Business
Byrna Technologies Announces Record Fourth Quarter Revenues of $16.0 Million up 43% from Q4 2021
ANDOVER, Mass., Dec. 6, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) ("Byrna" or "the Company") today announced preliminary revenue
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"ANDOVER, Mass., Dec. 6, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\" or \"the Company\") today announced preliminary revenue expectations for its fiscal fourth quarter ended November 30, 2022 (\"Q4 FY2022\") of $16.0 million, up 43% from $11.2 million in the fiscal fourth quarter (\"Q4 FY2021\") and up 29% from the prior quarter (\"Q3 FY2022\"). This is expected to be the second consecutive quarter of 43% year-over-year growth. Expected sales for the full fiscal year of 2022 (\"FY2022\") came in at $48.0 million representing a year-over-year increase of 14%.\n\n \n \n \n \n \n \n\n \nFor Q4 FY2022, the preliminary sales breakdown was as follows:Byrna.com / Byrna.ca / Byrna Retail Store Las Vegas - $7.4 millionAmazon.com - $1.8 millionDealer / Distributor - $2.3 millionInternational (including Int'l Law Enforcement) - $4.2 millionDomestic Law Enforcement - $125 thousandFox Labs - $350 thousandMANAGEMENT COMMENTARYHoliday Sales Overview - We were extremely pleased with the strong demand we saw during the Black Friday / Cyber Monday (\"BF/CM\") period. This year, orders on Byrna.com for the five-day period starting on Thanksgiving and ending on Cyber Monday, were $1,324,208, up 26% from the same period last year. Sessions were up 52% year-over-year, although average order value was down from $388.00 in 2021 to $342.00 in 2022. Our conversion rate remained unchanged at 2.64%.\nWe believe that the drop in average order value (AOV) was driven by both the introduction of lower price point products, such as the line of BGR self-defense sprays, and the site-wide discounts that Byrna offered consumers during the BF/CM period. It appears that while holiday shopping demand remains strong this year, consumers seem to be more focused on deals this year than they were last year when consumer products were in short supply. \nWhile we saw very strong demand during the latter part of November, sales for the first few weeks of the month were softer than last year. We believe that this is because the holiday shopping season got off to a slower start than it did last year. With consumers less concerned about product shortages (due to supply chain issues and/or shipping delays last year), many consumers decided to keep their powder dry waiting for the big BF/CM sales. Now that the holiday shopping season is upon us, we expec...