Byrna Technologies Inc.
- Open
- 4.71
- Day high
- 4.75
- Day low
- 4.47
- Prev close
- 4.68
- Volume
- 38K
- Mkt cap
- $97M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 0.9
- Yield
- —
- Per share
- —
- ▲Insiders net buying $317K over the last 3 months (11 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Byrna Technologies Inc. (BYRN) is a Industrials company listed on NASDAQ. The stock is down 79% over the past year. Over the trailing 3 months, insiders filed 11 open-market buys and 0 sales (SEC Form 4).
Byrna Technologies Inc. (BYRN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BYRN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 9, 2026 | $-0.10 | $-0.44 | -340.0% | $16M | -26.6% |
| Apr 9, 2026 | $0.05 | $0.03 | -40.0% | $29M | -1.5% |
| Feb 5, 2026 | $0.13 | $0.14 | +7.7% | $35M | +9.7% |
| Oct 9, 2025 | $0.05 | $0.09 | +80.0% | $28M | -19.3% |
| Jul 10, 2025 | $0.05 | $0.10 | +100.0% | $29M | +5.2% |
| Apr 10, 2025 | $0.02 | $0.07 | +250.0% | $26M | +2.5% |
| Oct 9, 2024 | $0.03 | $0.04 | +50.0% | $21M | -10.0% |
| Jul 9, 2024 | $0.10 | $0.13 | +33.3% | $20M | -16.7% |
| Apr 5, 2024 | $-0.05 | $0.04 | +180.0% | $17M | -0.9% |
| Mar 7, 2024 | $-0.05 | $0.05 | +200.0% | $16M | +19.0% |
| Oct 12, 2023 | $-0.01 | $-0.13 | -956.9% | $7M | -37.6% |
| Jul 11, 2023 | $0.01 | $0.03 | +300.0% | $12M | -4.1% |
BYRN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 31, 2026 | Roth Adam L.director | Option | 4,379 | — |
| Jul 31, 2026 | ELMORE LEONARD Jdirector | Option | 4,865 | — |
| Jul 31, 2026 | Hughes Herbertdirector | Option | 4,865 | — |
| Jul 31, 2026 | Kennedy TJdirector, other: Chairman of the Board | Option | 4,379 | — |
| Jul 31, 2026 | Reed Chris Laverndirector | Option | 4,865 | — |
| Jul 31, 2026 | Rooney Emilydirector | Option | 4,865 | — |
| Jul 28, 2026 | Hughes Herbertdirector | Buy | 2,501 | $3.77 |
| Jul 28, 2026 | Hughes Herbertdirector | Buy | 1,499 | $3.86 |
| Jul 28, 2026 | Reed Chris Laverndirector | Buy | 8,150 | $3.63 |
| Jul 23, 2026 | Davis Conn Q.director, officer: Chief Executive Officer | Buy | 18,768 | $3.46 |
| Jul 23, 2026 | Davis Conn Q.director, officer: Chief Executive Officer | Buy | 3,340 | $3.51 |
| Jul 23, 2026 | KEARNES LAURILEEofficer: Chief Financial Officer | Buy | 2,000 | $3.42 |
| Jul 23, 2026 | Hughes Herbertdirector | Buy | 5,478 | $3.47 |
| Jul 23, 2026 | Hughes Herbertdirector | Buy | 12,500 | $3.40 |
| Jul 23, 2026 | Kennedy TJdirector, other: Chairman of the Board | Buy | 29,000 | $3.53 |
Source: BYRN SEC Form 4 filings, latest Jul 31, 2026. For informational purposes only — not investment advice.
See the full BYRN insider & 13F page →Byrna Technologies Inc. company profile
Overview
Byrna Technologies Inc. (NASDAQ:BYRN) is a Massachusetts-based less-lethal defense technology company that develops and manufactures non-lethal personal security devices and ammunition. Founded in 2005 as Security Devices International, Inc., the company rebranded to Byrna Technologies in March 2020. The company has evolved from a startup focused on alternative defense solutions to a profitable manufacturer that has sold over 500,000 launchers worldwide. Byrna operates primarily in the United States with additional presence in South Africa and Latin America, targeting both civilian consumers and law enforcement agencies with its proprietary less-lethal weapons platform.
Business
Byrna operates in the less-lethal weapons industry, which sits at the intersection of personal security, law enforcement equipment, and consumer defense products. The company's core offering is the Byrna launcher system - handheld devices that fire projectiles containing chemical irritants, kinetic impact rounds, or inert training ammunition. These launchers are designed as alternatives to traditional firearms, providing stopping power without the lethality of conventional weapons. The company's primary products include the Byrna SD and Byrna SD .68 caliber handheld personal security devices, which are CO2-powered launchers that fire .68 caliber projectiles at velocities up to 300 feet per second. The launchers can fire various types of ammunition including chemical irritant rounds (containing a pepper spray-like compound), kinetic impact rounds for pain compliance, and inert training rounds. The company also produces the more powerful Byrna LE (Law Enforcement) launcher with 60% more power than civilian models. Beyond the launchers themselves, Byrna manufactures a comprehensive ecosystem of related products including magazines, compressed CO2 canisters, various projectile types, holsters, sighting systems, and branded apparel. The company has also expanded into complementary self-defense products through acquisitions, including pepper sprays through its Fox Labs subsidiary and protective equipment like the Byrna Shield backpack insert. Revenue is generated through multiple channels with approximately 70-75% coming from direct-to-consumer sales, which carry the highest margins, while the remainder comes from dealer networks, international distributors, and law enforcement contracts. The company has been transitioning toward higher-margin direct sales while building out retail partnerships with major sporting goods chains like Sportsman's Warehouse.
Revenue model
Byrna generates revenue through product sales across multiple channels, with its business model centered on manufacturing and selling less-lethal weapons systems and consumable ammunition. The company's primary revenue streams include direct-to-consumer sales through its website (representing 70-75% of revenue), dealer and retail partnerships, and law enforcement contracts. The direct-to-consumer channel generates the highest margins, with gross margins around 60-62% company-wide. This channel benefits from premium pricing, direct customer relationships, and elimination of distributor markups. The company has invested heavily in digital marketing, particularly celebrity endorsements that maintain 5-6x return on advertising spend ratios. Dealer and retail sales provide geographic reach and accessibility, though at lower margins due to wholesale pricing. The company has expanded partnerships with major retailers like Sportsman's Warehouse and is developing company-owned retail stores to capture higher margins while maintaining physical presence. The business model benefits from recurring revenue through consumable ammunition sales, as each launcher requires CO2 cartridges and projectiles for operation. This creates a razor-and-blade dynamic where initial launcher sales drive ongoing accessory and ammunition purchases. Several factors influence the company's margins positively: increasing direct-to-consumer sales mix, manufacturing scale efficiencies, domestic production reducing shipping costs, and premium pricing for innovative products. Negative margin pressures include commodity price inflation for materials, tariff impacts on imported components (though the company has largely moved production domestically), competitive pricing pressure, and the costs of building retail infrastructure. The company's transition from 89% China-sourced components to 87-92% US-sourced components has increased costs by approximately 16% but provides supply chain security and tariff protection.
Competitive moat
Byrna's competitive moat is moderate and primarily built around brand recognition, regulatory positioning, and manufacturing expertise in a specialized niche market. The company has established itself as a leading brand in the less-lethal personal defense space, benefiting from first-mover advantages and significant marketing investment that has built consumer awareness. The regulatory environment provides some protection, as less-lethal weapons occupy a unique legal position - more accessible than firearms but more regulated than traditional sporting goods. Byrna's products are legal in most jurisdictions where firearms face restrictions, giving it access to markets unavailable to traditional weapon manufacturers. The company's compliance expertise and established regulatory relationships create barriers for new entrants. Manufacturing capabilities represent another defensive element, as the company has developed specialized knowledge in CO2-powered launcher systems, projectile chemistry, and precision manufacturing. The proprietary nature of their chemical irritant formulations and the integration between launchers and ammunition creates some switching costs for customers. However, the moat faces several vulnerabilities. The technology is not particularly complex, and larger defense contractors or sporting goods manufacturers could potentially enter the market with superior resources. Traditional firearms companies might develop competing less-lethal products, while pepper spray and taser manufacturers represent adjacent competition. The company's reliance on celebrity endorsements and digital marketing creates vulnerability to platform policy changes, as evidenced by advertising bans on major social media platforms. The international expansion and law enforcement adoption provide some diversification, but the core civilian market remains price-sensitive and subject to economic cycles. Overall, while Byrna has built a recognizable position in its niche, the moat is not particularly deep and requires continuous investment in brand building and product innovation to maintain.
Risks & safety
Byrna demonstrates a strong financial safety profile with minimal solvency risk and reasonable valuation metrics for a growing specialty manufacturer. • **Liquidity and Debt**: Strong cash position of $7.7 million plus minimal debt (debt-to-equity ratio of 0.04), providing substantial financial flexibility. Current ratio of 3.99 indicates excellent short-term liquidity. • **Cash Flow**: Recent negative free cash flow of -$6.4 million in Q1 2025 reflects inventory building and expansion investments, but the company generated positive $9.4 million free cash flow for full year 2024. • **Profitability**: Achieved GAAP profitability with $1.7 million net income in Q1 2025 and $12.8 million for full year 2024, demonstrating operational leverage. • **Valuation**: Trading at elevated multiples with P/E of 87x and EV/EBITDA of 67x based on Q1 2025 metrics, though full-year 2024 P/E of 34x appears more reasonable. Price-to-book of 10.2x reflects growth premium. • **Other considerations**: Revenue growth of 57% year-over-year provides justification for premium valuation, while gross margins above 60% indicate pricing power. The company's transition to domestic manufacturing and inventory building ahead of potential tariffs demonstrates proactive risk management.
Recent development
Over the past few years, Byrna has executed a significant strategic transformation from a struggling startup to a profitable growth company. The most impactful change has been the pivot to celebrity endorsement marketing after facing advertising bans on major social media platforms. This strategy has proven highly effective, generating 5-6x return on advertising spend with influencers including Sean Hannity, Megyn Kelly, and Charlie Kirk. The company has aggressively expanded its manufacturing capabilities, increasing monthly production from around 18,000 units to 24,000 units while building a domestic ammunition facility in Fort Wayne, Indiana. This expansion supports the strategic shift from 89% China-sourced components to 87-92% US-sourced components, reducing tariff exposure and supply chain risk despite increasing costs by approximately 16%. Product development has accelerated with the upcoming launch of the Compact Launcher (CL) in May 2025, which is 38% smaller and 36% lighter than existing models while maintaining comparable performance. The company has also expanded beyond core launchers into adjacent products through acquisitions like Fox Labs for pepper sprays and development of protective equipment like the Byrna Shield. Retail expansion represents another major strategic initiative, with the company opening its first retail store in Nashville and planning additional locations in Scottsdale, Salem, and Fort Wayne. The partnership with Sportsman's Warehouse has grown from 11 to 54 store-within-a-store locations, providing broader geographic reach while maintaining higher margins than traditional wholesale relationships. International expansion has gained momentum, particularly in Latin America through joint venture partnerships and law enforcement contracts in Argentina. The company has also achieved the significant milestone of selling over 500,000 launchers total, demonstrating market acceptance and scale achievement.
BYRN company profile · for informational purposes only — not investment advice.
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