Byrna Technologies (BYRN) Q4 2025 earnings summary

Executive summary

• Achieved record fiscal 2025 revenue of $118.1M, up 38% year-over-year, with Q4 revenue of $35.2M, a 26% increase from Q4 2024, 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, expanding retail presence to over 1,500 locations.

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

• Added two new board members with significant marketing and public safety experience.

Financial highlights

• Q4 gross profit was $21.1M (60% margin), up from $17.6M (63%) in Q4 2024; full-year gross profit was $71.5M (61% margin), up from $52.8M (62%).

• Q4 net income was $3.4M, down from $9.7M in Q4 2024 due to a prior-year $5.6M tax benefit; full-year net income was $9.7M, down from $12.8M, but up $2.5M excluding the tax benefit.

• Adjusted EBITDA for Q4 was $6M (vs. $5M prior year); full-year adjusted EBITDA was $16.8M (vs. $11.5M prior year), up 46%.

• Cash and equivalents at year-end were $15.5M, down from $25.7M, with inventory rising to $32.7M from $20M.

• Basic EPS for Q4 2025: $0.15; FY 2025: $0.43.

Outlook and guidance

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

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

• Operating expenses projected to grow slower than revenue, supporting EBITDA margin expansion.

• Q1 2026 expected to be seasonally softer than Q4 but above Q1 2025; strong start to the year with high post-holiday dealer restocking.

• No formal revenue guidance, but continued growth and margin expansion anticipated.