Byrna Technologies Announces Record Preliminary Q2 2024 Results: Revenues Exceed $20 Million; Q2 Production Totals Over 48,000 Units
2024年6月5日 - 9:00PM
Byrna Technologies Inc. (“Byrna” or the
“Company”) (Nasdaq: BYRN), a technology company,
specializing in the development, manufacture, and sale of
innovative non-lethal personal security solutions, today announced
select preliminary financial results for the fiscal second quarter
ended May 31, 2024.
Preliminary Second Quarter
ResultsBased on preliminary unaudited results, the Company
expects total revenue for the fiscal second quarter of 2024 to be
$20.3 million compared to $11.5 million in the fiscal second
quarter of 2023. This 76% increase in revenue was seen across all
consumer channels including Direct-to-Consumer (DTC), Amazon,
Dealer, and Fox Labs. The Company attributes this surge in sales to
the success of Byrna’s new marketing strategies, including its
celebrity endorsement campaign which it kicked off in Q4 of the
previous year.
Furthermore, the Company produced 18,601 Byrna
SD and Byrna LE launchers in the month of May alone, contributing
to a total of 48.6 thousand units produced in the fiscal second
quarter. This achievement is part of Byrna’s previously announced
plan to ramp up production volume to 18,000 launchers per month.
With this increase in production, Byrna expects to be able to work
through its current backlog during the month of June and resume
fulfilling orders within 48 hours of receipt.
Preliminary Fiscal Second Quarter 2024
Sales Breakdown:
|
Q2 2024 vs. Q2 2023 |
Sales Channel ($ in 000s) |
Q2 2024 |
Q2 2023 |
% Increase / (Decrease) |
Byrna.com |
$ |
11,379 |
$ |
5,758 |
97.6% |
Amazon |
$ |
3,214 |
$ |
1,082 |
197.0% |
Dealer/Distributor |
$ |
3,447 |
$ |
2,785 |
23.8% |
Fox Labs |
$ |
386 |
$ |
272 |
41.9% |
Canada |
$ |
555 |
$ |
336 |
65.2% |
Mexico |
$ |
88 |
$ |
15 |
486.7% |
International (Outside USMCA) |
$ |
1,225 |
$ |
1,260 |
-2.8% |
Total Sales |
$ |
20,294 |
$ |
11,508 |
76.3% |
|
|
|
|
Conference CallByrna plans to
report its full financial results for the fiscal second quarter in
July, which will be accompanied by a conference call to discuss the
results and address questions from investors and analysts. The
conference call details will be announced prior to the event.
About Byrna Technologies
Inc.Byrna is a technology company specializing in the
development, manufacture, and sale of innovative non-lethal
personal security solutions. For more information on the Company,
please visit the corporate website here or the Company's
investor relations site here. The Company is the manufacturer
of the Byrna® SD personal security device, a state-of-the-art
handheld CO2 powered launcher designed to provide a non-lethal
alternative to a firearm for the consumer, private security, and
law enforcement markets. To purchase Byrna products, visit the
Company's e-commerce store.
Forward-Looking StatementsThis
news release contains "forward-looking statements" within the
meaning of the securities laws. All statements contained in this
news release, other than statements of current and historical fact,
are forward-looking. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans,"
"expects," "intends," "anticipates," and "believes" and statements
that certain actions, events or results "may," "could," "would,"
"should," "might," "occur," or "be achieved," or "will be taken."
Forward-looking statements include descriptions of currently
occurring matters which may continue in the future. Forward-looking
statements in this news release include, but are not limited to,
our statements related to preliminary revenue and production
results for the second fiscal quarter of 2024, the timing of the
release of full financial results for the quarter, and Byrna’s
ability to maintain production goals and reduce backlog.
Forward-looking statements are not, and cannot be, a guarantee of
future results or events. Forward-looking statements are based on,
among other things, opinions, assumptions, estimates, and analyses
that, while considered reasonable by the Company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies, and other factors
that may cause actual results and events to be materially different
from those expressed or implied.
Any number of risk factors could affect our
actual results and cause them to differ materially from those
expressed or implied by the forward-looking statements in this news
release, including, but not limited to, disappointing market
responses to current or future products or services; prolonged,
new, or exacerbated disruption of our supply chain; the further or
prolonged disruption of new product development; production or
distribution or delays in entry or penetration of sales channels
due to inventory constraints, competitive factors, increased
shipping costs or freight interruptions; prototype, parts and
material shortages, particularly of parts sourced from limited or
sole source providers; determinations by third party controlled
distribution channels not to carry or reduce inventory of the
Company's products; determinations by advertisers to prohibit
marketing of some or all Byrna products; the loss of marketing
partners; potential cancellations of existing or future orders
including as a result of any fulfillment delays, introduction of
competing products, negative publicity, or other factors; product
design defects or recalls; litigation, enforcement proceedings or
other regulatory or legal developments; changes in consumer or
political sentiment affecting product demand; regulatory factors
including the impact of commerce and trade laws and regulations;
import-export related matters or sanctions or embargos that could
affect the Company's supply chain or markets; delays in planned
operations related to licensing, registration or permit
requirements; and future restrictions on the Company's cash
resources, increased costs and other events that could potentially
reduce demand for the Company's products or result in order
cancellations. The order in which these factors appear should not
be construed to indicate their relative importance or priority. We
caution that these factors may not be exhaustive; accordingly, any
forward-looking statements contained herein should not be relied
upon as a prediction of actual results. Investors should carefully
consider these and other relevant factors, including those risk
factors in Part I, Item 1A, ("Risk Factors") in the Company's most
recent Form 10-K, should understand it is impossible
to predict or identify all such factors or risks, should not
consider the foregoing list, or the risks identified in the
Company's SEC filings, to be a complete discussion of all potential
risks or uncertainties, and should not place undue reliance on
forward-looking information. The Company assumes no obligation to
update or revise any forward-looking information, except as
required by applicable law.
Investor Contact:Tom Colton and Alec
WilsonGateway Group, Inc. 949-574-3860BYRN@gateway-grp.com
Byrna Technologies (NASDAQ:BYRN)
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