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 Q4 2025 was $35.2 million, a 26% increase from $28 million in Q4 2024, driven by strong dealer and chain store performance [4] - 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 $5.6 million tax benefit in the prior year [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 [10] - Adjusted EBITDA for Q4 2025 totaled $6 million, compared to $5 million in Q4 2024, bringing full year adjusted EBITDA to $16.8 million, up from $11.5 million in 2024 [10] 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 [13] - Chain store sales increased significantly, with show dealers up 20.9%, premier dealers up 40.4%, traditional dealers up 73.4%, and company-owned retail stores up 186.5% [14] - International sales showed strong momentum, generating 66% growth from the prior year [21] Market Data and Key Metrics Changes - DTC channels, including Byrna.com and Amazon.com, grew by 18.4% year-over-year, with Amazon growing at 46.9% [21][22] - Byrna's market presence expanded to over 1,500 retail locations, with expectations to grow to approximately 2,000 locations in 2026 [18] Company Strategy and Development Direction - The company transitioned from a direct-to-consumer model to a diversified multi-platform model, focusing on a broader audience through a nationwide dealer base [12] - Byrna plans to continue expanding its retail footprint and product offerings, including the introduction of the new Byrna CL XL and subscription-based products [32][36] - The company is exploring strategic acquisitions to support growth initiatives [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong top-line growth and profitability expansion in fiscal 2026, with expectations for improved gross margins [40][41] - The company anticipates a low point in inventory at the end of Q1 2026, followed by a ramp-up to support growth [11] - Management highlighted the growing acceptance of less lethal personal safety solutions and Byrna's position as a leader in this market [42] Other Important Information - Byrna implemented a price increase of 4%-5% as of February 1, 2026, to support margin improvement [7] - The company entered into a $20 million credit facility with Texas Capital Bank to support strategic growth initiatives [11] Q&A Session Summary Question: Can you provide 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 a strong value proposition for consumers [49] Question: What are the expectations for gross margin trends and revenue growth in 2026? - Gross margins are expected to grow towards the 63%-65% range by the end of 2026, with continued revenue growth anticipated [62] Question: How does the company plan to handle the rollout of the camera product? - The camera will be developed with a third-party vendor and is expected to launch in late Q2 or early Q3 2026 [81]

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]

Core Viewpoint - Byrna Technologies Inc. will ring the Nasdaq Stock Market Opening Bell on December 22, 2025, celebrating its success as a public company and highlighting its growth in the personal defense technology sector [1][3]. Company Overview - Byrna Technologies specializes in developing, manufacturing, and selling innovative less-lethal personal security solutions, including the Byrna CL, Byrna LE, and Byrna SD devices [4]. - The company has sold over 750,000 launchers globally since its uplisting to Nasdaq in 2021, indicating significant growth and demand for its products [2]. Leadership Statement - CEO Bryan Ganz expressed honor in being invited to ring the Nasdaq Opening Bell, attributing the milestone to the dedication of the team and customer loyalty, while emphasizing the company's mission to provide safe and effective personal safety options [3]. Event Details - The Opening Bell ceremony will be broadcast live at 9:30 a.m. ET on December 22, 2025, and will be available for streaming on Nasdaq's official channels [3].

Core Insights - Byrna Technologies Inc. reported preliminary financial results indicating a total revenue of $118.0 million for the fiscal year 2025, representing a 38% increase from $85.8 million in fiscal year 2024 [1][2][3] Financial Performance - For the fiscal fourth quarter of 2025, Byrna expects total revenue to be $35.1 million, which is a 26% increase compared to $28.0 million in the same quarter of fiscal year 2024 [2][3] - The full-year revenue growth was attributed to enhanced brand visibility, an expanded retail presence, and the successful launch of the Byrna CL product [3] Sales Channel Performance - The breakdown of sales channels for Q4 2025 shows significant growth across various segments: - Web sales increased by 7% to $22.3 million from $20.8 million in Q4 2024 - Sales through Byrna chain stores and dealers surged by 68% to $8.4 million from $5.0 million - Law enforcement, schools, and private security sales grew by 100% to $0.1 million from $0.0 million - Retail store sales increased by 187% to $0.9 million from $0.3 million - International sales rose by 91% to $3.5 million from $1.8 million [5] Cash Position - As of November 30, 2025, Byrna had over $15 million in cash and cash equivalents, up from $9.0 million at August 31, 2025, indicating strong cash flow from fourth quarter sales [4] Management Commentary - The CEO of Byrna highlighted the operational progress made in 2025, emphasizing the importance of brand normalization and the elevation of the less-lethal category in the personal safety market for future growth [5]

Core Viewpoint - Byrna Technologies Inc. is actively participating in several financial conferences in November and December 2025 to engage with investors and promote its innovative less-lethal personal security solutions [1][2]. Group 1: Conference Participation - Byrna is scheduled to attend the Craig-Hallum 16th Annual Alpha Select Conference on November 18, 2025, at the Sheraton New York Times Square Hotel, with a format of one-on-one and small group meetings [1]. - The company will also participate in the ROTH 14th Annual Technology Conference on November 19, 2025, at the Hard Rock Hotel, Times Square, following the same meeting format [2]. - Additionally, Byrna will be part of the Furey Hidden Gems Corporate Access Conference on November 24, 2025, in a virtual format [2]. - The ROTH 14th Annual Deer Valley Event is scheduled for December 10-13, 2025, at Montage Deer Valley, also featuring one-on-one and small group meetings [2]. Group 2: Company Overview - Byrna Technologies Inc. specializes in the development, manufacture, and sale of innovative less-lethal personal security solutions, including products like the Byrna CL, Byrna LE, and Byrna SD [3]. - The company's products are designed as state-of-the-art handheld CO2 powered launchers, providing a less-lethal alternative to firearms for consumers, private security, and law enforcement markets [3]. - Byrna's products can be purchased through the company's e-commerce store [3].

Core Insights - Byrna Technologies Inc. has been recognized as the 10 company in Forbes' America's Most Successful Small-Cap Companies List, highlighting its strong financial performance and strategic positioning in the personal safety market [1][2]. Financial Performance - Byrna reported a 35% year-over-year revenue growth in its fiscal third quarter, driven by expanding product adoption and new distribution partnerships [3]. Market Positioning - The company is well-positioned to extend its leadership in the personal safety industry, supported by growing consumer awareness, a robust innovation pipeline, and an expanding total addressable market [3]. Product Offerings - Byrna specializes in the development, manufacture, and sale of innovative less-lethal personal security solutions, including the Byrna CL, Byrna LE, and Byrna SD devices [4].

Core Insights - Byrna Technologies Inc. is gaining traction in the market for less-lethal personal security solutions, particularly among houses of worship and schools as safety concerns rise nationwide [1][2] Company Overview - Byrna specializes in the development, manufacture, and sale of innovative less-lethal personal security solutions, including the Byrna CL, Byrna LE, and Byrna SD devices [4] - The company aims to provide effective means of defense without resorting to deadly force, emphasizing safety and responsibility [2][3] Market Trends - There is a growing national conversation about balancing preparedness with responsibility, leading institutions to seek alternatives to lethal force [2] - Byrna's less-lethal launchers utilize kinetic and pepper projectiles to incapacitate threats, offering a middle ground between passive security measures and firearms [3] Partnerships and Training - Byrna collaborates with leading security training organizations, such as Krisis, Inc. and USCCA, to develop responsible safety programs [3] - The company trains hundreds of church security teams annually, focusing on situational awareness, de-escalation, and less-lethal response tactics [3] Adoption by Institutions - Byrna is currently partnering with various educational institutions and houses of worship, including public schools and colleges across Texas and Utah [3][5]

Core Insights - Byrna Technologies Inc. has been included in a significant independent study by researchers from Harvard and Stanford, focusing on firearm ownership and attitudes towards non-lethal defense solutions [1][2]. Group 1: Study Overview - The study titled "The Universal Pursuit of Safety and the Demand for (Lethal, Non-Lethal, or No) Guns" involved approximately 6,000 U.S. adults aged 18-64 and aimed to understand how safety beliefs influence preferences for lethal versus non-lethal protection [2]. - The Byrna SD was the exclusive non-lethal firearm used in the study, which assessed how exposure to such products affects safety beliefs and preferences [3]. Group 2: Findings and Implications - Exposure to Byrna's technology led to a significant increase in respondents' willingness to pay for non-lethal devices, with 43% preferring a firearm that incapacitates rather than kills [3][4]. - The study indicates a cultural shift in self-defense perceptions, with both firearm owners and non-owners prioritizing family and self-protection as key reasons for firearm ownership [4]. - Only 21% of firearm owners had previously heard of Byrna, highlighting a substantial opportunity for increased education and awareness about non-lethal alternatives [4]. Group 3: Market Position and Future Outlook - The study supports the notion of non-lethal alternatives as a "harm reduction" approach, potentially expanding access to personal protection while mitigating risks associated with lethal weapons [5]. - Byrna's inclusion in this research reinforces its position as a leader in the movement towards responsible self-defense and safer personal security solutions [5].

Company Overview - Byrna Technologies Inc. is a leading less-lethal self-defense technology company focused on empowering individuals and security professionals with innovative, non-lethal solutions under its "Live Safe®" mission [3] - The company's product portfolio includes handheld personal security devices, shoulder-fired launchers, proprietary projectiles, self-defense aerosols, and related safety accessories, serving both consumer and professional markets [3] Product and Market Strategy - Byrna's flagship products, such as the Byrna SD, Byrna LE, and Byrna CL, provide safer standoff distances than traditional self-defense tools while offering modularity, ease of use, and higher margins [3] - Strategic acquisitions, including Mission Less Lethal and Fox Labs International, have expanded Byrna's product line, professional market reach, and intellectual property portfolio [4] - The company employs a dual sales strategy that includes e-commerce, dealer networks, and professional training programs, supported by targeted marketing efforts focusing on brand awareness and law enforcement education [4] Competitive Advantage - Byrna's competitive edge is enhanced by patented Pull-Pierce technology, which improves response time and usability in critical scenarios [5] - The company operates in a rapidly growing market with strong societal support for less-lethal solutions, benefiting from an enormous addressable market and improving profitability [5] - Byrna's manufacturing is conducted in high-capacity U.S. and South African facilities, ensuring reliability and scalability through rigorous quality control and in-house projectile production [4]