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Byrna Technologies
(NASDAQ:BYRN)
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Rating:52Neutral
Price Target:
$3.50
▼(-8.38% Downside)
Action:Reiterated
Date:09/30/26
BYRN’s score is held back primarily by deteriorating recent operating performance (TTM losses), inconsistent free-cash-flow generation, and bearish technical momentum. Offsetting these risks are a strong low-debt balance sheet and management’s margin and cash-improvement focus (inventory reduction) alongside early signs of traction from conversion and retail initiatives, but guidance indicates FY26 will not be a growth year and recovery depends on execution into Q4.
Positive Factors
Low Leverage
Very low leverage gives Byrna financial resilience and flexibility while it executes its operating reset. With limited debt obligations, the company has greater capacity to redirect cash toward marketing, product development, inventory reduction, and other initiatives without refinancing pressure.
Negative Factors
Revenue Reset
The sharp revenue decline and explicit no-growth outlook indicate that Byrna is operating from a materially lower sales baseline. Recovery depends on improved conversion, retail execution, and marketing effectiveness, making sustained top-line momentum uncertain over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low Leverage
Very low leverage gives Byrna financial resilience and flexibility while it executes its operating reset. With limited debt obligations, the company has greater capacity to redirect cash toward marketing, product development, inventory reduction, and other initiatives without refinancing pressure.
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
$81.45M
Dividend YieldN/A
Average Volume (3M)289.23K
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth5.15%
EPS Growth-124.82%
CountryUS
Employees159
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.15
Shares Outstanding23,404,755
10 Day Avg. Volume288,193
30 Day Avg. Volume289,228
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$8.25Price Target Upside115.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.61
Revenue Forecast (FY)$87.54M
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:Jul 09, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 08, 2026
Earnings Call Sentiment Negative
The call conveyed a clear operational reset driven by meaningful top‑line weakness and significant one‑time inventory and impairment charges that produced steep year‑over‑year declines in revenue and profitability. Management outlined multiple constructive strategic and operational actions — improved demand generation, conversion programs (quiz and trial), retail pilots, production alignment, third‑party ammunition sourcing, and the HERO acquisition — that have shown early encouraging signs (strong trial conversion, retail end‑cap lift, adjusted gross margin excluding one‑offs, improved yields). Despite these positive strategic moves, the current financial results (large revenue decline, net loss, negative adjusted EBITDA and substantive non‑cash charges) represent significant near‑term headwinds and a reset to a lower revenue baseline; recovery depends on successful and timely execution of the initiatives over coming quarters.Positive Updates
Adjusted Gross Margin Resilience (Excluding One‑Offs)
Excluding one‑time charges, adjusted gross profit was $10.1M representing an adjusted gross margin of ~62%; management expects adjusted gross margin to remain near or above this level through the balance of the year and to exit fiscal 2026 at ~62%.
Negative Updates
Sharp Revenue Decline
Net revenue for Q2 FY26 was $16.4M versus $28.5M in the prior year period, a decline of ~42.5%, and management stated Q2 came in below expectations and reset the revenue baseline.
Read all updates
Q2-2026 Updates
Positive
Negative
Adjusted Gross Margin Resilience (Excluding One‑Offs)
Excluding one‑time charges, adjusted gross profit was $10.1M representing an adjusted gross margin of ~62%; management expects adjusted gross margin to remain near or above this level through the balance of the year and to exit fiscal 2026 at ~62%.
Read all positive updates
Company Guidance
Management said FY26 will not be a revenue‑growth year, with Q3 a transition quarter and Q4 expected to improve into the holidays; Q2 set a new baseline with $16.4M revenue (vs. $28.5M LY), adjusted EBITDA of -$0.6M (vs. $4.3M), net loss $10.1M (including $10.4M of non‑cash charges), cash & marketable securities $10.4M, and inventory $30.4M (after a $3.6M write‑down, $3.5M impairment and $2.3M reserve). They reiterated adjusted gross margin near/above ~62% and expect inventory turns to approach 2x by year‑end, targeting roughly a $5M inventory reduction to boost cash (cash expected to hold through Q3 and finish the year higher). Planned investments include ~$250K/month (~$750K/quarter) in marketing (with variable selling expense ≈10% of sales), and operational changes to improve online and retail conversion: ~2.6M byrna.com sessions in Q2 (‑13% YoY), conversion 0.59% (vs 1.0% prior), AOV ~$322 (‑19%), ~150K quiz responses (~7% of visitors) converting ~2x the site average, try‑before‑you‑buy converting ~30%, production cut from 4 to 2 lines, and first‑pass yield up 6.5% into June with a >90% Q4 target.Byrna Technologies Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
78
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 108.86M | 118.12M | 85.76M | 42.64M | 48.04M | 42.16M |
| Gross Profit | 57.17M | 71.47M | 52.77M | 23.65M | 26.28M | 22.89M |
| EBITDA | -3.54M | 13.88M | 8.57M | -6.76M | -6.80M | -2.92M |
| Net Income | -3.69M | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M |
Balance Sheet | ||||||
| Total Assets | 68.42M | 84.49M | 71.92M | 52.31M | 57.05M | 75.31M |
| Cash, Cash Equivalents and Short-Term Investments | 10.44M | 15.48M | 25.73M | 20.50M | 20.07M | 56.31M |
| Total Debt | 2.05M | 3.96M | 2.64M | 1.90M | 2.55M | 1.09M |
| Total Liabilities | 11.43M | 18.73M | 17.55M | 9.99M | 11.05M | 9.22M |
| Stockholders Equity | 56.98M | 65.76M | 54.37M | 42.32M | 45.99M | 66.10M |
Cash Flow | ||||||
| Free Cash Flow | 2.24M | -9.20M | 9.39M | 2.99M | -17.08M | -6.28M |
| Operating Cash Flow | 7.42M | -1.57M | 11.74M | 3.89M | -13.83M | -4.44M |
| Investing Cash Flow | -254.00K | -459.00K | -11.23M | -2.98M | -5.14M | -5.88M |
| Financing Cash Flow | -2.71M | -1.33M | -4.55M | -422.00K | -17.04M | 57.25M |
Byrna Technologies Technical Analysis
Negative
3.82
Price Trends
3.86
Negative
4.63
Negative
8.17
Negative
Market Momentum
-0.12
Negative
44.72
Neutral
30.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BYRN, the sentiment is Negative. The current price of 3.82 is above the 20-day moving average (MA) of 3.57, below the 50-day MA of 3.86, and below the 200-day MA of 8.17, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 44.72 is Neutral, neither overbought nor oversold. The STOCH value of 30.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BYRN.
Byrna Technologies Risk Analysis
Byrna Technologies disclosed 54 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $265.78M | 89.80 | 2.43% | ― | ― | ― | |
65 Neutral | $656.45M | 26.84 | 6.63% | 3.55% | 16.96% | 100.15% | |
64 Neutral | $708.96M | 57.77 | 4.29% | 0.99% | 7.64% | 138.23% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | $81.45M | -22.97 | -5.85% | ― | 5.15% | -124.82% | |
48 Neutral | $56.96M | -7.77 | -6.55% | ― | ― | 98.87% | |
46 Neutral | $606.37M | -2.81 | -221.18% | ― | ― | 1.65% |
* Industrials Sector Average
BYRN
Byrna Technologies
3.48
-19.65
-84.95%
SWBI
Smith & Wesson Brands
14.64
5.10
53.52%
RGR
Sturm Ruger & Company
44.37
-0.15
-0.34%
POWW
AMMO
2.29
0.84
57.93%
EVEX
Eve Holding
1.74
-3.32
-65.61%
PEW
GrabAGun Digital Holdings
1.93
-3.10
-61.63%
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...
Business Operations and StrategyM&A Transactions
Byrna Technologies to Acquire HERO Defense Systems Assets
Positive
Jul 8, 2026
On July 7, 2026, Byrna Technologies entered into a definitive asset purchase agreement to acquire substantially all assets of HERO Defense Systems, a complementary maker of compact, easy-to-use less-lethal self-defense devices such as the HERO 202...
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.