Q3 2024 Byrna Technologies Inc Earnings Call Transcript
Key Points
- Byrna Technologies Inc (BYRN) reported a record $20.9 million in revenue for Q3 2024, marking a 194% increase from the same period in 2023.
- The company achieved a significant improvement in gross profit margin, reaching 62.4% in Q3 2024 compared to 44.6% in Q3 2023.
- Byrna Technologies Inc (BYRN) has maintained profitability with a net income of $1 million in Q3 2024, a substantial improvement from a net loss of $4.1 million in Q3 2023.
- The company's direct-to-consumer (DTC) sales channel, which is its highest margin channel, accounted for 74% of total sales in Q3 2024.
- Byrna Technologies Inc (BYRN) has no current or long-term debt, providing financial stability and flexibility for future growth initiatives.
- Operating expenses increased to $12.2 million in Q3 2024 from $7.3 million in Q3 2023, driven by higher variable selling costs and increased marketing spend.
- The company anticipates a potential negative impact on margins due to promotional sales during the holiday season.
- Despite strong sales growth, Byrna Technologies Inc (BYRN) faces challenges in scaling production to meet increasing demand, necessitating the addition of a second production shift.
- The company's expansion into new advertising channels and increased marketing spend may not immediately translate into proportional sales growth.
- Byrna Technologies Inc (BYRN) is cautious about providing official guidance due to uncertainties in maintaining the current growth momentum.
Good morning, and welcome to Byrna's fiscal third-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 are the company's CEO, Bryan Ganz; and CFO, Lauri Kearnes. Following the remarks, we'll open the call to questions. Earlier today, Byrna released results for its fiscal third quarter ended August 31, 2024. A copy of the press release is available on the company's website.
Before I turn 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. Actual results could differ materially from the statements made today. Please refer to Byrna's 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 obligations 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
