Business
Byrna Technologies Announces Preliminary Third Quarter Revenues of $12.4 Million up 43% from 2021
Updates Full Year Revenue Guidance to $48 million - $50 million ANDOVER, Mass., Sept. 8, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) ("Byrna"
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"Updates Full Year Revenue Guidance to $48 million - $50 million\nANDOVER, Mass., Sept. 8, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\" or \"the Company\") today announced preliminary revenue expectations for its fiscal third quarter ended August 31, 2022 (\"Q3 FY2022\") of $12.4 million, up 43% from the $8.7 million in sales for Q3 FY2021. This brings Byrna's year-to-date sales for fiscal year 2022 (\"FY2022\") to $32 million. The backlog of unshipped orders at the end of the quarter was $1.65 million. These orders are expected to ship in September.\n\n \n \n \n \n \n \n\n \nByrna saw significant growth in Amazon.com sales this quarter, up $1.65 million (or 3,500%) compared to Q3 FY2021 and up $600k (or 50%) compared to last quarter (Q2 FY2022). Dealer Sales were also up $900K (or 75%) this quarter as compared to Q3 FY2021. This is primarily due to the Byrna range of products now being offered in such well known chain stores as Bass Pro Shops and Sportsman's Warehouse. In addition, Fox Labs, which was acquired on May 25, 2022, added $410K in sales of Fox Labs branded pepper sprays this quarter. \nFor Q3 FY2022, the sales breakdown was as follows:\nByrna.com - $6.0 millionAmazon.com - $1.7 millionDealer / Distributor - $2.1 millionInternational - $2.1Law Enforcement - $135KFox Labs - $410KManagement Commentary\nBryan Ganz, CEO of Byrna, stated that \"despite the strong year-over-year performance, and despite hitting our internal goal for the quarter (if we add both booked sales for the quarter and our open order backlog at the end of the quarter), towards the end of Q3 we started to see clear signs of a softening economy with dealer sales slowing considerably. With higher prices for everything from rent to food to fuel, we expect to see continued softening in demand for all manner of discretionary goods including Byrna's range of self-defense products. Accordingly, we are revising our Q4 FY2022 revenue projections to $16.0 million to $18.0 million. While this is still a 43% increase over Q4 FY2022 (at the lower end of the range), it is less than we had originally projected and, as a result, we are updating our full year revenue guidance to an updated range of $48 million to $50 million for the current fiscal year ending November 30, 2022 (\"FY 2022\").\"\n\"Even with a softening economy, we expect to see...