ANDOVER,
Mass., Sept. 9, 2021
/PRNewswire/ -- Byrna Technologies Inc. (NASDAQ:
BYRN) ("Byrna" or "the Company") today announced
preliminary revenue expectations for its fiscal third quarter ended
August 31, 2021, and raised and
tightened full year revenue guidance to $40 to $42 million
for fiscal year 2021 ending November
30.
These announcements were made in advance of
Byrna's Analyst Day which, as previously announced, is taking place
today at 10:00 am ET.
Q3 2021 Revenues Expected to More Than Double
From Q3 2020
The Company preliminarily expects to report
revenues for the third quarter of fiscal 2021 of approximately
$8.7 million including a $0.3 million one-time unfavorable accounting
adjustment related to an internal audit of the Company's
third-party merchant services account. The adjustment does
not affect year to date sales.
The expected $8.7
million represents an increase of 107% from revenues of
$4.2 million in the third quarter of
fiscal 2020. Excluding the one-time adjustment, sales for the third
quarter are expected to be approximately $9.0 million, which would bring sales for the
first three quarters of 2021 to approximately $31 million. This would represent a 463%
increase over the $5.5 million in
reported revenues for the same period in 2020.
This anticipated increase was driven primarily by
higher e-commerce sales (excluding sales associated with the Amazon
e-commerce sales platform, which launched at the very end of Q3 FY
2021), increased dealer / distributor sales, higher international
sales, and higher sales to law enforcement.
Increases Full Year Revenue Guidance
For the fiscal year 2021 ending November 30, Byrna is raising and tightening the
range of its revenue guidance to $40
- $42 million, up from prior revenue
guidance of $38 - $41 million and reflecting year-over-year growth
of approximately 146% at the mid-point of the range. The
increase in guidance is based on the Company's current order flow,
and the growth expected from: (1) the recent and planned
introduction of new products; (2) e-commerce sales via a dedicated
Amazon store that kicked off in late August
2021; (3) anticipated increases in domestic and
international dealer sales; and (4) broader brand awareness among
consumers.
As previously announced, gross profit margin is
expected to moderate in the third quarter of fiscal 2021 due to the
projected increase in lower margin domestic and international
dealer sales. In the fourth quarter, however, gross margin is
expected to tick back up as a result of the planned introduction of
new higher margin products including the recent launch of the Byrna
SD, and planned launches of the Byrna LE and the shoulder-fired
launchers acquired in the Mission acquisition.
Bryan Ganz, CEO of
Byrna, stated, "Our expected strong revenue performance in the
third quarter and improved full year outlook reflect Byrna's
expanded portfolio of non-lethal personal security products, an
elevated brand profile, and ongoing investments designed to advance
our long-term growth strategy. We are committed to developing the
leading personal safety lifestyle brand and providing the products
necessary to allow our customers to Live Safe™. We look
forward to discussing the many facets of Byrna's growth strategy at
our Analyst Day."
The above information reflects preliminary
estimates with respect to Byrna's fiscal 2021 third quarter
revenues and full year 2021 outlook, based on currently available
information. The preliminary financial results and other
information provided above are subject to the completion of Byrna's
audit processes, final adjustments (if any), and any other
developments that may arise between now and the time the financial
results for the third quarter of fiscal 2021 and the full year 2021
are finalized. As a result, the preliminary financial
results and other information provided herein may materially differ
from the final, actual results. Byrna intends to release
final information regarding its fiscal 2021 third quarter financial
results on or about October 8,
2021.
Analyst Day Webcast Details
Byrna Technologies will host an Analyst Day this
morning beginning at 10:00 am ET and
running approximately two hours. A link to the live webcast
and presentation materials, as well as a replay of the event, will
be available on Byrna's investor relations website at ir.byrna.com.
Please go to the website 15 minutes early to download and
install any necessary audio software. If you are unable to listen
live, a replay of the call can be accessed for approximately 30
days after the call at Byrna Technologies' website.
About Byrna Technologies Inc.
Byrna is a technology company, specializing in
the development, manufacture, and sale of innovative non-lethal
personal security solutions. For more information on the Company,
please visit the corporate website here or the Company's investor
relations site here. The Company is the manufacturer of the
Byrna® HD personal security device, a state-of-the-art
handheld CO2 powered launcher designed to provide a non-lethal
alternative to a firearm for the consumer, private security, and
law enforcement markets. To purchase Byrna products, visit the
Company's e-commerce store http://www.byrna.com or
http://www.amazon.com.
Forward Looking Information
This news release contains "forward-looking
statements" within the meaning of U.S. securities laws. All
statements contained in this news release, other than statements of
current and historical fact, are forward-looking. Such statements
include our anticipated results for the third quarter of fiscal
2021 and full year fiscal 2021, and their associated drivers.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans," "expects," "projects,"
"intends," "anticipates" and "believes" and statements that certain
actions, events or results "may," "could," "would," "should,"
"might," "occur" or "be achieved" or "will be taken."
Forward-looking statements include descriptions of currently
occurring matters which may continue in the future. Forward looking
statements are based on, among other things, opinions, assumptions,
estimates and analyses that, while considered reasonable by the
Company at the date the forward-looking information is provided,
inherently are subject to significant risks, uncertainties,
contingencies, and other factors that may cause actual results and
events to be materially different from those expressed or implied.
Any number of risk factors could affect our actual results and
cause them to differ materially from those expressed or implied by
the forward-looking statements in this news release including
our successful transition to managing production and sales of
multiple products, our successful execution of plans to enter
into new and potentially higher volume distribution channels,
market response to our existing and new products, our competitors'
introduction of new products or execution of competing marketing
strategies, the timing and success of our introduction of new
products, supply chain or manufacturing interruptions due to the
pandemic or otherwise that could negatively impact our production
and sales processes, each of which could negatively impact
projected revenues. The order in which these factors appear should
not be construed to indicate their relative importance or priority.
We caution that these factors may not be exhaustive; accordingly,
any forward-looking statements contained herein should not be
relied upon as a prediction of actual results. Investors should
carefully consider these and other relevant factors, including
those risk factors in Part I, Item 1A in our most recent Form 10-K,
Item 1A Risk Factors in our most recent Form 10-Q, and subsequent
filings with the Securities and Exchange Commission ("SEC"), should
understand it is impossible to predict or identify all such factors
or risks, should not consider the foregoing list, or the risks
identified in our SEC filings, to be a complete discussion of all
potential risks or uncertainties and should not place undue
reliance on forward-looking information. The Company assumes no
obligation to update or revise any forward-looking information,
except as required by applicable law.
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SOURCE Byrna Technologies Inc.