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Byrna Technologies (BYRN)
NASDAQ:BYRN
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Byrna Technologies
(NASDAQ:BYRN)
69Neutral
Positive Factors
Financial Health
Byrna has a good balance sheet with ~$25mn in cash, no debt, and the ability to self-fund growth.
Market Potential
Byrna is viewed as a leader in non-lethal consumer products for self-defense, with a large potential addressable market and the ability to scale both category awareness and sales.
Negative Factors
Market Adoption Risks
Key risks include limited adoption or acceptance of less-lethal products among consumers and challenges in scaling marketing dollars or implementing the store growth strategy.
Byrna Technologies (BYRN) vs. S&P 500 (SPY)
Market Cap
$359.50M
Dividend YieldN/A
Average Volume (3M)621.96K
Price to Earnings (P/E)27.7
Beta (1Y)1.16
Revenue Growth101.10%
EPS GrowthN/A
CountryUS
Employees167
SectorIndustrials
Sector Strength68
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.54
Shares Outstanding22,667,234
10 Day Avg. Volume705,759
30 Day Avg. Volume621,956
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)4.81
Price to Cash Flow (P/CF)14.20
P/FCF Ratio14.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$35.50Price Target Upside137.30% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Byrna Technologies Business Overview & Revenue Model
Company DescriptionByrna Technologies Inc., a less-lethal defense technology company, develops and manufactures less-lethal munitions. It offers a Byrna line of handheld personal security devices, including the Byrna SD and Byrna SD .68 caliber handheld personal security devices that are designed to be used by civilians and private security professionals, as well as Byrna HD magazines, shoulder-fired launchers, and projectiles. The company also offers accessories and related safety products, including the Byrna Banshee, Byrna Shield, compressed carbon dioxide canisters, sighting systems, holsters, and Byrna-branded apparels. It operates in the United States and South Africa. The company was formerly known as Security Devices International, Inc. and changed its name to Byrna Technologies Inc. in March 2020. Byrna Technologies Inc. was incorporated in 2005 and is headquartered in Andover, Massachusetts.
How the Company Makes MoneyByrna Technologies generates revenue primarily through the sale of its non-lethal personal security devices and related accessories. The key revenue streams include direct sales to consumers via their e-commerce platform, sales to retailers and distributors, and contracts with law enforcement agencies. Byrna also earns revenue from the sale of consumables, such as projectiles and chemical cartridges, which are used with their devices. The company leverages partnerships with retailers and distributors to expand its market reach and increase sales volume, while also focusing on direct-to-consumer sales to capture a larger share of the market.
Byrna Technologies Financial Statement Overview
Summary
Byrna Technologies has demonstrated strong financial performance across its income statement, balance sheet, and cash flow. The company achieved significant revenue growth of 101.14% and improved profitability with a net profit margin of 14.92%. The balance sheet is stable with minimal leverage, and the cash flow statement reflects robust cash generation. However, there is room for improvement in asset utilization.Income Statement
Byrna Technologies has shown significant improvement in its income statement metrics. The company achieved a substantial revenue growth rate of 101.14% from 2023 to 2024, indicating strong top-line expansion. The gross profit margin improved to 61.53%, reflecting efficient cost management. Additionally, the net profit margin turned positive at 14.92%, demonstrating a successful turnaround in profitability. The EBIT and EBITDA margins have both improved, signaling enhanced operational efficiency.85
Very Positive
Balance Sheet
The balance sheet of Byrna Technologies shows a solid financial position. The debt-to-equity ratio is low at 0.05, indicating minimal leverage and reduced financial risk. The return on equity (ROE) stands at 23.53%, highlighting strong profitability relative to equity. The equity ratio is 75.61%, suggesting a stable capital structure with a high proportion of assets funded by equity. Overall, the balance sheet reflects financial stability, though there is room for improvement in asset utilization.78
Positive
Cash Flow
Byrna Technologies' cash flow metrics demonstrate positive cash generation capabilities. The free cash flow growth rate is robust at 214.05%, indicating improved cash efficiency. The operating cash flow to net income ratio is 0.92, showing a strong conversion of net income to cash. The free cash flow to net income ratio is 0.73, suggesting effective cash management. Overall, the cash flow statement reflects healthy cash generation, supporting the company's operational and strategic initiatives.80
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 85.76M | 42.64M | 48.04M | 42.16M | 16.57M | Gross Profit |
| 52.77M | 23.65M | 26.28M | 22.89M | 7.51M | EBIT |
| 6.67M | -7.79M | -7.46M | -3.29M | -4.31M | EBITDA |
| 6.67M | -6.53M | -6.88M | -2.80M | -11.03M | Net Income Common Stockholders |
| 12.79M | -8.19M | -7.88M | -3.28M | -12.55M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 25.73M | 20.50M | 20.07M | 56.31M | 3.18M | Total Assets |
| 71.92M | 52.31M | 57.05M | 75.31M | 21.22M | Total Debt |
| 2.64M | 1.90M | 2.55M | 1.09M | 1.28M | Net Debt |
| -14.19M | -18.60M | -17.52M | -55.21M | -1.90M | Total Liabilities |
| 17.55M | 9.99M | 11.05M | 9.22M | 12.81M | Stockholders Equity |
| 54.37M | 42.32M | 45.99M | 66.10M | 8.41M |
| Cash Flow | Free Cash Flow | |||
| 9.39M | 2.99M | -17.08M | -6.28M | 1.03M | Operating Cash Flow |
| 11.74M | 3.89M | -13.83M | -4.44M | 2.54M | Investing Cash Flow |
| -11.23M | -2.98M | -5.14M | -5.88M | -2.00M | Financing Cash Flow |
| -4.55M | -422.00K | -17.04M | 57.25M | 7.77M |
Byrna Technologies Technical Analysis
Negative
14.96
Price Trends
24.29
Negative
24.29
Negative
18.54
Negative
Market Momentum
-2.31
Negative
30.05
Neutral
16.61
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYRN, the sentiment is Negative. The current price of 14.96 is below the 20-day moving average (MA) of 18.23, below the 50-day MA of 24.29, and below the 200-day MA of 18.54, indicating a bearish trend. The MACD of -2.31 indicates Negative momentum. The RSI at 30.05 is Neutral, neither overbought nor oversold. The STOCH value of 16.61 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BYRN.
Byrna Technologies Risk Analysis
Byrna Technologies disclosed 52 risk factors in its most recent earnings report. Byrna Technologies reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Byrna Technologies Peers Comparison
Overall Rating
UnderperformOutperform
Sector (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $646.18M | 21.78 | 9.39% | 1.81% | -1.49% | -34.38% | |
69 Neutral | $359.50M | 27.74 | 26.46% | ― | 101.10% | ― | |
68 Neutral | $15.91B | 27.78 | -14.74% | 1.35% | 5.07% | 13.74% | |
62 Neutral | $8.08B | 13.63 | 3.82% | 3.13% | 3.58% | -14.35% | |
59 Neutral | $397.34M | 13.89 | 8.05% | 5.76% | -5.77% | 14.45% | |
55 Neutral | $2.54B | 24.27 | 5.10% | 3.63% | -4.29% | -74.85% | |
46 Neutral | $159.13M | ― | -4.37% | ― | -14.06% | -102.73% |
* Industrials Sector Average
Performance Comparison
BYRN
Byrna Technologies
14.96
>-0.01
-0.07%
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Domino's Pizza
444.21
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20.10
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SWBI
Smith & Wesson Brands
9.14
-7.83
-46.14%
RGR
Sturm Ruger & Company
38.68
-8.12
-17.35%
POWW
AMMO
1.31
-1.44
-52.36%
Byrna Technologies Earnings Call Summary
Earnings Call Date: Feb 7, 2025 | % Change Since: -45.60% | Next Earnings Date: Apr 10, 2025
Earnings Call Sentiment Positive
The earnings call highlights Byrna Technologies Inc.'s strong revenue growth and profitability improvements, driven by strategic marketing and expansion efforts. However, there are concerns regarding increased operating expenses and the loss of a key celebrity endorser. The company faces potential challenges from tariffs, though it has strategies in place to mitigate these risks.Highlights
Record Revenue Growth
Net revenue for the fiscal fourth quarter was $28 million, a 79% increase from $15.6 million in the same quarter of 2023. For the full year 2024, net revenue totaled $85.8 million, up 101% from $42.6 million in 2023.
Profitability Improvement
Net income for Q4 2024 was $9.7 million compared to a net loss of $0.8 million in Q4 2023. For the full year 2024, net income was $12.8 million, a $21 million improvement from a net loss of $8.2 million in the prior year.
Expansion of Brick-and-Mortar Presence
Byrna Technologies Inc. is expanding its physical presence with new stores in Nashville, Scottsdale, Salem, and Fort Wayne, following the success of its Las Vegas store.
Strategic Partnerships
Signed a letter of intent with Sportsman's Warehouse to implement a 'store within a store' model at eleven locations, with plans to expand to additional locations by 2026.
Lowlights
Increased Operating Expenses
Operating expenses for Q4 2024 were $13.5 million compared to $9.7 million for Q4 2023. For the full year 2024, operating expenses increased by 47% year over year, driven by higher marketing and payroll expenses.
Loss of Celebrity Endorser
Lost a successful celebrity endorser, Governor Mike Huckabee, due to his appointment as ambassador to Israel, which required a reevaluation of the endorsement strategy.
Potential Impact of Tariffs
Although the company claims limited exposure, there is concern about potential retaliatory tariffs from Canada and Mexico that could impact projected growth in these markets.
Company Guidance
During Byrna Technologies Inc.'s fiscal fourth quarter and full-year 2024 earnings call, the company reported a record $28 million in revenue for Q4, marking a 79% increase from the same period in 2023. For the full year, net revenue reached $85.8 million, up 101% from 2023. The gross profit margin improved to 62.8% in Q4 2024, compared to 57.8% in Q4 2023, attributed to increased sales through higher-margin direct-to-consumer channels and cost reductions. Operating expenses grew by 47% year-over-year due to higher marketing and payroll expenses. The company achieved a net income of $9.7 million in Q4 2024, a significant improvement from a net loss of $0.8 million in Q4 2023, aided by a $5.6 million income tax benefit. Adjusted EBITDA for Q4 2024 was $5.2 million, up from $400,000 in the prior year. Byrna Technologies Inc. highlighted strategic initiatives, such as expanding retail presence, influencer partnerships, and launching new products, positioning the company for continued strong growth in 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.