Byrna Technologies (BYRN) Q4 2024 earnings summary

Executive summary

• Achieved record FY 2024 revenue of $85.8 million, up 101% year-over-year, and Q4 revenue of $28 million, up 79% year-over-year.

• Net income for FY 2024 was $12.8 million, a $21 million improvement from FY 2023, with Q4 net income of $9.7 million, reversing a prior year loss.

• Surpassed 500,000 launchers sold milestone and expanded production capacity with a new U.S. ammunition facility.

• Expanded retail footprint with new stores and a store-within-a-store partnership pilot at Sportsman's Warehouse.

• Direct-to-consumer sales surged, supported by a revamped advertising strategy and expanded influencer partnerships.

Financial highlights

• FY 2024 gross profit was $52.8 million (62% margin), up from $23.6 million (56% margin) in FY 2023.

• Q4 2024 gross profit was $17.6 million (63% margin), up from $9 million (58%) in Q4 2023.

• Adjusted EBITDA for FY 2024 was $11.5 million, compared to negative $2 million in FY 2023.

• Cash and short-term marketable securities totaled $25.7 million at year-end, up $5.2 million year-over-year.

• No current or long-term debt; inventory increased to $20 million from $13.9 million year-over-year.

Outlook and guidance

• Expects strong double-digit revenue growth in 2025, though not at 2024's 100% rate, with Q1 typically slower seasonally but still projected to show strong year-over-year growth.

• Margins anticipated to improve further with the launch of higher-margin products and continued cost reductions.

• Retail store openings and Sportsman's Warehouse rollout expected to drive additional growth.

• Plans to expand U.S. sourcing to nearly 100% by end of 2025, reducing reliance on China.

• Anticipates further expansion of retail presence and international sales, including a major order from Argentina.