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BYRN

Byrna Technologies Inc.

BYRN

Byrna Technologies Inc. • NASDAQ
$18.25 ▲ 2.59% (+0.46)
Market Cap $414.59 M
52w High $34.78
52w Low $13.68
Dividend Yield 0%
P/E 27.24
Volume 142.99K
Outstanding Shares 22.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $28.179M ▼ $14.059M ▼ $2.235M ▼ 7.931% ▼ $0.1 ▼ $3.481M ▼
Q2-2025 $28.505M ▲ $14.238M ▲ $2.427M ▲ 8.514% ▲ $0.11 ▲ $3.885M ▲
Q1-2025 $26.19M ▼ $14.228M ▲ $1.662M ▼ 6.346% ▼ $0.074 ▼ $2.136M ▼
Q4-2024 $27.979M ▲ $13.468M ▲ $9.672M ▲ 34.569% ▲ $0.43 ▲ $4.471M ▲
Q3-2024 $20.854M $12.184M $1.025M 4.915% $0.045 $1.266M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $8.996M ▼ $78.562M ▲ $15.419M ▼ $63.143M ▲
Q2-2025 $12.985M ▼ $77.45M ▲ $17.314M ▲ $60.136M ▲
Q1-2025 $19.289M ▼ $71.038M ▼ $14.211M ▼ $56.827M ▲
Q4-2024 $25.733M ▲ $71.922M ▲ $17.553M ▲ $54.369M ▲
Q3-2024 $20.077M $59.004M $14.465M $44.539M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.235M ▼ $-2.268M ▲ $1.173M ▼ $6K ▼ $-506K ▲ $-4.517M ▲
Q2-2025 $2.427M ▲ $-5.458M ▼ $4.708M ▲ $67K ▲ $-668K ▲ $-6.397M ▲
Q1-2025 $1.662M ▼ $-3.777M ▼ $-5.298M ▲ $26K ▲ $-9.16M ▼ $-6.419M ▼
Q4-2024 $9.672M ▲ $7.26M ▲ $-9.845M ▼ $-628K ▲ $-3.248M ▲ $6.295M ▲
Q3-2024 $1.025M $-1.396M $-689K $-2.999M $-4.711M $-2.085M

Revenue by Products

Product Q3-2021Q4-2021Q2-2025Q3-2025
Product
Product
 $0 ▲$0 ▲$30.00M ▲$30.00M ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲
40mm
40mm
 $0 ▲$0 ▲$0 ▲$0 ▲
Byrna HD
Byrna HD
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Byrna’s income statement shows a young company moving from “promising but unprofitable” to modest profitability. Sales have climbed steadily over the last several years, and the company has finally shifted from operating losses to a small operating profit. Gross profitability (what’s left after direct product costs) has improved along with scale, suggesting the business model is starting to work economically. That said, earnings have swung between losses and profits over time, which signals that results are still sensitive to demand swings, marketing spend, and operating efficiency. Overall, the trend is positive, but the track record is still relatively short and somewhat volatile.

Balance Sheet

Balance Sheet The balance sheet looks conservative and fairly clean for a small, growing company. Assets and shareholder equity have risen over time, which aligns with an expanding business. Notably, Byrna reports effectively no financial debt, which reduces financial risk and interest burden. Cash levels are lower than a few years ago but appear to have stabilized, indicating the company has already spent through an earlier period of heavy investment or buildup and is now running leaner. The main takeaway: a simple, equity-funded balance sheet with limited leverage, but also limited financial cushion compared with larger, more mature peers.

Cash Flow

Cash Flow Cash flow has been gradually improving but remains tight. Operating cash flow has moved from mildly negative to slightly positive, indicating the core business is closer to funding itself rather than relying on outside capital. Free cash flow has followed a similar pattern, helped by very light capital spending needs. This is typical of an asset-light, product-focused company but also means there is less built-in buffer if sales slow or inventories need to be adjusted. In short, Byrna is approaching self-sufficiency in cash terms, but its margin for error still looks relatively narrow.

Competitive Edge

Competitive Edge Byrna occupies a specialized niche within the broader defense and self‑defense space: non‑lethal personal protection for consumers, with some overlap into law enforcement and institutional users. Its main edge comes from a focused brand in civilian non‑lethal weapons, patented “pull‑pierce” technology that keeps launchers ready for use, and a purpose‑built product line rather than repurposed paintball gear. The company’s emphasis on range, multi‑shot capability, and psychological deterrence gives it a differentiated offering versus traditional pepper spray or stun devices. However, it competes in a space touched by much larger defense and security players, is exposed to regulatory shifts around weapons, and depends heavily on marketing and education to maintain its consumer lead. The moat is real but still developing and not immune to copycats or new entrants.

Innovation and R&D

Innovation and R&D Innovation is one of Byrna’s clearest strengths. The core launcher design, especially the pull‑pierce system and wide projectile range, differentiates it technologically from many non‑lethal peers. The company continues to refresh its lineup with more compact launchers and specialized ammunition, including less‑lethal shotgun rounds that could open new markets. Investment in insourced, U.S.‑based manufacturing also supports product quality and responsiveness. The flip side is execution risk: new product launches must be marketed effectively, meet safety and regulatory expectations, and achieve consistent reliability at scale. Overall, Byrna appears to treat product development as a central strategic lever rather than an afterthought, which is a positive signal for long‑term relevance if managed well.

Summary

Byrna Technologies is evolving from an early‑stage, concept‑driven business into a small but increasingly established player in non‑lethal self‑defense. Financially, it has progressed from recurring losses toward modest profitability and positive cash generation, backed by a relatively simple, debt‑free balance sheet. The business remains small and somewhat volatile, with limited cushions if demand dips, so results could still swing from year to year. Strategically, Byrna’s strength lies in its clear focus on civilian non‑lethal protection, distinct technology, and growing brand recognition. Its innovation pipeline and product breadth give it room to expand into new customer segments and geographies. Key uncertainties center on competitive responses, regulatory changes, consumer adoption, and the company’s ability to scale operations without sacrificing quality or profitability. Overall, it is a focused niche player with improving financials and a meaningful emphasis on innovation, but still in a relatively early phase of its corporate maturity.

NEWS

November 13, 2025 · 8:00 AM UTC

Byrna Technologies Sets Upcoming Investor Conference Schedule

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November 12, 2025 · 8:00 AM UTC

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

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November 5, 2025 · 4:05 PM UTC

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

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October 27, 2025 · 8:00 AM UTC

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

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October 9, 2025 · 8:00 AM UTC

Byrna Technologies Reports Fiscal Third Quarter 2025 Results

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