Business
Byrna Technologies Reports First Quarter Results
Enhanced Market Awareness and Expanded Production Capacity Drive Strong Revenue Growth ANDOVER, Mass., April 13, 2021 /PRNewswire/ -- Byrna Technologies Inc.
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"Enhanced Market Awareness and Expanded Production Capacity Drive Strong Revenue Growth\n\n\nANDOVER, Mass., April 13, 2021 /PRNewswire/ -- Byrna Technologies Inc. (OTCQB: BYRN) (CSE: BYRN) (\"Byrna\" or \"the Company\") today announced results for its fiscal first quarter ended February 28, 2021.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2021 Compared to First Quarter 2020:\nRevenues were $8.9 million compared to $149,000. Gross margin was 53.3% compared to (19.5)%. GAAP net loss was ($272,000) compared to a GAAP net loss of ($2.3) million. \"The quarter-over-quarter growth in revenues reflects the large increase in consumer demand for our Byrna® HD non-lethal personal security device that began during the second half of 2020,\" stated Bryan Ganz, CEO of Byrna. \"It was gratifying to also see steady improvement in our bottom-line performance,\" Ganz added. \"Excluding non-cash stock compensation expense, non-GAAP adjusted net income1 was $421,000 for this quarter compared to a non-GAAP adjusted net loss1 of $1.7 million in the prior period. This marks our second sequential quarter with a non-GAAP adjusted net income1.\"\nFirst Quarter 2021 Business Overview Revenues were $8.9 million in the first quarter of 2021 compared to $149,000 in the prior year first quarter. This significant increase in sales was driven by both strong order growth for the Company's flagship Byrna HD personal security device and a reduction in the order backlog resulting from an increase in quarterly production volume. Total revenue growth for the quarter was in spite of the Company being negatively impacted by approximately $2.0 million due to the effects of a technical service update announced in February, which diverted personnel from new production and backorder fulfillment during the last two weeks of the quarter. As a result, the Company carried an order backlog of approximately $3.0 million into the second quarter. At this time, management believes that the $195,000 reserve taken at the end of the fiscal fourth quarter will be adequate to cover the costs associated with the technical service update.\nGross margin in the quarter was 53.3% compared to a negative gross margin in the prior year period. The increase in gross margin was driven by substantially higher production volumes. \nOperating expenses were $5.2 million in the first quarter of 2021, up...