Andover, Massachusetts August 24, 2023, updated September 1, 2023
More than 300,000 Byrna SD Launchers Sold Since Shipping began
in June 2019
Byrna Technologies Inc. (“Byrna” or the “Company”) (NASDAQ:
BYRN) announced earlier this year that it had reached a revenue
milestone, capping off four years of impressive growth. Revenues
increased from $924 thousand in fiscal 2019, the year Byrna began
to sell its launchers, to a record $48 million of net revenue for
the fiscal year ended November 30, 2022.
Byrna’s early focus has been providing American gun owners with
a safe, effective, and reliable less-lethal option in their arsenal
to protect themselves and their families in situations that do not
call for deadly force, tapping into an expected Total Addressable
Market (TAM) of 100 million U.S. gun owners. Along the way, the
Company has found that there also is strong demand for their Byrna
launchers among non-gun owners looking for an effective form of
protection for themselves and their families without the risk of
causing grievous injury or death.
Bryan Ganz, the Company’s President and CEO, says that many of
their customers have been attracted to the Company’s products
because they are looking for an effective means of self-defense
without unnecessary or lasting harm, and without the risks
associated with having a firearm in the house. “Crime and gun
violence are two of Americans top concerns,” Ganz explained, “and
we believe there are many people who feel a need to protect
themselves and their loved ones, but are not willing to risk taking
a human life.”
Byrna’s historic growth was fueled through sales direct to
consumers, through dealers (such as Bass Pro), to private security
firms, and to law enforcement agencies, including police
departments across the country. Today, Byrna counts more than 300
police departments amongst its customers, including large federal
agencies such as the ATF and DEA. These customers welcome tools
that can facilitate their job performance and protect officers and
the public without the risk of excessive force.
Ganz continued: “In many of our cities crime is on the rise, so
police departments are increasingly called upon to deploy force to
maintain the peace. Unfortunately, at the same time, accusations of
police brutality have skyrocketed due to a number of high-profile
police shootings. This can lead officers to hesitate when faced
with a potentially deadly threat, potentially putting the life of
the officer or the lives of innocent bystanders at risk. Our
products offer a solution to this tension because with the Byrna
launchers there should not be fatal mistakes.”
The Company recently has run up against bans on advertising or
promoting weapons on social media platforms that are applied
blindly to less lethal tools for self-defense, like the Byrna
launchers, and other weapons, including firearms. As the Company
works on new marketing strategies to overcome these challenges,
Ganz remains committed to its mission to provide civilians, law
enforcement officers, and security professionals with a safe,
reliable and effective alternative to traditional firearms to
protect themselves, their families and their communities without
the need to resort to deadly force.
“We need to educate the public that there are safe, effective,
and reliable alternatives to lethal force,” Ganz explained. “I am
convinced we have only started to scratch the surface of the
market. Most gun owners don’t know they have options, much less
that our products exist. When they have an opportunity to try a
Byrna launcher and learn about its effectiveness, many become
customers. And whenever someone is carrying a less-lethal weapon
rather than a firearm, we are potentially saving a life.”
Forward- Looking Statements
This news release contains "forward-looking statements" within
the meaning of 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 our
statements related to the Company's ability to access its total
addressable market and the Company’s prospects for future growth.
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; prolonged, new, or exacerbated disruption of
our supply chain; the further or prolonged disruption of new
product development; production or distribution or delays in entry
or penetration of sales channels due to inventory constraints,
competitive factors, pandemic-related factors, civil unrest,
increased shipping costs or freight interruptions; prototype, parts
and material shortages, particularly of parts sourced from limited
or sole source providers; determinations by third party controlled
distribution channels, including Amazon, not to carry or reduce
inventory of the Company's products; determinations by advertisers
to prohibit marketing of some or all Byrna products; potential
cancellations of existing or future orders including as a result of
any fulfillment delays, introduction of competing products,
negative publicity, or other factors; product design defects or
recalls; litigation, enforcement proceedings or other regulatory or
legal developments; changes in consumer or political sentiment
affecting product demand; regulatory factors including the impact
of commerce and trade laws and regulations; import-export related
matters or sanctions or embargos that could affect the Company's
supply chain or markets; delays in planned operations related to
licensing, registration or permit requirements; and future
restrictions on the Company's cash resources, increased costs 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 the Company's most recent Form 10-K, 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
the Company's 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.
Media Contact
Name: David North
Email: dnorth@byrna.com
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