Byrna Technologies reports Q2 EPS 9c vs. (5c) last year

Reports Q2 revenue $20.3M s. $11.5M last year. Byrna CEO Bryan Ganz stated: “We achieved revenue of $20.3 million in the second quarter, a company record that highlights the success of our strategic initiatives and our exceptional operational execution. In response to increasing demand driven by our effective marketing strategies, we increased production to 48,600 units for the quarter, hitting our monthly goal of 18,000 units produced in the month of May. This expansion of our production capacity has allowed us to meet the surge in demand, as we work through the backlog and build inventory for the expected upswing in orders during the holiday season later this year. We also want to be prepared for any increase in demand that could result from potential civil unrest in the wake of the upcoming presidential election. With our current sales momentum, we expect to see robust year-over-year revenue growth throughout the remainder of 2024. The strong sales growth we have experienced this year, particularly in our DTC business, has the added benefit of driving up gross margins, which hit 60% for the first half of 2024. The improvements in both revenues and margins have produced substantial financial gains, with net cash provided by operations reaching $5.9 million in the first half of the year – a remarkable $8.3 million increase from the first half of 2023. Our successful turnaround underscores Byrna’s status as a self-sustaining, profitable, and cash flowing enterprise. It is a testament to the hard work, ingenuity, and synchronized excellence of our entire team. As we continue to grow, our focus remains on further optimizing our marketing and production functions to enhance our financial performance and ensure sustained revenue growth and bottom-line profitability into 2025 and beyond.”