Business
BYRNA TECHNOLOGIES REPORTS FISCAL YEAR 2022 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
BYRNA FORECAST REVENUES OF $55 TO $60 MILLION FOR FISCAL YEAR 2023 ANDOVER, Mass., Feb. 9, 2023 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN)
About this update from Byrna Technologies, Inc.
[{"type":"text","content":"BYRNA FORECAST REVENUES OF $55 TO $60 MILLION FOR FISCAL YEAR 2023\nANDOVER, Mass., Feb. 9, 2023 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\", \"the Company\", \"we\" or \"us\") today announced financial results for its fiscal fourth quarter (Q4 FY22) and full year (FY22) ended November 30, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2022 Highlights\nRevenues rose 43.5% to $16.0 million in Q4 FY22 from $11.2 million in the fourth fiscal quarter ended November 30, 2021 (Q4 FY21).Gross profit increased by 52.0% to $8.7 million in Q4 FY22 from $5.7 million in Q4 FY21.Gross margin improved to 54.1% of revenue in Q4 FY22 from 51.1% of revenue in Q4 FY21.Net loss of $(0.1) million in Q4 FY22 compared to net loss of $(3.2) million in Q4 FY21.Non-GAAP adjusted EBITDA1 of $1.4 million.Stock repurchases of 386,029 shares for $2.5 million at average share price of $6.48.Full Year 2022 Highlights\nRevenues rose 13.8% to $48.0 million in FY22 from $42.2 million in the fiscal year ended November 30, 2021 (FY21).Gross profit increased by 14.8% to $26.3 million in FY22 from $22.9 million in FY21.Gross margin improved to 54.7% in FY22 from 54.3% in FY21.Net loss of $(7.9) million in FY22 compared to net loss of $(3.3) million in FY 2021.Non-GAAP adjusted EBITDA loss of $(1.0) million.Stock repurchases of 2,165,987 shares for $17.5 million at average share price of $8.08.FY22 Operational Achievements\nEntry to Sportsman's Warehouse, Bass Pro Shops and Cabela's.New enlarged manufacturing facilities opened in the U.S. and South Africa.Entry to self-defense spray market with acquisition of Fox Labs increased aerosol sales from $0 in FY21 to $0.8 million in FY22.Fourth Quarter 2022 Results Overview \nRevenues for Q4 FY22 increased by 43.5% to $16.0 million from $11.2 million in Q4 FY21. Gross profit rose to $8.7 million, or 54.1% of reported net revenue, in Q4 FY22 as compared to gross profit of $5.7 million, or 51.1% of net revenue, in Q4 FY21. The improvement in gross margin was driven by a reduced dependence on air freight and an improved product mix with higher margin ammo sales representing a greater percentage of overall sales. \nOperating expenses remained relatively flat at $8.7 million in Q4 FY22 compared to $8.8 million in Q4 FY21. The combination of higher revenue and a higher gross margin percentage coupled with fl...