# Byrna Technologies Inc. Reports Fiscal Second Quarter 2025 Results (Nasdaq: BYRN)
## Release Date: July 10, 2025
Byrna Technologies Inc., a personal defense technology company, announced its financial results for the fiscal second quarter ended May 31, 2025. Here are the key highlights and financial metrics from the report:
### Operational Highlights:
– Launched the Byrna Compact Launcher (CL), which is 38% smaller than the flagship Byrna SD, available for purchase on Amazon.
– Increased dealer sales by 106% over the prior year, largely attributed to the partnership with Sportsman’s Warehouse.
– Continuation of the store-within-a-store concept with Sportsman’s Warehouse in 12 locations and expecting 10 more to open in the third quarter.
– Company-owned retail locations performed well, with the Scottsdale store matching sales levels of the long-established Las Vegas store in just a few months.
– Added Tucker Carlson as a celebrity influencer to expand brand awareness for less-lethal solutions.
### Financial Results:
– **Net Revenue:**
– Grew 41% year-over-year to a record $28.5 million, up from $20.3 million in the same quarter last year.
– **Gross Profit:**
– Increased to $17.6 million, representing 62% of net revenue, compared to $12.6 million (62% of net revenue) in Q2 2024.
– **Operating Expenses:**
– Totaled $14.2 million, up from $10.6 million in Q2 2024, driven by higher variable selling expenses and marketing spend.
– **Net Income:**
– Reported $2.4 million, an increase from $2.1 million in Q2 2024.
– **Adjusted EBITDA:**
– Totaled $4.3 million in Q2 2025, compared to $2.8 million in Q2 2024.
### Financial Position:
– **Cash and Equivalents:**
– Totaled $13.0 million at May 31, 2025, down from $25.7 million at November 30, 2024, attributed to increased inventory ahead of the Compact Launcher release.
– **Inventory:**
– Stood at $32.3 million at May 31, 2025, compared to $20.0 million at November 30, 2024.
– **Debt:**
– The company reported having no current or long-term debt.
### Management Commentary:
– CEO Bryan Ganz highlighted the successful launch of the Byrna CL, contributing to record revenue for the quarter.
– Focus on marketing strategies and retail expansion led to continued growth in the total addressable market.
– Expectation that the CL will play a significant role in sales mix, especially with availability on Amazon.
– Dealer channel sales increased by 106% in Q2, supported by the partnership with Sportsman’s Warehouse.
– Company-owned stores outperformed expectations, with plans for further retail expansion.
– Continued diversification in marketing, adding Tucker Carlson as an influencer and integrating AI tools for content production.
– Adjustment in production to align with current demand post-CL launch, maintaining a steady pace of 15,000 units per month.
### Dividend and Share Repurchase:
– The report did not mention any declaration of a quarterly dividend or share repurchase by Byrna Technologies Inc.
In conclusion, Byrna Technologies Inc. reported strong revenue growth, driven by the launch of the Byrna Compact Launcher, increased dealer sales, and effective marketing strategies. The company’s financial position remains strong, with a focus on operational efficiencies and retail expansion to drive future growth in the second half of the year. While consumer sentiment may affect near-term revenue, Byrna looks well-positioned for continued success.
*Note: Non-GAAP financial measures, such as Adjusted EBITDA, have been reconciled from GAAP measures for a better understanding of the company’s financial performance.*
### Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
**Amounts in thousands except share and per share data**
**(Unaudited)**
| Description | For the Three Months Ended May 31, 2025 | For the Three Months Ended May 31, 2024 | For the Six Months Ended May 31, 2025 | For the Six Months Ended May 31, 2024 |
|---|---|---|---|---|
| Net revenue | $28,505 | $20,269 | $54,695 | $36,923 |
| Cost of goods sold | $10,941 | $7,709 | $21,207 | $14,724 |
| Gross profit | $17,564 | $12,560 | $33,488 | $22,199 |
| Operating expenses | $14,238 | $10,647 | $28,466 | $20,450 |
| INCOME FROM OPERATIONS | $3,326 | $1,913 | $5,022 | $1,749 |
| Foreign currency transaction loss | -$135 | -$220 | -$215 | -$279 |
| Interest income | $116 | $323 | $303 | $604 |
| Income from joint venture | $0 | $62 | $0 | $20 |
| Other income | $18 | $2 | $17 | $3 |
| INCOME BEFORE INCOME TAXES | $3,325 | $2,080 | $5,127 | $2,097 |
| Income tax expense | -$898 | -$3 | -$1,038 | -$3 |
| NET INCOME (LOSS) | $2,427 | $2,077 | $4,089 | $2,094 |
| Foreign currency translation adjustment | $76 | $144 | -$54 | $29 |
| Unrealized gain on marketable securities | $17 | $0 | $77 | $0 |
| COMPREHENSIVE INCOME (LOSS) | $2,520 | $2,221 | $4,112 | $2,123 |
| Basic net income (loss) per share | $0.11 | $0.09 | $0.18 | $0.09 |
| Diluted net income (loss) per share | $0.10 | $0.09 | $0.17 | $0.09 |
| Weighted-average shares outstanding – basic | 22,668,546 | 22,728,500 | 22,628,270 | 22,383,769 |
| Weighted-average shares outstanding – diluted | 23,951,297 | 23,731,076 | 24,021,948 | 22,942,530 |
### Condensed Consolidated Balance Sheets
**Amounts in thousands, except share and per share data**
| Description | May 31, 2025 (Unaudited) | November 30, 2024 |
|---|---|---|
| Cash and cash equivalents | $7,001 | $16,829 |
| Marketable Securities | $5,984 | $8,904 |
| Accounts receivable, net | $6,536 | $2,630 |
| Inventory, net | $32,286 | $19,972 |
| Prepaid expenses and other current assets | $3,931 | $2,623 |
| Total current assets | $55,738 | $50,958 |
| Deposits for equipment | $1,981 | $2,665 |
| Right-of-use-asset, net | $2,262 | $2,452 |
| Property and equipment, net | $6,844 | $3,408 |
| Intangible assets, net | $3,215 | $3,337 |
| Goodwill | $2,258 | $2,258 |
| Deferred tax asset | $4,797 | $5,837 |
| Other assets | $355 | $1,007 |
| TOTAL ASSETS | $77,450 | $71,922 |
| Accounts payable and accrued liabilities | $14,377 | $13,108 |
| Operating lease liabilities, current | $652 | $539 |
| Deferred revenue, current | $335 | $1,791 |
| Total current liabilities | $15,364 | $15,438 |
| Deferred revenue, non-current | $15 | $17 |
| Operating lease liabilities, non-current | $1,935 | $2,098 |
| Total liabilities | $17,314 | $17,553 |
| Preferred stock | — | — |
| Common stock | $25 | $25 |
| Additional paid-in capital | $134,739 | $133,029 |
| Treasury stock | -$21,308 | -$21,253 |
| Accumulated deficit | -$52,694 | -$56,783 |
| Accumulated other comprehensive loss | -$626 | -$649 |
| Total Stockholders’ Equity | $60,136 | $54,369 |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $77,450 | $71,922 |
