BYRN again looks good at cmp1. Company Profile
Byrna Technologies Inc., headquartered in Andover, Massachusetts, is a technology company within the Aerospace & Defense sector. Founded in 2005 (originally named Security Devices International), it rebranded to Byrna Technologies in March 2020
It develops, manufactures, and sells less-lethal personal security solutions, serving both consumers and professional security clients across the U.S., South America, Europe, Asia, Canada, and South Africa
2. Core Products & Innovation
Flagship Launchers:
Byrna SD: A handheld, CO₂-powered launcher with patented "first-shot pull-pierce" technology to prevent gas leakage over time.
Byrna CL (Compact Launcher): Launched in FY 2025, 38% smaller than the SD version, but still delivers comparable force. Now available via Amazon and featured prominently during Prime Day
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Complementary Offerings:
Less‑lethal projectiles (chemical irritant, kinetic, inert rounds)
Aerosol products (like Byrna Bad Guy Repellent)
Accessories and safety gear (e.g. holsters, CO₂ canisters, sighting systems, Byrna-branded apparel)
3. Distribution Channels & Market Access
E-commerce: Direct-to-consumer via Byrna's site and Amazon store.
Dealer Programs: Side Hustle dealer network and premier dealers.
Retail Partnerships: High‑impact "store‑within‑a‑store" rollouts with Sportsman’s Warehouse. Expanded from 11 pilot locations in early 2025 to plans for 50 by year-end and 100 by end of 2026
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4. Growth, Financial Performance & Capital Structure
Top-Line Growth:
Q1 2025 revenue: $26.2M (+57% YoY)
Q2 2025 revenue: $28.5M (+41% YoY)
Profitability & Margins:
Q2 2025 net income: $2.4M, gross margin: ~62%
Q1 2025 EPS: ~$0.07; marked improvement from breakeven prior periods
Balance Sheet & Cash Position:
As of May 31, 2025: Cash & marketable securities ~$13M, debt-free, with increased inventory ahead of new product launches.
As of March 31, 2025: Total assets ~$77M, total liabilities ~$17M, and shareholders’ equity ~$60M
Stock Titan
7. Key Strengths & Risks
✅ Strengths
No debt and improving cash generation.
Rapid revenue growth and turning consistently profitable quarter-over-quarter.
Diversified sales channels: DTC, retail, dealers, international.
Strong brand-building through influencers and multi-channel presence.
Scalable and increasingly domestic supply chain ensures quality and reliability.
⚠️ Risks
Reliance on celebrity-driven marketing and consumer sentiment.
Regulatory uncertainty in jurisdictions restricting less-lethal devices (e.g. New York City).
Potential classification or reclassification of devices under stricter legal regimes.
Inventory-heavy balance sheet could burden liquidity if demand slows.
Short interest (~12%), indicating bearish sentiment among some traders. Recent share float ~22.7M shares outstanding
📌 Summary
Byrna Technologies operates at the intersection of technology, security, and consumer convenience, offering innovative less-lethal defense products that bridge the gap between traditional firearms and personal safety devices. With strong financial momentum, strategic retail expansion (Sportsmans’ Warehouse and physical stores), and powerful branding via influencers, the company is positioning itself for accelerated growth.
