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Byrna Technologies hits sales record with $11.1M fiscal 4Q as production ramps up

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Byrna Technologies Inc (OTCQB:BYRN) (CSE:BYRN) reported record sales of $11.1 million for its fiscal fourth quarter ended November 30, more than double the $4.2 million it made in the third quarter. 

Domestic sales represented 91% of the total and more than 85% of the sales were generated through the company’s e-commerce website, Byrna said. Law enforcement sales accounted for 3.4%.

The fourth quarter boom brought Byrna’s 2020 full fiscal year sales to $16.7 million, a significant increase from 2019 fiscal full-year sales of $924,000. Over the full year, launchers represented 80% of Byrna’s global sales with ammunition, accessories and apparel representing the other 20%. 

READ: Byrna Technologies posts tenfold year-over-year revenue growth in 3Q on munitions sales surge

Byrna follows a razor/razor blade model (read: the more people buy firearms, the more ammunition they’ll need), so the company expects that as its installed user base grows, the percentage of sales derived from the high margin ammo and accessories category will continue to climb, ultimately reaching around 50% of total sales.

“We are extremely pleased with our fourth-quarter results,” Bryan Ganz said. “2020 was a transformative year for Byrna as the company grew both sales and production by well over 1,000% and built out the infrastructure needed to sustain its current growth trajectory. Byrna was able to produce these record results despite being capacity constrained for much of the year.”

Production for the quarter totaled 35,799 units, including 4,945 units produced in Fort Wayne, Indiana, up from 14,874 total units in the third quarter. This brought production for the full fiscal year 2020 to 55,777 units. With both the South Africa and Fort Wayne facilities now in operation, Byrna now has the capacity to produce more than 150,000 units per quarter, or more than 600,000 units per year.

The uptick in production allowed Byrna to fill all launcher backorders from the third quarter, the company said. The remaining 14,400 backorders from the fourth quarter, which total more than $6.8 million, are expected to be filled by early to mid-January. 

“Demand for the company’s flagship product, the Byrna HD, has only continued to grow as the company builds brand awareness,” Ganz said. “Increasingly, Byrna is becoming the answer for both law enforcement and consumers that are looking for a safe and effective less-lethal self-defense solution.” 

The Byrna HD is a handgun-like device that dispenses chemical irritants. The small, lightweight 0.68 caliber device is equipped with a five-round magazine capable of accurately hitting a target at up to 60 feet — without causing serious injury. Its chemical payload is designed to burn an assailant’s eyes and respiratory system.

“I am very proud of our team and the way they rose to the occasion this year, expanding production from less than 100 units per day at the beginning of the year to more than 1,000 units per day by the end of the year,” Ganz said. “Now that we are no longer capacity constrained, we are re-starting our advertising campaign, which was suspended in June of 2020 after the surge in sales overtook our production capabilities.”

Byrna plans to begin filling dealer orders this week to provide its more than 300 dealers with inventory for the holiday shopping season. 

“We expect to see continued sequential quarterly growth and we are confident that the upcoming fiscal first quarter of 2020 will be another record quarter for Byrna,” Ganz said. “For the full fiscal year 2021, we expect sales to be a multiple of our 2020 full-year sales.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/935759/byrna-technologies-hits-sales-record-with-111m-fiscal-4q-as-production-ramps-up-935759.html


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