Here are 1-2 brief analogies to describe Byrna Technologies (BYRN):

• A Taser for less-lethal projectiles.
• The Dyson of less-lethal personal defense.

• Byrna Launchers: Handheld, non-lethal devices designed for self-defense that fire various projectiles without the need for a federal firearms license.
• Byrna Projectiles: A range of specialized rounds for their launchers, including chemical irritant, kinetic, and inert/training projectiles.
• Byrna Accessories: Complementary items such as CO2 cartridges, magazines, holsters, and targets, enhancing the utility and user experience of their launcher systems.

Byrna Technologies (symbol: BYRN) operates with a multi-channel sales strategy, targeting both individuals directly and various organizational customers. According to the company's financial filings (e.g., recent 10-K reports), no single customer accounted for 10% or more of its total revenue for the latest reported fiscal years. This indicates a highly diversified customer base, meaning there are no specific "major customer companies" that can be identified by name.

Given this diversification and the nature of its non-lethal self-defense products, Byrna's major customers are best described by the following categories of end-users and organizational segments it primarily serves:

• Civilians / General Public: This category encompasses individuals seeking non-lethal options for personal safety, home defense, and recreational use. Byrna serves these customers through its direct-to-consumer (DTC) sales channels via its website, as well as indirectly through its network of retail partners and distributors.
• Law Enforcement Agencies: This segment includes municipal police departments, county sheriff's offices, state police, correctional facilities, and other governmental law enforcement entities. These agencies utilize Byrna's less-lethal launchers and projectiles for de-escalation, crowd control, and subject compliance.
• Private Security Firms & Military: This category consists of professional security companies, corporate security teams, and military units that employ Byrna's products for asset protection, personnel defense, and less-lethal intervention capabilities.

Bryan Ganz, Chief Executive Officer, President, and Director

Mr. Ganz became the Company's President in July 2018 and Chief Executive Officer in April 2019, having served as a director since June 2016. He has over 30 years of global business experience, including sales management, manufacturing, new product design and development, supply chain management, and mergers and acquisitions. Mr. Ganz founded Maine Industrial Tire LLC, which was sold to a unit of Trelleborg AB in 2012. From 1991 to 2009, he held several roles, culminating as CEO of GPX International, Inc. and its predecessor, Galaxy Tire Inc. Mr. Ganz is also the founder and majority shareholder of Northeast Industrial Partners LLC, a holding company for privately held businesses, and a principal in Scudder Bay Capital LLC, a captive private REIT.

Lauri Kearnes, Chief Financial Officer

Ms. Kearnes was appointed Chief Financial Officer, effective July 15, 2024. She brings over 20 years of experience in financial and operating leadership, most recently serving as CFO for Harte Hanks (Nasdaq: HHS), a global customer experience strategy company. At Harte Hanks, she oversaw all finance, accounting, and human resources for a business with over $200 million in annual revenues. Her background also includes key financial and leadership roles at Brooks Automation, where she managed financial operations in a high-tech manufacturing environment, and at Nutraceutical Corporation.

Luan Pham, Chief Revenue and Marketing Officer

Mr. Pham has been the Chief Revenue and Marketing Officer since March 2021, and initially joined Byrna as Chief Marketing Officer in January 2021. He is a multifaceted marketing executive with more than 25 years of experience. From 2017 to 2020, he co-founded Laird Superfood, Inc. and served as its Chief Revenue and Marketing Officer, contributing significantly to its explosive revenue growth and $400 million equity valuation upon its successful IPO in September 2020. Prior to Laird Superfood, Mr. Pham held senior marketing roles at Condé Nast, including Head of Marketing for Golf Digest, and was Senior Director of Marketing for Golf and Tennis at Ralph Lauren.

John Brasseur, Chief Operating Officer

Mr. Brasseur joined Byrna as Vice President of New Product Development in July 2023 and was promoted to Chief Operating Officer in March 2024. He has over two decades of experience across the firearms and welding industries. In his role as COO, he oversees Supply Chain, Global Production, Engineering, and New Product Development. Under his leadership, the company increased its manufacturing capacity from 5,000 to 25,000 launchers per month between January 2023 and August 2024.

Sandra Driscoll, Chief People Officer

Ms. Driscoll has served as the Chief People Officer for Byrna Technologies since 2020. Before joining Byrna, she held various human resources and operations leadership positions at Eze Castle Integration, including Manager, Director, Vice President of Human Resources and Operations, and Vice President of Global Human Resources.

Here are the key risks to Byrna Technologies (BYRN):

1. Regulatory Risks: Byrna Technologies operates in a highly regulated environment, and changes in government policies and legislation, particularly concerning non-lethal self-defense devices, pose a significant threat to its business operations and sales. The company is subject to extensive federal, state, and local regulations, with 18 states currently having restrictions on non-lethal self-defense devices. There is also a risk that Byrna's products, such as the Byrna SD, could be re-characterized as firearms, which would severely impact its ability to manufacture or sell them and could limit their market. Compliance with these evolving regulations incurs substantial costs, estimated at $1.2 million annually.
2. Challenges in Achieving and Sustaining Profitability: Despite some recent positive financial results, Byrna Technologies has a history of operating losses and faces ongoing challenges in achieving consistent and sustainable profitability. The company reported a net loss of $14.2 million and negative operating cash flow of $11.6 million in fiscal year 2023, and historical operating margin losses point to an inefficient cost structure. Furthermore, a significant cash burn and a short cash runway raise concerns about the need for future capital raises, which could dilute existing shareholders.
3. Intense Competition: The personal defense and security technology markets in which Byrna Technologies operates are highly competitive. The company faces significant pressure from numerous emerging players and established competitors, including TASER International, Salt Supply Company, PACEM Defense, Sabre Safety, PepperBall, and Safariland. A major competitive threat could also come from larger companies like Axon, should they decide to enter the consumer market, potentially posing an existential challenge for Byrna. Consumer sensitivity and the continuous emergence of competing security technologies also threaten Byrna's long-term earnings stability.

• The global non-lethal weapon market was valued at USD 8.7 billion in 2024. This market is projected to grow to USD 22.2 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 8.5% from 2025 to 2034. North America held the largest share of the non-lethal weapon market in 2024, with a value of USD 3.41 billion.
• The global self-defense products market was estimated at USD 3.03 billion in 2024. It is projected to reach USD 4.42 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. North America dominated this market with the largest revenue share of 32.7% in 2024.
• The civilian less-lethal self-defense weapon market is projected to grow from USD 1.2 billion in 2024 to USD 2.5 billion by 2034, reflecting a CAGR of 7.60%.

Byrna Technologies (BYRN) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expanded Retail Presence and Dealer Network: Byrna Technologies has significantly increased its brick-and-mortar footprint, with products now available in over 1,000 retail locations nationwide. This expansion, including partnerships with major retailers, is anticipated to continue opening doors to additional mainstream networks and further amplify reach and conversion over time.
2. Introduction and Growth of New Products: The successful launch of the Byrna Compact Launcher in May 2025 has been a significant contributor to recent revenue growth, particularly by targeting the women's market and consumers preferring smaller devices, while also offering higher profit margins. Looking ahead, the company plans to introduce a connected safety platform integrating SOS alert capabilities with Byrna devices, with a phased launch beginning in 2026, aiming to create recurring revenue streams. Additionally, a value-oriented 61-caliber launcher and a portable spray-based protection device are slated for fiscal year 2026 to target broader and younger demographics.
3. AI-Driven Marketing and Enhanced Brand Awareness: The company's investment in AI-enabled advertising campaigns has substantially increased web traffic and overall brand awareness, which has been a key factor in driving sales growth. These initiatives are expected to continue boosting consumer engagement and conversion rates.
4. Sustained E-commerce and Direct-to-Consumer (DTC) Sales Growth: E-commerce remains a strong sales channel for Byrna Technologies, with new advertising strategies effectively increasing web traffic to both Byrna.com and Amazon. The company plans to leverage this digital engagement and targeted outreach for major sales events to maximize conversions.

Share Repurchases

• Byrna Technologies announced a $10 million stock repurchase program in August 2024, authorized to repurchase shares over a twenty-four-month period.
• The company previously repurchased $17.5 million of stock through prior programs, including one in 2022.
• As of February 28, 2025, Byrna held approximately 2.5 million treasury shares, valued at $21.253 million.

Share Issuance

• Between November 30, 2024, and February 28, 2025, Byrna issued 171,476 shares, contributing to an increase of $866,000 in additional paid-in capital.
• Between February 1, 2024, and November 30, 2024, the company issued approximately 842,962 shares.

Inbound Investments

• No information available on large inbound investments by third-parties such as strategic partners or private equity firms within the specified timeframe.

Outbound Investments

• In May 2021, Byrna acquired certain assets of Mission Less Lethal, a U.S. manufacturer of .68 caliber less-lethal, shoulder-fired launchers.
• In May 2022, the company acquired Fox Labs International, a producer of defensive pepper sprays.
• In January 2023, Byrna formed a new joint venture, Byrna LATAM S.A., with Fusady S.A. in Uruguay, holding a 51% stake and providing a $1.6 million loan to the joint venture.

Capital Expenditures

• Byrna's capital expenditures were $1 million in 2023 and $2 million in 2024.
• The company projects capital expenditures of $6 million for 2025, increasing to $18 million by 2029.
• Primary focus areas for capital expenditures include production expansion, inventory growth, and manufacturing investments, with a goal to source 100% of components for launcher production domestically by the end of 2025.