Financial Performance - Revenue for the fiscal year ended November 30, 2025, was $118.1 million, an increase of $32.3 million, or 37.7%, compared to $85.8 million in the prior fiscal year[198]. - Direct-to-consumer revenue increased by $10.7 million, or 16.3%, from $65.9 million in fiscal year 2024 to $76.6 million in fiscal year 2025[200]. - Domestic dealer and retail sales increased by $14.0 million, or 108.4%, from $12.9 million in fiscal year 2024 to $26.9 million in fiscal year 2025[200]. - E-commerce transactions accounted for 64.8% of total net revenue for fiscal year 2025, down from 76.8% in fiscal year 2024[198]. - Gross margin declined by 1.0% compared to the prior year, primarily due to a higher proportion of lower-margin wholesale and retail revenue[199]. - Profit from operations for fiscal year 2025 was $11.8 million, compared to an operating profit of $6.7 million for fiscal year 2024[199]. - International revenue, including Canada, increased from $6.8 million to $12.1 million year-over-year[200]. - Wholesale revenue increased to $41.5 million in fiscal year 2025, reflecting expanded relationships with retailers and increased law-enforcement interest[202]. - Cost of goods sold was $46.7 million for fiscal year 2025, up from $33.0 million in fiscal year 2024, driven by higher sales volume[203]. - Gross profit was $71.5 million, or 60.5% of net revenue, for fiscal year 2025, compared to $52.8 million, or 61.5%, in the prior year, indicating a decline in gross margin[204]. - Operating expenses rose to $59.6 million in fiscal year 2025, compared to $46.1 million in the prior year, primarily due to higher marketing and personnel-related costs[205]. - Profit from operations increased by $5.1 million to $11.8 million in fiscal year 2025, compared to $6.7 million in fiscal year 2024[206]. - Interest income decreased to $0.4 million for fiscal year 2025 from $1.0 million in fiscal year 2024, due to a reduction in interest-earning funds[208]. - The effective income tax rate was 17.49% for the year ended November 30, 2025, compared to (80.31)% in the prior year, with an income tax expense of $2.1 million[209]. - Cash and cash equivalents totaled $13.7 million as of November 30, 2025, a decrease of approximately $3.1 million from $16.8 million as of November 30, 2024[215]. - Cash used in operating activities was $1.6 million for fiscal year 2025, compared to cash provided by operations of $11.7 million in fiscal year 2024[217]. - Non-GAAP adjusted EBITDA was $16.8 million for fiscal year 2025, compared to $11.5 million in fiscal year 2024[214]. Product Development and Innovation - The Byrna CL™ (Compact Launcher) was launched in April 2025, featuring a muzzle velocity of approximately 400 feet-per-second and a form factor 38% smaller than the Byrna SD[47]. - Byrna's product portfolio includes handheld launchers capable of firing projectiles from a standoff distance of up to 60 feet, enhancing user safety[21]. - Byrna's R&D efforts focus on developing new projectile technologies, including a 12-gauge less-lethal kinetic round designed for enhanced accuracy at distances exceeding 100 feet[48]. - R&D efforts are focused on new product introductions, including enhancements to the Byrna SD, Byrna LE, and Byrna CL platforms, and expanded projectile offerings across multiple calibers[52]. - The company has expanded R&D collaboration with U.S. suppliers and established a dedicated ammunition production facility in Fort Wayne, Indiana, enhancing new projectile design iterations and quality control[51]. - The company plans to expand its product portfolio to meet the growing demand for less-lethal products in the law enforcement and private security markets[195]. Market Expansion and Strategy - In fiscal 2025, international revenue represented 10.0% of total revenue, up from 8.0% in fiscal 2024, indicating growth in global market interest[33]. - The company established Byrna Technologies Canada to support regulatory compliance and sales in the Canadian market, expanding its international footprint[20]. - Byrna's marketing strategy generated over 60 million organic views through the "Banana" campaign, significantly increasing brand recognition and consumer engagement[37]. - The company has diversified its distribution channels, including a partnership with Sportsman's Warehouse and the opening of Byrna-branded retail locations[44]. - The company acquired a 51% ownership interest in Byrna LATAM S.A. for $0.5 million to expand operations in South America[196]. - Byrna's AI-assisted advertising platform has improved marketing efficiency and reduced customer-acquisition costs[34]. - The company intends to improve operational, financial, and management controls to manage growth effectively and maintain product quality[85]. Operational Challenges - The company has a history of operating losses, with an accumulated deficit of $47.1 million as of November 30, 2025, despite achieving net income in the last two fiscal years[79]. - Revenue growth may not sustain at previous rates due to various challenges, including product development delays and market adoption uncertainties[80]. - The company has consolidated all manufacturing activities at its Fort Wayne, Indiana facility, discontinuing operations at Byrna South Africa[70]. - The company faces competition from manufacturers of conductive energy devices, handheld CO2-powered launchers, and traditional firearms, necessitating continuous innovation and brand awareness[56][57]. - The company is subject to extensive regulations that could adversely affect demand for its products and increase compliance costs[58][62]. - The company has experienced rapid growth in headcount and operations, which may strain management and operational infrastructure[81]. - The company faces intense competition for talent, which may lead to increased expenses and challenges in integrating new hires into corporate culture[83]. - Future growth may be hindered by slower demand for products, increased competition, and the need for successful new product development[84]. - The company is dependent on third-party suppliers for key components, and any failure in supply could adversely affect production and financial results[100]. - The company faces challenges in profitability due to factors such as higher fuel costs, port closures, and increased government regulations affecting imports[103]. - The company must continuously innovate and develop new products to maintain sales, with significant costs associated with product design and development[105]. - Accurate forecasting of consumer demand is critical; failure to do so may lead to excess inventory or product shortages, negatively impacting financial results[106][107]. - Dependence on a limited number of third-party logistics and shipping providers poses risks to operations and financial performance[108]. - Product defects could lead to recalls, negative publicity, and harm to the company's reputation, affecting sales and operating margins[109]. - The company is exposed to cybersecurity risks that could disrupt operations and lead to significant financial and reputational damage[112]. - Expansion into global markets may be hindered by political and economic volatility, affecting market share and profitability[114]. - Legislative changes regarding the regulation of less-lethal products could impact production capabilities and market demand[125]. - The company operates in a highly competitive environment, facing challenges from larger competitors with established market presence[118]. - The company is subject to U.S. and foreign export control laws, which could significantly impact operations and revenues if compliance is not maintained[126]. - Non-compliance with Trade Control Laws could result in administrative, civil, or criminal liabilities, adversely affecting the company's business and growth efforts[127]. - Health and safety risks related to products may lead to litigation or regulatory actions, potentially harming financial condition and operating results[128]. - The company faces operating hazards that could result in significant costs, impacting financial position, despite maintaining insurance[129]. - Compliance with anti-corruption legislation is critical, as violations could lead to fines and penalties, adversely affecting business operations[130]. - The company relies on suppliers and manufacturers to comply with ethical practices; non-compliance could harm reputation and operational results[131]. - Protecting intellectual property is essential for maintaining competitive advantage; inadequate protection could lead to substantial litigation costs[132]. - The company may face intellectual property infringement claims, which could divert management attention and incur additional costs[133]. Economic and Environmental Factors - Economic conditions significantly influence customer spending on the company's discretionary products, affecting revenue and profitability[152]. - Tariffs and trade barriers, particularly with China, may disrupt the company's operations and require price adjustments, potentially harming revenue[153]. - Data privacy and security laws could increase operational costs and expose the company to sanctions and penalties[155]. - Climate change may increase operating costs and adversely affect business operations due to extreme weather events and rising temperatures[166]. - The availability and costs of materials and components may be impacted by climate change, potentially increasing operational costs[168]. - Prevailing wage rates have increased significantly, which may require the company to raise employee wages, affecting profit margins[169]. Stock and Financial Risks - The common stock is listed on the Nasdaq Capital Market, and failure to maintain listing criteria could impair liquidity and trading volume[136]. - The market price of the common stock may be volatile, influenced by various factors including operational results and analyst coverage[137]. - The company does not intend to pay dividends on its common stock for the foreseeable future, opting to retain future earnings instead[147]. - Future litigation could materially adversely impact the company's results of operations, financial condition, and liquidity[148]. - The company faces risks from commercial crime, including theft and electronic crime, which could lead to financial losses[150].

分组1 - Byrna Technologies Inc. reported quarterly earnings of $0.14 per share, exceeding the Zacks Consensus Estimate of $0.13 per share, but down from $0.17 per share a year ago, representing an earnings surprise of +7.69% [1] - The company achieved revenues of $35.25 million for the quarter ended November 2025, surpassing the Zacks Consensus Estimate by 0.42% and increasing from $27.98 million year-over-year [2] - Byrna Technologies has surpassed consensus EPS estimates four times over the last four quarters and topped consensus revenue estimates three times during the same period [2] 分组2 - The stock has underperformed, losing about 27.2% since the beginning of the year, while the S&P 500 has gained 0.5% [3] - The current consensus EPS estimate for the upcoming quarter is $0.07 on $30 million in revenues, and for the current fiscal year, it is $0.52 on $139.03 million in revenues [7] - The Zacks Industry Rank indicates that the Technology Services sector is currently in the bottom 39% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4][5] - Full year 2025 net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Full year gross profit was $71.5 million, or 61% of net revenue, compared to $52.8 million, or 62% of net revenue in 2024 [6] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a prior year tax benefit [8][9] - Full year net income was $9.7 million, down from $12.8 million in 2024, but improved by $2.5 million when excluding the tax benefit [9] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in 2024 to $31 million in 2025, representing over 100% growth [12] - Chain store sales were the largest contributor to brick-and-mortar performance, expanding from around 200 locations to approximately 900 by year-end [13][14] - International sales grew by 66% year-over-year, while direct-to-consumer channels saw an 18.4% increase [21][22] Market Data and Key Metrics Changes - Byrna's DTC sales on Amazon grew by 46.9%, now accounting for 28.6% of DTC sales, up from 23.2% [22] - The company expects to expand its retail footprint to approximately 2,000 locations in 2026 [18] Company Strategy and Development Direction - Byrna is transitioning from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [11] - The company plans to implement a price increase of 4%-5% as of February 1, 2026, alongside the introduction of the new Byrna CL XL [7] - Byrna aims to enhance its product offerings with new devices, including a modular launcher and subscription-based products [34][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and expanding profitability in fiscal 2026 [35][38] - The company anticipates margin improvement due to a favorable product mix, manufacturing efficiencies, and recent price increases [38] - Byrna's leadership believes the less lethal personal safety category is becoming more accepted, positioning the company as a leader in this space [39] Other Important Information - Byrna has entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [10][35] - The company is exploring creative advertising strategies, including a Super Bowl commercial to enhance brand awareness [24][25] Q&A Session Summary Question: Insights on the new CL XL launcher and its margin profile - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing strong value for consumers [46][47] Question: Expectations for gross margin trends and revenue growth for 2026 - Gross margins are expected to grow incrementally throughout the year, aiming for a range of 63%-65% by the end of 2026 [58][61] Question: Contribution of growth from existing and new retail partners - The company expects growth from both expanding existing relationships and adding new chain stores, with a focus on optimizing product and inventory support [74]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4] - For the full year 2025, net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a $5.6 million tax benefit in the prior year [9] - Adjusted EBITDA for Q4 2025 totaled $6 million, compared to $5 million in Q4 2024, bringing the full year adjusted EBITDA to $16.8 million, up from $11.5 million in the prior year [10] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in fiscal year 2024 to $31 million in fiscal year 2025, representing over 100% growth [13] - Chain store sales were a significant contributor, expanding from around 200 locations at the start of 2025 to approximately 900 by year-end [14] - International sales generated 66% growth from the prior year, while direct-to-consumer channels grew by 18.4% [22] Market Data and Key Metrics Changes - Byrna's brick-and-mortar dealers accounted for 26.7% of sales in 2025, up from 17.7% in 2024, indicating a strong growth segment [21] - Amazon.com sales grew by 46.9% year-over-year, now accounting for 28.6% of direct-to-consumer sales, up from 23.2% last year [23] Company Strategy and Development Direction - The company is transitioning from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [12] - Byrna plans to continue expanding its retail footprint, aiming for approximately 2,000 locations in 2026 [18] - The introduction of new products, including the Byrna Cam and modular launchers, is expected to enhance user experience and drive growth [36][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and expanding profitability in fiscal 2026, with expectations for gross margins to improve [37][41] - The company anticipates a favorable product mix and manufacturing efficiencies to contribute to margin expansion [41] - Byrna aims to maintain a growth rate and EBITDA margins that exceed the Rule of 40 threshold [39] Other Important Information - The company entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [11] - Management is actively seeking strategic acquisition opportunities to further enhance product development and market reach [38] Q&A Session Summary Question: Insights on the new CL XL launcher and its margin profile - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing a strong value proposition for consumers [48][49] Question: Expectations for gross margin trends and revenue growth for 2026 - Gross margins are expected to grow incrementally throughout the year, aiming for a range of 63%-65% by the end of 2026 [60] - Revenue guidance was not provided, but the company expects to remain in growth mode [61] Question: Contribution of growth from existing and new retail partners - The company anticipates growth from both expanding existing relationships and onboarding new partners, with a focus on optimizing product and inventory support [76]

Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4] - Full year 2025 net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Full year gross profit was $71.5 million, or 61% of net revenue, compared to $52.8 million, or 62% of net revenue in 2024 [6] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a $5.6 million tax benefit in the prior year [9] - Full year net income was $9.7 million, down from $12.8 million in 2024, but improved by $2.5 million when excluding the tax benefit [10] - Adjusted EBITDA for Q4 2025 totaled $6 million, compared to $5 million in Q4 2024, bringing full year adjusted EBITDA to $16.8 million, up from $11.5 million in 2024 [10] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in 2024 to $31 million in 2025, representing over 100% growth [13] - Chain store sales increased significantly, with show dealers up 20.9%, premier dealers up 40.4%, traditional dealers up 73.4%, and company-owned retail stores up 186.5% [14] - International sales showed strong momentum, generating 66% growth from the prior year [21] Market Data and Key Metrics Changes - DTC channels, including Byrna.com and Amazon.com, grew by 18.4% year-over-year, with Amazon growing at 46.9% [21][22] - Byrna's market presence expanded to over 1,500 retail locations, with expectations to grow to approximately 2,000 locations in 2026 [18] Company Strategy and Development Direction - The company transitioned from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [12] - Byrna plans to continue expanding its retail footprint and product offerings, including the introduction of the new Byrna CL XL and subscription-based products [32][36] - The company is exploring strategic acquisitions to support growth initiatives [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and profitability expansion in fiscal 2026, with expectations for improved gross margins [40][41] - The company anticipates a low point in inventory at the end of Q1 2026, followed by a ramp-up to support growth [11] - Management highlighted the growing acceptance of less lethal personal safety solutions and Byrna's position as a leader in this market [42] Other Important Information - Byrna implemented a price increase of 4%-5% as of February 1, 2026, to support margin improvement [7] - The company entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [11] Q&A Session Summary Question: Can you provide insights on the new CL XL launcher and its margin profile? - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing a strong value proposition for consumers [49] Question: What are the expectations for gross margin trends and revenue growth in 2026? - Gross margins are expected to grow towards the 63%-65% range by the end of 2026, with continued revenue growth anticipated [62] Question: How does the company plan to handle the rollout of the camera product? - The camera will be developed with a third-party vendor and is expected to launch in late Q2 or early Q3 2026 [81]

Core Insights - Byrna Technologies Inc. reported a 26% year-over-year increase in net revenue for Q4 2025, reaching $35.2 million, driven by strong dealer and chain store performance, as well as growth in Amazon and international channels [4] - The company expanded its monthly production capacity by 33% to 20,000 units to meet growing demand, including higher-than-expected dealer reorders [23] - Byrna's net income for Q4 2025 was $3.4 million, a decrease from $9.7 million in Q4 2024, which had benefited from a significant tax benefit [7] Fiscal Fourth Quarter 2025 Financial Results - Net revenue for Q4 2025 was $35.2 million, up from $28.0 million in Q4 2024, marking a 26% increase [4] - Gross profit for Q4 2025 was $21.1 million (60% of net revenue), compared to $17.6 million (63% of net revenue) in Q4 2024 [5] - Operating expenses for Q4 2025 increased by 27% to $17.1 million, reflecting higher advertising and marketing costs [6] - Adjusted EBITDA for Q4 2025 was $6.0 million, compared to $5.0 million in Q4 2024 [7] Fiscal Year 2025 Financial Results - Net revenue for FY 2025 was $118.1 million, a 38% increase from $85.8 million in FY 2024 [11] - Gross profit for FY 2025 was $71.5 million (61% of net revenue), compared to $52.8 million (62% of net revenue) in FY 2024 [12] - Operating expenses for FY 2025 were $59.6 million, reflecting a 29% increase from FY 2024 [13] - Adjusted EBITDA for FY 2025 totaled $16.8 million, compared to $11.5 million for FY 2024 [14] Operational Highlights - Byrna surpassed 750,000 launchers sold since inception, with cumulative unit sales increasing by over 250,000 during FY 2025 [8] - The company appointed new board members, including Adam Roth and TJ Kennedy, to enhance its strategic direction [8] - Byrna introduced the new Byrna CL XL launcher at SHOT Show, expanding its product lineup [8] - The company secured a $20 million credit facility with Texas Capital Bank to support potential acquisitions and working capital needs [8] Market Position and Strategy - Byrna's advertising campaign and retail expansion contributed to increased brand visibility, with over 600 new chain store locations opened [11] - The brick-and-mortar segment grew more than 100% year-over-year, increasing its share of sales from 18% in 2024 to 26% in 2025 [16] - The company plans to implement a strategic price increase of 4% to 5% as of February 1, 2026, to support margin expansion [12] - Byrna aims to broaden its consumer reach through innovative marketing strategies, including a local advertisement during the Super Bowl [22]

Core Insights - Byrna Technologies (BYRN) stock price has decreased by nearly 25% since March 2025, despite the company meeting and exceeding the price target of $28.02 set by the analyst [1] Group 1: Company Overview - Byrna Technologies operates within the aerospace, defense, and airline sectors, which are characterized by significant growth prospects [1] - The company is analyzed by an experienced aerospace, defense, and airline analyst who provides insights into investment opportunities in these industries [1] Group 2: Analyst's Perspective - The analyst emphasizes the importance of data-informed analysis in driving investment ideas and offers context to industry developments [1] - The analyst's investing group, The Aerospace Forum, aims to discover investment opportunities and provides access to data analytics monitors [1]

Core Viewpoint - Byrna Technologies Inc. will hold a conference call on February 5, 2026, to discuss its financial results for the fiscal fourth quarter and full year ended November 30, 2025 [1] Group 1: Conference Call Details - The conference call is scheduled for Thursday, February 5, 2026, at 9:00 a.m. Eastern time [2] - Participants can join the call using a toll-free number or an international dial-in number, and should call 10 minutes prior to the start time for registration [2] - The call will be broadcast live and available for replay on Byrna's website [3] Group 2: Company Overview - Byrna Technologies Inc. specializes in the development, manufacture, and sale of innovative less-lethal personal security solutions [4] - The company produces Byrna® CL, Byrna® LE, and Byrna® SD personal security devices, which are CO2 powered launchers designed as less-lethal alternatives to firearms [4]

Core Insights - Byrna Technologies Inc. (BYRN) is well-positioned to continue its earnings-beat streak, having a strong history of surpassing earnings estimates, particularly in the last two quarters with an average surprise of 90.00% [1][5] Earnings Performance - In the most recent quarter, Byrna Technologies reported earnings of $0.09 per share, exceeding the expected $0.05 per share, resulting in a surprise of 80.00% [2] - For the previous quarter, the company reported $0.10 per share against a consensus estimate of $0.05 per share, achieving a surprise of 100.00% [2] Earnings Estimates and Predictions - There has been a favorable change in earnings estimates for Byrna Technologies, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [5][8] - The current Earnings ESP for Byrna Technologies is +15.39%, suggesting that analysts have recently become more optimistic about the company's earnings prospects [8] Zacks Rank and Success Rate - The stock holds a Zacks Rank of 2 (Buy), which, when combined with a positive Earnings ESP, indicates a high probability of another earnings beat [8] - Research indicates that stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% success rate in beating consensus estimates [6]

Core Viewpoint - Byrna Technologies Inc. (BYRN) is experiencing significant selling pressure, with a recent decline of 11.2% over the past four weeks, but is now positioned for a potential trend reversal as it enters oversold territory, supported by analyst expectations of better earnings than previously predicted [1] Technical Analysis - The Relative Strength Index (RSI) is utilized to determine if BYRN is oversold, with a current RSI reading of 29.16 indicating that the stock may soon experience a reversal towards its previous equilibrium of supply and demand [2][5] - RSI serves as a momentum oscillator that measures the speed and change of price movements, oscillating between zero and 100, with readings below 30 typically indicating an oversold condition [2][3] Fundamental Indicators - There is a strong consensus among sell-side analysts covering BYRN, leading to a 1% increase in the consensus EPS estimate over the last 30 days, suggesting that upward revisions in earnings estimates often correlate with price appreciation in the near term [6] - Byrna Technologies holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, indicating a favorable outlook for a potential turnaround [7]