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Byrna Technologies (BYRN)
NASDAQ:BYRN
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Byrna Technologies
(NASDAQ:BYRN)
Rating:68Neutral
Price Target:
$21.00
▲(3.96% Upside)
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. SPDR S&P 500 ETF (SPY)
Market Cap
$458.62M
Dividend YieldN/A
Average Volume (3M)557.05K
Price to Earnings (P/E)32.5
Beta (1Y)1.58
Revenue Growth73.56%
EPS GrowthN/A
CountryUS
Employees167
SectorIndustrials
Sector Strength80
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.10
Shares Outstanding22,703,814
10 Day Avg. Volume392,047
30 Day Avg. Volume557,055
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap1.37
Enterprise Value/Revenue6.07
Enterprise Value/Gross Profit9.81
Enterprise Value/Ebitda56.85
Forecast
1Y Price Target
$34.00Price Target Upside68.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
Byrna Technologies Business Overview & Revenue Model
Company DescriptionByrna Technologies Inc. is an innovative company specializing in the development and manufacturing of non-lethal personal security devices. Founded in 2014, Byrna operates primarily in the defense and security sectors, offering products designed to empower individuals with safe and effective means of self-defense. Its core product line includes the Byrna HD, a handheld launcher that can fire projectiles containing pepper spray or kinetic projectiles, along with various accessories and ammunition designed for personal safety and protection.
How the Company Makes MoneyByrna Technologies generates revenue through the sale of its non-lethal personal defense products, primarily the Byrna HD launcher and its associated projectiles and accessories. The company has established a direct-to-consumer sales model through its e-commerce platform, as well as partnerships with retail distributors, which broadens its market reach. In addition to product sales, Byrna may also explore revenue streams through licensing agreements and collaborations with law enforcement and security agencies, providing customized solutions and training programs. The growing emphasis on personal safety and self-defense in various sectors, alongside the increasing demand for non-lethal options in law enforcement, contributes significantly to Byrna's earnings.
Byrna Technologies Earnings Call Summary
Earnings Call Date:Jul 10, 2025
(Q2-2025)
| % Change Since: -37.46%|
Next Earnings Date:Oct 09, 2025
Earnings Call Sentiment Positive
The earnings call highlighted significant revenue growth, successful product launches, and strategic retail expansions, indicating a strong performance and positive outlook. However, increased operating expenses and economic headwinds present challenges. The sentiment is cautiously optimistic as the highlights outweigh the lowlights.Q2-2025 Updates
Positive Updates
Record Revenue Growth
Byrna achieved a 41% year-over-year revenue growth, with Q2 2025 net revenue reaching $28.5 million compared to $20.3 million in Q2 2024.
Strong Direct-to-Consumer and Dealer Sales
Direct-to-consumer revenues increased by $2.2 million, and sales to dealers rose by $3.9 million or 106% year-over-year, significantly driven by initial stocking orders for Sportsman's Warehouse.
International Sales Surge
International sales increased by 86% from the prior year, totaling $2.6 million, supported by a one-time royalty bump from Latin America.
Successful Product Launch and Retail Expansion
The Compact Launcher launch contributed significantly to sales, and expansion into Sportsman's Warehouse and other retail chains is ongoing, with plans to expand to 140 locations by year-end.
Profitability and Financial Health
Byrna reported GAAP and non-GAAP EBITDA profitability, with a net income increase to $2.4 million from $2.1 million the previous year. The company also has no debt.
Innovative Marketing Strategies
Expanded marketing strategies include celebrity endorsements and using AI for content production, improving advertising efficiency and effectiveness.
Negative Updates
Increased Operating Expenses
Operating expenses rose to $14.2 million from $10.6 million year-over-year, driven by higher variable selling expenses, discretionary marketing spend, and payroll costs.
Cash and Inventory Challenges
Cash, cash equivalents, and marketable securities decreased to $13 million from $25.7 million at the end of November 2024, reflecting increased inventory levels and seasonal working capital movements.
Market Softness and Economic Headwinds
The company noted softness in consumer spending and a higher abandoned cart rate, attributed to sticker shock and general economic uncertainties affecting retail and firearms industries.
Company Guidance
During Byrna's Fiscal Second Quarter 2025 Earnings Call, the company provided detailed guidance reflecting robust growth metrics and strategic initiatives. Byrna reported a 41% year-over-year increase in net revenue, reaching $28.5 million, driven by the launch of the Compact Launcher and increased sales through various channels. Direct-to-consumer revenues grew by $2.2 million, while dealer sales surged by $3.9 million, largely due to a partnership with Sportsman's Warehouse. Gross profit remained stable at 62% of net revenue, despite a shift in sales channels. Operating expenses rose to $14.2 million, attributed to increased marketing, selling expenses, and payroll. Net income improved to $2.4 million, supported by higher sales but offset by a higher tax expense. Adjusted EBITDA grew to $4.3 million from $2.8 million in the prior year. Inventory levels increased to $32.3 million in anticipation of product launches, with cash equivalents at $13 million. The company plans to expand its retail and distribution footprint, enhance its marketing efforts, and introduce a recurring revenue model, aiming for a 25% to 40% growth rate despite anticipated market softness.Byrna Technologies Financial Statement Overview
Summary
Byrna Technologies demonstrates strong revenue growth and improved profitability, with efficient cost management reflected in better margins. The balance sheet is solid, with low leverage and a high equity base, providing financial stability. Despite these strengths, the decline in operating cash flow and negative free cash flow indicate potential liquidity challenges that need monitoring.Income Statement
Byrna Technologies shows a robust revenue growth with a significant increase from $42.64 million in 2023 to $95.29 million in TTM (Trailing-Twelve-Months) 2025. Gross profit margin has improved to 61.96% in TTM 2025, indicating strong operational efficiency. The net profit margin stands at a healthy 15.15% for TTM 2025, reflecting profitability improvements. EBIT and EBITDA margins have also improved, suggesting better cost management and operational leverage.85
Very Positive
Balance Sheet
The company's debt-to-equity ratio remains low at 0.04, indicating minimal leverage, which reduces financial risk. Return on equity improved to 25.41% in TTM 2025, showing strong profitability relative to shareholders' equity. The equity ratio is robust at 79.99%, signifying a strong equity base with limited liabilities, enhancing financial stability.78
Positive
Cash Flow
Operating cash flow decreased significantly in TTM 2025 compared to the previous year, reflecting operational cash generation challenges. However, the company maintains a positive Operating Cash Flow to Net Income ratio of 0.28, indicating efficiency in converting net income to cash. The free cash flow is negative, suggesting potential liquidity constraints if this trend persists.72
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 |
| EBITDA | 8.16M | -6.53M | -6.88M | -2.80M | -11.03M |
| Net Income | 12.79M | -8.19M | -7.88M | -3.28M | -12.55M |
Balance Sheet | |||||
| Total Assets | 71.92M | 52.31M | 57.05M | 75.31M | 21.22M |
| Cash, Cash Equivalents and Short-Term Investments | 25.73M | 20.50M | 20.07M | 56.31M | 3.18M |
| Total Debt | 2.64M | 1.90M | 2.55M | 1.09M | 1.28M |
| 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
20.20
Price Trends
25.18
Negative
24.00
Negative
24.14
Negative
Market Momentum
-1.40
Negative
39.51
Neutral
36.77
Neutral
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 20.2 is below the 20-day moving average (MA) of 20.92, below the 50-day MA of 25.18, and below the 200-day MA of 24.14, indicating a bearish trend. The MACD of -1.40 indicates Negative momentum. The RSI at 39.51 is Neutral, neither overbought nor oversold. The STOCH value of 36.77 is Neutral, 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 (58)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $458.62M | 32.51 | 28.05% | ― | 73.56% | ― | |
62 Neutral | $785.66M | 18.82 | 11.68% | 0.91% | 31.27% | 26.36% | |
61 Neutral | $1.26B | 33.40 | 12.06% | 1.20% | 7.66% | -9.96% | |
59 Neutral | $564.22M | 112.90 | 1.88% | 1.98% | 3.31% | -82.99% | |
58 Neutral | HK$14.10B | 4.53 | -3.70% | 5.60% | 2.27% | -65.55% | |
57 Neutral | $350.69M | 26.61 | 3.48% | 6.32% | -11.73% | -64.84% | |
51 Neutral | $165.13M | ― | -17.71% | ― | -11.01% | -279.70% |
* Industrials Sector Average
Performance Comparison
BYRN
Byrna Technologies
20.20
9.13
82.48%
NPK
National Presto
109.89
35.77
48.26%
SWBI
Smith & Wesson Brands
8.23
-6.24
-43.12%
RGR
Sturm Ruger & Company
34.91
-6.71
-16.12%
POWW
AMMO
1.48
-0.05
-3.27%
CDRE
Cadre Holdings
31.06
-4.13
-11.74%
Byrna Technologies Corporate Events
Business Operations and StrategyFinancial Disclosures
Byrna Technologies Reports Strong Sales During Prime Day
Positive
Jul 23, 2025
Byrna Technologies reported significant sales momentum during Amazon’s Prime Day and the July 4th holiday promotional period, with Amazon Prime Day sales increasing by 28% year-over-year and Byrna.com sales rising by 18%. This growth is part of a broader trend of increasing consumer demand for Byrna’s products, including the newly released Compact Launcher (CL), and reflects the company’s expanding presence in both e-commerce and retail channels. Byrna’s retail footprint has grown substantially, with products now available in 289 chain store locations, a 74% increase from the previous year, and plans to expand to over 500 locations by the end of Q3 2025. The company’s strategy to enhance brand visibility in the personal safety market includes further investments in television advertising and partnerships with celebrity influencers.
Business Operations and StrategyRegulatory Filings and Compliance
Byrna Technologies Updates Investor Presentation
Neutral
Jun 20, 2025
Byrna Technologies Inc. has updated its investor presentation, which may be used in future investor meetings. The information provided in the presentation is not considered filed under the Securities Exchange Act of 1934 and is not subject to the liabilities of that section.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.