Byrna Technologies (BYRN)
NASDAQ:BYRN
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Byrna Technologies
(NASDAQ:BYRN)
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Rating:64Neutral
Price Target:
$10.00
▲(6.16% Upside)
Action:ReiteratedDate:03/20/26
The score is led by improving fundamentals (profitability turnaround, strong revenue expansion, and low leverage) and a constructive earnings outlook for margin and EBITDA improvement. These positives are tempered by weak and volatile cash flow (including negative 2025 OCF/FCF), a clear bearish technical trend, and a relatively high P/E with no dividend yield provided.
Positive Factors
Revenue Growth
Sustained multi-year top-line expansion demonstrates durable product-market fit and expanding distribution. Scale supports operating leverage, retail penetration, and channel diversification, improving long-run revenue visibility even if near-term growth moderates.
Negative Factors
Cash Flow Volatility
Reversal to negative operating and free cash flow after prior strength signals fragile cash conversion. Persistent volatility in OCF can force external financing, constrain reinvestment, and lengthen payback on growth initiatives, raising execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained multi-year top-line expansion demonstrates durable product-market fit and expanding distribution. Scale supports operating leverage, retail penetration, and channel diversification, improving long-run revenue visibility even if near-term growth moderates.
Read all positive factors
Byrna Technologies (BYRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$205.18M
Dividend YieldN/A
Average Volume (3M)384.80K
Price to Earnings (P/E)30.6
Beta (1Y)1.64
Revenue Growth50.99%
EPS Growth612.36%
CountryUS
Employees167
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.14
Shares Outstanding22,671,284
10 Day Avg. Volume482,750
30 Day Avg. Volume384,800
Financial Highlights & Ratios
PEG Ratio-1.72
Price to Book (P/B)6.24
Price to Sales (P/S)3.47
P/FCF Ratio-44.62
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue1.65
Enterprise Value/Gross Profit2.73
Enterprise Value/Ebitda14.00
Forecast
1Y Price Target
$25.00Price Target Upside165.39% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.52
Revenue Forecast (FY)$134.83M
Byrna Technologies Business Overview & Revenue Model
Company Description
Byrna 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 sec...
How the Company Makes Money
Byrna primarily makes money by selling less-lethal self-defense products and recurring consumables tied to those products. Key revenue streams include: (1) Device sales: one-time sales of Byrna-branded handheld launchers (the “razor/handle” portio...
Byrna Technologies Key Performance Indicators (KPIs)
Any
Revenue by Geography
Data provided by:
The Fly
The FlyByrna Technologies Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 09, 2026
Earnings Call Sentiment Positive
Overall the call conveyed strong operational momentum and notable achievements — robust revenue growth (Q4 +26%, FY +38%), improving adjusted EBITDA and a rapidly expanding brick-and-mortar footprint — balanced against transitory margin pressure from channel mix and one-time startup/amortization costs, higher operating spend to scale the business, elevated inventory and a YoY cash decline. Management laid out clear actions to drive margin recovery (price increases, manufacturing efficiencies, onshoring benefits, and expected savings from closing the South African operation) and a concrete product roadmap (CLXL, modular launcher with ~40% lower BOM, Byrna Cam), plus a $20M credit facility for strategic flexibility. Given the magnitude and sustainability of the growth metrics and profitability progress versus the largely temporary/capitalization-related lowlights, the overall tone is constructive.Positive Updates
Strong Top-Line Growth
Q4 2025 net revenue of $35.2M, up 26% YoY from $28.0M. Full-year 2025 net revenue $118.1M, up 38% YoY from $85.8M, driven by expanded brand visibility, broader retail presence, and the launch of the Byrna SCL.
Negative Updates
Gross Margin Compression in FY2025
Q4 gross margin declined to 60% of net revenue (from 63% in Q4 2024). Full-year gross margin slipped to 61% (from 62% in FY2024). Management attributes the decline to heavier dealer/chain-store mix and amortization of startup product costs related to the CL launcher and ammunition factory relocation.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Top-Line Growth
Q4 2025 net revenue of $35.2M, up 26% YoY from $28.0M. Full-year 2025 net revenue $118.1M, up 38% YoY from $85.8M, driven by expanded brand visibility, broader retail presence, and the launch of the Byrna SCL.
Read all positive updates
Company Guidance
Guidance highlighted margin and profitability improvement for fiscal 2026: management expects gross margin to rise from ~60% in Q4 (61% for FY2025) to roughly 63%–65% by the end of 2026 driven by a 4%–5% price increase (effective Feb 1, 2026), a more favorable mix toward higher‑margin compact launchers, manufacturing efficiencies (monthly production +33%), and the $1.5M run‑rate savings from closing the South African operation; cash was $15.5M at 11/30/25 (down from $25.7M YoY but up $6.5M from $9M at Q3), inventory was $32.7M (vs. $20.0M prior year) with Q1 expected to be the low point before rebuild, and the company closed a $20M credit facility ($5M revolver, $15M delayed draw with $15M earmarked for acquisitions) to support growth; management expects revenue to increase year‑over‑year each quarter in 2026, operating expenses to grow materially slower than revenue (driving OpEx leverage), continued adjusted EBITDA expansion, and to remain well above the “rule of 40,” while retail footprint expands from >1,500 stores to ~2,000 in 2026.Byrna Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
55
Neutral
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 118.12M | 85.76M | 42.64M | 48.04M | 42.16M |
| Gross Profit | 71.47M | 52.77M | 23.65M | 26.28M | 22.89M |
| EBITDA | 13.88M | 8.16M | -6.53M | -6.88M | -2.80M |
| Net Income | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M |
Balance Sheet | |||||
| Total Assets | 84.49M | 71.92M | 52.31M | 57.05M | 75.31M |
| Cash, Cash Equivalents and Short-Term Investments | 15.48M | 25.73M | 20.50M | 20.07M | 56.31M |
| Total Debt | 3.96M | 2.64M | 1.90M | 2.55M | 1.09M |
| Total Liabilities | 18.73M | 17.55M | 9.99M | 11.05M | 9.22M |
| Stockholders Equity | 65.76M | 54.37M | 42.32M | 45.99M | 66.10M |
Cash Flow | |||||
| Free Cash Flow | -9.20M | 9.39M | 2.99M | -17.08M | -6.28M |
| Operating Cash Flow | -1.57M | 11.74M | 3.89M | -13.83M | -4.44M |
| Investing Cash Flow | -459.00K | -11.23M | -2.98M | -5.14M | -5.88M |
| Financing Cash Flow | -1.33M | -4.55M | -422.00K | -17.04M | 57.25M |
Byrna Technologies Technical Analysis
Negative
9.42
Price Trends
12.70
Negative
15.28
Negative
19.36
Negative
Market Momentum
-1.12
Negative
28.95
Positive
25.13
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 9.42 is below the 20-day moving average (MA) of 10.53, below the 50-day MA of 12.70, and below the 200-day MA of 19.36, indicating a bearish trend. The MACD of -1.12 indicates Negative momentum. The RSI at 28.95 is Positive, neither overbought nor oversold. The STOCH value of 25.13 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 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 |
|---|---|---|---|---|---|---|---|
64 Neutral | $205.18M | 30.55 | 15.76% | ― | 50.99% | 612.36% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $660.73M | 32.29 | 2.71% | 5.10% | -9.08% | -71.62% | |
63 Neutral | $667.91M | -120.73 | -1.50% | 1.92% | 3.90% | -92.10% | |
57 Neutral | $232.23M | 22.47 | ― | ― | -11.01% | -279.70% | |
46 Neutral | $895.14M | -5.44 | -225.72% | ― | ― | -33.69% | |
42 Neutral | $87.05M | -23.45 | -4.66% | ― | ― | -116.40% |
* Industrials Sector Average
BYRN
Byrna Technologies
9.05
-8.83
-49.38%
SWBI
Smith & Wesson Brands
14.85
5.82
64.40%
RGR
Sturm Ruger & Company
41.89
2.47
6.27%
POWW
AMMO
1.98
0.57
40.43%
EVEX
Eve Holding
2.57
-0.98
-27.61%
PEW
GrabAGun Digital Holdings
2.95
-7.74
-72.40%
Byrna Technologies Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Byrna Technologies Updates Investor Presentation Under Regulation FD
Neutral
Mar 23, 2026
Byrna Technologies Inc. furnished an updated investor presentation as an exhibit to a recent Current Report on Form 8-K, indicating it may use the materials in future communications with investors. The company emphasized that the information provi...
Business Operations and StrategyExecutive/Board Changes
Byrna Technologies Promotes Luan Pham to President Role
Positive
Mar 19, 2026
Byrna Technologies has promoted Chief Revenue and Marketing Officer Luan Pham to President effective March 17, 2026, formalizing his expanded role leading marketing, brand strategy, distribution, and customer acquisition while he continues to repo...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Byrna Technologies Announces New CEO and Board Leadership
Positive
Mar 3, 2026
Byrna Technologies Inc. is a personal defense technology company that develops, manufactures, and sells innovative less-lethal personal security solutions, including CO2-powered handheld launchers such as the Byrna CL, Byrna LE, and Byrna SD. Its ...
Executive/Board Changes
Byrna Technologies Announces Routine Transition of Chief Operating Officer
Neutral
Jan 30, 2026
Byrna Technologies Inc. announced that Chief Operating Officer John Brasseur informed the company on January 29, 2026, of his decision to leave the firm to pursue other professional opportunities, with his last day of employment set for February 1...
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.