Financial Data and Key Metrics Changes - Net revenue for Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4][5] - Full year 2025 net revenue totaled $118.1 million, up 38% from $85.8 million in 2024 [4] - Gross profit for Q4 2025 was $21.1 million, or 60% of net revenue, compared to $17.6 million, or 63% of net revenue for Q4 2024 [5] - Full year gross profit was $71.5 million, or 61% of net revenue, compared to $52.8 million, or 62% of net revenue in 2024 [6] - Net income for Q4 2025 was $3.4 million, down from $9.7 million in Q4 2024, primarily due to a prior year tax benefit [8][9] - Full year net income was $9.7 million, down from $12.8 million in 2024, but improved by $2.5 million when excluding the tax benefit [9] Business Line Data and Key Metrics Changes - Brick-and-mortar sales increased from $15.2 million in 2024 to $31 million in 2025, representing over 100% growth [12] - Chain store sales were the largest contributor to brick-and-mortar performance, expanding from around 200 locations to approximately 900 by year-end [13][14] - International sales grew by 66% year-over-year, while direct-to-consumer channels saw an 18.4% increase [21][22] Market Data and Key Metrics Changes - Byrna's DTC sales on Amazon grew by 46.9%, now accounting for 28.6% of DTC sales, up from 23.2% [22] - The company expects to expand its retail footprint to approximately 2,000 locations in 2026 [18] Company Strategy and Development Direction - Byrna is transitioning from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [11] - The company plans to implement a price increase of 4%-5% as of February 1, 2026, alongside the introduction of the new Byrna CL XL [7] - Byrna aims to enhance its product offerings with new devices, including a modular launcher and subscription-based products [34][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and expanding profitability in fiscal 2026 [35][38] - The company anticipates margin improvement due to a favorable product mix, manufacturing efficiencies, and recent price increases [38] - Byrna's leadership believes the less lethal personal safety category is becoming more accepted, positioning the company as a leader in this space [39] Other Important Information - Byrna has entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [10][35] - The company is exploring creative advertising strategies, including a Super Bowl commercial to enhance brand awareness [24][25] Q&A Session Summary Question: Insights on the new CL XL launcher and its margin profile - The CL XL will be priced at $579.99, with margins expected to be similar to the current CL, providing strong value for consumers [46][47] Question: Expectations for gross margin trends and revenue growth for 2026 - Gross margins are expected to grow incrementally throughout the year, aiming for a range of 63%-65% by the end of 2026 [58][61] Question: Contribution of growth from existing and new retail partners - The company expects growth from both expanding existing relationships and adding new chain stores, with a focus on optimizing product and inventory support [74]

Financial Data and Key Metrics Changes - Net revenue for Q3 2025 was $28.2 million, a 35% increase from $20.9 million in Q3 2024, driven by strong chain store and dealer sales [4][5] - Gross profit for Q3 2025 was $16.9 million, or 60% of net revenue, compared to $13 million, or 62% of net revenue for Q3 2024 [4][5] - Net income for Q3 2025 was $2.2 million, up from $1 million in Q3 2024, attributed to increased product sales [5] - Adjusted EBITDA totaled $3.7 million, up from $1.9 million in Q3 2024 [6] - Cash and cash equivalents at August 31, 2025, totaled $9 million, down from $25.7 million at November 30, 2024, reflecting seasonal working capital timing [6] Business Line Data and Key Metrics Changes - The Byrna SD launcher accounts for about 50% of sales, while the Byrna Compact Launcher represents around 30% of sales [15] - The company has expanded its retail presence to over 1,000 stores nationwide, contributing to increased sales [11] - Company-owned stores achieved an average annualized run rate of $725,000 in September [12] Market Data and Key Metrics Changes - The advertising campaign led to a significant increase in web traffic, with average daily sessions on Byrna.com rising from 33,000 to over 50,000 [8][10] - The company has seen a 70% increase in web traffic sequentially, with expectations for improved conversion rates as customer engagement grows [35][36] Company Strategy and Development Direction - The company is focusing on expanding its product offerings beyond less lethal weapons, integrating SOS alert capabilities and connected safety solutions [17][20] - Plans include launching a value-oriented 61-caliber launcher and a simplified protection device in 2026 to reach budget-minded consumers [23][24] - The company aims to enhance customer engagement and create recurring revenue streams through new technology-driven products [20][26] Management's Comments on Operating Environment and Future Outlook - Management expects full-year fiscal 2025 revenue growth to be between 35% and 40%, supported by strong sales momentum and holiday shopping [25] - The company is confident in its ability to penetrate a large and expanding market, laying the groundwork for sustained multi-year growth [26] Other Important Information - The company has no current or long-term debt, and accounts receivable increased to $8.9 million due to higher dealer sales [6][7] - Inventory at August 31, 2025, totaled $34.1 million, reflecting strategic builds ahead of the holiday season [7] Q&A Session Summary Question: Thoughts on adding new influencers - The company is expanding its celebrity influencer campaign beyond conservative radio hosts and is working on a plan with a new director with experience at Nike [30][31] Question: Update on new product launches - The next new launcher will be a value-oriented 61-caliber launcher, expected next year, while the basic box configuration has not been as popular as anticipated [32] Question: ByrnaCare adoption - ByrnaCare adoption is in line with expectations, with plans to enhance website integration for better customer engagement [33] Question: Advertising campaign success and conversion rates - The company is seeing a climb in conversion rates but acknowledges that it takes time for new web traffic to convert into sales [35][36] Question: Wholesale expansion and retail footprint - The company plans to maintain its current retail footprint while focusing on enhancing existing relationships with partners [49][50]