Byrna Technologies Inc (OTCQB:BYRN) (CSE:BYRN) has announced results for its fiscal first quarter ended February 28, 2021, revealing major revenue growth that the company attributes to rising demands for its non-lethal personal security device.
Revenue for the period was US$8.9 million, compared to US$149,000 in the same period of 2020, while adjusted income was US$421,000, a turnaround from a loss of US$1.7 million. Gross margin was 53.3%, compared to -19.5%.
“The quarter-over-quarter growth in revenues reflects the large increase in consumer demand for our Byrna HD non-lethal personal security device that began during the second half of 2020,” Bryna CEO Bryan Ganz said in a statement. ”It was gratifying to also see steady improvement in our bottom-line performance.”
READ: Byrna Technologies delivers strongest quarterly revenue of US$11 million thanks to demand for its security devices
These results mark Byrna’s second sequential quarter with a non-GAAP adjusted net income, Ganz noted. The significant increase in sales was driven by both strong order growth for the flagship Byrna HD personal security device and a reduction in the order backlog resulting from an increase in quarterly production volume, the company said.
At the end of February, Byrna had cash of US$4.1 million, including US$2.2 million of restricted cash, which is released as backorders are fulfilled.
Looking ahead, the company said it continues to project revenue between of US$33 million and US$38 million for the fiscal year ending November 30, 2021. That would be good for year-over-year growth of roughly 100% to 130%, based on order backlog, order flow and projected growth.
Byrna cited the following factors as growth drivers this fiscal year:
- Expansion of advertising and promotional campaign
- Plans to open a dedicated Amazon store
- Increased leverage from our post-backlog resumption of dealer stocking
- Planned new product launches
“Now that we have worked through our ecommerce order backlog, we can turn our attention to opening our Amazon store and enhancing our Dealer Program,” Ganz said. “Additionally, our ‘Learn Safe’ school safety program is just getting off the ground with our inaugural School Safety Training Program taking place in Texas today.”
Additionally, Byrna is introducing new products, including the Byrna HD XL and the Byrna HD Boost, both of which provide greater velocity than the original Byrna HD. They also both use the more common 12-gram CO2 cartridge (as opposed to the 8-gram cartridge used in the Byrna HD), meaning users will be able to fire more projectiles on a single CO2 cartridge, thereby bringing down the CO2 cost per round by 40%. The company said it also plans to introduce a new lower-cost, biodegradable projectile.
The Byrna HD Boost is available as both a new product and as an aftermarket retrofit, allowing the more than 50,000 owners of the Byrna HD to be able to upgrade their existing launcher to a Byrna HD Boost by ordering a 12-gram adapter that can easily be attached to the original Byrna HD, the company said.
This summer, Byrna plans to begin offering its Byrna LE for Law Enforcement and firearm enthusiasts, which will have an even greater velocity than the Byrna HD XL, an improved sighting system, a seven-round magazine and extreme cold weather capabilities. Early in 2022 the Company plans to introduce the Byrna CP, a compact launcher designed for those that would like to carry their Byrna in a more discrete manner and for those with smaller hands.
“Sadly, our nation continues to be traumatized by tragic events and civil unrest that can cause people to be afraid to go about their daily lives,” Ganz said. “Our mission is to provide both civilians and law enforcement professionals with a safe and effective alternative to lethal firearms that enable our customers to safely and effectively protect themselves, their families and their communities and in so doing, gain the confidence and sense of security that can only come from being in control of one’s environment, allowing anyone to live life unafraid, to live life to the fullest – to Live Safe!”
Byrna also announced that it has granted a total of 250,000 restricted stock units (RSUs) and 50,000 incentive stock options (ISOs) to the employees leading the Learn Safe initiative.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
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