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Byrna Technologies (BYRN) - 2024 Q2 - Quarterly Report
BYRNByrna Technologies (BYRN)2024-07-09 12:00
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Financial Performance - For the three months ended May 31, 2024, the company recorded a net income of 2.077million,comparedtoanetlossof2.077 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,comparedtoalossof0.09, compared to a loss of (0.05) for the same period in 2023[104] - The company reported a net loss of (3.269)millionforthesixmonthsendedMay31,2023,whileforthesameperiodin2024,itrecordedanetincomeof(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 2.1million,animprovementof2.1 million, an improvement of 5.4 million compared to a net loss of 3.3millionforthefirsthalfof2023[185]−TotalrevenueforthesixmonthsendedMay31,2024,was3.3 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 19.9millionforthesameperiodin2023[115]ShareholderInformation−Theweighted−averagecommonsharesoutstandingfordilutedearningspershare(EPS)forthethreemonthsendedMay31,2024,was23,731,076,anincreasefrom21,866,260inthesameperiodof2023[104]−Theweighted−averagecommonsharesoutstandingforbasicEPSforthesixmonthsendedMay31,2024,was22,383,769,comparedto21,863,263forthesameperiodin2023[104]OperatingExpenses−Operatingexpensesincreasedto19.9 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 6.0millionfrom6.0 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 24.8million,anincreaseof24.8 million, an increase of 4.3 million from 20.5millionasofNovember30,2023[189]−Cashprovidedbyoperatingactivitieswas20.5 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 2.4millionduringtheprioryearperiod[190]−Cashusedininvestingactivitieswas2.4 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 2.2millionintheprioryear[191]−Cashusedinfinancingactivitieswas2.2 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 1.6millionduringthesixmonthsendedMay31,2024,comparedtoanincreaseof1.6 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 4.1million,comparedtoalossof4.1 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 0.5millioninacceleratedstockcompensationexpenseduringthefiscalyearendedNovember30,2023[106]ForeignCurrencyImpact−Thecompanyrecordedaforeigncurrencytranslationlossof0.5 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]