Byrna Technologies Inc. has reported its fiscal third quarter 2025 results, showcasing significant growth and operational developments. Let's delve into the specific financial metrics to understand the company's performance.
Revenue for the fiscal third quarter of 2025 surged by 35% year-over-year to reach $28.2 million, compared to $20.9 million in the same period in 2024. This substantial growth was attributed to strong dealer and chain store sales, new marketing initiatives, and broader brand adoption. The company also experienced a significant increase in web traffic, with daily sessions on byrna.com reaching over 50,000 in August and averaging 58,000 in September, up from the previous average of 33,000.
Gross profit for the third quarter of 2025 amounted to $16.9 million, representing 60% of net revenue, compared to $13.0 million, or 62% of net revenue, in the corresponding period in 2024. This increase in gross profit was a result of the strong sales performance, reflecting the changing channel mix and the success of the compact launcher, which saw faster production yield improvements compared to previous product releases.
Operating expenses for the third quarter of 2025 totaled $14.1 million, up from $12.2 million in the same period in 2024. This increase was primarily driven by higher variable selling expenses and increased discretionary marketing spend to support growth.
Net income for the third quarter of 2025 reached $2.2 million, a substantial increase from $1.0 million in the third quarter of 2024, driven by the overall increase in product sales and operating leverage.
Adjusted EBITDA, a non-GAAP metric, stood at $3.7 million for the third quarter of 2025, up from $1.9 million in the third quarter of 2024, indicating improved operational efficiency and profitability.
Cash, cash equivalents, and marketable securities as of August 31, 2025, totaled $9.0 million, down from $25.7 million as of November 30, 2024, due to working capital changes driven by an increase in inventory and accounts receivable. Accounts receivable at the end of the third quarter of 2025 amounted to $8.9 million, compared to $2.6 million at the end of the same period in 2024. Inventory also saw a significant increase, reaching $34.1 million at the end of the third quarter of 2025, compared to $20.0 million at the end of the third quarter of 2024, reflecting strategic builds ahead of the holiday season and the compact launcher rollout.
CEO Bryan Ganz expressed confidence in the company's performance, highlighting the success of new advertising initiatives and the expanding brick-and-mortar presence, with Byrna products now available in over 1,000 retail locations nationwide. Ganz also emphasized the company's anticipation of strong demand leading into the holiday shopping period, expecting full-year fiscal 2025 revenue growth to come in between 35% and 40%.
Today the company's shares have moved 0.84% to a price of $22.80. For more information, read the company's full 8-K submission here.
