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Byrna Technologies (BYRN)
NASDAQ:BYRN
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Byrna Technologies
(NASDAQ:BYRN)
Rating:75Outperform
Price Target:
$35.00
▲(11.61%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
$710.84M
Dividend YieldN/A
Average Volume (3M)416.49K
Price to Earnings (P/E)50.9
Beta (1Y)1.42
Revenue Growth87.26%
EPS GrowthN/A
CountryUS
Employees167
SectorIndustrials
Sector Strength83
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.07
Shares Outstanding22,667,234
10 Day Avg. Volume580,605
30 Day Avg. Volume416,489
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)4.21
Price to Sales (P/S)0.00
P/FCF Ratio-11.34
Enterprise Value/Market Cap0.25
Enterprise Value/Revenue0.56
Enterprise Value/Gross Profit2.98
Enterprise Value/Ebitda9.17
Forecast
1Y Price Target
$36.00Price Target Upside14.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Byrna Technologies Business Overview & Revenue Model
Company DescriptionByrna Technologies Inc. is a company that specializes in the development and manufacturing of non-lethal self-defense products. Operating primarily in the security and personal safety sectors, Byrna's core products include handheld personal security devices like the Byrna HD, a popular compact self-defense launcher that uses CO2 cartridges to deploy chemical irritants and kinetic projectiles. The company aims to provide safe and effective alternatives for personal protection that reduce the risk of fatal outcomes compared to traditional firearms.
How the Company Makes MoneyByrna Technologies generates revenue primarily through the sale of its non-lethal self-defense products, including launchers, projectiles, and related accessories. The company's revenue model is largely based on direct-to-consumer sales via its e-commerce platform, as well as through various retail partners and distributors. Byrna also engages in international sales, expanding its market presence beyond the United States. Key revenue streams include the initial sale of the launcher units and the recurring sales of consumable components like CO2 cartridges and projectiles. Additionally, strategic partnerships with law enforcement agencies and security firms contribute to their earnings by providing tailored solutions for professional use.
Byrna Technologies Earnings Call Summary
Earnings Call Date:Apr 10, 2025
(Q1-2025)
| % Change Since: 89.14%|
Next Earnings Date:Jul 15, 2025
Earnings Call Sentiment Positive
The earnings call reflects a positive sentiment, with significant revenue growth, improved profitability, and strategic business expansions outweighing the challenges of increased operating expenses and potential margin impacts from tariffs.Q1-2025 Updates
Positive Updates
Strong Revenue Growth
Byrna reported a 57% year-over-year increase in net revenue, from $16.7 million in Q1 2024 to $26.2 million in Q1 2025, driven by sales momentum, channel expansion, and broader brand adoption.
Improved Profitability
Net income for Q1 2025 was $1.7 million, a substantial increase from $17,000 in Q1 2024. Gross profit also improved to 61% of net revenue compared to 58% in Q1 2024.
Expansion into Retail and Amazon
Significant growth in Amazon sales, which represented 32.6% of total DTC sales by the end of Q1 2025, up from 19.3% in Q1 2024. The company also expanded its presence with retail partnerships such as the Sportsman's Warehouse collaboration.
Operational Efficiency and U.S. Sourcing
Byrna has significantly increased its U.S. content to 87-92% in its supply chain, reducing reliance on foreign suppliers and mitigating tariff impacts.
New Product Launches
The anticipated release of the Compact Launcher, a smaller and more powerful product, is expected to drive significant sales growth.
Negative Updates
Increased Operating Expenses
Operating expenses rose to $14.2 million in Q1 2025 from $9.8 million in Q1 2024, driven by increased payroll costs, marketing spend, and variable selling expenses.
Cash and Marketable Securities Decrease
Cash, cash equivalents, and marketable securities decreased to $19.3 million at the end of Q1 2025 from $25.7 million in Q4 2024, due to planned increases in inventory and seasonal working capital movements.
Potential Margin Impact from Tariffs and Cost Increases
Despite efforts to mitigate tariff impacts, the shift to domestic suppliers has increased the cost of launchers by approximately 16%.
Company Guidance
During Byrna's Fiscal First Quarter 2025 earnings call, the company reported a 57% year-over-year increase in net revenue, totaling $26.2 million. Direct-to-consumer sales through Byrna.com and Amazon.com increased by $6.7 million, with Amazon sales growing at a faster rate. Dealer sales rose by $1.9 million, with significant contributions from chain stores like Bass Pro Shops. Gross profit improved to $15.9 million, or 61% of net revenue, compared to 58% in the previous year, due to enhanced manufacturability and production volumes. Operating expenses increased to $14.2 million, driven by higher selling expenses, marketing spend, and payroll costs. The company achieved net income of $1.7 million and adjusted EBITDA of $2.8 million. Byrna effectively managed its inventory and reported cash and marketable securities of $19.3 million. The company anticipates a 23% effective tax rate due to the transition to full taxpayer status in 2025, resulting from the release of a valuation allowance in Q4 2024.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 | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 95.29M | 85.76M | 42.64M | 48.04M | 42.16M | 16.57M | Gross Profit |
| 59.06M | 52.77M | 23.65M | 26.28M | 22.89M | 7.51M | EBIT |
| 8.54M | 6.67M | -7.79M | -7.46M | -3.29M | -4.31M | EBITDA |
| 9.75M | 8.16M | -6.53M | -6.88M | -2.80M | -11.03M | Net Income Common Stockholders |
| 14.44M | 12.79M | -8.19M | -7.88M | -3.28M | -12.55M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 19.29M | 25.73M | 20.50M | 20.07M | 56.31M | 3.18M | Total Assets |
| 71.04M | 71.92M | 52.31M | 57.05M | 75.31M | 21.22M | Total Debt |
| 2.54M | 2.64M | 1.90M | 2.55M | 1.09M | 1.28M | Net Debt |
| -5.13M | -14.19M | -18.60M | -17.52M | -55.21M | -1.90M | Total Liabilities |
| 14.21M | 17.55M | 9.99M | 11.05M | 9.22M | 12.81M | Stockholders Equity |
| 56.83M | 54.37M | 42.32M | 45.99M | 66.10M | 8.41M |
| Cash Flow | Free Cash Flow | ||||
| -822.00K | 9.39M | 2.99M | -17.08M | -6.28M | 1.03M | Operating Cash Flow |
| 4.02M | 11.74M | 3.89M | -13.83M | -4.44M | 2.54M | Investing Cash Flow |
| -16.35M | -11.23M | -2.98M | -5.14M | -5.88M | -2.00M | Financing Cash Flow |
| -4.54M | -4.55M | -422.00K | -17.04M | 57.25M | 7.77M |
Byrna Technologies Technical Analysis
Positive
31.36
Price Trends
24.32
Positive
24.15
Positive
22.14
Positive
Market Momentum
2.01
Negative
63.14
Neutral
71.55
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYRN, the sentiment is Positive. The current price of 31.36 is above the 20-day moving average (MA) of 27.86, above the 50-day MA of 24.32, and above the 200-day MA of 22.14, indicating a bullish trend. The MACD of 2.01 indicates Negative momentum. The RSI at 63.14 is Neutral, neither overbought nor oversold. The STOCH value of 71.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 (66)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $1.40B | 36.66 | 13.07% | 1.11% | 10.06% | -7.56% | |
75 Outperform | $710.84M | 50.95 | 28.88% | ― | 87.26% | ― | |
69 Neutral | $623.79M | 20.58 | 9.56% | 1.91% | 0.65% | -20.28% | |
66 Neutral | $4.46B | 12.15 | 5.40% | 4.71% | 4.16% | -11.97% | |
65 Neutral | $470.39M | 16.44 | 8.05% | 4.96% | -5.77% | 14.45% | |
64 Neutral | $667.41M | 15.64 | 12.14% | 1.07% | 23.15% | 31.43% | |
49 Neutral | $160.04M | ― | -17.71% | ― | -14.06% | -102.73% |
* Industrials Sector Average
Performance Comparison
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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.