Q1 2024 Byrna Technologies Inc Earnings Call Transcript
Key Points
- Net revenue for Q1 2024 was $16.7 million, up 98% from the $8.4 million reported in the first fiscal quarter of 2023.
- Gross profit for Q1 2024 was $9.6 million or 58% of net revenue compared to $5.2 million for Q1 2023.
- Net income for Q1 2024 was $17,000 compared to a net loss of approximately $2.2 million for Q1 2023.
- Cash and cash equivalents on February 29th, 2024, totaled $24.2 million compared to $20.5 million on November 30th, 2023.
- Byrna Technologies Inc has no current or long-term debt.
- Operating expenses for Q1 2024 were $9.8 million compared to $7.2 million for Q1 2023, driven by an increase in marketing spend.
- The company is concerned about outstripping current production capacity despite increasing capacity by 25%.
- Sales are continuing to outpace production, as evidenced by current two-week shipping times posted on the website.
- The company's CFO, David North, has announced his retirement, which introduces a period of transition.
- The company is cautious about expanding into law enforcement unless it can be done profitably, indicating potential untapped market segments.
Good morning. Welcome to Byrna Fiscal First Quarter 2024 earnings conference call. My name is Rob, and I'll be your operator for today's call. Joining us for today's presentation are the company's CEO, Bryan Ganz; and CFO, David North; Following their remarks, we'll open the call to questions. Earlier today, Bryan released results for its fiscal first quarter ended February 29th, 2024, a copy of the press release is available on the company's website.
Before turning the call over to Bryan Ganz, Byrna Technologies, Chief Executive Officer, I'll read the Safe Harbor statement. Some discussion held today include forward-looking statements. Actual results could differ materially from the statements made today. Please refer to Bryan most recent 10-K and 10-Q filings for a more complete description of risk factors that could affect these projections and assumptions. company assumes no obligation to update forward-looking statements as a result of new information, future events or otherwise.
As this call will include references to non-GAAP results. Please see the press release in the Investors
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