Byrna Technologies (BYRN) AI Stock Analysis

• Market Cap: $453.40M
• Dividend Yield: N/A
• Average Volume (3M): 482.23K
• Price to Earnings (P/E): 32.1
• Beta (1Y): 1.58
• Revenue Growth: 73.56%
• EPS Growth: N/A
• Country: US
• Employees: 167
• Sector: Industrials
• Sector Strength: 70
• Industry: Aerospace & Defense
• EPS (TTM): 0.10
• Shares Outstanding: 22,703,814
• 10 Day Avg. Volume: 555,592
• 30 Day Avg. Volume: 482,234
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.39
• Enterprise Value/Revenue: 6.07
• Enterprise Value/Gross Profit: 9.81
• Enterprise Value/Ebitda: 56.85
• 1Y Price Target: $40.00
• Price Target Upside: 100.30% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 70 Outperform
• Price Target: $22.50 ▲(12.67% Upside)

Byrna Technologies' overall stock score reflects strong financial performance and positive corporate developments, which are offset by technical analysis indicating a bearish trend and a high valuation. The company's strategic initiatives and revenue growth are promising, but liquidity challenges and market softness present risks.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong demand for Byrna's products and effective market penetration, supporting long-term business expansion.

Board Expansion

The addition of experienced executives to the board enhances strategic oversight and could drive growth and innovation in the security and public safety sectors.

Product and Market Expansion

Expanding product lines and retail presence strengthens market position and diversifies revenue streams, supporting sustainable growth.

Negative Factors

Operating Expenses

Rising operating expenses can pressure margins and profitability, potentially limiting financial flexibility and impacting long-term financial health.

Cash Flow Challenges

Decreased cash flow and negative free cash flow suggest liquidity constraints, which could hinder investment in growth opportunities and operational resilience.

Market Softness

Economic headwinds and consumer spending softness may affect sales growth and operational performance, posing risks to achieving revenue targets.

Byrna Technologies Business Overview & Revenue Model

Company Description

Byrna 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 Money

Byrna 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 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.

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.

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.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	103.53M	85.76M	42.64M	48.04M	42.16M	16.57M
Gross Profit	64.06M	52.77M	23.65M	26.28M	22.89M	7.51M
EBITDA	11.05M	8.16M	-6.53M	-6.88M	-2.80M	-11.03M
Net Income	14.79M	12.79M	-8.19M	-7.88M	-3.28M	-12.55M
Balance Sheet
Total Assets	77.45M	71.92M	52.31M	57.05M	75.31M	21.22M
Cash, Cash Equivalents and Short-Term Investments	12.98M	25.73M	20.50M	20.07M	56.31M	3.18M
Total Debt	2.59M	2.64M	1.90M	2.55M	1.09M	1.28M
Total Liabilities	17.31M	17.55M	9.99M	11.05M	9.22M	12.81M
Stockholders Equity	60.14M	54.37M	42.32M	45.99M	66.10M	8.41M
Cash Flow
Free Cash Flow	-8.63M	9.39M	2.99M	-17.08M	-6.28M	1.03M
Operating Cash Flow	-3.37M	11.74M	3.89M	-13.83M	-4.44M	2.54M
Investing Cash Flow	-11.12M	-11.23M	-2.98M	-5.14M	-5.88M	-2.00M
Financing Cash Flow	-3.53M	-4.55M	-422.00K	-17.04M	57.25M	7.77M

Byrna Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.97
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 19.97 is above the 20-day moving average (MA) of 19.96, below the 50-day MA of 21.83, and below the 200-day MA of 24.28, indicating a neutral trend. The MACD of -0.48 indicates Negative momentum. The RSI at 46.34 is Neutral, neither overbought nor oversold. The STOCH value of 38.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BYRN.

Byrna Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BYRN	70 Outperform	$453.40M	32.14	28.05%	―	73.56%	―
CDRE	70 Outperform	$1.32B	34.97	12.06%	1.14%	7.66%	-9.96%
RGR	66 Neutral	$600.42M	120.15	1.88%	1.82%	3.31%	-82.99%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NPK	62 Neutral	$818.19M	19.60	11.68%	0.89%	31.27%	26.36%
SWBI	55 Neutral	$414.37M	34.47	3.27%	5.51%	-7.25%	-63.58%
POWW	49 Neutral	$178.01M	―	-17.71%	―	-11.01%	-279.70%

Byrna Technologies Corporate Events

Byrna Technologies Expands Board with Strategic Appointments

On September 4, 2025, Byrna Technologies Inc. expanded its Board of Directors from five to seven members, appointing Adam L. Roth and TJ Kennedy to fill the new positions. Roth, a former Nike executive, and Kennedy, a veteran in public safety technology, bring significant expertise in brand building and public safety to Byrna. These appointments are expected to enhance Byrna’s consumer reach and strengthen its position in the security and public safety markets, reflecting the company’s strategic focus on growth and market expansion.

Byrna Technologies Reports Strong Sales During Prime Day

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.

Byrna Technologies Updates Investor Presentation

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.