Download PDF

1. Company Snapshot

1.a. Company Description

Byrna Technologies Inc., a less-lethal defense technology company, develops and manufactures less-lethal munitions.It offers a Byrna line of handheld personal security devices, including the Byrna SD and Byrna SD .68 caliber handheld personal security devices that are designed to be used by civilians and private security professionals, as well as Byrna HD magazines, shoulder-fired launchers, and projectiles.The company also offers accessories and related safety products, including the Byrna Banshee, Byrna Shield, compressed carbon dioxide canisters, sighting systems, holsters, and Byrna-branded apparels.


It operates in the United States and South Africa.The company was formerly known as Security Devices International, Inc.and changed its name to Byrna Technologies Inc.


in March 2020.Byrna Technologies Inc.was incorporated in 2005 and is headquartered in Andover, Massachusetts.

Show Full description

1.b. Last Insights on BYRN

The recent 3-month performance of Byrna Technologies Inc. was negatively impacted by a decline in investor sentiment, despite the company's strong earnings releases. The stock's 39% drop in value over the past 3 months can be attributed to a combination of factors, including a decrease in market confidence and a lack of visibility into the company's future growth prospects. Additionally, the company's preliminary fiscal first-quarter 2025 revenue of $26.2 million, while a 57% year-over-year increase, may not be sufficient to offset the decline in investor sentiment. Furthermore, the company's recent earnings releases have not provided sufficient clarity on its future growth prospects, contributing to the decline in investor confidence.

1.c. Company Highlights

2. Byrna Technologies Inc. Delivers Strong Q4 2025 Results with 26% Revenue Growth

Byrna Technologies Inc. reported net revenue of $35.2 million for Q4 2025, a 26% increase from the same period in 2024, driven by strong dealer and chain store performance. For the full year 2025, net revenue totaled $118.1 million, up 38% from 2024. Gross profit for Q4 2025 was $21.1 million or 60% of net revenue, compared to $17.6 million or 63% of net revenue in 2024. The company's EPS came in at $0.14, beating estimates of $0.13. Adjusted EBITDA, a non-GAAP metric, totaled $6 million in Q4 2025, compared to $5 million in 2024.

Publication Date: Mar -05

📋 Highlights
  • Revenue Growth:: Q4 2025 net revenue rose 26% to $35.2M, with full-year revenue up 38% to $118.1M, driven by dealer and chain store expansion.
  • Gross Margin Decline:: Q4 gross margin fell to 60% (vs 63% in 2024) due to increased dealer sales and startup costs, despite $21.1M gross profit.
  • Brick-and-Mortar Surge:: Retail sales jumped 100% YoY to $31M in 2025, with Sportsman's Warehouse partnership contributing significantly.
  • EBITDA & Net Income:: Adjusted EBITDA increased to $6M in Q4 (up from $5M in 2024), while net income dropped to $3.4M due to a prior-year tax benefit.
  • 2026 Outlook:: Plans for modular launchers, 12-gauge ammo production, and EBITDA margin expansion to over 40%, alongside a $20M credit facility for acquisitions.

Revenue Growth Drivers

The company's brick-and-mortar sales increased from $15.2 million in 2024 to $31 million in 2025, a 100% increase, with chain store sales being a significant contributor. The partnership with Sportsman's Warehouse was a key factor in this growth. The company's DTC channels, including byrna.com and amazon.com, continued to show strong momentum, growing by 18.4% despite the Try Before You Buy campaign.

Operational Efficiencies and Cost Management

The company has made significant improvements in its manufacturing process, increasing monthly production by 33% to support continued growth. The new ammo factory in Fort Wayne is now the most advanced payload projectile ammunition factory in the world, producing 0.61 caliber and 0.68 caliber ammunition in a lights-off hermetically sealed clean room.

Outlook and Valuation

The company expects continued top-line growth and profitability expansion in 2026, driven by the expansion of existing dealers, the signing of new dealers, and the rollout of additional chain store locations. With a P/E Ratio of 29.82 and an EV/EBITDA ratio of 19.97, the market is pricing in significant growth expectations. The company's strong balance sheet, with cash increasing $6.5 million from $9 million at the end of Q3 to $15.5 million at the end of Q4, provides a solid foundation for future growth.

New Product Initiatives

The company is introducing a new modular launcher with a single chassis that can accept different engines, allowing for different levels of performance at different price points. Additionally, the company is launching a Byrna cam, a smaller and less expensive camera that fits on the Picatinny rail of the micro-compact CL, to capture video and audio of encounters. As Bryan Ganz, CEO, highlighted, the company's growth in brick-and-mortar sales is expected to continue, driven by the expansion of existing dealers and the rollout of additional chain store locations.

3. NewsRoom

Card image cap

Byrna Technologies: Conversion Collapse Is The Real Problem, Not Demand

Apr -10

Source: seekingalpha.com

Card image cap

Byrna Technologies Inc. (BYRN) Q1 2026 Earnings Call Transcript

Apr -09

Source: seekingalpha.com

Card image cap

Byrna Technologies Inc. (BYRN) Lags Q1 Earnings Estimates

Apr -09

Source: zacks.com

Card image cap

Byrna Technologies Reports Fiscal First Quarter 2026 Results

Apr -09

Source: globenewswire.com

Card image cap

Byrna Technologies Likely To Report Lower Q1 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Apr -07

Source: benzinga.com

Card image cap

Byrna Technologies Likely To Report Lower Q1 Earnings; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

Apr -07

Source: feeds.benzinga.com

Card image cap

Byrna Technologies to Report Fiscal First Quarter 2026 Financial Results on Thursday, April 9, 2026 at 9:00 a.m. ET

Mar -23

Source: globenewswire.com

Card image cap

Byrna Technologies Promotes Luan Pham to President

Mar -19

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.31%)

6. Segments

E-commerce

Expected Growth: 11.47%

Byrna Technologies Inc.'s 11.47% e-commerce growth is driven by increasing online demand for self-defense products, expansion into new markets, and strategic partnerships. The company's innovative products, such as the Byrna HD, have resonated with consumers, leading to higher sales and revenue growth. Additionally, investments in digital marketing and e-commerce platform enhancements have improved the online shopping experience, contributing to the segment's growth.

Wholesale

Expected Growth: 10.95%

Byrna Technologies Inc.'s wholesale segment growth of 10.95% is driven by increasing demand for non-lethal self-defense products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovative product development, such as the Byrna HD launcher, has contributed to its growth. Furthermore, the rising awareness of personal safety and security concerns has led to increased adoption of Byrna's products.

7. Detailed Products

Byrna HD

A handheld, non-lethal, personal security device designed to deter and disorient an attacker.

Byrna SD

A smaller, more discreet version of the Byrna HD, designed for everyday carry.

Byrna Launcher

A longer-range, non-lethal projectile launcher designed for law enforcement and military use.

Byrna Rounds

Non-lethal, kinetic projectiles designed for use with Byrna launchers.

Byrna Training

Training programs and services for law enforcement and military personnel on the use of Byrna products.

8. Byrna Technologies Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Byrna Technologies Inc. faces moderate threat from substitutes, as there are limited alternatives to its non-lethal personal security solutions.

Bargaining Power Of Customers

Byrna Technologies Inc. has a diverse customer base, which reduces the bargaining power of individual customers, giving the company an upper hand in negotiations.

Bargaining Power Of Suppliers

Byrna Technologies Inc. relies on a few key suppliers for its components, giving them some bargaining power, but the company's size and scale mitigate this risk.

Threat Of New Entrants

The non-lethal personal security solutions market is attractive, and new entrants may be drawn to it, posing a significant threat to Byrna Technologies Inc.'s market share.

Intensity Of Rivalry

The non-lethal personal security solutions market is highly competitive, with several established players, leading to intense rivalry and pricing pressure for Byrna Technologies Inc.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.30%
Debt Cost 3.95%
Equity Weight 95.70%
Equity Cost 12.70%
WACC 12.32%
Leverage 4.49%

11. Quality Control: Byrna Technologies Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Ducommun

A-Score: 4.9/10

Value: 6.4

Growth: 3.0

Quality: 4.2

Yield: 0.0

Momentum: 9.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Byrna Technologies

A-Score: 4.8/10

Value: 3.6

Growth: 9.1

Quality: 8.8

Yield: 0.0

Momentum: 5.5

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Triumph Group

A-Score: 4.5/10

Value: 4.2

Growth: 3.4

Quality: 4.4

Yield: 0.0

Momentum: 8.5

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
AMMO

A-Score: 4.2/10

Value: 7.8

Growth: 2.3

Quality: 3.2

Yield: 0.0

Momentum: 9.0

Volatility: 2.7

1-Year Total Return ->

View Full Report
Stock-Card
VSE

A-Score: 3.9/10

Value: 1.3

Growth: 2.9

Quality: 5.2

Yield: 0.0

Momentum: 9.0

Volatility: 4.7

1-Year Total Return ->

View Full Report
Stock-Card
Redwire

A-Score: 3.1/10

Value: 8.2

Growth: 4.0

Quality: 4.0

Yield: 0.0

Momentum: 1.5

Volatility: 0.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

5.99$

Current Price

5.99$

Potential

-0.00%

Expected Cash-Flows