ANDOVER, Mass. - Byrna Technologies Inc. (NASDAQ:BYRN), a developer and manufacturer of less-lethal personal security devices, has announced a significant sales achievement with over 500,000 units of its launchers sold as of November 2024. This milestone comes approximately five and a half years after the company sold its first launcher in 2019. The company's success is reflected in its impressive market performance, with a 369% return over the past year and a current market capitalization of approximately $548 million. According to InvestingPro analysis, the stock has shown remarkable momentum, though it currently trades above its Fair Value.
The Byrna HD, which was the company's inaugural launcher model, marked the beginning of its sales journey on June 1, 2019. By the fourth quarter of 2021, Byrna had sold 100,000 launchers, and by the first quarter of 2023, the figure had doubled to 250,000. The introduction of the Byrna LE launcher in early 2023 contributed to the rapid sales growth, with the company managing to double its units sold over the past two years. This growth is backed by solid financials, with InvestingPro data showing a robust 70.7% revenue growth and an impressive gross profit margin of 60.3% in the last twelve months.
Bryan Ganz, CEO of Byrna, expressed pride in the company's ability to scale operations and raise awareness of less-lethal solutions. "Reaching 500,000 launchers sold in just over five years is a remarkable achievement for Byrna," Ganz stated.
The company attributes part of its success to strategic marketing efforts, including leveraging celebrity influencers, which has significantly boosted brand awareness and contributed to a doubling of annual revenue from fiscal year 2023 to fiscal year 2024.
Byrna Technologies focuses on providing less-lethal alternatives to firearms for consumers, private security, and law enforcement markets. Its flagship product, the Byrna SD personal security device, is a handheld CO2 powered launcher designed as a non-lethal option for personal defense.
The information reported is based on a press release statement from Byrna Technologies Inc. and reflects the company's performance and strategic marketing initiatives up to November 2024. The company's forward-looking statements suggest an optimistic outlook for brand recognition and future sales potential, including plans for the upcoming holiday season and the year 2025. This optimism is supported by analyst consensus, with InvestingPro reporting strong buy recommendations and a price target range of $21.75 to $27.00. For deeper insights into Byrna's financial health, growth prospects, and over 30 additional key metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Byrna Technologies delivered a stellar performance in its fiscal third quarter 2024 earnings call, announcing a substantial 194% increase in net revenue year-over-year to $20.9 million. A key factor in this growth was a successful direct-to-consumer sales strategy, accounting for 74% of the total revenue. The company also reported a significant financial turnaround, posting a net income of $1 million, compared to a net loss of $4.1 million in the same period the previous year.
Byrna's CEO, Bryan Ganz, unveiled plans for expanding celebrity endorsements and retail presence, with new stores in Nashville, Scottsdale, Salem, and Pasadena. The company is optimistic about 2025, with plans to increase the advertising budget by 50%. This strategy includes normalizing less-lethal weapons and enhancing brand awareness through paid and earned media.
These recent developments suggest Byrna Technologies is on a growth trajectory, with an expanded retail presence, international expansion, and increased production capacity. The management's confidence is further underscored by the authorization of a $10 million share buyback program, of which $3 million worth of shares have already been repurchased.
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