Byrna Technologies (BYRN) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $35.2M in Q4 2025 (up 26% YoY) and $118.1M for the full year (up 38% YoY), driven by expanded retail presence and new product launches.

• Surpassed 750,000 launchers sold since inception, with over 250,000 units sold in fiscal 2025.

• Transitioned from a DTC-focused model to a diversified multi-platform approach, with significant growth in brick-and-mortar and chain store sales.

• Expanded monthly production capacity by 33% to 20,000 units to meet growing demand and larger dealer reorders.

• Continued profitability on both GAAP and non-GAAP EBITDA bases, with strong operational execution and strategic investments in marketing and engineering.

Financial highlights

• Q4 2025 net revenue: $35.2M (+26% YoY); full year: $118.1M (+38% YoY).

• Q4 gross profit: $21.1M (60% margin); full year: $71.5M (61% margin), with margin slightly down due to product mix and startup costs.

• Q4 net income: $3.4M (down from $9.7M YoY due to prior year tax benefit); full year net income: $9.7M.

• Adjusted EBITDA: $6M in Q4 (up from $5M YoY); $16.8M for the year (up from $11.5M YoY).

• Cash and equivalents at year-end: $15.5M; inventory: $32.7M.

Outlook and guidance

• Gross margin expected to rise to 63%-65% by end of 2026, aided by price increases, improved product mix, and manufacturing efficiencies.

• Margin improvement expected in 2026 as one-time startup costs for new products and the new ammunition facility are completed.

• Revenue growth and EBITDA margin expansion anticipated to continue, with the Rule of 40 metric expected to remain well above 40.

• Q1 2026 expected to be seasonally softer than Q4 but above prior year Q1.

• No formal revenue guidance provided, but growth mode to persist.