Business
Byrna Technologies Announces Preliminary Fiscal First Quarter 2024 Revenues of $16.7 Million
Celebrity Endorsement Program Continues to Deliver, Driving 98% Year-Over-Year Revenue Growth ANDOVER, Mass., March 7, 2024 /PRNewswire/ -- Byrna Technologies
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"Celebrity Endorsement Program Continues to Deliver, Driving 98% Year-Over-Year Revenue Growth\nANDOVER, Mass., March 7, 2024 /PRNewswire/ -- Byrna Technologies Inc. (\"Byrna\" or the \"Company\") (Nasdaq: BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported preliminary expectations for the fiscal first quarter ended February 29, 2024 (\"Q1 2024\").\n\n \n \n \n \n \n \n\n \nBased on preliminary unaudited results, the Company expects revenues of approximately $16.7 million for Q1 2024, setting a new quarterly record and marking a 98% year-over-year increase from $8.4 million in the fiscal first quarter of 2023 (\"Q1 2023\"). This growth is notable, considering the first quarter is typically the Company's slowest period. Furthermore, revenues increased by 6.5%, or $1.0 million, sequentially from the fiscal fourth quarter ended November 30, 2023 (\"Q4 2023\"), which is typically the Company's strongest quarter.\nThis record quarterly revenue is largely attributed to the success of the Company's celebrity endorsement program initiated in September 2023. The program has significantly boosted direct-to-consumer sales, evidenced by a 115% increase in sales on Byrna's website, and an 89% increase in sales on Amazon.com. Additionally, dealer sales, Fox Labs sales, and international sales all saw substantial growth year-over-year.\nPreliminary Fiscal First Quarter 2024 Sales Breakdown:\nQ1 2024 vs. Q1 2023\nSales Channel ($ in 000s)\nQ1 2024\nQ1 2023\n% Increase / (Decrease)\nByrna.com\n$ 10,189\n$4,744\n114.8 %\nAmazon\n$ 2,585\n$1,367\n89.1 %\nDealer/Distributor\n$ 2,184\n$1,513\n44.3 %\nFox Labs\n$ 363\n$223\n62.8 %\nCanada\n$ 541\n$396\n36.6 %\nMexico\n$ 211\n$10\n-\nInternational (Outside USMCA)\n$ 578\n$158\n265.8 %\nTotal Sales\n$ 16,651\n$8,411\n98.0 %\nManagement Commentary\"With Q1 revenues of $16.7 million, we've achieved an all-time record sales quarter for Byrna, eclipsing the previous record of $16.0 million in sales in Q4 of 2022. This achievement is particularly remarkable given that the first quarter is traditionally our slowest. Q1 2023 sales came in at just $8.4 million, and this was prior to the social media advertising ban that took effect in March of last year. This context underscores the impressive 9...