectation of improved margins from manufacturing efficiencies.
Product Innovation and Pipeline
Successful product launches and roadmap: CL launched in May; CLXL debuted at SHOT Show (price announced $579.99, $30 above CL with similar margins); first production prototype of a modular next-generation launcher built with ~40% lower BOM cost; Byrna Cam planned for late Q2/Q3 (sub-$200 accessory) and subscription/connected products under development.
Capital Measures and Strategic Optionality
Closed a $20M credit facility with Texas Capital Bank ($5M revolving line, $15M delayed term draw with $15M earmarked for acquisitions). Cash increased $6.5M from $9.0M at Q3 to $15.5M at Q4; management expects cash to continue to grow through 2026 as sales increase and inventory normalizes.
Pricing Action Supporting Margins
Implemented a broad-based price increase of 4%–5% effective February 1, 2026, expected to contribute to gross margin expansion in fiscal 2026.