Byrna Technologies Inc. (BYRN) Bundle
A Brief History of Byrna Technologies Inc. (BYRN)
Foundation and Early Years
Foundation and Early Years
Byrna Technologies Inc. was founded in 2014. It originated from a desire to provide non-lethal self-defense solutions. The company is headquartered in Lynn, Massachusetts.
Initial Product Development
In 2016, Byrna launched its first product, the Byrna HD, a non-lethal personal security device designed to fire projectiles at high velocity. The Byrna HD gained traction among consumers looking for self-defense alternatives.
Financial Growth and Stock Market Presence
In August 2020, Byrna went public through a reverse merger with a publicly traded company, effectively listing on the OTC Markets. The initial share price was approximately $2.00 and rapidly increased in the following months.
Byrna Technologies reported revenue of $6.6 million in fiscal year 2020, which marked a significant increase compared to the previous year's revenue of $1.2 million.
Expansion of Product Line
Byrna expanded its product line in 2021 to include various models of the Byrna HD, as well as new projectiles specifically designed for different self-defense needs. In December 2021, Byrna released the Byrna SD, which offered enhanced features.
Recent Financial Performance
As of Q2 2023, Byrna reported revenues of $11.7 million, reflecting a year-over-year increase. The gross profit margin was reported at 57%.
The company’s total assets stood at approximately $25.4 million, with total liabilities of $4.3 million, resulting in a strong equity position.
Market Position and Competitors
Byrna operates in the non-lethal weapon industry, which has an estimated market size of $1.5 billion as of 2023. Major competitors include Taser International and Security Devices International.
Recent Developments and Future Outlook
As of October 2023, Byrna announced plans to expand its distribution network, aiming to increase sales through retail channels. The company expects revenues to exceed $15 million for the fiscal year 2023.
| Year | Revenue ($ Millions) | Net Income ($ Millions) | Total Assets ($ Millions) | Total Liabilities ($ Millions) |
|---|---|---|---|---|
| 2020 | 6.6 | -3.2 | 4.7 | 1.2 |
| 2021 | 8.5 | -1.6 | 15.2 | 2.7 |
| 2022 | 10.3 | -0.8 | 20.8 | 3.1 |
| 2023 (Q2) | 11.7 | N/A | 25.4 | 4.3 |
Conclusion of Financial Chapter
The financial trajectory of Byrna Technologies demonstrates consistent growth and a promising outlook in the self-defense market while maintaining a strong asset base compared to liabilities.
A Who Owns Byrna Technologies Inc. (BYRN)
Shareholder Composition
As of the latest data available in 2023, Byrna Technologies Inc. (BYRN) has a diverse shareholder composition comprising institutional investors, retail investors, and company insiders.
| Shareholder Type | Percentage Ownership | Number of Shares Held | Notable Shareholders |
|---|---|---|---|
| Institutional Investors | 45% | 7,000,000 | BlackRock, Inc. Vanguard Group State Street Corporation |
| Retail Investors | 35% | 5,500,000 | Individual Shareholders |
| Company Insiders | 20% | 3,000,000 | Byrna Management Team |
Major Institutional Shareholders
The following table details the largest institutional shareholders of Byrna Technologies Inc.:
| Institution | Shares Held | Ownership Percentage | Investment Type |
|---|---|---|---|
| BlackRock, Inc. | 2,000,000 | 12% | Mutual Fund |
| Vanguard Group | 1,500,000 | 10% | Mutual Fund |
| State Street Corporation | 1,200,000 | 9% | Exchange-Traded Fund |
| Geode Capital Management | 800,000 | 5% | Quantitative Investment |
| Invesco Ltd. | 700,000 | 4% | Asset Management |
Insider Ownership Details
Byrna Technologies Inc. has a notable percentage of shares held by insiders, highlighting their commitment to the company.
| Insider Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Bryan James | CEO | 1,000,000 | 6% |
| Kelley P. Smith | Director | 800,000 | 5% |
| Michael Johnson | Executive VP | 700,000 | 4% |
| Tommy Lee | Founder | 500,000 | 3% |
Market Capitalization and Stock Performance
As of October 2023, Byrna Technologies Inc. had a market capitalization of approximately $120 million.
The stock has shown various performance metrics over the last year:
- 52-week high: $4.25
- 52-week low: $1.20
- Current Price: $2.50
- Average Trading Volume: 300,000 shares
Recent Developments in Ownership
In recent months, there have been shifts in ownership percentages among institutional investors:
- The entry of new investors such as ARK Invest, acquiring 500,000 shares.
- BlackRock increased its stake by 200,000 shares.
- Vanguard purchased an additional 100,000 shares.
Conclusion on Ownership Trends
The composition and trends in ownership reflect the evolving investment landscape surrounding Byrna Technologies Inc. The rise in institutional investment and insider commitment illustrates a growing confidence in Byrna's business model and future prospects.
Byrna Technologies Inc. (BYRN) Mission Statement
Overview of Byrna Technologies Inc.
Byrna Technologies Inc. is a defense technology company dedicated to creating innovative solutions for personal security. The company specializes in non-lethal security devices, including the Byrna HD, which is designed for self-defense applications. As of October 2023, Byrna operates in a market increasingly focused on personal safety and security alternatives.
Mission Statement
The mission of Byrna Technologies Inc. is to empower individuals by providing innovative, non-lethal solutions that enhance personal safety and security. The company's commitment is to develop high-quality products that not only meet but exceed the expectations of customers, ensuring that personal security is accessible, effective, and responsible.
Corporate Values
- Innovation: Byrna strives for continuous improvement and cutting-edge technology in personal defense.
- Integrity: The company emphasizes ethical business practices and transparency.
- Customer Focus: Byrna seeks to understand and fulfill the needs of its users.
- Responsibility: A strong commitment to the responsible use of its products.
- Community Support: Byrna is invested in the communities it serves, providing educational resources about safety and self-defense.
Financial Performance
Byrna Technologies Inc. has reported various financial metrics that reflect its growth trajectory. For Q3 2023, Byrna reported revenue of approximately $7.6 million, compared to $4.1 million in Q3 2022. This represents a year-over-year increase of about 85%.
| Financial Metric | Q3 2023 | Q3 2022 | Year-over-Year Change |
|---|---|---|---|
| Revenue | $7.6 million | $4.1 million | +85% |
| Net Income | -$2.5 million | -$3.1 million | Improvement of 19% |
| Operating Expenses | $5.1 million | $3.8 million | +34% |
| Gross Profit Margin | 30% | 20% | +10% |
Product Development and Goals
Byrna Technologies aims to enhance its product offerings continuously by investing in research and development. The company’s product line includes the Byrna HD and Byrna Less Lethal Launchers. As of 2023, Byrna has introduced several enhancements to its products based on user feedback and market trends.
Market Position and Opportunities
Byrna operates in the burgeoning personal safety and security market, which has an estimated size of $53 billion in 2023. The demand for non-lethal defense products is on the rise, particularly in urban areas. Byrna Technologies positions itself to capitalize on this growth through aggressive marketing and strategic partnerships.
Future Outlook
The company is working on expanding its manufacturing capabilities and enhancing distribution channels. Byrna forecasts a projected revenue growth of 50% for the fiscal year 2024, driven by new product launches and market expansion efforts.
| Future Financial Projections | 2024 Projection | 2025 Projection |
|---|---|---|
| Revenue | $11.4 million | $17.1 million |
| Net Income | -$1 million | $2 million |
| Market Share (%) | 1.5% | 2% |
Commitment to Compliance and Safety
Byrna Technologies adheres to all federal and state regulations regarding their products. The company undergoes rigorous testing to ensure compliance with safety standards, providing customers with reliable solutions for personal defense.
How Byrna Technologies Inc. (BYRN) Works
Company Overview
Company Overview
Byrna Technologies Inc. (BYRN) is a company that specializes in the design and manufacturing of non-lethal personal security devices. The company focuses on creating products that provide effective deterrents to threats while mitigating the risk of fatal consequences typically associated with conventional firearms.
Product Line
The primary products offered by Byrna Technologies include:
- Byrna HD: A non-lethal launcher designed for personal defense.
- Byrna Eco Kit: A combination of Byrna's products aimed at providing a comprehensive personal security solution.
- Byrna Training: Programs and materials to educate users on safe product usage.
- Colored Projectiles: Non-lethal projectiles designed for training and self-defense.
Target Market
Byrna Technologies targets various sectors, including:
- Individual Consumers: Personal safety and self-defense products.
- Law Enforcement: Non-lethal options for policing needs.
- Security Firms: Solutions for protecting assets and personnel.
Financial Performance
Byrna Technologies has shown significant growth over the past years, reflected in its financial metrics:
| Year | Revenue ($ million) | Net Income ($ million) | Assets ($ million) | Liabilities ($ million) |
|---|---|---|---|---|
| 2020 | 3.5 | -2.0 | 8.0 | 2.5 |
| 2021 | 9.5 | 0.5 | 10.0 | 3.0 |
| 2022 | 24.0 | 6.0 | 15.0 | 5.0 |
| 2023 | 37.0 (est.) | 10.0 (est.) | 20.0 (est.) | 7.0 (est.) |
Stock Performance
As of October 2023, the stock performance metrics for Byrna Technologies (BYRN) include:
| Date | Stock Price ($) | Market Capitalization ($ million) | 52-Week High ($) | 52-Week Low ($) |
|---|---|---|---|---|
| October 2023 | 7.25 | 215.7 | 8.50 | 4.10 |
Market Strategy
Byrna Technologies employs several strategic initiatives to penetrate and expand in the market:
- Direct-to-Consumer Sales: Leveraging e-commerce platforms.
- Partnerships: Collaborations with security firms and law enforcement agencies.
- Marketing Campaigns: Focused efforts on digital marketing and social media outreach.
R&D Investments
The company allocates a portion of its revenue to research and development:
| Year | R&D Expenses ($ million) | Percentage of Revenue (%) |
|---|---|---|
| 2020 | 0.5 | 14.3 |
| 2021 | 1.0 | 10.5 |
| 2022 | 2.5 | 10.4 |
| 2023 | 4.0 (est.) | 10.8 (est.) |
Challenges and Opportunities
Current challenges faced by Byrna Technologies include:
- Market Competition: Increasing competition from similar non-lethal defense products.
- Regulatory Compliance: Navigating the legal landscape concerning non-lethal weapons.
Potential opportunities are:
- Expansion into International Markets: Growing demand for non-lethal options globally.
- Innovation: Ongoing development of new technologies for enhanced products.
How Byrna Technologies Inc. (BYRN) Makes Money
Product Sales
Product Sales
Byrna Technologies generates revenue primarily through the sale of non-lethal self-defense products. In fiscal year 2022, Byrna reported revenues of approximately $22.6 million, up from $10.4 million in fiscal year 2021, illustrating an increase of 117%.
| Year | Revenue ($ millions) | Growth (%) |
|---|---|---|
| 2021 | 10.4 | N/A |
| 2022 | 22.6 | 117 |
| Q1 2023 | 8.4 | -14.1 |
Market Segmentation
The company's product offerings primarily fall into several segments:
- Byrna HD Launcher
- Byrna CO2 Cartridges
- Byrna Projectiles
- Accessories and Apparel
In Q1 2023, Byrna's sales from the Byrna HD Launcher were approximately $4.0 million, while CO2 cartridges brought in about $2.5 million.
Direct to Consumer Sales
Byrna also utilizes a direct-to-consumer sales model through its e-commerce platform. In fiscal year 2022, online sales accounted for around 40% of total revenues, indicating a strong trend in direct sales versus traditional retail.
Geographic Expansion
The company has been expanding its international footprint. In fiscal year 2022, approximately 25% of sales came from international markets, primarily in Canada and Europe.
Partnerships and Collaborations
Byrna has engaged in partnerships to diversify its revenue streams. For instance, in 2022, the company entered a partnership with various law enforcement agencies for bulk purchases, which contributed to approximately 15% of its total revenue in that fiscal year.
Financial Performance Metrics
Byrna reported a gross margin of approximately 51% in fiscal year 2022, up from 45% in fiscal year 2021. The improvement is attributed to better manufacturing efficiencies and cost controls.
| Metric | FY 2021 | FY 2022 |
|---|---|---|
| Gross Margin (%) | 45 | 51 |
| Net Loss ($ millions) | (4.3) | (3.1) |
Future Growth Strategies
Looking forward, Byrna plans to expand its product line and increase its marketing efforts. Investments in R&D are projected at around $1.5 million for 2023, focusing on new technologies and product enhancements.
Market Capitalization and Stock Performance
As of October 2023, Byrna Technologies has a market capitalization of approximately $125 million. The stock has shown volatility, with a 52-week range between $0.80 and $3.20.
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