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Byrna Technologies Announces Preliminary Q3 2024 Results, Sees Revenues Of $20.8M Vs $16.06M Est.
2024-09-04 20:40
Company Surpasses Previous Annual Sales Record in First Nine Months, Year-to-Date Revenues Total $57.7 Million
Q3 Production Totals Over 55,000 Units
ANDOVER, Mass., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. ("Byrna" or the "Company") (NASDAQ:BYRN), a technology company, specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today announced select preliminary financial results for the fiscal third quarter ended August 31, 2024.
Preliminary Third Quarter Results
Based on preliminary unaudited results, the Company expects total revenue for the fiscal third quarter of 2024 to be $20.8 million compared to $7.1 million in the fiscal third quarter of 2023. This 194% increase in revenue was driven by both Direct-to-Consumer (DTC) as well as strong Dealer & Distributor sales. The Company attributes this record sales performance to the continued success of Byrna's marketing strategies, including its celebrity endorsement campaign which it kicked off in the fourth fiscal quarter of 2023.
Furthermore, the Company produced 55,000 Byrna SD and Byrna LE launchers in the fiscal third quarter. This achievement is part of Byrna's previously announced plan to ramp up production volume to 18,000 launchers per month.
Preliminary Fiscal Third Quarter 2024 Sales Breakdown:
| Q3 2024 vs. Q3 2023 | |||||||||
| Sales Channel ($ in 000s) | Q3 2024 | Q3 2023 |
% Increase / (Decrease) | ||||||
| Web | $ | 15,508 | $ | 4,852 | 219.6 | % | |||
| Byrna Dedicated Dealers | $ | 1,464 | $ | 595 | 146.1 | % | |||
| Traditional Dealers | $ | 2,383 | $ | 1,116 | 113.5 | % | |||
| Law Enforcement | $ | 538 | $ | 361 | 49.0 | % | |||
| International | $ | 951 | $ | 161 | 490.7 | % | |||
| Total Sales | $ | 20,844 | $ | 7,085 | 194.2 | % | |||
