Q2 2024 Byrna Technologies Inc Earnings Call Transcript
Key Points
- Record-breaking quarter with $20.3 million in revenue, up 76% from the previous year.
- Gross profit margin increased to 62% from 54% due to higher margin direct-to-consumer sales and cost reduction efforts.
- Net income improved to $2.1 million from a net loss of $1.1 million in the previous year.
- Cash and cash equivalents increased to $24.8 million from $20.5 million at the end of the previous fiscal year.
- No current or long-term debt, providing financial stability and flexibility.
- Operating expenses increased to $10.6 million from $7.2 million, driven by higher variable selling costs and increased marketing spend.
- The sustainability of the celebrity endorsement advertising model may face diminishing returns over time.
- Challenges in scaling production capacity quickly to meet potential future demand.
- Decision not to dedicate additional monetary resources to domestic law enforcement market due to subpar return on investment.
- Delay in the launch of the smaller launcher product, now expected in the second half of 2025.
Good morning, and welcome to Byrna's fiscal second quarter 2024 earnings conference call. My name is Kevin, and I'll be your operator for today's call. Joining us for today's presentation of the company, CEO, Bryan Ganz; CFO, David North; and CFO designee, Lauri Kearnes. Following their remarks, we'll open the call to questions.
Earlier today, Byrna's released results for its fiscal second quarter ended May 31, 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 discussions held today include forward-looking statements and actual results could differ materially from the statements made today.
Please refer to the burners most recent 10-K and 10-Q filings for more complete description of risk factors that could affect these projections and assumptions. The 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
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