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Byrna Technologies sees self-defense weapon hit the bullseye with strong sales

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  • Developed Byrna HD, which dispenses chemical irritants from a handgun-like personal security device
  • Also offers the 40mm Blunt Impact Projectile line of products which use pain compliance to control a target
  • Receives recurring revenue from selling ammunition, cartridges, chemical irritant payloads and training rounds

What Byrna Technologies does:

Byrna Technologies Inc (CSE:BYRN) (OTCMKTS:BYRN), formerly Security Devices International, is a non-lethal defense technology company that manufactures and sells less-than-lethal security devices and ammunition.

The Andover, Massachusetts-based company developed the Byrna HD, 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.

Byrna’s product mix includes the 40 millimeter (mm) Blunt Impact Projectile (BIP) line of products that use pain compliance to control a target. The company has developed eight versions of the standard BIP, seven of which contain a payload and one of which is a cheaper cost, training round. A payload is an internal medium within the BIP, holding an irritant like pepper spray powder or tear gas.

Founded in 2005, Byrna operates in Canada and the US, and its products are used by the military, correctional services, police agencies, private security companies and individuals looking for personal security.

In addition to tapping the red-hot market for security devices, the company also draws large recurring revenue from selling ammunition, cartridges, chemical irritant payloads and training rounds. Smaller recurring revenue comes from laser sight adds, holsters and spare magazines.

How is it doing:

Byrna has a robust intellectual property portfolio covering a wide array of designs for non-lethal technologies. It currently has seven US patents and four international patents. It also has 13 patents which are pending and nine registered designs along with a US trademark.

In July, Byrna Technologies said it had upsized and priced its previously-announced public offering of company stock, with plans to issue 2.5 million of its common shares, at a price of $21 per share, for gross proceeds of about $52.5 million, before deducting underwriting discounts and commissions and offering expenses. 

The company noted it intends to use the net proceeds of the offering for working capital and other general corporate purposes. 

The offering was upsized from the previously-announced 2,250,000 common shares. 

And in June, Byrna posted fiscal second-quarter results that delivered strong net income and revenue growth fired by the popularity of the company’s flagship Byrna HD non-lethal personal security device. 

For the period ended May 31, 2021, the Andover, Massachusetts-based company reported revenue of $13.4 million, compared to $1.2 million in the fiscal second quarter of 2020. 

Byrna chalked up the impressive bump in revenue to strong order growth for the Byrna HD, “aided by favorable media attention and an increase in quarterly production volumes.” 

The company also recorded GAAP net income of $2 million in the fiscal 2Q, compared to a net loss of $8.1 million in the same period a year earlier.

Earlier in the month, Byrna said it conducted its first on-site training program for private security at Sony Pictures Studios, in Culver City, California. 

The technology company held the event to train and certify Sony’s security personnel in the safe and effective use of the Byrna less-lethal platform. Sony has equipped its security team with Byrna HD Plus to patrol the 53-acre lot as well as other locations in Southern California. 

Meanwhile in May, Byrna Technologies revealed that it has acquired the assets of Mission Less Lethal, a leading US manufacturer of .68 caliber, shoulder-fired non-lethal launchers for law enforcement and other security professionals, from Kore (US) Outdoor Inc in an all-cash deal.

The company said it funded the acquisition with “cash on hand.” Terms of the transaction were not disclosed.

Kore Outdoors is a recognized leader in the manufacture and sale of .68 caliber launchers for the paintball industry.

As well, Byrna’s common stock was approved for trading on the Nasdaq stock exchange on May 5.

Inflection points:

  • Launch of Amazon store
  • Introduction of Byrna HD XL, Byrna HD Boost and Byrna LE
  • Build out of its dealer network

What the boss says:

Commenting on the company’s 2Q 2021 financial results, Byrna Technologies CEO Bryan Ganz said in a statement: “The year-over-year growth in revenues reflects the expansion of consumer awareness and demand for our Byrna HD non-lethal personal security device, coupled with our increased focus on marketing and advertising.”

Ganz added: “We also demonstrated continued bottom-line improvement, as we generated positive GAAP net income for the first time in company history.”

Contact Sean at [email protected]

Story by ProactiveInvestors


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