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Byrna Technologies
(NASDAQ:BYRN)
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Rating:60Neutral
Price Target:
$5.50
▲(43.98% Upside)
Action:Reiterated
Date:10/09/26
Overall score reflects a strong balance sheet and currently positive free cash flow as key supports, but is held back by the latest TTM downturn into losses and the earnings call’s sharp revenue/wholesale declines and negative EBITDA. Technicals are supportive in the short term but appear overbought, while valuation remains less compelling due to negative earnings and no dividend support.
Positive Factors
Conservative balance sheet
Very low leverage reduces solvency and refinancing risk, giving Byrna flexibility to fund operations and strategic initiatives without depending heavily on creditors. This financial resilience is particularly valuable while the company works through weaker sales and invests in longer-term market expansion.
Negative Factors
Revenue contraction
A broad revenue decline combined with operating losses signals that the current business scale is not adequately covering costs. Unless sales recover, weaker operating leverage can limit reinvestment, pressure cash generation, and make the transition to sustainable profitability more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage reduces solvency and refinancing risk, giving Byrna flexibility to fund operations and strategic initiatives without depending heavily on creditors. This financial resilience is particularly valuable while the company works through weaker sales and invests in longer-term market expansion.
Read all positive factors
Byrna Technologies Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyByrna Technologies (BYRN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$111.87M
Dividend YieldN/A
Average Volume (3M)583.97K
Price to Earnings (P/E)―
Beta (1Y)1.71
Revenue Growth-13.42%
EPS Growth-154.73%
CountryUS
Employees159
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.38
Shares Outstanding23,404,755
10 Day Avg. Volume795,347
30 Day Avg. Volume583,967
Financial Highlights & Ratios
PEG Ratio-1.71
Price to Book (P/B)6.24
Price to Sales (P/S)3.47
P/FCF Ratio-44.62
Enterprise Value/Market Cap0.67
Enterprise Value/Revenue0.78
Enterprise Value/Gross Profit1.43
Enterprise Value/Ebitda-9.07
Forecast
1Y Price Target
$7.25Price Target Upside89.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.65
Revenue Forecast (FY)$81.80M
Byrna Technologies Business Overview & Revenue Model
Company Description
Byrna Technologies Inc. (BYRN) specializes in less-lethal defense technology, focusing on the creation and manufacturing of non-lethal munitions and associated security equipment. The company's primary offerings include a line of Byrna-branded han...
How the Company Makes Money
Byrna Technologies primarily makes money by selling (1) less-lethal launchers and (2) recurring consumables and accessories that are used with those devices. The company’s revenue model centers on: (a) Device/launcher sales: Revenue is generated f...
Byrna Technologies Earnings Call Summary
Earnings Call Date:Oct 08, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 05, 2027
Earnings Call Sentiment Neutral
The call had a mixed tone. Management highlighted meaningful progress in direct-to-consumer conversion, creator marketing, gross margins, manufacturing efficiency, inventory reduction, retail initiatives, and the HERO acquisition. However, these developments were accompanied by a 46% revenue decline, a sharp wholesale contraction, lower-than-expected retail sell-through, a net loss, negative adjusted EBITDA, higher operating expenses, and reduced sequential cash. The company expressed confidence in its longer-term strategy while acknowledging that near-term performance remains below expectations and that substantial execution work remains.Positive Updates
Improved Direct-to-Consumer Traffic and Conversion
Website sessions averaged approximately 29,000 per day in August, the highest since March 2026, while conversion rates improved sequentially from June through August. Overall conversion was north of 0.6%, although still below the company's long-term target of 1%.
Negative Updates
Net Revenue Declined Sharply
Third-quarter net revenue was $15.3 million, down approximately 46% from $28.2 million in the prior-year period. Management attributed the decline primarily to lower e-commerce sales and slower dealer and chain-store reorder activity following substantial restocking in fiscal Q1 and slower-than-expected sell-through.
Read all updates
Q3-2026 Updates
Positive
Negative
Improved Direct-to-Consumer Traffic and Conversion
Website sessions averaged approximately 29,000 per day in August, the highest since March 2026, while conversion rates improved sequentially from June through August. Overall conversion was north of 0.6%, although still below the company's long-term target of 1%.
Read all positive updates
Company Guidance
Byrna expects website conversion to continue moving in the right direction through the holiday season and to see improvements over kind of the Q3 numbers throughout Q4; first-pass yield is approaching the 90% target we set for 4Q; inventory is expected to decrease by $2 million to $3 million during the fourth quarter and to continue to decrease in 2027; adjusted gross margin is expected to be near the mid-60s going forward; the creator network is targeted to reach approximately 100 creators by calendar year-end, with 10,000 to 500,000 followers; meaningful retail door expansion is expected to pick up and ramp in 1Q next year; incremental investments in law enforcement, professional security, and internationally will begin next year but are not expected to meaningfully drive in the short term or become significant costs in the short term; a redesigned mobile native website is planned for the first quarter; HERO products are intended to be integrated under the Byrna brand at SHOT Show in January; and an Investor Day is planned in the first half of next year.Byrna Technologies Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
78
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 95.98M | 118.12M | 85.76M | 42.64M | 48.04M | 42.16M |
| Gross Profit | 52.40M | 71.47M | 52.77M | 23.65M | 26.28M | 22.89M |
| EBITDA | -8.24M | 13.87M | 8.57M | -6.76M | -6.80M | -2.92M |
| Net Income | -8.83M | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M |
Balance Sheet | ||||||
| Total Assets | 64.58M | 84.49M | 71.92M | 52.31M | 57.05M | 75.31M |
| Cash, Cash Equivalents and Short-Term Investments | 9.42M | 15.48M | 25.73M | 20.50M | 20.07M | 56.31M |
| Total Debt | 1.24M | 3.96M | 2.64M | 1.90M | 2.55M | 1.09M |
| Total Liabilities | 9.46M | 18.73M | 17.55M | 9.99M | 11.05M | 9.22M |
| Stockholders Equity | 55.12M | 65.76M | 54.37M | 42.32M | 45.99M | 66.10M |
Cash Flow | ||||||
| Free Cash Flow | 6.22M | -9.20M | 9.39M | 2.99M | -17.08M | -6.28M |
| Operating Cash Flow | 9.25M | -1.57M | 11.74M | 3.89M | -13.83M | -4.44M |
| Investing Cash Flow | -2.03M | -459.00K | -11.23M | -2.98M | -5.14M | -5.88M |
| Financing Cash Flow | -2.74M | -1.33M | -4.55M | -422.00K | -17.04M | 57.25M |
Byrna Technologies Technical Analysis
Positive
3.82
Price Trends
3.90
Positive
4.48
Positive
7.23
Negative
Market Momentum
0.32
Negative
64.51
Neutral
56.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYRN, the sentiment is Positive. The current price of 3.82 is below the 20-day moving average (MA) of 4.28, below the 50-day MA of 3.90, and below the 200-day MA of 7.23, indicating a neutral trend. The MACD of 0.32 indicates Negative momentum. The RSI at 64.51 is Neutral, neither overbought nor oversold. The STOCH value of 56.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BYRN.
Byrna Technologies Risk Analysis
Byrna Technologies disclosed 55 risk factors in its most recent earnings report. Byrna Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Byrna Technologies Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $620.58M | 25.38 | 6.63% | 3.76% | 16.96% | 100.15% | |
69 Neutral | $1.31B | 35.21 | 10.76% | 1.29% | 19.74% | -7.79% | |
65 Neutral | $287.83M | 97.25 | 2.43% | ― | ― | ― | |
64 Neutral | $726.37M | 59.19 | 4.29% | 0.97% | 7.64% | 138.23% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $34.51B | 171.13 | 5.92% | ― | 34.60% | -41.72% | |
60 Neutral | $111.87M | -12.58 | -14.46% | ― | -13.42% | -154.73% |
* Industrials Sector Average
BYRN
Byrna Technologies
4.78
-17.00
-78.05%
SWBI
Smith & Wesson Brands
13.84
4.08
41.85%
RGR
Sturm Ruger & Company
45.46
-0.79
-1.71%
AXON
Axon Enterprise
424.77
-324.23
-43.29%
POWW
AMMO
2.48
0.91
57.96%
CDRE
Cadre Holdings
30.63
-11.79
-27.80%
Byrna Technologies Corporate Events
Executive/Board ChangesShareholder Meetings
Byrna Technologies Holds 2026 Annual Stockholder Meeting
Positive
Sep 29, 2026
On September 25, 2026, Byrna Technologies Inc. held its 2026 Annual Meeting of Stockholders in a virtual format, with about 73% of outstanding shares represented, constituting a quorum. Shareholders elected eight director nominees to serve until t...
Business Operations and StrategyExecutive/Board Changes
Byrna Technologies Adds Veteran Executive to Expanded Board
Positive
Sep 3, 2026
On August 29, 2026, Byrna Technologies Inc. expanded its Board of Directors from seven to eight members and appointed veteran financier and executive Matthew McBrady, Ph.D., to fill the new seat, a move it publicly announced on September 2, 2026. ...
Business Operations and StrategyRegulatory Filings and Compliance
Byrna Technologies Updates Investor Presentation Under Regulation FD
Neutral
Aug 25, 2026
Byrna Technologies Inc. furnished an updated investor presentation as an exhibit to a Form 8-K, indicating a refreshed set of materials the company may use in discussions with investors from time to time. The presentation is provided as supplement...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Byrna Technologies Appoints New Director, Reshapes Risk Oversight
Positive
Aug 14, 2026
On August 10, 2026, Byrna Technologies recorded the resignation of director Emily Rooney, who left the board without any disagreement over company operations, policies or practices, and simultaneously appointed retired U.S. Army Brigadier General ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Byrna Technologies Expands Portfolio with Hero Asset Acquisition
Positive
Aug 10, 2026
On August 6, 2026, Byrna Technologies Inc. completed the acquisition of substantially all assets of Hero Defense Systems, LLC related to Hero’s less-lethal defense products business, under a purchase agreement originally signed on July 7, 20...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.