Byrna Technologies Inc. has reported its fiscal second quarter 2025 results, showing significant growth across several financial metrics. The company's net revenue for the quarter grew 41% year-over-year to a record $28.5 million, up from $20.3 million in the same period last year. Gross profit for Q2 2025 increased to $17.6 million, representing 62% of net revenue, compared to $12.6 million, also 62% of net revenue, in Q2 2024.
Operating expenses for Q2 2025 were $14.2 million, compared to $10.6 million for Q2 2024, primarily due to higher variable selling expenses, payroll costs, and increased discretionary marketing spend. The company's net income for Q2 2025 was $2.4 million, up from $2.1 million for Q2 2024, driven by an overall increase in product sales, partially offset by higher income tax expense for the quarter.
Adjusted EBITDA for Q2 2025 totaled $4.3 million, compared to $2.8 million in Q2 2024. Byrna's cash, cash equivalents, and marketable securities at May 31, 2025, totaled $13.0 million, compared to $25.7 million at November 30, 2024. The decrease reflects the planned increase in inventory ahead of the compact launcher release and normal seasonal working capital movements. Inventory at May 31, 2025, totaled $32.3 million, compared to $20.0 million at November 30, 2024.
The company's CEO, Bryan Ganz, highlighted the successful launch of the Byrna Compact Launcher (CL) in May, which helped deliver a record $28.5 million in revenue for the second quarter. Byrna's dealer channel sales increased 106% in the second quarter, supported by a partnership with Sportsman’s Warehouse. The company-owned stores also continue to outperform expectations, with five locations collectively averaging $69,000 in sales during May.
Looking ahead, Byrna expects the compact launcher to be a larger part of its sales mix, especially now that it is available to customers on Amazon. The company also anticipates its cash position to increase as heightened inventory levels normalize over the coming quarters. Despite the expectation of subdued consumer sentiment, Byrna remains confident in its ability to deliver strong year-over-year growth in the second half of the year.
Byrna Technologies Inc. is a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions. The market has reacted to these announcements by moving the company's shares -18.99% to a price of $26.165. For the full picture, make sure to review Byrna Technologies's 8-K report.
