Byrna Technologies Reports FY 2021 Third Quarter Results

About this update from Byrna Technologies, Inc.

[{"type":"text","content":"ANDOVER, Mass., Oct. 8, 2021 /PRNewswire/ --Byrna Technologies Inc. (NASDAQ: BYRN) (\"Byrna\" or \"the Company\") today announced financial results for its fiscal third quarter ended August 31, 2021 (\"Q3 FY21\"). \n\n \n \n \n \n \n \n\n \nThird Quarter 2021 Highlights\nFinancial \nRevenues rose 107.3% to $8.7 million from $4.2 million in last year's third quarter Gross profit increased by 129.6% to $4.9 million from $2.1 million in last year's third quarter Gross margin improved to 56.2% from 50.7% in last year's third quarter Available cash of $58.4 million at August 31, 2021 Operational\nAcquired assets of Ballistipax® and introduced \"Byrna Shield\" product line Introduced new products ranging from a price point personal safety alarm at $29.99 to the Byrna Mission-4 and Byrna Shield at $899 Commenced sales of Byrna products at 82 Bi-Mart stores in the Pacific Northwest Commenced sales on Amazon.com e-commerce platform\"Growing brand awareness, the introduction of new Byrna products and increased international sales drove the increase in Q3 FY21 net revenues,\" said Bryan Ganz, CEO of Byrna. \"Although sales were anchored by our e-commerce platform, we started to experience strong growth in international dealer sales. Revenue growth in Q3FY21 did not include any material contribution from Byrna's dedicated Amazon store that commenced sales in late August 2021, however, we expect to see Amazon become an increasingly important sales channel over time. Over the last month Amazon sessions grew from approximately 750 per day the first week of September to approximately 3,000 sessions per day the last week of September. While this is still only 15% of the daily sessions on Byrna's own website, it is growing rapidly and we expect to see traffic to our Amazon storefront ultimately equal or exceed traffic to the Byrna website. We continued to expand our brick-and-mortar retail presence during Q3FY21, with the commencement of sales of the Byrna HD, ammo and accessories at 82 Bi-Mart locations in the Pacific Northwest.\" \nMr. Ganz continued, \"Gross profit rose at faster rate than net revenue in Q3FY21, up 130% from last year's third quarter, as gross profit margins climbed year over year. These higher gross profit margins were the result of continued manufacturing efficiencies and the introduction of higher margin products – partiall...

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