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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.

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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 Q3 Earnings with 35% Revenue Growth

Byrna Technologies Inc. reported a robust fiscal third-quarter 2025 earnings, with net revenue reaching $28.2 million, representing a 35% increase from $20.9 million in 2024. The growth was driven by strong chain store and dealer sales, new advertising initiatives, and broader brand adoption. Gross profit was $16.9 million or 60% of net revenue, compared to $13 million or 62% of net revenue in 2024. Net income was $2.2 million, up from $1 million in 2024, and adjusted EBITDA was $3.7 million, up from $1.9 million in 2024. The company's actual EPS came out at $0.09, beating estimates at $0.05.

Publication Date: Nov -17

📋 Highlights
  • 35% Revenue Growth: Q3 2025 net revenue reached $28.2M, up from $20.9M in 2024, driven by retail expansion and marketing.
  • 60% Gross Profit Margin: Gross profit hit $16.9M (60% of revenue), up from 62% margin in 2024 despite higher costs.
  • $2.2M Net Income: Net income and adjusted EBITDA doubled to $2.2M and $3.7M, respectively, vs. prior-year periods.
  • 1.9M Email Subscribers: "We Don’t Sell Bananas" campaign boosted web traffic and expanded the opt-in email list to 1.9M.
  • 1,000+ Stores Nationwide: Retail footprint expanded to over 1,000 stores, with plans for 35–40% full-year revenue growth in 2025.

Operational Highlights

The company's new advertising campaign, including the "We Don’t Sell Bananas" ad, has been successful, driving web traffic and growing the opt-in email list to 1.9 million subscribers. Byrna Technologies Inc. is now in over 1,000 stores nationwide and has seen growth in both e-commerce and retail channels. The company expects full-year fiscal 2025 revenue growth to be between 35-40% and is confident that its new advertising programs and expanded retail footprint will drive a strong finish to the year.

Growth Initiatives and Product Development

The company is working on new products, including a connected safety platform and a value-focused 61-caliber launcher, and plans to introduce more affordable inert and kinetic practice rounds. The company reported strong results so far this year, demonstrating effective execution and a large opportunity for growth. The launcher customer base is expanding, which is a critical foundation for the larger vision of building a personal safety platform.

Valuation and Outlook

With a P/E Ratio of 24.51 and an EV/EBITDA of 27.78, the company's valuation suggests a premium for its growth prospects. Analysts estimate next year's revenue growth at 21.8%. The company's strong execution and growth initiatives position it for sustained multiyear growth. ByrnaCare adoption is running in line with expectations, and the company expects to see significant growth in 2026, with a focus on integrating Byrna Technologies Inc. more deeply into consumer safety routines.

Expansion and Marketing Strategies

The company is expanding its wholesale presence, with a thousand doors, and is working to expand existing relationships while being selective about taking on new partners to avoid oversaturation. Byrna Technologies Inc. has seen success with shooting pods in driving demos and conversion at Sportsman's Warehouse, which carries most of the company's SKUs. The company plans to add new influencers, with a focus on expanding beyond conservative radio talk show hosts.

3. NewsRoom

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Byrna Technologies Sets Upcoming Investor Conference Schedule

Nov -13

Source: globenewswire.com

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Byrna Technologies: A Clear Path Towards Margin Growth

Nov -12

Source: seekingalpha.com

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Byrna Technologies Named in Forbes' America's Most Successful Small-Cap Companies List

Nov -12

Source: globenewswire.com

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Byrna Technologies Featured in Newsweek as Demand for Less-Lethal Solutions Rises Nationally

Nov -05

Source: globenewswire.com

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Harvard-Stanford Study Features Byrna as the Exclusive Product Used to Measure Shift in Gun-Owner Attitudes Toward Non-Lethal Personal Defense

Oct -27

Source: globenewswire.com

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5 Technology Services Stocks to Buy for Stellar Returns in Q4

Oct -15

Source: zacks.com

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Why Byrna Technologies (BYRN) Might be Well Poised for a Surge

Oct -14

Source: zacks.com

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Does Byrna Technologies (BYRN) Have the Potential to Rally 65.23% as Wall Street Analysts Expect?

Oct -14

Source: zacks.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
Byrna Technologies

A-Score: 5.1/10

Value: 2.9

Growth: 9.2

Quality: 8.8

Yield: 0.0

Momentum: 8.5

Volatility: 1.3

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Triumph Group

A-Score: 4.6/10

Value: 4.2

Growth: 3.4

Quality: 4.4

Yield: 0.0

Momentum: 9.0

Volatility: 6.3

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Ducommun

A-Score: 4.4/10

Value: 2.9

Growth: 3.0

Quality: 4.9

Yield: 0.0

Momentum: 8.5

Volatility: 7.0

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AMMO

A-Score: 4.1/10

Value: 7.8

Growth: 2.3

Quality: 4.9

Yield: 0.0

Momentum: 7.0

Volatility: 2.7

1-Year Total Return ->

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Redwire

A-Score: 3.8/10

Value: 8.0

Growth: 4.1

Quality: 3.4

Yield: 0.0

Momentum: 6.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
VSE

A-Score: 3.7/10

Value: 1.2

Growth: 2.4

Quality: 4.9

Yield: 0.0

Momentum: 9.5

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.66$

Current Price

19.66$

Potential

-0.00%

Expected Cash-Flows