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    SEC Form 10-Q filed by Byrna Technologies Inc.

    4/10/25 8:30:26 AM ET
    $BYRN
    Industrial Machinery/Components
    Miscellaneous
    Get the next $BYRN alert in real time by email
    byrn20250228_10q.htm
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    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    FORM 10-Q

     

    ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    For the quarterly period ended February 28, 2025

     

    ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    For the transition period from _________ to _________

     

    Commission File No. 333-132456 

     

    Byrna Technologies Inc.

    (Exact name of registrant as specified in its charter)

       

    Delaware

     

    71-1050654

    (State or other jurisdiction of incorporation or

     

    (I.R.S. Employer Identification No.)

    organization)

      

    100 Burtt Road, Suite 115

    Andover, MA 01810

    (Address of Principal Executive Offices, including zip code)

       

    (978) 868-5011

    (Registrant’s telephone number, including area code)

     

    Securities registered pursuant to Section 12(b) of the Act:

     

    Title of each class

    Trading Symbol(s)

    Name of each exchange on which registered

    Common stock, $0.001, par value per share

    BYRN

    Nasdaq Capital Market 

     

    Securities registered pursuant to Section 12(g) of the Act: None.

     

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

     

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes ☒ No ☐

     

    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

     

    Large accelerated filer   ☐                              Accelerated filer  ☐     

    Non-accelerated filer  ☒                                 Smaller reporting company ☒      

                             Emerging growth company ☐

     

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

     

    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

     

    As of April 10, 2025, the Company had 22,667,235 outstanding shares of common stock.

     

     

     

     

     

    TABLE OF CONTENTS

     

     

    Page

       

    PART 1 – FINANCIAL INFORMATION

    2

         

    Item 1.

    Condensed Consolidated Financial Statements

    2

         
     

    Condensed Consolidated Balance Sheets as of February 28, 2025 (unaudited) and November 30, 2024

    2

         
     

    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the Three Months Ended February 28, 2025 and February 29, 2024 (unaudited)

    3

         
     

    Condensed Consolidated Statements of Cash Flows for the Three Months Ended February 28, 2025 and February 29, 2024 (unaudited)

    4

         
     

    Condensed Consolidated Statements of Changes in Stockholders’ Equity for the Three Months Ended February 28, 2025 and February 29, 2024 (unaudited)

    5

         
     

    Notes to Condensed Consolidated Financial Statements

    6

         

    Item 2.

    Management’s Discussion and Analysis of Financial Condition and Results of Operations

    19

         

    Item 3.

    Quantitative and Qualitative Disclosures about Market Risk

    24

         

    Item 4.

    Controls and Procedures

    24

         

    PART II – OTHER INFORMATION

    25

         

    Item 1.

    Legal Proceedings

    25

         

    Item 1A.

    Risk Factors

    25

         

    Item 2.

    Unregistered Sales of Equity Securities and Use of Proceeds

    25

         

    Item 3.

    Defaults Upon Senior Securities

    25

         

    Item 4.

    Mine Safety Disclosures

    25

         

    Item 5.

    Other Information

    25

         

    Item 6.

    Exhibits

    26

         

    SIGNATURES

    27

     

     

     

     

    1

     

     

    PART 1 – FINANCIAL INFORMATION

     

    ITEM 1.

    Condensed Consolidated Financial Statements

     

     

    BYRNA TECHNOLOGIES INC. 

    Condensed Consolidated Balance Sheets 

    (Amounts in thousands, except share and per share data)

     

      

    February 28,

      

    November 30,

     
      

    2025

      

    2024

     
      

    Unaudited

         

    ASSETS

            

    CURRENT ASSETS

            

    Cash and cash equivalents

     $7,669  $16,829 

    Accounts receivable, net

      2,900   2,630 

    Inventory, net

      23,182   19,972 

    Prepaid expenses and other current assets

      3,441   2,623 

    Marketable debt securities

      11,620   8,904 

    Total current assets

      48,812   50,958 

    LONG TERM ASSETS

            

    Deposits for equipment

      3,669   2,665 

    Right-of-use-asset, net

      2,218   2,452 

    Property and equipment, net

      4,651   3,408 

    Intangible assets, net

      3,273   3,337 

    Goodwill

      2,258   2,258 

    Deferred tax asset

      5,468   5,837 

    Other assets

      689   1,007 

    TOTAL ASSETS

     $71,038  $71,922 
             

    LIABILITIES

            

    CURRENT LIABILITIES

            

    Accounts payable and accrued liabilities

     $11,182  $13,108 

    Operating lease liabilities, current

      572   539 

    Deferred revenue, current

      483   1,791 

    Total current liabilities

      12,237   15,438 

    LONG TERM LIABILITIES

            

    Deferred revenue, non-current

      11   17 

    Operating lease liabilities, non-current

      1,963   2,098 

    Total liabilities

      14,211   17,553 
             

    COMMITMENTS AND CONTINGENCIES (NOTE 21)

              
             

    STOCKHOLDERS’ EQUITY

            

    Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued

      —   — 

    Common stock, $0.001 par value, 50,000,000 shares authorized. 25,182,452 shares issued and 22,667,235 shares outstanding as of February 28, 2025, and 25,010,976 shares issued and 22,495,759 outstanding as of November 30, 2024

      25   25 

    Additional paid-in capital

      133,895   133,029 

    Treasury stock (2,515,217 shares purchased as of February 25, 2025 and November 30, 2024, respectively)

      (21,253)  (21,253)

    Accumulated deficit

      (55,121)  (56,783)

    Accumulated other comprehensive loss

      (719)  (649)
             

    Total Stockholders’ Equity

      56,827   54,369 
             

    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

     $71,038  $71,922 

     

    See accompanying notes to the unaudited condensed consolidated financial statements.

     

    2

     

     

    BYRNA TECHNOLOGIES INC.

    Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

    (Amounts in thousands except share and per share data)

    (Unaudited)

     

     

     

      

    For the Three Months Ended

     
      

    February 28,

      

    February 29,

     
      

    2025

      

    2024

     

    Net revenue

     $26,190  $16,654 

    Cost of goods sold

      10,266   7,015 

    Gross profit

      15,924   9,639 

    Operating expenses

      14,228   9,803 

    INCOME (LOSS) FROM OPERATIONS

      1,696   (164)

    OTHER INCOME (EXPENSE)

            

    Foreign currency transaction loss

      (80)  (58)

    Interest income

      186   280 

    Loss from joint venture

      -   (42)

    Other income

      -   1 

    INCOME BEFORE INCOME TAXES

      1,802   17 

    Income tax provision

      (140)  - 

    NET INCOME

      1,662   17 
             

    Foreign exchange translation adjustment

      (130)  (115)

    Unrealized gain on marketable debt securities

      60   - 

    COMPREHENSIVE INCOME (LOSS)

     $1,592  $(98)
             

    Basic net income per share

     $0.07  $0.00 

    Diluted net income per share

     $0.07  $0.00 
             

    Weighted-average number of common shares outstanding - basic

      22,587,099   22,035,249 

    Weighted-average number of common shares outstanding - diluted

      24,098,635   22,838,827 

     

    See accompanying notes to the unaudited condensed consolidated financial statements.

     

    3

     

     

     

    BYRNA TECHNOLOGIES INC. 

    Condensed Consolidated Statements of Cash Flows

    (Amounts in thousands) 

    (Unaudited) 

     

     

      

    For the Three Months Ended

     
      February 28,  February 29, 
      

    2025

      

    2024

     

    CASH FLOWS FROM OPERATING ACTIVITIES

            

    Net income for the period

     $1,662  $17 

    Adjustments to reconcile net income to net cash provided by (used in) operating activities:

            

    Stock-based compensation expense

      840   938 

    Depreciation and amortization

      440   338 

    Amortization of debt issuance costs

      —   4 

    Operating lease costs

      234   117 

    Loss from joint venture

      —   42 

    Deferred tax (benefit) provision

      369   — 

    Changes in assets and liabilities:

            

    Accounts receivable

      (270)  1,409 

    Deferred revenue

      (1,315)  731 

    Inventory

      (3,210)  1,762 

    Prepaid expenses and other current assets

      (460)  (263)

    Other assets

      (40)  — 

    Accounts payable and accrued liabilities

      (1,925)  (1,027)

    Operating lease liabilities

      (102)  (126)

    NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

      (3,777)  3,942 
             

    CASH FLOWS FROM INVESTING ACTIVITIES

            

    Purchases of property and equipment

      (2,642)  (171)

    Purchases of marketable debt securities

      (2,656)   

    NET CASH USED IN INVESTING ACTIVITIES

      (5,298)  (171)
             

    CASH FLOWS FROM FINANCING ACTIVITIES

            

    Proceeds from stock option exercises

      93   10 

    Payment of taxes withheld on issuance of restricted stock units

      (67)  — 

    NET CASH PROVIDED BY FINANCING ACTIVITIES

      26   10 

    Effects of foreign currency exchange rate changes

      (111)  (103)

    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS FOR THE PERIOD

      (9,160)  3,678 

    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

      16,829   20,498 

    CASH AND CASH EQUIVALENTS, END OF PERIOD

     $7,669  $24,176 
             

     

    See accompanying notes to the unaudited condensed consolidated financial statements.

     

    4

     

     

     

    BYRNA TECHNOLOGIES INC. 

    Condensed Consolidated Statements of Changes in Stockholders’ Equity

    For the Three Months Ended February 28, 2025 and February 29, 2024

    (Amounts in thousands except share numbers)

    (Unaudited)

     

              

    Additional

      

    Treasury

          

    Accumulated Other

         
      

    Common Stock

      

    Paid-in

      

    Stock

      

    Accumulated

      

    Comprehensive

         
      

    Shares

      

    $

      

    Capital

      

    Shares

      

    $

      

    Deficit

      

    Loss

      

    Total

     

    Balance, November 30, 2024

      25,010,976  $25  $133,029   (2,515,217) $(21,253) $(56,783) $(649) $54,369 

    Stock-based compensation

      —   —   840   —   —   —   —   840 

    Issuance of common stock pursuant to exercise of stock options

      74,551   —   93   —   —   —   —   93 

    Issuance of common stock pursuant to vesting of restricted stock units

      96,925   —   (67)  —   —   —   —   (67)

    Net income

      —   —   —   —   —   1,662   —   1,662 

    Unrealized gain on marketable securities

      —   —   —   —   —   —   60   60 

    Foreign currency translation

      —   —   —   —   —   —   (130)  (130)

    Balance, February 28, 2025

      25,182,452  $25  $133,895   (2,515,217) $(21,253) $(55,121) $(719) $56,827 
                                     

    Balance, November 30, 2023

      24,168,014  $24  $130,426   (2,165,987) $(17,500) $(69,575) $(1,056) $42,319 

    Stock-based compensation

      —   —   938   —   —   —   —   938 

    Issuance of common stock pursuant to exercise of stock options

      167,967   —   10   —   —   —   —   10 

    Issuance of common stock pursuant to vesting of restricted stock units

      39,773   —   —   —   —   —   —   — 

    Net income

      —   —   —   —   —   17   —   17 

    Foreign currency translation

      —   —   —   —   —   —   (115)  (115)

    Balance, February 29, 2024

      24,375,754  $24  $131,374   (2,165,987) $(17,500) $(69,558) $(1,171) $43,169 

     

    See accompanying notes to the unaudited condensed consolidated financial statements.
     

    5

     

     

    BYRNA TECHNOLOGIES INC. 

    Notes to Condensed Consolidated Financial Statements (Unaudited)

    For the three months ended February 28, 2025 and February 29, 2024

     

    1.

    NATURE OF OPERATIONS

     

    Byrna Technologies Inc. (the “Company” or “Byrna”) is a technology company, specializing in next generation alternatives to traditional firearms without the risk of taking a life.  The Company's launchers can be used for self-defense and personal security by consumers in all 50 states without a firearms license, subject to local regulations. The Company also sells accessories, pepper sprays, and other personal safety tools. Most of the sales are to consumers in the United States via the Company's e-commerce site, its Amazon storefront, its four Company owned brick and mortar locations, and through retailers, including big box stores.  The Company's products also may be sold to private security and public security officers. Since 2020, the Company has not manufactured or sold any products to or for use by the military. The Company operates two manufacturing facilities, a 30,000 square foot facility located in Fort Wayne, Indiana and a 20,000 square foot manufacturing facility located in Pretoria, South Africa.

     

    2.

    OPERATIONS AND MANAGEMENT PLANS

     

    From inception to February 28, 2025, the Company has incurred an accumulated deficit of approximately $55.1 million.  The Company has funded operations through the issuance of the Company's common stock par value $0.001 per share (“Common Stock”) until reaching profitability. The Company generated net income of $1.7 million for the three months ended February 28, 2025.  The Company’s future success is dependent upon its ability to continue to raise sufficient capital or generate adequate revenues, to cover its ongoing operating expenses, and also to continue to develop and be able to profitably market its products. 

     

    3.

    BASIS OF PRESENTATION

     

    These unaudited condensed consolidated financial statements for the three months ended February 28, 2025 and February 29, 2024 include the accounts of the Company and its subsidiaries. These unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles in the United States of America (“GAAP”); however, such information reflects all adjustments consisting solely of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods.   All significant intercompany accounts and transactions have been eliminated in consolidation.

     

    The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto together with management’s discussion and analysis of financial condition and results of operations contained in the Company's annual report on Form 10-K for the year ended November 30, 2024. In the opinion of management, the accompanying unaudited condensed consolidated financial statements, the results of its operations for the three months ended February 28, 2025 and February 29, 2024, and its cash flows for the three months ended February 28, 2025 and February 29, 2024 are not necessarily indicative of results to be expected for the full year.

     

    6

     
     
     

    4.

    USE OF ESTIMATES

     

    The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may be material to our condensed consolidated financial statements. Significant estimates include assumptions about stock-based compensation expense, valuation for deferred tax assets, incremental borrowing rate on leases, useful life of long-lived assets, inventory reserves, and allowance for credit losses. 

     

    5.

    RECENT ACCOUNTING GUIDANCE

     

    The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). ASUs not discussed below were assessed and determined to be either not applicable or are expected to have minimal impact on the financial statements.

     

    Accounting Pronouncements Issued but Not Adopted

     

    The FASB also issued ASU 2023-07: Segment Reporting Topic 280 - Improvements to Reportable Segment Disclosures. This update requires expanded annual and interim disclosures for significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. This update will be effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and is to be applied retrospectively to all periods presented in the financial statements. The Company believes the adoption of ASU 2023-07 will not have a material impact on the consolidated financial statements.

     

    In 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update standardizes categories for the effective tax rate reconciliation, requires disaggregation of income taxes and additional income tax-related disclosures. This update is required to be effective for the Company for fiscal years beginning after December 15, 2024. The Company is evaluating the effect that ASU 2023-09 will have on its financial statements and disclosures.

     

    In March 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (as clarified by ASU 2025-01). This guidance focuses on the disaggregation of income statement expenses. This update requires entities to provide more detailed disclosures about the components of significant expense categories, enhancing the transparency and decision-usefulness of financial statements. The objective is to provide users with a clearer understanding of the nature and variability of expenses reported in the income statement. The standard is effective for annual periods of fiscal years beginning after December 15, 2026, and interim periods in years beginning after December 15, 2027 with early adoption permitted. The Company is currently assessing the impact of ASU 2024-03 on our financial statement disclosures. While we anticipate that the adoption of this standard will require additional disclosures, we do not expect it to have a material impact on our financial position or results of operations.

     

     

    7

     
     
     
    6.

    Goodwill

     

    Goodwill resulting from a business combination is not amortized but is reviewed for impairment annually or more frequently when events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company has the option to perform a qualitative assessment over goodwill when events occur or circumstances change that would, more likely than not, reduce the fair value of a reporting unit or to bypass the qualitative assessment in any period and proceed directly to performing the quantitative goodwill impairment test. If the Company concludes, based on the qualitative assessment, that the carrying value of a reporting unit would more likely than not exceed its fair value, a quantitative assessment is performed which is based upon a comparison of the reporting unit’s fair value to its carrying value. The fair values used in this evaluation are estimated by the Company based upon future discounted cash flow projections for the reporting unit. An impairment charge is recognized for any amount by which the carrying amount of goodwill exceeds its fair value.

     

    The Company assesses goodwill for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment, referred to as a component. The Company’s operations constitute a single reporting unit and goodwill is assessed for impairment at the Company level as a whole.

     

     

     

     

    7.

    MARKETABLE DEBT SECURITIES

     

    Marketable debt securities consist of U.S. Treasury Securities and Corporate Bonds. Management determines the appropriate classification of these securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its investments as available-for-sale pursuant to ASC 320, Investments—Debt and Equity Securities. Investments are recorded at fair value, with unrealized gains and losses included as a component of accumulated other comprehensive income (loss) in stockholders’ equity and a component of total comprehensive loss in the consolidated statements of operations and comprehensive income (loss), until realized. Realized gains and losses are included in investment income on a specific-identification basis. The Company estimates expected credit losses for investments when unrealized losses exist. Unrealized losses that are credit related are recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and unrealized losses that are not credit related are recognized in accumulated other comprehensive income (loss). There were no realized gains or losses on investments for the months ended February 28, 2025. For the three months ended February 28, 2025, there were net unrealized gains on marketable debt securities of $0.1 million.

     

    The following table summarizes our marketable securities and available-for-sale investments as of February 28, 2025 (in thousands):

     

      

    Cost

      

    Unrealized Gains

      

    Unrealized Losses

      

    Fair Value

      

    Investments

     

    Corporate bonds

     $3,686  $35  $-  $3,721  $3,721 

    U.S. Treasury securities

      7,836   63   -   7,899   7,899 

    Total

     $11,522  $98  $-  $11,620  $11,620 

     

     

     

      

    February 28, 2025

     
      

    Cost

      

    Fair Value

     

    Due within one year or less

     $6,890  $6,964 

    Due after one year through five years

      4,632   4,656 
      $11,522  $11,620 

     

     

    The following table summarizes our marketable securities and available-for-sale investments as of November 30, 2024 (in thousands):

     

      

    Amortized
    Cost

      

    Unrealized
    Gains

      

    Unrealized
    Losses

      

    Fair
    Value

      

    Investments

     

    Corporate bonds

     $2,950  $18  $-  $2,968  $2,968 

    U.S. Treasury securities

      5,889   47   -   5,936   5,936 

    Total

     $8,839  $65  $-  $8,904  $8,904 
     

     

    Fair Value Measurement

     

    The Company follows a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to settle a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:

     

    ● Level 1- Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

    ● Level 2- Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

    ● Level 3- Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

     

     

    The following table summarizes the fair value of marketable debt securities by level within the fair value hierarchy as of February 28, 2025:

     

              

    February 28, 2025

     
              

    Fair Value Measurement Based on

     
              

    Quoted Prices in Active Market

      

    Significant Other Observable Inputs

      

    Significant Unobservable Inputs

     
      

    Cost

      

    Fair Value

      

    (Level 1)

      

    (Level 2)

      

    (Level 3)

     

    Cash equivalents

     $4,334  $4,334  $4,334  $-  $- 

    Corporate bonds

      3,686   3,721   -   3,721   - 

    U.S. Treasury securities

      7,836   7,899   -   7,899   - 

    Total

     $15,856  $15,954  $4,334  $11,620  $- 

     

     

    The following table summarizes the fair value of marketable debt securities by level within the fair value hierarchy as of November 30, 2024:

     

              

    November 30, 2024

     
              

    Fair Value Measurement Based on

     
              

    Quoted Prices in Active Market

      

    Significant Other Observable Inputs

      

    Significant Unobservable Inputs

     
      

    Cost

      

    Fair Value

      

    (Level 1)

      

    (Level 2)

      

    (Level 3)

     

    Cash equivalents

     $11,304  $11,304  $11,304  $-  $- 

    Corporate bonds

      2,950   2,968   -   2,968   - 

    U.S. Treasury securities

      5,889   5,936   -   5,936   - 

    Total

     $20,143  $20,208  $11,304  $8,904  $- 

     

     

    8

     
     
     

    8.

     INVESTMENT IN JOINT VENTURE


    In January 2023, the Company acquired a 51% ownership interest in Byrna LATAM, a corporate joint venture formed to expand the Company’s operations and presence in South American markets, for $0.5 million. The Company accounted for the investment in the joint venture using the equity method since the Company did not have voting control of Byrna LATAM.  Additionally, the Company did not have substantive participating rights that would result in the Company having control of Byrna LATAM.

     

    On August 19, 2024, the Company sold its 51% ownership interest to Fusady S.A. for $1 (the “LATAM Share Purchase Agreement”) and entered into an exclusive distribution, manufacturing and licensing agreement with Byrna LATAM (the “LATAM Licensing Agreement”). This LATAM Licensing Agreement allows Byrna LATAM to exclusively manufacture the Byrna SD launcher and ammunition in certain South American countries and requires Byrna LATAM to pay the Company a royalty on Byrna products manufactured. The amount of royalty earned during the three months ended February 28, 2025 and outstanding as of February 28, 2025 and November 30, 2024, was not material. The LATAM Share Purchase Agreement also includes put and call rights based on defined triggers which expire on August 19, 2029.

     

    In January 2023, the Company loaned $1.6 million to Byrna LATAM. The loan bore interest at a rate equal to Secured Overnight Financing Rate ("SOFR") plus 3.0%. Interest income related to the loan receivable was less than $0.1 million and $0.1 million for the three months ended February 28, 2025 and February 29, 2024 respectively. The interest income is included in interest income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). On August 19, 2024, the loan was amended to fix the loan amount at $1,431,112 plus accrued interest of $203,373 for a total loan amount of $1,634,485. The loan bears an annual rate of interest of 5% per annum. The loan will be repaid in twelve equal installments starting on August 19, 2025. The loan receivable was recorded as loan to joint venture in the Consolidated Balance Sheets until the consummation of the LATAM Share Purchase Agreement at which time the Company recorded the current portion of the loan as part of Prepaid expenses and other current assets and the non-current portion is recorded as part of the Other assets on the Condensed Consolidated Balance Sheet as of February 28, 2025 and November 30, 2024.

     

     

    9.

     ADVERTISING COSTS

     

    Advertising costs are expensed as incurred and reported in Operating Expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), and include costs of advertising, tradeshows, and other activities designed to enhance demand for the Company's products.  The Company recorded advertising costs of approximately $4.0 million for the three months ended February 28, 2025, and $2.8 million for the three months ended February 29, 2024.

     

     

    10.

    REVENUE, DEFERRED REVENUE AND ACCOUNTS RECEIVABLE

     

    The Company generates most of its revenue through e-commerce portals to consumers, as well as wholesale distribution of its products and accessories to dealers/distributors and retail stores.  The Company also sells products to large end-users such as private security companies and law enforcement agencies.  The Company does not manufacture or sell any products regulated by the Bureau of Alcohol, Tobacco, Firearms and Explosives or for military applications. Revenue is recognized upon transfer of control of goods to the customer, which generally occurs when title to goods is passed and risk of loss transfers to the customer. Depending on the contract terms, transfer of control is upon shipment of goods to or upon the customer’s pick-up of the goods. Payment terms to customers other than e-commerce customers are generally 30-60 days for established customers, whereas new wholesale and large end-user customers have prepaid terms for their first order. The amount of revenue recognized is net of returns and discounts that the Company offers to its customers. Products purchased include a standard warranty that cannot be purchased separately. This allows customers to return defective products for repair or replacement within one year of sale. The Company also sells an extended warranty for the same terms over three years. The extended 3-year warranty can be purchased separately from the product and is classified as a service warranty. Since a warranty for the first year after sale is included and non-separable from all launcher purchases, the Company considers this extended warranty to represent a service obligation during the second and third years after sale. Therefore, the Company accumulates billings of these transactions on the balance sheet as deferred revenue, to be recognized on a straight-line basis during the second and third year after sale. The Company recognizes an estimated reserve based on its analysis of historical experience, and an evaluation of current market conditions. 

     

    The Company offers e-commerce customers a 14-day money-back guarantee, which allows for a full refund of the purchase price, excluding shipping charges, within 14 days from the date of delivery.  The right of return creates a variable component to the transaction price and needs to be considered for any possible constraints. The Company estimates returns using the expected value method, as there will likely be a range of potential return amounts. The Company’s reserve for returns under the 14-day money back guarantee for the three months ended February 28, 2025 and February 29, 2024 was immaterial.

     

    The Company does not offer a money-back guarantee to dealers or retailers. These customers  may request a return or credit for unforeseen reasons or may have agreed discounts or allowances to be netted from amounts invoiced. Accordingly, the Company reserves for returns, discounts and allowances based on past performance and on agreement terms and reports revenue net of the estimated reserve.  The Company's reserve for returns, discounts, and allowances for the three months ended February 28, 2025 and February 29, 2024 was immaterial.

     

    The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. Shipping and handling costs associated with the distribution of finished products to customers, are recorded in operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and are recognized when the product is shipped to the customer.

     

    Included as cost of goods sold are costs associated with the production and procurement of products, such as labor and overhead, inbound freight costs, manufacturing depreciation, purchasing and receiving costs, and inspection costs.

     

    Accounts Receivable

     

    The Company records accounts receivables due from dealers/distributers, large end-users such as retail stores, security companies, and law enforcement agencies.  Accounts receivable, net of allowances, was $2.9 million, $2.6 million and $2.9 million as of  February 28, 2025,  November 30, 2024, and  November 30, 2023, respectively.

     

    Allowance for Expected Credit Losses

     

    The Company estimates the balance of its allowance for expected credit losses. In determining the amount of the allowance for credit losses, the Company considers historical collectability based on past due status and makes judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considers customer-specific information, current market conditions, and reasonable and supportable forecasts of future economic conditions. Account balances are written off against the allowance when it is determined that the receivable will not be recovered. As of February 28, 2025,  November 30, 2024, and November 30, 2023, the total allowance for credit losses recorded was less than $0.1 million, $0.3 million and $0.6 million, respectively.  

     

    9

     
     

    Deferred Revenue

     

    The balance of deferred revenue, which relate to advance payments, unfulfilled e-commerce orders and amounts to be recognized under extended 3-year service warranty, as of  February 28, 2025 and  February 29, 2024 was $0.5 million and $2.7 million, respectively, and $1.8 million and $1.9 million as of  November 30, 2024 and 2023, respectively.

     

      

    February 28,

      

    November 30,

     
      

    2025

      

    2024

     

    Deferred revenue balance, beginning of period

     $1,808  $1,936 

    Net additions to deferred revenue during the period

      16,155   66,120 

    Reductions in deferred revenue for revenue recognized during the period

      (17,469)  (66,248)

    Deferred revenue balance, end of period

      494   1,808 

    Less current portion

      483   1,791 

    Deferred revenue, non-current

     $11  $17 

     

    Revenue Disaggregation

     

    The following table presents disaggregation of the Company’s revenue by distribution channel (in thousands):

     

      

    Three Months Ended

     
      

    February 28,

      

    February 29,

     

    Distribution channel

     

    2025

      

    2024

     

    Wholesale (dealer/distributors)

     $6,029  $3,553 

    E-commerce (direct to consumers)

      20,161   13,101 

    Total

     $26,190  $16,654 
       
     

    11.

    INVENTORY

     

    The following table summarizes inventory (in thousands):

     

      

    February 28,

      

    November 30,

     
      

    2025

      

    2024

     

    Raw materials

     $10,872  $10,307 

    Work in process

      3,575   3,433 

    Finished goods

      8,735   6,232 

    Total

     $23,182  $19,972 

     

     

    12.

    PROPERTY AND EQUIPMENT

     

    The following table summarizes cost and accumulated depreciation (in thousands):

     

      

    February 28,

      

    November 30,

     
      

    2025

      

    2024

     

    Computer equipment and software

     $804  $791 

    Furniture and fixtures

      340   276 

    Leasehold improvements

      1,473   1,048 

    Machinery and equipment

      5,201   4,095 
       7,818   6,210 

    Less: accumulated depreciation

      3,167   2,802 

    Total

     $4,651  $3,408 

     

    The Company recognized $0.4 million and $0.2 million in depreciation expense during the three months ended February 28, 2025 and February 29, 2024, respectively. Depreciation expense is presented in the operating expenses and within cost of goods sold in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

     

    At February 28, 2025 and November 30, 2024, the Company had deposits of $3.7 million and $2.7 million, respectively, with vendors primarily for supply of machinery (molds) and equipment where the vendors have not completed the supply of these assets and is presented as Deposits for equipment in the Condensed Consolidated Balance Sheets.

     

    10

     
     
     

    13.

    INTANGIBLE ASSETS

     

    The components of intangible assets were as follows (in thousands):

     

          

    Balance at February 28, 2025

      

    Balance at November 30, 2024

     
      

    Estimated Useful Lives in Years

      

    Gross Carrying Amount

      

    Accumulated Amortization

      

    Net Carrying Amount

      

    Gross Carrying Amount

      

    Accumulated Amortization

      

    Net Carrying Amount

     

    Patents

      10-17  $3,955  $(1,042) $2,913  $3,955  $(978) $2,977 

    Trademarks

     

    Indefinite

       360   —   360   360   —   360 

    Customer List

      2   70   (70)  —   70   (70)  — 

    Total

         $4,385  $(1,112) $3,273  $4,385  $(1,048) $3,337 

     

    The trademarks have an indefinite life and are assessed annually for impairment.  All other intangible assets are finite-lived.

     

    Intangible assets amortization expenses are recorded within operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).  Total intangible assets amortization expense for the three months ended February 28, 2025 and February 29, 2024 were $0.1 million and $0.1 million, respectively. 

     

    Estimated future amortization expense related to intangible assets as of February 28, 2025 are as follows (in thousands):

     

    Fiscal Year Ending November 30,

        

    2025 (remaining nine months)

     $192 

    2026

      257 

    2027

      257 

    2028

      257 

    2029

      257 

    Thereafter

      1,693 

    Total

     $2,913 

     

     

    14.

    ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

     

    The Company’s accounts payable and accrued liabilities consist of the following (in thousands):

     

      

    February 28,

      

    November 30,

     
      

    2025

      

    2024

     

    Trade payables

     $8,272  $7,715 

    Accrued sales and use tax

      436   570 

    Accrued personnel costs

      1,974   4,193 

    Accrued professional fees

      322   124 

    Other accrued liabilities

      178   506 

    Total

     $11,182  $13,108 

     

    11

     
     

     

     

    15.

    STOCKHOLDERS' EQUITY

     

    Stock Buyback Program

    On July 31, 2024, the Company's Board of Directors approved a plan to buy back up to $10 million worth of shares of Common Stock (the “Stock Buyback Program”).  The Company's Stock Buyback Plan is intended to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards.  The Stock Buyback Program will expire on the sooner of the two-year anniversary of its initiation or until the Company reaches the aggregate limit of $10 million for the repurchases under the program.  The repurchased shares are recorded as part of treasury stock and are accounted for under the cost method. No repurchases were made during the three months ended February 28, 2025. As of February 28, 2025, 0.3 million shares of common stock have been repurchased for $3.8 million.

     

     

     

    12

     
     
     

    16.

    STOCK-BASED COMPENSATION

     

    2020 Plan

    On October 23, 2020, the Company's Board of Directors approved and on November 19, 2020, the stockholders approved the Byrna Technologies Inc. 2020 Equity Incentive Plan (the “2020 Plan”). The aggregate number of shares of Common Stock available for issuance in connection with options and other awards granted under the 2020 Plan is 3,800,000 shares. The 2020 Plan is administered by the Compensation Committee of the Board. The Compensation Committee determines the persons to whom options to purchase shares of Common Stock, stock appreciation rights (“SARs”), restricted stock units (“RSUs”), and restricted or unrestricted shares of Common Stock may be granted. Persons eligible to receive awards under the 2020 Plan are employees, officers, directors, consultants, advisors and other individual service providers of the Company. Awards are at the discretion of the Compensation Committee.

     

    The Company accounts for all stock-based payment awards granted to employees and non-employees as stock-based compensation expense at their grant date fair value. The Company’s stock-based payments include stock options, RSUs, and incentive warrants. The measurement date for employee awards is the date of grant, and stock-based compensation costs are recognized as expense over the employees’ requisite service period, on a straight-line basis. The measurement date for non-employee awards is generally the date the services were completed, resulting in financial reporting period adjustments to stock-based compensation during either the expected term or the contractual term. Stock-based compensation costs for non-employees are recognized as expense over the vesting period on a straight-line basis. Forfeitures are accounted for as they occur.

     

    The fair value of each grant is estimated on the date of grant by using either the Black-Scholes, Binomial Lattice, or the quoted stock price on the date of grant, unless the awards are subject to market conditions in which case the Company uses the Monte Carlo simulation model. Due to the Company’s limited history, the expected term of the Company’s stock options granted to employees has been determined utilizing the method as prescribed by the SEC’s Staff Accounting Bulletin, Topic 14. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends on Common Stock and does not expect to pay any cash dividends in the foreseeable future.

     

    Stock-Based Compensation Expense

    Stock-based compensation costs are recognized as expense over the employee's requisite service period, on a straight-line basis. Total stock-based compensation expense was $0.8 million and $0.9 million for the three months ended February 28, 2025 and February 29, 2024, respectively. Total stock-based compensation expense was recorded in Operating expenses in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

     

    Restricted Stock Units

     

    During the three months ended February 28, 2025 the Company did not grant RSUs. During the three months ended February 29, 2024, the Company granted 600,000 of the RSU's with a “double trigger” for vesting based on stock price and time, as follows: (1) one-third of the RSUs would be triggered when the Company’s stock trades above $6.00 on a 20-day VWAP, the second one-third of the RSUs would be triggered when the Company’s stock trades above $9.00 on a 20-day VWAP, and the final one-third of the RSUs would be triggered when the stock trades above $12.00 on a 20-day VWAP and (2) the employee must remain employed by the Company for three years from the effective date for the RSUs to vest. The Company granted 97,974 time-based RSU's during the three months ended February 29, 2024. Stock-based compensation expense for the RSUs for the three months ended February 28, 2025 and February 29, 2024 was $0.4 million and $0.5 million, respectively.

     

    13

     
     

    The assumptions that the Company used in a Monte Carlo simulation model to determine the grant-date fair value of RSUs granted with a double trigger for the three months ended February 29, 2024 were as follows:

     

    Risk free rate

      4.33%

    Expected dividends

     $— 

    Expected volatility

      33%

    Expected life (in years)

      2.7 

    Market price of the Company’s Common Stock on date of grant

     $6.03 

     

    As of  February 28, 2025, there was $2.0 million of unrecognized stock-based compensation cost related to unvested RSUs which is expected to be recognized over a weighted average of 1.4 years. 

     

    The following table summarizes the RSU activity during the three months ended February 28, 2025:

     

      

    RSUs

     

    Unvested and outstanding as of November 30, 2024

      915,230 

    Granted

      — 

    Settled

      (97,197)

    Forfeited

      — 

    Unvested and outstanding at February 28, 2025

      818,033 

     

    Of the 97,197 restricted units issued, 272 units were returned to the Company in exchange for the Company paying for the payroll withholding taxes. For the three months ended February 28, 2025, RSUs of 96,925, net, were issued.

     

    Stock Options

    The Company recorded stock-based compensation expense for options granted to its employees and directors of $0.4 million and $0.4 million during the three months ended February 28, 2025 and February 29, 2024, respectively. As of February 28, 2025, there was $0.9 million of unrecognized stock-based compensation cost related to unvested stock options which is expected to be recognized over a weighted average period of 1.3 years.

     

    Stock Option Valuation

    The fair value of stock options at the date of grant was estimated using the Black Scholes option pricing model. The assumptions that the Company used to determine the grant-date fair value of stock options granted for the three months ended February 29, 2024 were as follows:

     

    Risk free rate

      4.10%

    Expected dividends

     $— 

    Expected volatility

      75.75%

    Expected life (in years)

      6.5 

    Market price of the Company’s Common Stock on date of grant

     $6.89 

     

    The following table summarizes option activity under the 2020 Plan during the three months ended February 28, 2025:

     

             
          

    Weighted-Average

     
      

    Stock

      

    Exercise Price Per Stock

     
      

    Options

      

    Option

     

    Outstanding, November 30, 2024

      1,241,839  $9.11 

    Granted

      —   — 

    Exercised

      (102,329)  9.16 

    Expired

      (586)  1.90 

    Forfeited

      —   — 

    Outstanding, February 28, 2025

      1,138,924  $9.13 

    Exercisable, February 28, 2025

      835,092  $9.49 

     

     

    Of the 102,329 shares issued upon exercise of options, 27,778 options were surrendered due to cashless exercise.

     

    14

     
     
     

    17.

    EARNINGS PER SHARE

     

    For the three months ended February 28, 2025 and February 29, 2024, the Company recorded net income and, as such, used diluted weighted-average common shares outstanding when calculating diluted income per share for the three months ended February 28, 2025. Stock options and RSUs that could potentially dilute basic earnings per share (“EPS”) in the future are included in the computation of diluted income per share.

     

      

    For the Three Months Ended

     
      

    February 28,

      

    February 29,

     
      

    2025

      

    2024

     

    Net income

     $1,662  $17 
             

    Weighted-average number of shares used in computing net income per share, basic

      22,587,099   22,035,249 

    Net income per share - basic

     $0.07  $- 

    Weighted-average number of shares used in computing net income per share, diluted

      24,098,635   22,838,827 

    Net income per share - diluted

     $0.07  $- 

     

     

    The following table reconciles the weighted-average common shares outstanding used in the calculation of basic EPS to the weighted-average common shares outstanding used in the calculation of diluted EPS for the three months ended February 28, 2025 and February 29, 2024:

     

      

    For the Three Months Ended

     
      

    February 28,

      

    February 29,

     
      

    2025

      

    2024

     

    Weighted-average common shares outstanding- basic

      22,587,099   22,035,249 

    Assumed conversion of:

            

    Dilutive stock options

      720,689   37,014 

    Dilutive RSUs

      790,847   766,564 

    Weighted-average common share outstanding- diluted

      24,098,635   22,838,827 

     

    The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:

     

      

    For the Three Months Ended

     
      

    February 28,

      

    February 29,

     
      

    2025

      

    2024

     

    Options

      —   1,130,166 

    RSUs

      —   301,667 

    Total

      —   1,431,833 

     

     

    18.

    RELATED PARTY TRANSACTIONS 

     

    The following transactions are in the normal course of operations and are measured at the amount of consideration established and agreed to by related parties. Amounts due to related parties are unsecured, non-interest bearing and due on demand.

     

    The Company subleases office premises at its Massachusetts headquarters to a corporation owned and controlled by the Chief Executive Officer ("CEO") of the Company beginning July 1, 2020, with no stated termination date. Sublease payments received were a nominal amount for the three months ended February 28, 2025 and February 29, 2024.

     

    Fusady is owned, in equal 25% shares, by four individual investors. These four individuals also each own 25% of Bersa S.A. Bersa S.A. is a distributor of the Company’s products in Argentina. There were no sales to Bersa S.A. during the three months ended February 28, 2025 and February 29, 2024. Because of the divesture of the joint venture in August 2024 (see Note 8), Fusady is no longer considered a related party.

     

    15

     
     
     

    19.

    LEASES

     

    Operating Leases

    The Company has operating leases for real estate in the United States and South Africa and does not have any finance leases.

     

    In 2019, the Company entered into a real estate lease for office space in Andover, Massachusetts.  In August 2021, the lease was amended to include additional space and extend the term of the existing space by one year. The new lease expiration date is February 29, 2028.  

     

    The Company leases office and warehouse space in South Africa. The Company has exercised its right to extend the lease for an additional year. The lease, which was originally set to expire in December 2024, was extended to December 2025.

     

    The Company leased warehouse and manufacturing space in Fort Wayne, Indiana. The lease was to expire on July 31, 2025. Commencing in August 2022, the Company sub-leased the former Fort Wayne facility.  The amount received from the sub-lease was immaterial.  In March 2024, the Company terminated the lease and sublease. 

     

    Commencing in July 2024, the Company entered into a new operating lease for warehouse and retail office space located in Fort Wayne, Indiana. The lease term is for seven years, commencing on July 15, 2024 and expiring on July 14, 2029. As of February 28, 2025, the total right-of-use asset amounting to $0.3 million and the corresponding lease liability of $0.3 million are reflected in the Company's financial statements.

     

    The Company also leases office space in Las Vegas, Nevada, which expires on January 31, 2027. The base rent is less than $0.1 million per month.

     

    Commencing in August 2024, the Company entered into a new operating lease for retail office space located in Salem, New Hampshire. The lease term is for seven years, commencing on August 22, 2024 and expiring on August 21, 2029. As of February 28, 2025, the total right-of-use asset amounting to $0.1 million and the corresponding lease liability of $0.1 million are reflected in the Company's financial statements.

     

    Commencing in August 2024, the Company entered into a new operating lease for retail office space located in Scottsdale, Arizona. The lease term is for ten years, commencing on August 27, 2024 and expiring on July 31, 2032. As of February 28, 2025, the total right-of-use asset amounting to $0.7 million and the corresponding lease liability of $0.6 million are reflected in the Company's financial statements.

     

    Commencing in November 2024, the Company entered into a new operating lease for retail office space located in Franklin, Tennessee. The lease term is for five and a half years, commencing on November 1, 2024 and expiring on April 30, 2030. As of February 28, 2025, the total right-of-use asset amounting to $0.2 million and the corresponding lease liability of $0.3 million are reflected in the Company's consolidated financial statements.

     

    Certain of the Company’s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company’s balance sheets are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain to not exercise.

     

    For the three months ended February 28, 2025, the elements of lease expense were as follows (in thousands):

     

      

    Three Months Ended

      

    Three Months Ended

     
      

    February 28, 2025

      

    February 29, 2024

     

    Lease Cost:

            

    Operating lease cost

     $181  $160 

    Short-term lease cost

      19   - 

    Total lease cost

     $200  $160 
             

    Other Information:

            

    Cash paid for amounts included in the measurement of operating lease liabilities

     $105  $169 
             

    Operating Leases:

            

    Weighted-average remaining lease term (in years)

          4.6 

    Weighted-average discount rate

          8.0%

     

    Future lease payments under non-cancelable operating leases as of February 28, 2025 are as follows (in thousands):

     

    Fiscal Year Ending November 30,

        

    2025 (nine months)

     $555 

    2026

      773 

    2027

      669 

    2028

      356 

    2029

      266 

    Thereafter

      387 

    Total lease payments

      3,006 

    Less: imputed interest

      471 

    Present value of operating lease liabilities

     $2,535 

    Operating lease liabilities, current

     $572 

    Operating lease liabilities, non-current

     $1,963 

     

    16

     
     
     

    20.

    INCOME TAXES

     

    For the three months ended February 28, 2025, the Company recorded $0.1 million of income tax expense. For the three months ended February 29, 2024, the Company recorded less than $0.1 million of income tax expense. For the three months ended February 28, 2025 and February 29, 2024, the effective tax rate was 6.4% and 0.0%, respectively. The Company’s tax rate differs from the statutory rate of 21.0% due to the effects of state taxes net of federal benefit, the foreign tax rate differential as a result of Byrna South Africa, effects of permanent non-deductible expenses, and other effects.

     

     

    21.

    COMMITMENTS AND CONTINGENCIES

     

    Legal Proceedings

    In the ordinary course of our business, the Company may be subject to certain other legal actions and claims, including product liability, consumer, commercial, tax and governmental matters, which may arise from time to time. The Company does not believe it is currently a party to any pending legal proceedings. Notwithstanding, legal proceedings are subject to inherent uncertainties, and an unfavorable outcome could include monetary damages, and excessive verdicts can result from litigation, and as such, could result in a material adverse impact on the Company’s business, financial position, results of operations, and/or cash flows. Additionally, although the Company has specific insurance for certain potential risks, the Company may in the future incur judgments or enter into settlements of claims which may have a material adverse impact on the Company’s business, financial position, results of operations, and/or cash flows.

     

     

    22.

    SEGMENT AND GEOGRAPHICAL DISCLOSURES

     

    The CEO, who is also the Chief Operating Decision Maker, evaluates the entire business as a single entity, which includes reviewing financial information and making business decisions based on the overall results of the business. As such, the Company’s operations constitute a single operating segment and one reportable segment. 

     

    The tables below summarize the Company’s revenue for the three months ended February 28, 2025 and February 29, 2024, respectively, by geographic region (in thousands):

     

    Revenue:

                        

    Three Months Ended

     

    U.S./Mexico

      

    South Africa

      

    Europe/South America/Asia

      

    Canada

      

    Total

     

    February 28, 2025

     $24,168  $151  $1,329  $542  $26,190 

    February 29, 2024

     $15,538  $63  $517  $536  $16,654 

     

    17

     
     
     

    23.

    FINANCIAL INSTRUMENTS

     

    The Company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s objectives, policies and processes for managing those risks and the methods used to measure them.

     

     

    i)

    Currency Risk

    The Company held its cash balances within banks in the U.S. in U.S. dollars and with banks in South Africa in U.S. dollars and South African rand. The Company’s operations are conducted in the U.S. and South Africa. The value of the South African rand against the U.S. dollar may fluctuate with changes in economic conditions.

     

    During the three months ended February 28, 2025, in comparison to the prior year period, the U.S. dollar on average was stronger in relation to the South African rand, and upon the translation of the Company’s subsidiaries’ revenues, expenses, assets and liabilities held in South African rand.  The Company recorded a translation adjustment loss of $0.1 million related to the South African rand during the three months ended February 28, 2025 and February 29, 2024, respectively.  

     

    The Company’s South African subsidiary revenues, cost of goods sold, operating costs and capital expenditures are denominated in South African rand. Consequently, fluctuations in the U.S. dollar exchange rate against the South African rand increases the volatility of sales, cost of goods sold and operating costs and overall net earnings when translated into U.S. dollars. The Company is not using any forward or option contracts to fix the foreign exchange rates. Using a 10% fluctuation in the U.S. exchange rate, the impact on the income and stockholders’ equity is not material.

     

     

    ii)

    Credit Risk

    Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, marketable securities, accounts receivable, and the loan receivable from Byrna LATAM. The Company maintains cash and cash equivalents with high credit quality financial institutions located in the US and South Africa. The Company maintains cash and cash equivalents balances along with marketable securities with financial institutions in the US in excess of amounts insured by the Federal Deposit Insurance Corporation.

     

    The Company provides credit to its customers in the normal course of its operations. It carries out, on a continuing basis, credit checks on its customers. As of February 28, 2025, three of the Company's customers accounted for approximately 26% of total accounts receivable. As of November 30, 2024, two of the Company's customers accounted for approximately 36% of total accounts receivable.

     

    The Company loaned $1.6 million to Byrna LATAM in January 2023 (see Note 8). The Company determines if an estimate for a credit loss on this loan is needed by considering the financial position of Byrna LATAM, the current economic environment, collections on our accounts receivable balances with Byrna LATAM, as well reasonable and supportable forecasts to support the payment of this loan.  The Company reviews these factors quarterly to determine if any adjustments are needed.  

     

    The Company’s marketable debt securities consist of U.S. Treasury Securities, and Corporate Bonds. The Company’s investment policy limits the amounts the Company may invest in any one type of investment and requires all investments held by the Company to be at least AA-/Aa3 rated, thereby reducing credit risk exposure.

     

     

    18

     
     
     

    ITEM 2.

    Management’s Discussion and Analysis of Financial Condition and Results of Operations

     

    References in this quarterly report on Form 10-Q (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Byrna Technologies Inc. References to our “management” or our “management team” refer to our officers and directors. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

     

    Special Note Regarding Forward-Looking Statements

     

    This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” "may," “estimate,” "opportunity," "could," “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important risk factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of our Annual Report on Form 10-K for the year ended November 30, 2024 filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 7, 2025, as amended on March 31, 2025 (the “2024 10-K”), and the Company’s subsequent filings with the SEC, all of which can be accessed on the EDGAR section of the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, including but not limited to our ability to design, introduce and sell new products, services and features, the impact of any regulatory proceedings or litigation, our ability to protect our intellectual property and compete with existing and new products, the impact of stock compensation expense, dividends, warrant exercises and related accounting, impairment expense and income tax expense on our financial results, our ability to manage our supply chain and avoid production delays, shortages or other factors, including product mix, cost of parts and materials and cost of labor that may impact our gross margins, our ability to retain and incentivize key management personnel, product defects, the success of our entry to new markets, customer purchase behavior and negative media publicity or public perception of our brand or products, restrictions or prohibitions imposed by advertising platforms, loss of customer data, breach of security or an extended outage related to our e-commerce storefronts, including a breach or outage by our third party cloud based storage providers, exposure to international operational risks, delayed cash collections or credit losses, determinations or audits by taxing authorities, changes in government regulations, the impact of existing or future regulation by the Bureau of Alcohol, Tobacco, and Firearms, import and export regulators, or other federal or state authority, or changes in international law in key jurisdictions including South America and South Africa or our inability to obtain needed exemptions from such existing or future regulation.

     

    OVERVIEW

     

    The following discussion and analysis is intended to help you understand us, our operations and our financial performance. It should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes, which are included in Item 1 of this report.

     

    Byrna Technologies is a designer, manufacturer, retailer and distributor of innovative technological solutions for security situations that do not require the use of lethal force. Our mantra is Live Safe, and our core mission is to empower individuals to safely and fully engage in life and adventure. Our design team’s directive is to build easy-to-use self-defense tools to enhance the safety of our customers and their loved ones at home and outdoors. We are also focused on developing tools that can be used instead of firearms by professional law enforcement and private security customers to reduce shootings and facilitate trust between police and the communities they seek to serve. Our strategy is to establish Byrna® as a consumer lifestyle brand associated with the confidence people can achieve by knowing they can protect themselves, their loved ones and those around them. We believe we have a significant opportunity to leverage the Byrna brand to expand our product line, broaden our user base and generate increasing sales from new and existing customers.

     

    19

     

     

    Our business strategy is twofold: (1) to fulfill the growing demand for less-lethal products in the law enforcement, correctional services, and private security markets and (2) to provide civilians – including those whose work or daily activities may put them at risk of being a victim – with easy access to an effective, non-lethal way to protect themselves and their loved ones from threats to their person or property.

     

    We believe that the United States, along with many other parts of the world, is experiencing a significant spike in the demand for less-lethal products and that the less-lethal market will be one of the faster growing segments of the security market over the next decade.  We plan to respond to this demand for less-lethal products through the serial production and distribution of the Byrna® SD and expansion of the Byrna product line.

     

    On January 10, 2023, we created a new joint venture ("Byrna LATAM") with Fusady S.A. ("Fusady") located in Uruguay, to expand our operations and presence in South American markets.  We held 51% of the stock in Byrna LATAM, and the remaining 49% of stock in Byrna LATAM was held by Fusady. Under the terms of the joint venture, we did not control the Byrna LATAM. On August 19, 2024 we sold our 51% ownership interest to Fusady S.A. for $1 and entered into an exclusive distribution, manufacturing and licensing agreement with Byrna LATAM.  The LATAM Licensing Agreement allows Byrna LATAM to exclusively manufacture the Byrna SD launcher and ammunition in certain South American countries and requires Byrna LATAM to pay us a royalty on Byrna products manufactured.   The LATAM Share Purchase Agreement also includes put and call rights based on defined triggers that expire August 19, 2029.

     

    On July 31, 2024, our Board of Directors approved a plan to buy back up to $10 million worth of shares of our common stock (the “Stock Buyback Program”).  The Stock Buyback Program is intended to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards.  The Stock Buyback Program will expire on the sooner of the two-year anniversary of its initiation or until we reach the aggregate limit of $10 million for the repurchases under the program.  

     

    RESULTS OF OPERATIONS

     

    Three months ended February 28, 2025 as compared to three months ended February 29, 2024:

     

    Net Revenue

    Revenues were $26.2 million in the first fiscal quarter of 2025 which represents an increase of $9.5 million, or 57%, as compared to the prior year period revenues of $16.7 million.  Most of the increase in revenue can be attributed to a new marketing strategy, implemented in September of 2023, shifting advertising efforts away from social media platforms and towards celebrity endorsers. Direct to customer sales, via Amazon and our website, which increased by $6.7 million, or 52%, from $12.8 million in the first fiscal quarter of 2024 to $19.5 million in the fiscal quarter of 2025.  Sales to domestic dealers and retailers also improved, increasing by 80% to $4.7 million from $2.6 million in the three months ended February 29, 2024. Sales to international markets increased from $1.3 million in the three months ended February 29, 2024 to $2.0 million in the three months ended February 28, 2025.

     

    Cost of Goods Sold

    Cost of goods sold was $10.3 million in the first fiscal quarter of 2025 compared to $7.0 million in the prior year period. This increase of $3.3 million, or 47%, is primarily due to the increase in sales volumes.

     

    Gross Profit

    Gross profit is calculated as total revenue less cost of goods sold and gross margin is calculated as gross profit divided by total revenue. Included as cost of goods sold are costs associated with the production and procurement of products, such as labor and overhead, inbound freight costs, manufacturing depreciation, purchasing and receiving costs, and inspection costs. Gross profit was $15.9 million in the first fiscal quarter of 2025, or 60.8% of net revenue, as compared to gross profit of approximately $9.6 million, or 57.9% of net revenue, in the prior year period. The majority of the increase was driven by volume, resulting from heightened demand linked to marketing initiatives and channel growth. This was further supported by higher absorption of fixed costs due to increased production volume and a reduced reliance on price discounts for sales promotions.

      

    Operating Expenses

    Operating expenses were $14.2 million in the first fiscal quarter of 2025, an increase of $4.4 million, as compared to the prior year period expenses of $9.8 million.  The increase is due to an increase of $1.3 million in marketing expenses, an increase of $1.2 million in variable expenses, which increase in proportion to sales volume, an increase of $1.1 million in employee compensation costs.

      

    Other Income (Expense)

    We recorded $0.1 million of foreign currency transaction loss during the three months ended February 28, 2025 and February 29, 2024. We recorded $0.2 million of interest income during the three months ended February 28, 2025 compared to $0.3 million in the three months ended February 29, 2024.

     

    20

     

     

    Income Tax Provision

    For the three months ended February 28, 2025 and February 29, 2024, we recorded less than $0.1 million of income tax expense. For the three months ended February 28, 2025 and February 29, 2024, the effective tax rate was 6.4% and 0.0%, respectively.  Our tax rate differs from the statutory rate of 21.0% due to the effects of state taxes net of federal benefit, the foreign tax rate differential as a result of Byrna South Africa, effects of permanent non-deductible expenses, and other effects.

     

    Net Income

    Net income was $1.7 million for the three months ended February 28, 2025, an improvement of $1.7 million compared to less than $0.1 million for the three months ended February 29, 2024.

        

    Non-GAAP Financial Measures

    In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide an additional financial metric that is not prepared in accordance with GAAP (non-GAAP) with presenting non-GAAP adjusted EBITDA. Management uses this non-GAAP financial measure, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance. We believe that this non-GAAP financial measure helps us to identify underlying trends in our business that could otherwise be masked by the effect of certain expenses that we exclude in the calculations of the non-GAAP financial measure.

     

    Accordingly, we believe that this non-GAAP financial measure reflects our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.

     

    This non-GAAP financial measure does not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other non-GAAP measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measure as a tool for comparison.

     

    Adjusted EBITDA

     

    Adjusted EBITDA is defined as net (loss) income as reported in our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) excluding the impact of (i) depreciation and amortization; (ii) income tax provision (benefit); (iii) interest income (expense); (iv) stock-based compensation expense, (v) impairment loss and (vi) one-time, non-recurring other expenses or income. Our Adjusted EBITDA measure eliminates potential differences in performance caused by variations in capital structures (affecting finance costs), tax positions, the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We also exclude certain one-time and non-cash costs. Reconciliation of Adjusted EBITDA to net (loss) income, the most directly comparable GAAP measure, is as follows (in thousands):

     

       

    For the Three Months Ended

     
        February 28,     February 29,  
       

    2025

       

    2024

     

    Net income

      $ 1,662     $ 17  
                     

    Adjustments:

                   

    Interest income

        (186 )     (280 )

    Income tax expense

        140       —  

    Depreciation and amortization

        185       338  

    Non-GAAP EBITDA

        1,801       75  
                     

    Stock-based compensation expense

        840       938  

    Severance/Officer recruiting

        130       163  

    Non-GAAP adjusted EBITDA

      $ 2,771     $ 1,176  

     

    21

     

     

    LIQUIDITY AND CAPITAL RESOURCES

     

    Cash Flow Summary

    Cash and cash equivalents as of February 28, 2025 totaled $7.7 million, a decrease of $9.1 million from $16.8 million of cash and cash equivalents as of November 30, 2024. 

     

    Operating Activities

    Cash used in operating activities was $3.8 million for the three months ended February 28, 2025 compared to cash provided by operations of $3.9 million during the prior year period. Net income was $1.7 million compared to less than $0.1 million for the three months ended February 28, 2025 and February 29, 2024, respectively. Cash outlays for operating activities are typically higher in the first quarter of the year. The Company expects to generate cash in subsequent quarters of the fiscal year. Significant changes in noncash and working capital activity are as follows:

     

    Non-cash activity includes stock-based compensation expenses of $0.8 million for the three months ended February 28, 2025 compared to $0.9 million for the three months ended February 29, 2024; depreciation and amortization expense of $0.4 million for the three months ended February 28, 2025 compared to $0.3 million for the three months ended February 29, 2024.

     

    Inventory increased during the three months ended February 28, 2025 by $3.2 million compared to a decrease of $1.8 million for the three months ended February 29, 2024.  Accounts receivable increased by $0.3 million during the three months ended February 28, 2025 as compared to a decrease of $1.4 million for the three months ended February 29, 2024.  Accounts payable and accrued liabilities decreased during the three months ended February 28, 2025 by $1.9 million compared to a decrease of $1.0 million for the three months ended February 29, 2024. Prepaid expenses and other current assets increased by $0.5 million during the three months ended February 28, 2025 compared to an increase of $0.3 million during the three months ended February 29, 2024. Operating lease liabilities decreased by $0.1 million during the three months ended February 28, 2025 compared to a decrease of $0.1 million during the three months ended February 29, 2024. Deferred revenues decreased $1.3 million during the three months ended February 28, 2025 compared to an increase of $0.7 million for the three months ended February 29, 2024. Inventory is expected to increase in preparation for the commercial release of the Company's new compact launcher product. 

     

    Investing Activities

    Cash used in investing activities was $5.3 million for the three months ended February 28, 2025 compared to $0.1 million for the three months ended February 29, 2024. The prior year period investing activities primarily relates to the purchases of property and equipment while the current period relates to purchases of property and equipment and marketable securities. Capital expenditures were higher than typical in the first quarter of the fiscal year due to the build out of retail stores and new ammunition manufacturing facility. Capital expenditures may continue to be elevated in the second quarter of the fiscal year but are expected to decrease in the third and fourth quarters of the current fiscal year.  

     

    Financing Activities

    Cash provided by financing activities was less than $0.1 million for the three months ended February 28, 2025 compared to less than $0.1 million for the three months ended February 29, 2024. The current year amount was primarily composed of proceeds from stock option exercises and taxes paid on issuances of restricted stock units. The prior year amount was primarily composed of proceeds from stock option exercises. The Company requires significant capital to meet its obligations as they become due. Throughout the next twelve months, the Company intends to fund its operations primarily from the funds raised through its operations. The Company may pursue secondary equity offerings or debt financings to provide working capital and satisfy debt obligations. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. If the Company is unable to secure additional funding, it may be forced to curtail or suspend its business plans.

     

     

    Off-Balance Sheet Arrangements

    We do not have any off-balance sheet arrangements that have, or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

     

    22

     

     

    RECENT ACCOUNTING PRONOUNCEMENTS

     

    See Note 5, “Recent Accounting Guidance,” in the Notes to unaudited condensed consolidated financial statements included in Item 1 of this report for a discussion of recently issued and adopted accounting standards.

     

    CRITICAL ACCOUNTING POLICIES AND ESTIMATES

     

    Our unaudited condensed consolidated financial statements are based on the selection and application of significant accounting policies, which require management to make significant estimates and assumptions. Our significant accounting policies are outlined in Note 4, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in Item 8 of the 2024 10-K. During the three months ended February 28, 2025, there were no significant changes to our critical accounting policies from those described in our 2024 10-K.

     

     

     

    23

     

     

    ITEM 3.

    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     

    Not applicable. 

     

    ITEM 4.

    CONTROLS AND PROCEDURES

     

    Evaluation of Disclosure Controls and Procedures

     

    The Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of February 28, 2025 pursuant to Rule 13a-15(b) of the Exchange Act. Disclosure controls and procedures are designed to ensure that material information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that material information is accumulated and communicated to the Company’s management, including its CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The Company’s CEO and CFO concluded with reasonable assurance, that as of February 28, 2025, our disclosure controls and procedures were effective.

     

    Changes in Internal Controls Over Financial Reporting

     

    There were no changes that occurred during the first quarter of 2025 that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

     

    24

     

     

    PART II - OTHER INFORMATION

     

    ITEM 1.

    LEGAL PROCEEDINGS

     

    In the normal course of business, the Company occasionally becomes involved in various legal proceedings. The results of any such proceedings cannot be predicted with certainty because such matters are inherently uncertain. Significant damages or penalties may be sought in some matters, and some matters may require years to resolve. In our opinion, at this time, any liability from such proceedings would not have a material adverse effect on the business or financial condition of the Company.

     

    ITEM 1A. 

    RISK FACTORS

     

    Factors that could cause our actual results to differ materially from those in this report include the “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended November 30, 2024, filed with the SEC on February 7, 2025, as amended on March 31, 2025.  There have been no material changes to the risk factors disclosed in our 2024 Form 10-K.

     

    ITEM 2.

    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

     

    On July 31, 2024, our Board of Directors approved a program to buy back up to $10 million worth of shares of our Common Stock from the open market during a period of two years (the “Stock Buyback Program”).  The Stock Buyback Program is intended to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards.  There were no repurchases of shares of our Common Stock under the Stock Buyback Program during the three months ended February 28, 2025.  See Note 14 of our notes to condensed consolidated financial statements for information regarding the Stock Buyback Program.

     

     

    ITEM 3.

    DEFAULTS UPON SENIOR SECURITIES.

     

    None.

     

    ITEM 4.

    MINE SAFETY DISCLOSURES.

     

    Not applicable.

     

     

    ITEM 5.

    OTHER INFORMATION.

     

    Insider Adoption or Termination of Trading Arrangements:

     

    During the fiscal quarter ended February 28, 2025, none of our directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

     

     

    25

     
     
     

    ITEM 6.

    EXHIBITS.

     

    The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

     

    No.

    Description of Exhibit

    4.1 Byrna Technologies Inc. Amended and Restated 2020 Equity Incentive Plan (incorporated by reference to Exhibit 4.5 to the Company's Registration Statement on Form S-8 filed with the Securities and Exchange Commission on February 7, 2025).
    10.2 Separation Agreement between Byrna Technologies Inc. and David North, dated June 19, 2024 (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2024).
    10.3 Consulting Agreement between Byrna Technologies Inc. and David North, dated June 19, 2024 (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2024).

    31.1*

    Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

    31.2*

    Certification of Principal Financial and Accounting Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

    32.1**

    Certification of Principal Executive Officer and Principal Financial and Accounting Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

    101.INS*

    Inline XBRL Instance Document

    101.CAL*

    Inline XBRL Taxonomy Extension Calculation Linkbase Document

    101.SCH*

    Inline XBRL Taxonomy Extension Schema Document

    101.DEF*

    Inline XBRL Taxonomy Extension Definition Linkbase Document

    101.LAB*

    Inline XBRL Taxonomy Extension Labels Linkbase Document

    101.PRE*

    Inline XBRL Taxonomy Extension Presentation Linkbase Document

    104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

     

    *

    Filed herewith.

    **

    Furnished.

     

    26

     

     

    SIGNATURES

     

    Pursuant to the requirements of Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

     

     

    Byrna Technologies Inc.

         

    Date: April 10, 2025

     

    /s/ Bryan Ganz

     

    Name: 

    Bryan Ganz

     

    Title:

    President and Chief Executive Officer, Chairman of the Board
       

    (Principal Executive Officer)

         

    Date: April 10, 2025

     

    /s/ Laurilee Kearnes

     

    Name:

    Laurilee Kearnes
     

    Title:

    Chief Financial Officer

        (Principal Financial Officer and Principal Accounting Officer)

     

    27
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      ANDOVER, Mass., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Byrna Technologies Inc. ("Byrna" or the "Company") (NASDAQ:BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, is donating 10% of proceeds from all purchases made on Byrna.com through January 21, 2025, to support recovery efforts for victims of the devastating Los Angeles wildfires. The funds will be distributed equally among four trusted organizations providing immediate and long-term support to those impacted: Salvation Army LA (https://losangelescentral.salvationarmy.org)American Red Cross (https://redcross.org)LA Food Bank (https://l

      1/15/25 4:05:00 PM ET
      $BYRN
      Industrial Machinery/Components
      Miscellaneous
    • Byrna Technologies Names Lauri Kearnes as Chief Financial Officer

      ANDOVER, Mass., June 24, 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, has appointed Lauri Kearnes as Chief Financial Officer ("CFO"), effective July 15, 2024. Kearnes is already working with the Company to ensure a smooth transition. Kearnes brings over 20 years of experience in financial and operating leadership, most recently serving as CFO for Harte Hanks (NASDAQ:HHS), a Massachusetts-based global customer experience (CX) strategy company. At Harte Hanks, she oversaw all finance, accounting, and human resources

      6/24/24 8:00:00 AM ET
      $BYRN
      $HHS
      Industrial Machinery/Components
      Miscellaneous
      Advertising
      Consumer Discretionary
    • Byrna Technologies Appoints Brian Terando Vice President of Production and Supply Chain

      ANDOVER, Mass., May 10, 2022 /PRNewswire/ -- Byrna Technologies Inc. (NASDAQ:BYRN) ("Byrna" or "the Company") today announced that Brian Terando has been named Vice President of Production and Supply Chain. Mr. Terando will report directly to Bryan Ganz, Byrna's Chief Executive Officer (CEO). BYRN) (PRNewsfoto/Byrna Technologies Inc.)" alt="Byrna Technologies Inc. (NASDAQ:BYRN) (PRNewsfoto/Byrna Technologies Inc.)"> Brian Terando will be assuming most of the duties of Mike Gillespie who will be retiring at the end of May.  Mike has agreed to be available on a consulting basis t

      5/10/22 8:00:00 AM ET
      $BYRN
      Industrial Machinery/Components
      Miscellaneous