ANDOVER, Mass., Oct. 8, 2021 /PRNewswire/ --Byrna Technologies
Inc. (NASDAQ: BYRN) ("Byrna" or "the Company") today announced
financial results for its fiscal third quarter ended August 31, 2021 ("Q3 FY21").
Third Quarter 2021 Highlights
Financial
- Revenues rose 107.3% to $8.7
million from $4.2 million in
last year's third quarter
- Gross profit increased by 129.6% to $4.9
million from $2.1 million in
last year's third quarter
- Gross margin improved to 56.2% from 50.7% in last year's third
quarter
- Available cash of $58.4 million
at August 31, 2021
Operational
- Acquired assets of Ballistipax® and introduced
"Byrna Shield" product line
- Introduced new products ranging from a price point personal
safety alarm at $29.99 to the Byrna
Mission-4 and Byrna Shield at
$899
- Commenced sales of Byrna products at 82 Bi-Mart stores in the
Pacific Northwest
- Commenced sales on Amazon.com e-commerce platform
"Growing brand awareness, the introduction of new Byrna products
and increased international sales drove the increase in Q3 FY21 net
revenues," said Bryan Ganz, CEO of
Byrna. "Although sales were anchored by our e-commerce platform, we
started to experience strong growth in international dealer
sales. Revenue growth in Q3FY21 did not include any material
contribution from Byrna's dedicated Amazon store that commenced
sales in late August 2021, however,
we expect to see Amazon become an increasingly important sales
channel over time. Over the last month Amazon sessions grew from
approximately 750 per day the first week of September to
approximately 3,000 sessions per day the last week of
September. While this is still only 15% of the daily sessions
on Byrna's own website, it is growing rapidly and we expect to see
traffic to our Amazon storefront ultimately equal or exceed traffic
to the Byrna website. We continued to expand our
brick-and-mortar retail presence during Q3FY21, with the
commencement of sales of the Byrna HD, ammo and accessories at 82
Bi-Mart locations in the Pacific Northwest."
Mr. Ganz continued, "Gross profit rose at faster rate than net
revenue in Q3FY21, up 130% from last year's third quarter, as gross
profit margins climbed year over year. These higher gross profit
margins were the result of continued manufacturing efficiencies and
the introduction of higher margin products – partially offset by an
increase in lower margin international dealer sales. These
production efficiencies are the result of continued investment in
our production facilities, processes and people – each of which is
vital to advance our long-term growth strategy. With the
funds available from our recent capital raise, resulting in the
strongest balance sheet in our history, we are finally in the
position to make these necessary investments."
Third Quarter 2021 Business Overview
Revenues increased 107.3% to $8.7
million in Q3FY21 from $4.2
million in the third quarter of 2020 ("Q3FY20"). The
year over year increase was driven by higher e-commerce and
international sales and an expanded product range. Gross profit
rose to $4.9 million, or 56.2% of
reported net revenue, in Q3FY21. This was up from a gross
profit of $2.1 million, or 50.7% of
net revenue, in Q3FY20. The improvement was largely driven by
higher sales volumes, the introduction of higher margin products
and improved operating efficiencies in the Company's US production
facility.
Operating expenses rose to $6.7
million in Q3FY21 from $2.7
million in Q3FY20 as the Company added people and
infrastructure required to support the Company's growth.
Specifically, payroll related costs increased by $1.5 million as the Company added several
critical positions and acquired employees in the acquisition of
both Mission Less Lethal and Ballistipax. Non-cash stock
compensation costs also increased by $1.0
million from Q3FY2020, reflecting long-term incentive stock
compensation programs for a number of key management
personnel.
Higher sales volumes drove increases in variable expenses such
as freight, which increased by $0.3
million from Q3FY20. The Company also incurred $0.25 million in one-time legal costs incurred to
protect Byrna's intellectual property from infringement. With
the Company's rapid growth and the listing on Nasdaq, the cost of
D&O insurance increased by $0.3
million. The Company also incurred higher public company
costs as a result of our listing on Nasdaq. Additionally,
R&D expenditures continued to climb as the Company kicked off
the development of several new products which we expect to
commercialize in 2022.
Net loss in Q3FY2021 was $(1.8)
million, or $(0.08) per share,
compared to a net loss of $(0.6)
million, or $(0.04) per share,
in Q3FY2020, due primarily to the higher operating expenses
outlined above. For the three quarters ending August 30, 2021 the Company is reporting net loss
of $(75,000). Backing out
long-term stock-based compensation, non-GAAP net loss1
for Q3FY2021 was $(0.9) million or
$(0.04) per share, bringing non-GAAP
adjusted net income for the year-to-date to $2.4 million, or $0.07 per share.
Financial Position as of August 31,
2021:
- Total cash of $58.5 million,
including $0.1 million of restricted
cash, up from total cash of $9.7
million at November 30, 2020,
including restricted cash of $6.5
million
- Total assets of $76.3 million, up
from $21.2 million at November 30, 2020
- No current or long-term debt
1 See non-GAAP financial measures at the end of
this press release for a reconciliation and a discussion of
non-GAAP financial measures.
FY 2021 Outlook
For FY 2021 ending November 30,
2021, Byrna reiterated its revenue guidance of $40 - $42 million,
reflecting year-over-year growth of approximately 146% at the
mid-point of the range. The 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) increased
availability of ammo (after shortages in prior periods); (3)
additional e-commerce sales via a dedicated Amazon store that
kicked off in late August 2021; (4)
anticipated increases in international sales; and (5) broader brand
awareness among consumers
Gross margin for FY 2021 is expected to range between 53% - 56%,
as compared to gross margin of 45.3% in FY 2020. The anticipated
improvement in gross margin is expected to be supported by the
introduction of new higher margin products, including the recent
launch of the Byrna SD and planned launches of the Byrna SD XL and
the shoulder-fired launchers acquired in the Mission acquisition
including the Byrna TCR and Byrna MLR.
Q3 FY21 New Product Introductions
- Byrna Banshee military-grade, 130dB* personal safety
alarm: entry level product and our first product that is
forward-facing; capable of producing an ear-piercing alert designed
to draw attention and thwarts potential attacks.
- Byrna Eco-Kinetic .68 caliber round: one of the lowest
priced non-lethal rounds on the market. Water-soluble round
designed to dissolve completely when left out in the elements,
making it truly environmentally friendly.
- Byrna SD Launcher: based on the popularity of the Byrna
HD, which has sold more than 100,000 units over the past two years,
the Byrna SD is the natural evolution of Byrna's handheld personal
security device.
- Byrna Mission-4 High-Capacity Rifle: expands our brand
to law enforcement and private security; premium priced product
identifies and caters to our most engaged customers.
- Byrna Shield Ballistic Backpack: features a
concealed, patented, rapidly deployable ballistic body armor
system, hidden securely within a rugged yet comfortable
backpack.
Q4 FY 21 New Marketing Campaigns
With the recent capital raise, Byrna is now able to kick off a
number of new and exciting marketing campaigns in the 4th quarter
including;
- Billboards – Starting on October
11th Byrna will Launch in 5 markets – San Diego, Kansas
City, Dallas, St Louis, Orlando
- Direct Mail – In October Byrna will be sending out
more than 350,000 pieces of direct mail
- Outsourced Email Media Buy- Byrna will be sending emails
to more than 500,000 gun enthusiasts
- Influencers - 10-15 anchor influencers to launch content
in October and another 25-30 in November
- SMS Text Message Marketing Campaign
- Print Media Advertising – Gun Digest, Conceal Carry and
Recoil magazines among others
FY 2022 Planned Introductions
The below launchers are designed to utilize Byrna's patented
fintail projectiles. These projectiles, which are designed to
spin-stabilize in flight, are significantly more accurate, carry
greater payloads and travel at higher speeds over longer distances
than traditional round ball projectiles.
- Pump Action Launcher (PAL) - Operating like a pump action
shotgun, the PAL is being designed to offer law enforcement the
ability to disarm a threat at distances of up to 150 feet without
the need to use lethal force. Byrna demonstrated the capabilities
of this launcher in June in Los Angeles
County where representatives of several Police and
Sherriff's departments test-fired a prototype PAL.
- Byrna PE - The Byrna PE will be designed to provide
civilians and security professionals with an easy to carry, compact
handheld launcher capable of firing up to ten highly accurate
payload rounds from a single magazine.
In addition to the launchers described above that will utilize
Byrna's patented fintail projectiles, Byrna expects to shortly
introduce a 12-gauge round that will allow the .68 caliber fintail
projectile to be fired from any 12-gauge shotgun. This will
allow the owners of almost 100 million shotguns in the United States alone to take advantage of
Byrna's patented and highly effective .68 caliber non-lethal
fintailed round without having to spend as much as $1,000 to purchase the Byrna PAL. Byrna
expects these rounds to retail for approximately $7.00 per round.
Conference Call
Byrna Technologies will host a
conference call later this morning at 9:00
am ET to review these results. To listen to the call live,
dial (201) 493-6744 or (877) 445-9755 and ask for the
Byrna Technologies call. The question-and-answer portion of the
call will be open to industry research analysts. To listen to
a simultaneous webcast of the call, please visit ir.byrna.com ten
minutes prior to the start of the call and click on the Investors
section to download and install any necessary audio software.
If you are unable to listen live, the conference call webcast will
be archived on Byrna Technologies' website for thirty days.
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 www.byrna.com or
www.amazon.com.
Forward Looking Information
This news release contains "forward-looking statements"
within the meaning of the securities laws. All statements contained
in this news release, other than statements of current and
historical fact, are forward-looking. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans," "expects," "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 in this news release include
but are not limited to the Company's statements related to its
revenue and gross profit margin projections, future order
fulfillment, anticipated order flow, growth expectations, dealer
stocking, plans for introduction of new products, anticipated
product features and timeline including the traffic and sales
anticipated from the Company's new Amazon store, the success of our
investment of capital in advancing long term growth, the success of
our long term incentive compensation plans in facilitating
retention and recruitment, success and timing of new product
development and introduction, our anticipated growth and margin
contributors, our success in appealing to new markets including by
offering a broader range of products, and our plans for new
marketing campaigns, and other plans and expectations
discussed. Forward-looking statements are not, and cannot be,
a guarantee of future results or events. 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,
but not limited to, disappointing market responses to current or
future products or services or to related marketing campaigns,
shortages of materials needed by our suppliers, including suppliers
of plastic components, or by us, the potential disruption of
production, distribution, or marketing for any reason including but
not limited to competitive factors or issues related to
the pandemic (particularly with respect to our production and
suppliers in South Africa where
the province in which we and our chemical irritant supplier are
located is experiencing a severe outbreak), civil unrest, supply
chain shortages or interruptions, including material shortages,
that could affect our extended supply chain, unavailability of
parts, particularly parts sourced from limited or sole source
providers, reduced air freight capacity, or otherwise;
determinations by dealers, distributors or other third party
controlled distribution channels, including Amazon, not to carry
our products, potential cancellations of existing or future orders
including as a result of any fulfillment delays, introduction of
competing products, negative publicity, the recent safety alert,
product recalls, litigation, enforcement proceedings or other
regulatory or legal developments; changes in consumer or political
sentiment or the law regulating the Company's products or other
regulatory factors including the impact of commerce and trade laws
and regulations including export related matters or sanctions or
embargos that could affect the Company's supply chain or markets;
larger than expected demand for the previously announced technical
factory safety update, product design or manufacturing defects and
related product recalls, future restrictions on the Company's cash
resources impacting the availability of sufficient cash to meet
operating expenses, other costs of goods or sales, and increased
costs of production or sales and other events that could
potentially reduce demand for the Company's products or result in
order cancellations. 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, ("Risk Factors")
in our most recent Form 10-K and the updated risk factors
delineated in Part 1, Item 1A of our Form 10-Q for the quarter
ended May 31, 2021, 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.
BYRNA TECHNOLOGIES
INC.
|
Condensed
Consolidated Statements of Operations and Comprehensive
Loss
|
(Amounts in
thousands except share and per share data)
|
(Unaudited)
|
|
|
|
For the Three
Months
Ended
|
|
|
For the Nine
Months
Ended
|
|
|
|
August
31,
|
|
|
August
31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net
revenue
|
|
$
|
8,703
|
|
|
$
|
4,198
|
|
|
$
|
30,997
|
|
|
$
|
5,537
|
|
Cost of goods
sold
|
|
|
(3,815)
|
|
|
|
(2,069)
|
|
|
|
(13,807)
|
|
|
|
(2,926)
|
|
Gross
profit
|
|
|
4,888
|
|
|
|
2,129
|
|
|
|
17,190
|
|
|
|
2,611
|
|
Operating
expenses
|
|
|
6,692
|
|
|
|
2,686
|
|
|
|
17,382
|
|
|
|
5,644
|
|
LOSS FROM
OPERATIONS
|
|
|
(1,804)
|
|
|
|
(557)
|
|
|
|
(192)
|
|
|
|
(3,033)
|
|
OTHER INCOME
(EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
transaction gain (loss)
|
|
|
(115)
|
|
|
|
(9)
|
|
|
|
78
|
|
|
|
(19)
|
|
Accretion of debt
discounts
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(755)
|
|
Interest income
(expense)
|
|
|
13
|
|
|
|
—
|
|
|
|
(24)
|
|
|
|
(233)
|
|
Loss on
extinguishment of debt
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(6,027)
|
|
Warrant inducement
expense
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(845)
|
|
Other income -
forgiveness of Paycheck Protection
Program loan
|
|
|
—
|
|
|
|
—
|
|
|
|
190
|
|
|
|
—
|
|
Other financing
costs
|
|
|
(9)
|
|
|
|
—
|
|
|
|
(18)
|
|
|
|
—
|
|
(LOSS) INCOME BEFORE
INCOME TAXES
|
|
|
(1,915)
|
|
|
|
(566)
|
|
|
|
34
|
|
|
|
(10,912)
|
|
Income tax
provision
|
|
|
(74)
|
|
|
|
—
|
|
|
|
109
|
|
|
|
—
|
|
NET LOSS
|
|
|
(1,841)
|
|
|
|
(566)
|
|
|
|
(75)
|
|
|
|
(10,912)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange
translation (loss) gain for the period
|
|
|
(55)
|
|
|
|
20
|
|
|
|
123
|
|
|
|
116
|
|
COMPREHENSIVE
LOSS
|
|
$
|
(1,896)
|
|
|
$
|
(546)
|
|
|
$
|
48
|
|
|
$
|
(10,796)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted
|
|
$
|
(0.08)
|
|
|
$
|
(0.04)
|
|
|
$
|
(0.06)
|
|
|
$
|
(0.91)
|
|
Weighted-average
number of common shares
outstanding during the period
|
|
|
22,047,571
|
|
|
|
13,493,676
|
|
|
|
18,269,360
|
|
|
|
12,015,065
|
|
BYRNA TECHNOLOGIES
INC.
|
Condensed
Consolidated Balance Sheets
|
(Amounts in
thousands except share and per share
data)
|
(Unaudited)
|
|
|
|
August
31,
|
|
|
November
30,
|
|
|
|
2021
|
|
|
2020
|
|
|
|
Unaudited
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
58,421
|
|
|
$
|
3,175
|
|
Restricted
cash
|
|
|
—
|
|
|
|
6,389
|
|
Accounts receivable,
net
|
|
|
945
|
|
|
|
834
|
|
Inventory,
net
|
|
|
7,551
|
|
|
|
4,817
|
|
Net investment in
sales-type lease, current
|
|
|
46
|
|
|
|
—
|
|
Prepaid expenses and
other current assets
|
|
|
993
|
|
|
|
1,391
|
|
Total current
assets
|
|
|
67,756
|
|
|
|
16,606
|
|
|
|
|
|
|
|
|
|
|
Patent rights,
net
|
|
|
3,659
|
|
|
|
811
|
|
Deposits for
equipment
|
|
|
1,084
|
|
|
|
619
|
|
Right-of-use asset,
net
|
|
|
1,148
|
|
|
|
1,200
|
|
Net investment in
sales-type lease, non-current
|
|
|
45
|
|
|
|
—
|
|
Property and
equipment, net
|
|
|
1,393
|
|
|
|
1,220
|
|
Goodwill
|
|
|
816
|
|
|
|
651
|
|
Restricted
cash
|
|
|
92
|
|
|
|
92
|
|
Other
assets
|
|
|
85
|
|
|
|
17
|
|
TOTAL
ASSETS
|
|
$
|
76,278
|
|
|
$
|
21,216
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
6,233
|
|
|
$
|
6,629
|
|
Operating lease
liabilities, current
|
|
|
237
|
|
|
|
257
|
|
Deferred
revenue
|
|
|
417
|
|
|
|
4,843
|
|
Line of
credit
|
|
|
—
|
|
|
|
—
|
|
Notes payable,
current
|
|
|
—
|
|
|
|
76
|
|
Total current
liabilities
|
|
|
6,887
|
|
|
|
11,805
|
|
|
|
|
|
|
|
|
|
|
Notes payable,
non-current
|
|
|
—
|
|
|
|
115
|
|
Deferred revenue -
non-current
|
|
|
303
|
|
|
|
59
|
|
Operating lease
liabilities, non-current
|
|
|
830
|
|
|
|
828
|
|
Total
liabilities
|
|
|
8,020
|
|
|
|
12,807
|
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (NOTE 23)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 5,000,000 shares authorized, no shares
issued
|
|
|
—
|
|
|
|
—
|
|
Series A Preferred
Stock, 1,500 shares designated, 0 and 1,391 shares issued
and outstanding, respectively
|
|
|
—
|
|
|
|
—
|
|
Common stock, $0.001
par value, 300,000,000 shares authorized, 23,603,996
and 14,852,023 shares issued and outstanding,
respectively
|
|
|
23
|
|
|
|
15
|
|
Additional paid-in
capital
|
|
|
118,374
|
|
|
|
58,581
|
|
Accumulated
deficit
|
|
|
(50,290)
|
|
|
|
(50,215)
|
|
Accumulated other
comprehensive (loss) income
|
|
|
151
|
|
|
|
28
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity
|
|
|
68,258
|
|
|
|
8,409
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
$
|
76,278
|
|
|
$
|
21,216
|
|
Non-GAAP Financial Metrics
In addition to providing financial measurements based on generally
accepted accounting principles in the
United States (GAAP), we provide the following additional
financial metrics that are not prepared in accordance with GAAP
(non-GAAP): adjusted EBITDA, non-GAAP net income (loss), and
non-GAAP net income (loss) per share (basic). Management uses these
non-GAAP financial measures, in addition to GAAP financial
measures, to understand and compare operating results across
accounting periods, for financial and operational decision making,
for planning and forecasting purposes and to evaluate our financial
performance. We believe that these non-GAAP financial measures help
us to identify underlying trends in our business that could
otherwise be masked by the effect of certain expenses that we
exclude in the calculations of the non-GAAP financial measures.
Accordingly, we believe that these non-GAAP financial measures
reflect our ongoing business in a manner that allows for meaningful
comparisons and analysis of trends in the business and provides
useful information to investors and others in understanding and
evaluating our operating results, enhancing the overall
understanding of our past performance and future prospects.
These non-GAAP financial measures do not replace the
presentation of our GAAP financial results and should only be used
as a supplement to, not as a substitute for, our financial results
presented in accordance with GAAP. There are limitations in the use
of non-GAAP measures, because they do not include all the expenses
that must be included under GAAP and because they involve the
exercise of judgment concerning exclusions of items from the
comparable non-GAAP financial measure. In addition, other companies
may use other non-GAAP measures to evaluate their performance, or
may calculate non-GAAP measures differently, all of which could
reduce the usefulness of our non-GAAP financial measures as tools
for comparison.
Adjusted EBITDA
Adjusted EBITDA is defined as comprehensive income (loss) as
reported in our consolidated statements of income excluding the
impact of (i) depreciation and amortization; (ii) income
tax provision (benefit); (iii) interest expense;
(iv) stock-based compensation expense; (v) accretion of debt
discounts; (vi) loss on extinguishment of debt; and (vii) warrant
inducement expense. Our Adjusted EBITDA measure eliminates
potential differences in performance caused by variations in
capital structures (affecting finance costs), tax positions, the
cost and age of tangible assets (affecting relative depreciation
expense) and the extent to which intangible assets are identifiable
(affecting relative amortization expense). We also exclude certain
one-time and non-cash costs. Reconciliation to the most directly
comparable GAAP measure of all non-GAAP measures included in this
report is as follows (in thousands):
|
|
For the Three
Months Ended
|
|
|
|
August
31,
|
|
|
|
2021
|
|
|
2020
|
|
Comprehensive
loss
|
|
$
|
(1,896)
|
|
|
$
|
(546)
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
(13)
|
|
|
|
—
|
|
Income tax
provision
|
|
|
(74)
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
136
|
|
|
|
75
|
|
Non-GAAP
EBITDA
|
|
|
(1,847)
|
|
|
|
(471)
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
981
|
|
|
|
11
|
|
Other financing
costs
|
|
|
9
|
|
|
|
—
|
|
Non-GAAP adjusted
EBITDA
|
|
$
|
(857)
|
|
|
$
|
(460)
|
|
Non-GAAP net income (loss) and non-GAAP net income (loss) per
share
Non-GAAP net income (loss) is defined as comprehensive income
(loss) as reported in our consolidated statements of income
excluding the impact of (i) stock-based compensation expense; (ii)
accretion of debt discounts; (iii) loss on extinguishment of debt;
and (iv) warrant inducement expense. Our non-GAAP net income (loss)
measure eliminates potential differences in performance caused
by certain non-cash and one-time costs. We also provide non-GAAP
net income (loss) per share by dividing non-GAAP net income (loss)
by the average basic or diluted shares outstanding for the period.
Reconciliation to the most directly comparable GAAP measure of all
non-GAAP measures included in this report is as follows (in
thousands):
|
|
For the Three
Months Ended
|
|
|
|
August
31,
|
|
|
|
2021
|
|
|
2020
|
|
Comprehensive
loss
|
|
$
|
(1,896)
|
|
|
$
|
(546)
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
981
|
|
|
|
11
|
|
Other financing
costs
|
|
|
9
|
|
|
|
—
|
|
NON-GAAP NET
LOSS
|
|
$
|
(906)
|
|
|
$
|
(535)
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss
per share — basic
|
|
$
|
(0.04)
|
|
|
$
|
(0.04)
|
|
Weighted-average
number of common shares outstanding
during the period — basic
|
|
|
22,047,571
|
|
|
|
13,493,676
|
|
Adjusted EBITDA
Adjusted EBITDA is defined as comprehensive income (loss) as
reported in our consolidated statements of income excluding the
impact of (i) depreciation and amortization; (ii) income
tax provision (benefit); (iii) interest expense;
(iv) stock-based compensation expense; (v) accretion of debt
discounts; (vi) loss on extinguishment of debt; and (vii) warrant
inducement expense. Our Adjusted EBITDA measure eliminates
potential differences in performance caused by variations in
capital structures (affecting finance costs), tax positions, the
cost and age of tangible assets (affecting relative depreciation
expense) and the extent to which intangible assets are identifiable
(affecting relative amortization expense). We also exclude certain
one-time and non-cash costs. Reconciliation to the most directly
comparable GAAP measure of all non-GAAP measures included in this
report is as follows (in thousands):
|
|
For the Nine
Months Ended
|
|
|
|
August
31,
|
|
|
|
2021
|
|
|
2020
|
|
Comprehensive
loss
|
|
$
|
48
|
|
|
$
|
(10,796)
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
24
|
|
|
|
233
|
|
Income tax
provision
|
|
|
109
|
|
|
|
—
|
|
Depreciation and
amortization
|
|
|
353
|
|
|
|
153
|
|
Non-GAAP
EBITDA
|
|
|
534
|
|
|
|
(10,410)
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
2,527
|
|
|
|
659
|
|
Accretion of debt
discounts
|
|
|
—
|
|
|
|
755
|
|
Loss on extinguishment
of debt
|
|
|
—
|
|
|
|
6,027
|
|
Warrant inducement
expense
|
|
|
—
|
|
|
|
845
|
|
Other income:
forgiveness of PPP loan
|
|
|
(190)
|
|
|
|
—
|
|
Other financing
costs
|
|
|
18
|
|
|
|
—
|
|
Non-GAAP adjusted
EBITDA
|
|
$
|
2,889
|
|
|
$
|
(2,124)
|
|
Non-GAAP net income (loss) and non-GAAP net income (loss) per
share
Non-GAAP net income (loss) is defined as comprehensive income
(loss) as reported in our consolidated statements of income
excluding the impact of (i) stock-based compensation expense; (ii)
accretion of debt discounts; (iii) loss on extinguishment of debt;
and (iv) warrant inducement expense. Our non-GAAP net income (loss)
measure eliminates potential differences in performance caused by
certain non-cash and one-time costs. We also provide non-GAAP net
income (loss) per share by dividing non-GAAP net income (loss) by
the average basic or diluted shares outstanding for the period.
Reconciliation to the most directly comparable GAAP measure of all
non-GAAP measures included in this report is as follows (in
thousands):
|
|
For the Nine
Months Ended
|
|
|
|
August
31,
|
|
|
|
2021
|
|
|
2020
|
|
Comprehensive
loss
|
|
$
|
48
|
|
|
$
|
(10,796)
|
|
|
|
|
|
|
|
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Stock-based
compensation
|
|
|
2,527
|
|
|
|
659
|
|
Accretion of debt
discounts
|
|
|
—
|
|
|
|
755
|
|
Loss on extinguishment
of debt
|
|
|
—
|
|
|
|
6,027
|
|
Warrant inducement
expense
|
|
|
—
|
|
|
|
845
|
|
Other
income
|
|
|
(190)
|
|
|
|
—
|
|
Other financing
costs
|
|
|
18
|
|
|
|
—
|
|
NON-GAAP NET
INCOME (LOSS)
|
|
|
2, 403
|
|
|
|
(2,510)
|
|
Preferred stock
dividends
|
|
|
(1,043)
|
|
|
|
--
|
|
Non-GAAP net
income (loss) available to common shareholders
|
|
$
|
1,360
|
|
|
$
|
(2,510)
|
|
Non-GAAP net
income (loss) per share — basic
|
|
$
|
0.07
|
|
|
$
|
(0.21)
|
|
Weighted-average
number of common shares outstanding
during the period — basic
|
|
|
18,269,360
|
|
|
|
12,015,065
|
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/byrna-technologies-reports-fy-2021-third-quarter-results-301396038.html
SOURCE Byrna Technologies Inc.