Core Insights - Byrna Technologies Inc. reported a 57% year-over-year revenue growth in Q1 2025, reaching $26.2 million, up from $16.7 million in Q1 2024, driven by sales momentum, channel expansion, and brand adoption [3][7][8] - The gross profit for Q1 2025 increased to $15.9 million, representing 61% of net revenue, compared to $9.6 million (58% of net revenue) in Q1 2024, attributed to reduced component costs and economies of scale [4][5] - Operating expenses rose to $14.2 million in Q1 2025 from $9.8 million in Q1 2024, primarily due to higher selling expenses, payroll, and marketing costs [5] - Net income for Q1 2025 was $1.7 million, a significant increase from $17,000 in Q1 2024, reflecting overall product sales growth [5] - Byrna's cash and cash equivalents totaled $19.3 million as of February 28, 2025, down from $25.7 million at the end of November 2024, due to planned inventory increases [6] Financial Performance - Net revenue for Q1 2025 was $26.2 million, a 57% increase from $16.7 million in Q1 2024 [3] - Gross profit increased to $15.9 million (61% of net revenue) from $9.6 million (58% of net revenue) in Q1 2024 [4] - Operating expenses were $14.2 million in Q1 2025, compared to $9.8 million in Q1 2024 [5] - Adjusted EBITDA for Q1 2025 was $2.8 million, up from $1.2 million in Q1 2024 [5] Operational Highlights - Byrna launched its first store-within-a-store concept at Sportsman's Warehouse, with plans for 12 additional locations by early May [8][10] - Three company-owned retail stores opened in high-traffic areas, generating daily sales between $1,000 and $1,700 in their first month [12] - Monthly production capacity for launchers increased by 33% to 24,000 units, with new ammunition production capabilities established [13][14] - The company achieved 92% domestic sourcing for its flagship model, the Byrna SD, as part of its 'Made in America' initiative [15] Strategic Initiatives - Byrna partnered with celebrity influencers to enhance brand visibility and promote less-lethal solutions [16] - The company anticipates continued cash generation in the second half of 2025, despite expected working capital investments in Q2 [17] - Byrna's management expressed confidence in executing growth strategies through 2025 and beyond, supported by scalable partnerships and new product launches [18]
Byrna Technologies Fiscal First Quarter 2025 Results