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Byrna Technologies
(NASDAQ:BYRN)
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Rating:53Neutral
Price Target:
$4.00
▼(-39.94% Downside)
Action:Reiterated
Date:07/10/26
BYRN scores mid-range primarily due to a strong, low-debt balance sheet and durable gross-margin profile, offset by volatile earnings/cash flow and a recent reset to lower revenue with losses. Technicals are decisively bearish (price below all major moving averages with weak momentum), and valuation is challenged by a negative P/E with no dividend support. The latest earnings commentary adds some stabilization signals (inventory reduction plan and conversion/retail initiatives) but confirms FY26 as a transition year.
Positive Factors
Low leverage / strong balance sheet
Very low debt and sizable equity give Byrna financial flexibility to fund marketing, retail pilots and product integration without refinancing. This resilience supports multi-quarter execution of a reset plan and buffers the firm against cyclical demand troughs while preserving strategic optionality.
Negative Factors
Sharp recent revenue decline
A large year-over-year revenue drop materially resets the growth baseline and impairs operating leverage. Such a steep decline signals demand weakness and partner destocking that can persist absent sustained marketing and retail execution, increasing execution risk over several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Very low debt and sizable equity give Byrna financial flexibility to fund marketing, retail pilots and product integration without refinancing. This resilience supports multi-quarter execution of a reset plan and buffers the firm against cyclical demand troughs while preserving strategic optionality.
Read all positive factors
Byrna Technologies Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyByrna Technologies (BYRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$87.71M
Dividend YieldN/A
Average Volume (3M)689.23K
Price to Earnings (P/E)―
Beta (1Y)1.43
Revenue Growth5.15%
EPS Growth-124.82%
CountryUS
Employees167
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.15
Shares Outstanding22,693,356
10 Day Avg. Volume1,319,034
30 Day Avg. Volume689,234
Financial Highlights & Ratios
PEG Ratio-1.71
Price to Book (P/B)6.24
Price to Sales (P/S)3.47
P/FCF Ratio-44.62
Enterprise Value/Market Cap1.45
Enterprise Value/Revenue1.16
Enterprise Value/Gross Profit2.22
Enterprise Value/Ebitda-35.75
Forecast
1Y Price Target
$8.25Price Target Upside23.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.04
Revenue Forecast (FY)$115.34M
Byrna Technologies Business Overview & Revenue Model
Company Description
Byrna Technologies Inc. (BYRN) specializes in less-lethal defense technology, focusing on the creation and manufacturing of non-lethal munitions and associated security equipment. The company's primary offerings include a line of Byrna-branded han...
How the Company Makes Money
Byrna primarily makes money by selling less-lethal launchers and recurring consumables (projectiles/ammunition) through multiple channels. Its key revenue streams include: (1) Launcher/device sales: revenue from the sale of Byrna-branded handheld ...
Byrna Technologies Earnings Call Summary
Earnings Call Date:Jul 09, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 08, 2026
Earnings Call Sentiment Negative
The call conveyed a clear operational reset driven by meaningful top‑line weakness and significant one‑time inventory and impairment charges that produced steep year‑over‑year declines in revenue and profitability. Management outlined multiple constructive strategic and operational actions — improved demand generation, conversion programs (quiz and trial), retail pilots, production alignment, third‑party ammunition sourcing, and the HERO acquisition — that have shown early encouraging signs (strong trial conversion, retail end‑cap lift, adjusted gross margin excluding one‑offs, improved yields). Despite these positive strategic moves, the current financial results (large revenue decline, net loss, negative adjusted EBITDA and substantive non‑cash charges) represent significant near‑term headwinds and a reset to a lower revenue baseline; recovery depends on successful and timely execution of the initiatives over coming quarters.Positive Updates
Adjusted Gross Margin Resilience (Excluding One‑Offs)
Excluding one‑time charges, adjusted gross profit was $10.1M representing an adjusted gross margin of ~62%; management expects adjusted gross margin to remain near or above this level through the balance of the year and to exit fiscal 2026 at ~62%.
Negative Updates
Sharp Revenue Decline
Net revenue for Q2 FY26 was $16.4M versus $28.5M in the prior year period, a decline of ~42.5%, and management stated Q2 came in below expectations and reset the revenue baseline.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted Gross Margin Resilience (Excluding One‑Offs)
Excluding one‑time charges, adjusted gross profit was $10.1M representing an adjusted gross margin of ~62%; management expects adjusted gross margin to remain near or above this level through the balance of the year and to exit fiscal 2026 at ~62%.
Read all positive updates
Company Guidance
Management said FY26 will not be a revenue‑growth year, with Q3 a transition quarter and Q4 expected to improve into the holidays; Q2 set a new baseline with $16.4M revenue (vs. $28.5M LY), adjusted EBITDA of -$0.6M (vs. $4.3M), net loss $10.1M (including $10.4M of non‑cash charges), cash & marketable securities $10.4M, and inventory $30.4M (after a $3.6M write‑down, $3.5M impairment and $2.3M reserve). They reiterated adjusted gross margin near/above ~62% and expect inventory turns to approach 2x by year‑end, targeting roughly a $5M inventory reduction to boost cash (cash expected to hold through Q3 and finish the year higher). Planned investments include ~$250K/month (~$750K/quarter) in marketing (with variable selling expense ≈10% of sales), and operational changes to improve online and retail conversion: ~2.6M byrna.com sessions in Q2 (‑13% YoY), conversion 0.59% (vs 1.0% prior), AOV ~$322 (‑19%), ~150K quiz responses (~7% of visitors) converting ~2x the site average, try‑before‑you‑buy converting ~30%, production cut from 4 to 2 lines, and first‑pass yield up 6.5% into June with a >90% Q4 target.Byrna Technologies Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 108.86M | 118.12M | 85.76M | 42.64M | 48.04M | 42.16M |
| Gross Profit | 57.17M | 71.47M | 52.77M | 23.65M | 26.28M | 22.89M |
| EBITDA | -3.54M | 13.88M | 8.57M | -6.76M | -6.80M | -2.92M |
| Net Income | -3.69M | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M |
Balance Sheet | ||||||
| Total Assets | 68.42M | 84.49M | 71.92M | 52.31M | 57.05M | 75.31M |
| Cash, Cash Equivalents and Short-Term Investments | 10.44M | 15.48M | 25.73M | 20.50M | 20.07M | 56.31M |
| Total Debt | 2.05M | 3.96M | 2.64M | 1.90M | 2.55M | 1.09M |
| Total Liabilities | 11.43M | 18.73M | 17.55M | 9.99M | 11.05M | 9.22M |
| Stockholders Equity | 56.98M | 65.76M | 54.37M | 42.32M | 45.99M | 66.10M |
Cash Flow | ||||||
| Free Cash Flow | 2.24M | -9.20M | 9.39M | 2.99M | -17.08M | -6.28M |
| Operating Cash Flow | 7.42M | -1.57M | 11.74M | 3.89M | -13.83M | -4.44M |
| Investing Cash Flow | -254.00K | -459.00K | -11.23M | -2.98M | -5.14M | -5.88M |
| Financing Cash Flow | -2.71M | -1.33M | -4.55M | -422.00K | -17.04M | 57.25M |
Byrna Technologies Technical Analysis
Negative
6.66
Price Trends
5.76
Negative
7.61
Negative
12.98
Negative
Market Momentum
-0.24
Positive
28.56
Positive
10.59
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 6.66 is above the 20-day moving average (MA) of 5.90, above the 50-day MA of 5.76, and below the 200-day MA of 12.98, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 28.56 is Positive, neither overbought nor oversold. The STOCH value of 10.59 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 54 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
58 Neutral | $616.88M | -53.53 | -4.24% | 1.92% | 3.20% | -139.32% | |
58 Neutral | $288.09M | -43.88 | -35.04% | ― | ― | ― | |
56 Neutral | $697.52M | 38.05 | 5.04% | 5.10% | 10.75% | 35.88% | |
53 Neutral | $87.71M | -26.17 | 13.82% | ― | 5.15% | -124.82% | |
51 Neutral | $87.02M | -15.71 | -6.41% | ― | ― | -11379.59% | |
47 Neutral | $842.90M | -3.34 | -258.98% | ― | ― | -33.98% |
* Industrials Sector Average
BYRN
Byrna Technologies
3.87
-18.65
-82.83%
SWBI
Smith & Wesson Brands
15.60
7.53
93.39%
RGR
Sturm Ruger & Company
38.69
3.30
9.34%
POWW
AMMO
2.48
1.32
113.79%
EVEX
Eve Holding
2.42
-4.50
-65.03%
PEW
GrabAGun Digital Holdings
2.96
-14.00
-82.55%
Byrna Technologies Corporate Events
Business Operations and StrategyM&A Transactions
Byrna Technologies to Acquire HERO Defense Systems Assets
Positive
Jul 8, 2026
On July 7, 2026, Byrna Technologies entered into a definitive asset purchase agreement to acquire substantially all assets of HERO Defense Systems, a complementary maker of compact, easy-to-use less-lethal self-defense devices such as the HERO 202...
Business Operations and StrategyExecutive/Board Changes
Byrna Technologies CEO Sets New Strategic Operational Priorities
Positive
Jun 18, 2026
On June 18, 2026, Byrna Technologies Inc. released a letter to stockholders from CEO Conn Davis, reflecting on his first 100 days in the role and outlining key operational priorities for the rest of fiscal 2026. Davis highlighted initiatives aimed...
Business Operations and StrategyExecutive/Board Changes
Byrna Technologies Restructures Sales, Marketing and Leadership Roles
Neutral
Jun 15, 2026
On June 11, 2026, Byrna Technologies announced a major realignment of its sales and marketing operations to strengthen brand messaging, broaden its customer base, and accelerate retail expansion. The company is splitting its previously combined sa...
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.