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Byrna Technologies (BYRN)
NASDAQ:BYRN
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Byrna Technologies (BYRN) AI Stock Analysis

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BYRN

Byrna Technologies

(NASDAQ:BYRN)

Rating:69Neutral
Price Target:
$26.00
▲(17.06%Upside)
Byrna Technologies' strong financial performance, driven by revenue growth and profitability, is the primary strength. However, technical indicators suggest bearish momentum, and the valuation indicates a relatively high price without immediate value. Positive earnings call sentiment and corporate events support future growth, but increased expenses and liquidity concerns present risks.
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)

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 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:Jul 10, 2025
(Q2-2025)
|
% Change Since: -31.24%|
Next Earnings Date:Oct 09, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong revenue growth, successful product launches, and expansion in retail and international markets. However, it also noted increased operating expenses and softer market conditions, which balanced the overall sentiment.
Q2-2025 Updates
Positive Updates
Significant Revenue Growth
Net revenue for Q2 2025 was $28.5 million, a 41% increase from Q2 2024. This growth was driven by the launch of the Compact Launcher and increased dealer and chain store sales.
Strong Direct-to-Consumer and Dealer Sales
Direct-to-consumer revenues increased by $2.2 million, and sales to dealers increased by $3.9 million or 106%, largely driven by initial stocking orders for Sportsman's Warehouse.
Positive Net Income and Profitability
Net income for Q2 2025 was $2.4 million compared to $2.1 million for Q2 2024. Adjusted EBITDA totaled $4.3 million compared to $2.8 million for Q2 2024.
International Sales Growth
International sales reached $2.6 million, marking an 86% increase from the prior year period, including a notable bump in royalties from Latin America.
Expansion of Retail Footprint
The company plans to expand to 140 Sportsman's Warehouse locations by year-end, with additional interest from chains like Big 5 Sporting Goods and SCHEELS.
Improved Production Efficiency
Shifted to a more efficient assembly pod-based manufacturing system, reducing labor requirements and improving quality.
Successful Company-Owned Stores
Company-owned stores in Scottsdale, Nashville, and Fort Wayne are already profitable, with combined average sales of $69,000 in May.
Negative Updates
Increased Operating Expenses
Operating expenses for Q2 2025 were $14.2 million compared to $10.6 million for Q2 2024, driven by increased variable selling expenses, marketing spend, and higher payroll costs.
Cash Position Decrease
Cash, cash equivalents, and marketable securities decreased to $13 million from $25.7 million at November 30, 2024, reflecting increased inventory ahead of the Compact Launcher release.
Softer Market Conditions
Acknowledged softness in consumer sentiment and market conditions, leading to some sticker shock and slightly higher abandoned cart rates.
Company Guidance
During Byrna's Fiscal Second Quarter 2025 earnings call, the company reported a 41% year-over-year revenue increase to $28.5 million, driven by the launch of the Compact Launcher (CL) and increased sales through dealers and chain stores like Sportsman's Warehouse. Direct-to-consumer revenues rose by $2.2 million, and sales to dealers increased by $3.9 million, marking a 106% growth. Gross profit remained steady at 62% of net revenue, while operating expenses rose to $14.2 million due to higher selling, marketing, and payroll costs. Net income increased to $2.4 million, despite higher tax expenses, with an anticipated effective tax rate of 23% for the year. Adjusted EBITDA reached $4.3 million, up from $2.8 million in Q2 2024. The company reported $13 million in cash and marketable securities as of May 31, 2025, down from $25.7 million at the end of November 2024, reflecting increased inventory investment. Inventory levels rose to $32.3 million, with the company maintaining no long-term debt. Looking forward, Byrna aims to sustain revenue growth between 25% and 40% by expanding its retail footprint and increasing product visibility through platforms like Amazon.

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
85
Very Positive
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
78
Positive
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
72
Positive
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.
BreakdownDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue85.76M42.64M48.04M42.16M16.57M
Gross Profit52.77M23.65M26.28M22.89M7.51M
EBITDA8.16M-6.53M-6.88M-2.80M-11.03M
Net Income12.79M-8.19M-7.88M-3.28M-12.55M
Balance Sheet
Total Assets71.92M52.31M57.05M75.31M21.22M
Cash, Cash Equivalents and Short-Term Investments25.73M20.50M20.07M56.31M3.18M
Total Debt2.64M1.90M2.55M1.09M1.28M
Total Liabilities17.55M9.99M11.05M9.22M12.81M
Stockholders Equity54.37M42.32M45.99M66.10M8.41M
Cash Flow
Free Cash Flow9.39M2.99M-17.08M-6.28M1.03M
Operating Cash Flow11.74M3.89M-13.83M-4.44M2.54M
Investing Cash Flow-11.23M-2.98M-5.14M-5.88M-2.00M
Financing Cash Flow-4.55M-422.00K-17.04M57.25M7.77M

Byrna Technologies Technical Analysis

Technical Analysis Sentiment
Negative
Last Price22.21
Price Trends
50DMA
27.16
Negative
100DMA
23.72
Negative
200DMA
23.72
Negative
Market Momentum
MACD
-1.62
Positive
RSI
36.84
Neutral
STOCH
51.43
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 22.21 is below the 20-day moving average (MA) of 24.76, below the 50-day MA of 27.16, and below the 200-day MA of 23.72, indicating a bearish trend. The MACD of -1.62 indicates Positive momentum. The RSI at 36.84 is Neutral, neither overbought nor oversold. The STOCH value of 51.43 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 (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
75
Outperform
$1.35B35.3513.07%1.12%10.06%-7.56%
69
Neutral
$513.33M35.6028.05%73.56%
65
Neutral
$10.84B16.295.52%2.09%3.14%-29.96%
57
Neutral
$691.43M16.5712.14%1.04%31.27%26.36%
56
Neutral
$578.10M19.081.88%2.11%3.31%-82.99%
54
Neutral
$352.89M26.773.48%6.54%-11.73%-64.84%
42
Neutral
$141.70M-17.71%-11.01%-279.70%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
BYRN
Byrna Technologies
22.21
13.72
161.60%
NPK
National Presto
96.45
22.79
30.94%
SWBI
Smith & Wesson Brands
7.95
-7.07
-47.07%
RGR
Sturm Ruger & Company
34.16
-8.40
-19.74%
POWW
AMMO
1.18
-0.46
-28.05%
CDRE
Cadre Holdings
33.07
-1.02
-2.99%

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.

The most recent analyst rating on (BYRN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Byrna Technologies stock, see the BYRN Stock Forecast page.

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.

The most recent analyst rating on (BYRN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Byrna Technologies stock, see the BYRN Stock Forecast page.

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.Date of analysis: Jul 24, 2025