Tue, Jul 9, 12:02 PM (104 days ago)
Byrna Technologies Inc. reported significant improvements in its financial performance for the quarter ended May 31, 2024. Key highlights include: - **Revenue**: Increased by $8.8 million to $20.3 million, driven primarily by a new marketing strategy focusing on celebrity endorsements. Direct-to-consumer sales surged by $8 million. - **Cost of Goods Sold**: Rose to $7.7 million from $5.3 million due to higher sales volumes. - **Gross Profit**: Improved to $12.6 million, with a gross margin of 62%, up from 53.9% in the prior year, attributed to higher direct-to-consumer sales and better absorption of fixed costs. - **Operating Expenses**: Increased to $10.6 million from $7.2 million, mainly due to higher marketing expenses and variable costs. - **Net Income**: Achieved $2.1 million, a substantial improvement from a net loss of $1.1 million in the previous year. - **Cash Flow**: Operating activities generated $5.9 million in cash, up from a $2.4 million cash outflow in the prior year, resulting in a cash balance of $24.8 million. The company continues to focus on expanding its product line and market presence, leveraging its strong financial position and improved operational efficiency.