Byrna Technologies Reports Record Fiscal Fourth Quarter and Full Year 2025 Results; Full Year Revenue Up 38% Year-over-Year

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]