Byrna Technologies Inc. (NASDAQ:BYRN) Q2 2024 Earnings Conference Call July 9, 2024 9:00 AM ET Company Participants Bryan Ganz - Chief Executive Officer David North - Chief Financial Officer Lauri Kearnes - Chief Financial Officer Designee Conference Call Participants Jeff Van Sinderen - B. Riley Securities Jon Hickman - Ladenburg Thalmann Operator Good morning and welcome to Byrna's Fiscal Second Quarter 2024 Earnings Conference Call. My name is Kevin and I'll be your operator for today's call. Joining us ...

This quarterly report represents an earnings surprise of 1,400%. A quarter ago, it was expected that this company would post a loss of $0.05 per share when it actually produced earnings of $0.04, delivering a surprise of 180%. Byrna Technologies, which belongs to the Zacks Technology Services industry, posted revenues of $20.27 million for the quarter ended May 2024, missing the Zacks Consensus Estimate by 0.10%. This compares to year-ago revenues of $11.51 million. The company has topped consensus revenue ...

Financial Performance - For the three months ended May 31, 2024, the company recorded a net income of $2.077 million, compared to a net loss of $1.116 million for the same period in 2023[104] - The net income per share - diluted for the three months ended May 31, 2024, was $0.09, compared to a loss of $(0.05) for the same period in 2023[104] - The company reported a net loss of $(3.269) million for the six months ended May 31, 2023, while for the same period in 2024, it recorded a net income of $2.094 million[104] - Net income for the first half of 2024 was $2.1 million, an improvement of $5.4 million compared to a net loss of $3.3 million for the first half of 2023[185] - Total revenue for the six months ended May 31, 2024, was $36.9 million, an increase of 85.3% compared to $19.9 million for the same period in 2023[115] Shareholder Information - The weighted-average common shares outstanding for diluted earnings per share (EPS) for the three months ended May 31, 2024, was 23,731,076, an increase from 21,866,260 in the same period of 2023[104] - The weighted-average common shares outstanding for basic EPS for the six months ended May 31, 2024, was 22,383,769, compared to 21,863,263 for the same period in 2023[104] Operating Expenses - Operating expenses increased to $20.5 million in the first half of 2024, up $6.0 million from $14.4 million in the prior year, driven by higher marketing and employee compensation costs[183] Cash Flow and Liquidity - Cash and cash equivalents as of May 31, 2024, totaled $24.8 million, an increase of $4.3 million from $20.5 million as of November 30, 2023[189] - Cash provided by operating activities was $5.9 million for the six months ended May 31, 2024, compared to cash used in operations of $2.4 million during the prior year period[190] - Cash used in investing activities was $0.7 million for the six months ended May 31, 2024, down from $2.2 million in the prior year[191] - Cash used in financing activities was $0.9 million for the six months ended May 31, 2024, primarily due to stock repurchases and taxes paid on restricted stock units[192] Inventory and Adjusted EBITDA - Inventory increased by $1.6 million during the six months ended May 31, 2024, compared to an increase of $2.7 million for the same period in 2023[190] - Adjusted EBITDA for the first half of 2024 was $4.1 million, compared to a loss of $3.0 million in the first half of 2023[188] Legal and Regulatory Matters - The Company is involved in various legal proceedings, but any potential liability is not expected to have a material adverse effect on its business or financial condition[199] - There were no significant updates regarding insider trading arrangements or changes in officer appointments[200] Accounting Standards - The company adopted ASU 2016-13 on December 1, 2023, which did not have a material impact on its financial statements[76] - The company is evaluating the effect of ASU 2023-07 on its financial statements and believes it will not have a material impact[77] Lease and Sublease Arrangements - The company has a lease for office and warehouse space in South Africa that expires in December 2024[87] - The company subleases office premises at its Massachusetts headquarters to a corporation owned by the CEO, with nominal payments received for the three and six months ended May 31, 2024, and 2023[85] Compensation and Expenses - The company terminated royalty payments to the former CTO in December 2021, resulting in $0.5 million in accelerated stock compensation expense during the fiscal year ended November 30, 2023[106] Foreign Currency Impact - The company recorded a foreign currency translation loss of $0.3 million during the first half of 2024, compared to a loss of $0.2 million in the first half of 2023[184]

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, July 2nd: Byrna Technologies Inc. (BYRN) : This non-lethal defense technology company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 7.1% over the last 60 days. Byrna's shares gained 56.2% over the last six months compared with the S&P 500's advance of 16.4%. The company possesses a Momentum Score of A. Costamare Inc. (CMRE) : This operator of cont ...

The annual Russell indexes reconstitution captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attri ...

ANDOVER, Mass., July 01, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. ("Byrna" or the "Company") (Nasdaq: BYRN), a technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced that it has been added to the broad-market Russell 3000® Index. The inclusion followed the annual reconstitution of the Russell indexes, which took effect after the U.S. market closed on June 28, 2024. The annual Russell indexes reconstitution capt ...

ANDOVER, Mass., June 24, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. ("Byrna" or the "Company") (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, has appointed Lauri Kearnes as Chief Financial Officer ("CFO"), effective July 15, 2024. Kearnes is already working with the Company to ensure a smooth transition. Kearnes graduated from Utah State University, receiving both her undergraduate degree and master's ...

ANDOVER, Mass., June 24, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. ("Byrna" or the "Company") (Nasdaq: BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, has appointed Lauri Kearnes as Chief Financial Officer ("CFO"), effective July 15, 2024. Kearnes is already working with the Company to ensure a smooth transition. "Lauri's deep expertise in financial strategy, coupled with her strong leadership skills and extens ...

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Investors might want to bet on Byrna Technologies Inc. (BYRN) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. As such, the Zacks rating upgrade for Byrna Technologies is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price. Harnessing the Power of Earnings Estimate Revisions Earnings Estimate R ...