Fri, Oct 11, 8:09 PM (83 days ago)
Byrna Technologies Inc. (BYRN) reported significant financial improvements for the third quarter ending August 31, 2024, with net revenue increasing 194% to $20.9 million compared to $7.1 million in the same period last year. This growth is attributed to a new marketing strategy emphasizing celebrity endorsements. Gross profit rose to $13.0 million, reflecting a gross margin of 62.4%, up from 44.6% due to a higher proportion of direct-to-consumer sales. Operating expenses increased by 67% to $12.2 million, primarily due to higher marketing and employee compensation costs. The company achieved net income of $1.0 million, a turnaround from a $4.1 million loss in Q3 2023. For the nine months ending August 31, 2024, revenue reached $57.8 million, up 114%, with net income of $3.1 million compared to a $7.4 million loss previously. Cash flow from operations improved to $4.5 million from a cash outflow of $3.6 million. Byrna also initiated a $10 million stock buyback plan to enhance shareholder value. The company remains focused on expanding its product line and market presence, particularly in less-lethal security solutions.