Byrna Technologies Reports 101.1% Revenue Growth to $85.8 Million in Fiscal Year 2024

Byrna Technologies Inc. reported significant financial growth in its fiscal year ending November 30, 2024, achieving revenues of $85.8 million, a 101.1% increase from $42.6 million in the previous year. This surge was primarily driven by a substantial rise in e-commerce sales, which climbed by 112.8% to $65.9 million, accounting for 76.8% of total revenue. The company also noted a profit from operations of $6.7 million, a notable recovery from a loss of $7.8 million in the prior fiscal year. The gross profit margin improved to 61.5%, up from 55.5%, reflecting the higher proportion of direct-to-consumer sales.

The company undertook strategic initiatives during the year, including the acquisition of Fox Labs International, which bolstered its product offerings in the law enforcement sector. Byrna also established a joint venture, Byrna LATAM, to expand its presence in South America, although it later sold its majority stake in this venture for $1 while retaining a licensing agreement for product distribution. These moves are part of Byrna's broader strategy to position itself as a leading brand in the less-lethal self-defense market.

Operationally, Byrna reported an increase in its workforce, with 167 employees as of November 30, 2024. The company has focused on enhancing its manufacturing capabilities, operating two facilities in the U.S. and South Africa. The expansion of its product line, including the introduction of new launchers and projectiles, has contributed to increased customer engagement and market penetration. The company’s marketing efforts have shifted towards digital platforms and influencer partnerships, which have proven effective in driving sales.

Despite the positive financial results, Byrna acknowledged challenges, including rising operating expenses, which increased to $46.1 million from $31.4 million in the previous year. The company plans to continue investing in marketing and product development to sustain growth. Looking ahead, Byrna remains optimistic about the demand for less-lethal products, anticipating that the market will continue to expand as consumers and law enforcement seek alternatives to traditional firearms. The company aims to leverage its brand and product innovations to capture a larger share of this growing market.