Business
Byrna Technologies Reports Fiscal Second Quarter 2023 Results
ANDOVER, Mass., July 11, 2023 /PRNewswire/ -- Byrna Technologies Inc. ("Byrna" or the "Company") (Nasdaq: BYRN), a technology company specializing in the
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"ANDOVER, Mass., July 11, 2023 /PRNewswire/ -- Byrna Technologies Inc. (\"Byrna\" or the \"Company\") (Nasdaq: BYRN), a technology company specializing in the development, manufacture, and sale of innovative non-lethal personal security solutions, today reported selected financial results for its fiscal second quarter ended May 31, 2023 (\"Q2 2023\").\n\n \n \n \n \n \n \n\n \nFiscal Second Quarter 2023 and Recent Operational Highlights\nCommenced production of the new, more powerful Byrna LE launcher and successfully worked through the backlog and waitlist of 5,800 units from the first quarter of 2023, shipping out 6,235 Byrna LE Kits during Q2 2023. Byrna is continuing to ramp up production of the Byrna LE and intends to release it on Amazon this week.Commenced production and shipment of its revolutionary new 12-gauge less-lethal round during the quarter. The round was voted \"BEST OF SHOT 2023 – Top 21 Defense Loads\" and was recently favorably reviewed by Firearms News.Drawing upon the success of Byrna's retail store and its Dealer of the Year \"Live Safe Hawaii,\" Byrna instituted its new \"Premier Dealer\" program signing three new Premier Dealers. Premier Dealers are owner operated brick-and-mortar stores that derive more than 50% of their revenue from Byrna products. To date these dealers, including a dealer with a less-lethal training facility, have generated more than $180,000 in business and are part of the reason for the strong growth in Byrna's Dealer Sales Division this quarter as less-than-lethal options become more prevalent.Secured the Company's first law enforcement contract in Australia, marking a significant milestone for Byrna's regional expansion and establishing a promising foundation for increased market penetration in the Australian market and broader Asia-Pacific region.Fiscal Second Quarter 2023 Financial ResultsResults compare 2023 fiscal second quarter end (May 31, 2023) to 2022 fiscal second quarter end (May 31, 2022) unless otherwise indicated.\nNet revenue for Q2 2023 was $11.5 million compared to $11.6 million in the fiscal second quarter of 2022 (\"Q2 2022\"). The slight decrease in sales was primarily due to a $1.4 million decline in international orders which was offset by a $0.9 million increase in sales to domestic dealers and distributors as well as revenue contributed from the sale of Fox L...