Byrna Technologies (US:BYRN)2024-10-09 12:05Revenue and Profit Growth - Q3 2024 revenue reached a record $20.9 million, a 194% increase from Q3 2023[1] - Net revenue for the three months ended August 31, 2024, was $20.854 million, a significant increase from $7.085 million in the same period in 2023[18] - Gross profit for the three months ended August 31, 2024, was $13.012 million, compared to $3.158 million in the same period in 2023[18] - Net income for the three months ended August 31, 2024, was $1.025 million, a significant improvement from a net loss of $4.094 million in the same period in 2023[18] - Non-GAAP adjusted EBITDA for the three months ended August 31, 2024, was $1.944 million, compared to a loss of $2.356 million in the same period in 2023[24] Gross Margin Improvement - Gross margin improved to 62.4% in Q3 2024, up from 44.6% in Q3 2023[4] Advertising and Marketing - Advertising spend increased to $1.0 million per month in Q3 2024, maintaining a 5.0X return on ad spend (ROAS)[2] Retail Expansion - Byrna expanded its retail presence from 42 stores to 137 stores nationwide through partnerships with Bass Pro Shops and Cabela's[2] - Byrna signed leases for new retail stores in key markets, including Nashville, Ft. Wayne, Scottsdale, and Salem, with a proposed location in Pasadena[11] International Orders - The company secured an initial order from Uruguay for 400 launchers and over 100,000 rounds of less-lethal ammunition[2] Stock Repurchase - Byrna repurchased $3.0 million of stock at an average price of $10.25 as part of a $10 million stock repurchase program[2] Production and Product Development - Production in Q3 2024 totaled over 55,000 units, with plans to introduce a full second shift by the end of Q1 2025[9] - The company is preparing to launch the Compact Launcher in mid-2025, with a third production line dedicated to its production[9] Financial Position and Assets - Total assets as of August 31, 2024, were $59.004 million, up from $52.314 million as of November 30, 2023[19] - Inventory, net as of August 31, 2024, was $19.797 million, compared to $13.890 million as of November 30, 2023[19] - Accounts receivable, net as of August 31, 2024, was $2.128 million, down from $2.945 million as of November 30, 2023[19] - Total current liabilities as of August 31, 2024, were $12.538 million, up from $8.646 million as of November 30, 2023[19] Stock-Based Compensation - Stock-based compensation expense for the three months ended August 31, 2024, was $819 thousand, down from $1.738 million in the same period in 2023[24] Share Count - Weighted-average number of common shares outstanding - diluted for the three months ended August 31, 2024, was 23,410,159, up from 21,960,163 in the same period in 2023[18] Future Growth Expectations - The company expects sustained growth into 2025 and 2026, driven by increased advertising, new retail stores, and the Compact Launcher launch[13]