A 2.58% increase to $13.58 in early trading today for Byrna Technologies Inc. (NASDAQ: BYRN) follows a significant 17.86% jump in the previous session, closing at $13.00. BYRN’s stock value recently spiked coincides with the release of its preliminary fiscal first-quarter results.
According to preliminary data for Byrna’s fiscal first quarter ending February 29, 2024 (“Q1 2024”), the company is on track to deliver promising results. In the first quarter of 2023, the company anticipates revenues of approximately $16.7 million, a 98% increase over last year’s first quarter ($8.4 million).
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This growth is impressive since the first quarter is typically slower. A sequential growth of 6.5% has been observed from the fiscal fourth quarter ended November 30, 2023 (“Q4 2023”), traditionally one of Byrna’s strongest quarters.
Since Byrna began its celebrity endorsement program in September 2023, its quarterly revenues have spiked significantly. This initiative substantially boosted direct-to-consumer sales, evident in a 115% surge in website sales and an 89% increase in Amazon.com sales. Concurrently, dealer sales, Fox Labs sales, and international sales have all experienced significant year-over-year growth.
Byrna has recently expanded its manufacturing capacity at its Fort Wayne, Indiana facility in response to the unprecedented surge in demand catalyzed by the success of its new marketing campaigns. This expansion entails a 25% increase in production facility personnel and the establishment of a second assembly line, enabling Byrna to elevate its launcher output from 10,000 to 12,500 units per month during a single shift.
With additional factory workers onboarded and trained, Byrna anticipates meeting the heightened demand resulting from its successful marketing strategies. Additionally, Byrna is experiencing an increase in business-to-business demand along with the rise in direct-to-consumer demand. After celebrity endorsements by Sean Hannity, Glenn Beck, Bill O’Reilly, and Judge Jeanine Pirro, brick-and-mortar partners report increased foot traffic from customers requesting Byrna products.
Furthermore, the company is gaining traction with large public safety agencies and premier dealer partners in neighboring international markets such as Canada and Mexico. Byrna Toronto has recently been welcomed as the company’s inaugural premier dealer in Canada, reflecting its growing global presence.
