Byrna Technologies Inc.

Byrna Technologies Inc. operates in the less-lethal self-defense technology industry, specializing in solutions for security situations that do not require lethal force. The company's core mission is to empower people to safely embrace life by developing easy-to-use self-defense tools. Byrna also focuses on providing law enforcement and private security customers with less-lethal alternatives to firearms to reduce the use of lethal force and foster community trust. The company has modernized its product line, diversified distribution channels, and implemented technology-driven marketing tools since 2023, significantly expanding its reach and brand engagement.

Byrna's business model revolves around designing, manufacturing, retailing, and distributing less-lethal personal security solutions. The company generates revenue through both direct-to-consumer (DTC) sales, including e-commerce platforms, Amazon storefronts, and company-operated retail stores, and wholesale channels, which encompass domestic and international dealers, distributors, retailers, and law enforcement agencies. Royalty revenue from licensing agreements also contributes to the wholesale segment. The company's products are generally available for purchase in most U.S. locations without the need for a background check or firearms license, subject to local laws.

The company's product portfolio includes handheld personal security devices and shoulder-fired launchers, a line of chemical irritant, kinetic, and inert projectiles, self-defense aerosol products like Byrna Bad Guy Repellent™, and various accessories such as the Byrna Banshee™, Byrna Shield™, CO2 canisters, sighting systems, holsters, and Byrna-branded apparel. The Byrna personal security devices are CO2-powered and fire .68 caliber spherical kinetic and chemical irritant projectiles, designed to disable a threat from up to approximately 60 feet. These devices are designed as a platform for modular enhancement and customization with accessories, creating potential for recurring sales of consumable projectiles.

Key product launches and expansions in 2024 and 2025 include the Byrna CL™ (Compact Launcher), an expansion of the law-enforcement-grade Byrna LE™ and LE PRO™ product lines, and updates to the projectile portfolio. The Byrna CL™ is a compact, lightweight launcher for the everyday carry (EDC) consumer segment, featuring improved ergonomics, simplified operation, enhanced concealability, and newly developed .61-caliber projectiles. The Byrna LE™ and LE PRO™ offer improved accuracy, higher muzzle velocity, and enhanced duty-grade performance. Projectile updates include Eco-Kinetic rounds, updated Max and Pepper chemical irritant formulations, and state-compliant chemical-free variants. The company also offers tactical launchers like the Byrna TCR and Byrna M-4 for law enforcement and private security, and a full line of professional-grade defensive sprays under the Fox Labs International brand, also marketed to consumers as Byrna Bad Guy Repellent™.

For the fiscal year ended November 30, 2025, Byrna Technologies Inc. reported total net revenue of $118.1 million ¹, an increase of 37.7% from the prior fiscal year. Gross profit was $71.5 million ², resulting in a gross margin of 60.5% ³. Operating expenses totaled $59.6 million ⁴, leading to a profit from operations of $11.8 million ⁵, or an operating margin of 10.0% ⁶. Net income for the fiscal year was $9.7 million ⁷. Basic earnings per share were $0.43 ⁸, and diluted earnings per share were $0.40 ⁹. Cash used in operating activities was $1.6 million ¹⁰. As of November 30, 2025, cash and cash equivalents stood at $13.7 million ¹¹. The company's total assets were $84.5 million ¹², and total liabilities were $18.7 million ¹³. The accumulated deficit was $47.1 million ¹⁴.

Comparing fiscal year 2025 to fiscal year 2024, net revenue increased by $32.3 million ¹⁵, or 37.7% ¹⁶, from $85.8 million ¹⁷ to $118.1 million ¹⁸. Direct-to-consumer revenue grew by $10.7 million ¹⁹, or 16.3% ²⁰, reaching $76.6 million ²¹ in fiscal year 2025 from $65.9 million ²² in fiscal year 2024. Wholesale revenue saw a significant increase of $21.6 million ²³, or 108.4% ²⁴, rising from $19.9 million ²⁵ in fiscal year 2024 to $41.5 million ²⁶ in fiscal year 2025. International revenue increased from $6.8 million ²⁷ to $12.1 million ²⁸ year-over-year. Gross margin declined by 1.0% ²⁹ from 61.5% ³⁰ in fiscal year 2024 to 60.5% ³¹ in fiscal year 2025, primarily due to a higher proportion of lower-margin wholesale and retail revenue. Operating expenses increased by $13.5 million ³², from $46.1 million ³³ to $59.6 million ³⁴, driven by higher marketing expenditures, personnel-related costs, and variable selling expenses. Profit from operations increased by $5.1 million ³⁵, from $6.7 million ³⁶ to $11.8 million ³⁷.

During the reported period, Byrna launched the Byrna CL™ (Compact Launcher) in April 2025, expanded its Byrna LE™ and LE PRO™ product lines, and updated its projectile portfolio to include Eco-Kinetic rounds and new chemical irritant formulations. The company also deployed a proprietary AI-assisted advertising platform and expanded retail distribution through a national partnership with Sportsman’s Warehouse and other regional/independent retailers. Several Byrna-branded retail stores were opened in states including Nevada, Florida, and Texas. In January 2023, Byrna acquired a 51% ownership interest in Byrna LATAM S.A., a joint venture for South American markets, for $0.5 million ³⁸. On August 19, 2024, this 51% ownership was sold to Fusady S.A. for $1 ³⁹, and an exclusive distribution, manufacturing, and licensing agreement was established with Byrna LATAM, generating $1.6 million ⁴⁰ in royalty revenue in fiscal year 2025. Manufacturing operations at the Pretoria, South Africa facility were discontinued during the third quarter of fiscal 2025, consolidating all active production in the U.S. facilities in Fort Wayne, Indiana. In June 2025, the company acquired two Federal Firearms Licenses, effective June 1, 2025, and expiring July 1, 2028.

Management believes that existing cash balances, operating cash flows, and access to capital markets will be sufficient to fund operations, planned retail expansion, and manufacturing investments over the next 12 months. The company is optimistic about its ability to sustain operations through its revenue streams, having achieved profitability in the current fiscal year.

A major growth area for Byrna is the continued expansion of its product portfolio and market reach. This includes enhancements to existing platforms like the Byrna SD, Byrna LE, and Byrna CL, as well as expanded projectile offerings across multiple calibers and future launcher concepts emphasizing reliability, concealability, and ease of use for both consumer and professional markets. The successful commercial launch of the Byrna CL™ in April 2025, a product designed and manufactured in the United States with approximately 90% U.S.-sourced components, represents a new platform developed through multi-year engineering initiatives focusing on improved portability, energy efficiency, and compact CO2-powered propulsion. This new launcher delivers approximately 400 feet-per-second muzzle velocity in a form factor 38% smaller by overall volume than the Byrna SD and 44% smaller by overall volume than the Byrna LE. The integration of new .61-caliber proprietary projectiles, produced at the company's ammunition facility in Fort Wayne, Indiana, required coordinated launcher and ammunition co-development efforts.

Another significant growth vector is the investment in new projectile technologies, including the 12-gauge less-lethal kinetic round, designed with patented fin-tailed stabilization technology for enhanced accuracy at distances exceeding 100 feet, powered solely by a primer, and engineered for reduced noise and recoil. R&D efforts also include refinement of clamshell sabot designs, frangible projectile structures, and integration of future payload variants. The company has also initiated R&D programs targeting next-generation system capabilities, including investments in AI-enabled training, simulation, and system optimization concepts, as well as smart projectile technologies to potentially enhance accuracy, expand platform compatibility, and support future product differentiation. These initiatives align with broader market trends favoring more precise, low-risk personal defense solutions.

Operationally, the company's strategy includes positioning Byrna as a consumer lifestyle brand associated with personal confidence and safety. This involves continued engagement with influencers in relevant segments, participation in public discussions relating to firearm regulation and school safety as they pertain to less-lethal security solutions, and support for police training initiatives. The company has expanded its go-to-market strategy beyond e-commerce to an omnichannel distribution model, including the opening of Byrna-branded retail locations and onboarding national retail partners like Sportsman’s Warehouse. The company's U.S. manufacturing facilities in Fort Wayne, Indiana, are believed to have sufficient production capability to meet anticipated demand based on current forecasts for at least the next two years, with additional capacity available on commercially reasonable terms if needed. The company has also established internal U.S. manufacturing capability for projectiles, which has improved quality control, enhanced supply reliability, and reduced dependency on external suppliers.

Planned capital allocation priorities for fiscal year 2026 include continued inventory optimization, retail buildout, and potential selective share repurchases under the Stock Buyback Program. The Stock Buyback Program, approved on July 31, 2024, authorizes repurchases of up to $10 million ⁴¹ worth of common stock and will expire on the sooner of its two-year anniversary or when the aggregate limit is reached. In a subsequent event, on February 3, 2026, Byrna Technologies Inc. entered into a Loan and Security Agreement with Texas Capital Bank, obtaining a senior secured credit facility of $20 million ⁴², consisting of a $5 million ⁴³ revolving credit facility and a $15 million ⁴⁴ delayed draw term loan facility. This five-year credit facility bears interest at a variable rate equal to Term SOFR plus an applicable margin of 2.5% to 2.75% ⁴⁵, depending on certain ratios.

Byrna Technologies Inc. faces several material risks. Operationally, the company has a limited operating history with its primary revenue-generating products, the Byrna launchers, having been sold only since April 2019, and has a history of operating losses, with an accumulated deficit of $47.1 million ¹⁴ as of November 30, 2025. There is no guarantee of sustained profitability, and revenue growth may be slower than expected due to product development and production delays, material and component availability and pricing constraints, volatile demand, and order cancellations. The company is dependent on key third-party suppliers, including sole-source suppliers, for components and ammunition, and any failure in their supply or quality control could delay production, result in lost sales, and impact liquidity. Product liability lawsuits, product defects, or high-profile incidents involving product use or misuse could lead to substantial liabilities, reputational harm, increased regulatory scrutiny, and reduced demand. The markets for security products and less-lethal defense technology are characterized by rapid technological change, posing a risk of product obsolescence if Byrna cannot continuously innovate. The company also faces intense competition from businesses with greater financial resources and broader product lines. Cybersecurity threats are increasing due to the company's growing digital footprint and reliance on cloud-based platforms, potentially leading to system interruptions, data loss, and significant liabilities, despite current risk management programs. Geopolitical and regulatory risks are significant; the manufacture, sale, and use of the company's products are subject to extensive federal, state, local, and foreign laws, including export controls and trade sanctions. Changes in these laws or re-characterization of Byrna's launchers or projectiles as "firearms" could restrict sales, limit markets, or increase compliance costs. International expansion exposes the company to greater political, economic, and social uncertainty, currency fluctuations, and conflicting legal and regulatory requirements. Furthermore, the company's stock price may be volatile due to fluctuations in operating results, market conditions, and general economic or political factors.

Management's overall tone is optimistic regarding the company's ability to sustain operations and growth, particularly given the achievement of profitability in the current fiscal year. They emphasize the mission to empower individuals with effective, easy-to-use, and reliable less-lethal solutions for self-defense and de-escalation. Management believes existing cash balances, operating cash flows, and access to capital markets will be sufficient to fund operations, planned retail expansion, and manufacturing investments over the next 12 months. Key strategic priorities include positioning Byrna as a consumer lifestyle brand associated with personal confidence and safety, expanding the product portfolio to broaden market reach, and driving sales growth from both new and existing customers. This includes continued investment in R&D for new product platforms and enhancements, such as the Byrna CL™ and advanced projectile technologies, as well as expanding the omnichannel distribution model through new retail locations and national partnerships. Management also highlighted the recent $20 million ⁴² credit facility obtained from Texas Capital Bank, comprising a $5 million ⁴³ revolving credit facility and a $15 million ⁴⁴ delayed draw term loan, as a means to support future growth.