Byrna Technologies Fiscal First Quarter 2025 Results
Byrna Technologies Inc., a personal defense technology company specializing in less-lethal personal security solutions, has released its financial results for the fiscal first quarter of 2025, ending February 28, 2025. The company reported significant growth in revenue and profitability, driven by expanded retail channels and increased manufacturing capacity.
Financial Highlights
Byrna Technologies reported a 57% year-over-year increase in net revenue, reaching $26.2 million in Q1 2025 compared to $16.7 million in Q1 2024. Gross profit also saw a substantial rise, amounting to $15.9 million (61% of net revenue) from $9.6 million (58% of net revenue) in the previous year. Operating expenses increased to $14.2 million from $9.8 million, primarily due to higher variable selling expenses, payroll costs, and increased marketing spend. Net income for the quarter was $1.7 million, a significant improvement from $17,000 in Q1 2024. Adjusted EBITDA totaled $2.8 million, up from $1.2 million in the same period last year.
Business and Operational Highlights
Byrna launched its first store-within-a-store concept at Sportsman’s Warehouse in Saratoga Springs, Utah, with plans to open 12 additional locations by early May. The company also opened three company-owned retail stores in high-foot-traffic areas, generating between $1,000 and $1,700 in daily sales per store. Additionally, Byrna increased its launcher production capacity by 33% to 24,000 launchers per month and began producing payload ammo rounds at its new Fort Wayne facility, capable of producing 8 million rounds per year. The company achieved 92% U.S.-made components for its flagship model, the Byrna SD, as part of its 'Made in America' initiative.
Strategic Initiatives and Corporate Developments
Byrna partnered with celebrity influencers Charlie Kirk, Megyn Kelly, Lara Trump, and Donald Trump Jr. to amplify brand awareness and promote the normalization of less-lethal solutions. The company also focused on optimizing marketing spend for maximum impact. Byrna's management highlighted the importance of these partnerships in reaching new audiences and supporting the company's growth strategy.
Management's Perspective
CEO Bryan Ganz commented on the strong start to the fiscal year, noting the 57% revenue growth and the company's second-highest quarter ever. He emphasized the continuing sales momentum, increasing adoption of less-lethal self-defense options, and rising brand visibility. Ganz also discussed the company's expanding retail footprint, growing Amazon presence, and sustained awareness-building efforts as key factors supporting future performance.
Future Outlook
Byrna expects its effective tax rate to increase to approximately 23% in 2025 as it transitions into full taxpayer status. The company anticipates continued cash generation in the second half of the year, supported by inventory builds ahead of the Compact Launcher release. Management remains confident in Byrna's ability to execute through 2025 and beyond, driven by momentum across channels, scalable partnerships, and a highly anticipated new product on the horizon.
SEC Filing: Byrna Technologies Inc. [ BYRN ] - 8-K - Apr. 10, 2025