ANDOVER, Mass. - Byrna Technologies Inc. (NASDAQ:BYRN), a developer and manufacturer of less-lethal personal security solutions, has announced a significant year-over-year revenue increase for its fiscal first quarter ended February 29, 2024. The company reported preliminary revenues of approximately $16.7 million, a 98% increase from the $8.4 million recorded in the same period last year, marking a new quarterly record.
The growth is attributed to the success of Byrna's celebrity endorsement program, which began in September 2023 and has led to a substantial rise in direct-to-consumer sales. Sales on Byrna's website climbed by 115%, while Amazon (NASDAQ:AMZN) sales saw an 89% increase. The company also experienced growth in dealer sales, Fox Labs sales, and international sales.
Byrna's management expressed cautious optimism about maintaining the growth trajectory through 2024, highlighting the effectiveness of the celebrity endorsement strategy in boosting sales. The company plans to continue exploring new channels and methods to promote its products and educate the public on the benefits of less-lethal defense options.
A detailed breakdown of sales growth across various channels showed notable increases, including a 265.8% rise in international sales outside the USMCA region and a 44.3% increase in dealer and distributor sales.
Byrna is scheduled to release its full financial results for the fiscal first quarter of 2024 in April, followed by a conference call to discuss the results with investors and analysts. The details of the conference call will be announced closer to the event.
The company's product portfolio includes the Byrna SD personal security device, a CO2 powered launcher designed as a less-lethal alternative to traditional firearms for consumers, private security, and law enforcement markets.
This news, based on a press release statement, showcases Byrna's current financial performance and does not predict future market behavior. Investors are advised to consider the inherent risks and uncertainties that may affect future results.
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