olivLaw · US equity research
Byrna Technologies Inc. BYRN
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Byrna Technologies Inc. (BYRN) designs and sells less-lethal self-defense solutions for consumers, law enforcement and private security, including the Byrna SD launcher and the newer Byrna CL. The company moved from strong revenue growth in fiscal 2025 to a sharp decline in the third quarter of fiscal 2026, making the current transition the central point of this analysis, with fiscal 2025 sales of 118.1 million USD as the reference.
At the close of 04 Nov 2026, Byrna Technologies Inc. (BYRN) stock was 4.16 USD (−0.24% on the day), with market capitalisation 97.4 m USD, beta 1.45, 52-week range 3.18–19.67 USD. Latest reported quarter (Q3 2026): revenue of 15.3 m USD (−45.7% YoY), net income of -2.9 m USD (−230.2% YoY), diluted EPS -0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.7
- weak (30–45)
- Bollinger (20, 2)
- 4.11 – 5.19
- in the lower half of the band · %B 0.05 · band width 23.2%
- SMA 50 / 200
- 4.01 / 6.72
- mixed trend
- MACD (12, 26, 9)
- 0.07 / 0.18
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.6% | −1.1% | +15.7 pp | — |
| 3 months | −10.9% | −0.5% | −10.5 pp | — |
| 6 months | −24.5% | +4.4% | −28.9 pp | — |
| Year to date | −75.2% | +12.3% | −87.5 pp | — |
| 1 year | −79.0% | +13.5% | −92.5 pp | −59.3% |
| 3 years | −14.6% | +76.4% | −91.0 pp | −50.2% |
| 5 years | −72.5% | +63.7% | −136.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28.0 m | 26.2 m | 28.5 m | 28.2 m | 35.2 m | 29.0 m | 16.4 m | 15.3 m |
| Cost of revenue | 10.4 m | 10.3 m | 10.9 m | 11.3 m | 14.2 m | 11.6 m | 14.6 m | 3.1 m |
| Gross profit | 17.6 m | 15.9 m | 17.6 m | 16.9 m | 21.1 m | 17.4 m | 1.8 m | 12.2 m |
| Operating income | 4.1 m | 1.7 m | 3.3 m | 2.9 m | 4.0 m | 928.0 k | -12.8 m | -2.9 m |
| Depreciation & amortisation | 378.0 k | 440.0 k | 559.0 k ≈ | 618.0 k ≈ | 498.0 k | 635.0 k | 727.0 k ≈ | 466.0 k ≈ |
| Pre-tax income | 4.0 m | 1.8 m | 3.3 m | 2.9 m | 3.8 m | 797.0 k | -12.8 m | -2.9 m |
| Income tax | -5.6 m | 140.0 k | 898.0 k | 628.0 k | 388.0 k | -4.0 k | -2.7 m | 0 |
| Net income | 9.7 m | 1.7 m | 2.4 m | 2.2 m | 3.4 m | 801.0 k | -10.1 m | -2.9 m |
| Diluted EPS | 0.41 ≈ | 0.07 | 0.10 | 0.09 | 0.14 ≈ | 0.03 | -0.44 | -0.13 |
| Operating cash flow | 7.3 m | -3.8 m | -5.5 m ≈ | -2.3 m ≈ | 9.9 m | -4.4 m | 1.4 m ≈ | -436.0 k ≈ |
| Capex | 965.0 k | 2.6 m | 939.0 k ≈ | 2.2 m ≈ | 1.8 m | 621.0 k | 514.0 k ≈ | 102.0 k ≈ |
| Share repurchases | 506.0 k | 0 | 55.0 k ≈ | 0 ≈ | 1.0 m | 953.0 k | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250.2 k | 924.4 k | 16.6 m | 42.2 m | 48.0 m | 42.6 m | 85.8 m | 118.1 m |
| Revenue YoY | −14.5% | +269.4% | +1,692.1% | +154.5% | +13.9% | −11.2% | +101.1% | +37.7% |
| Net income | -2.2 m | -4.4 m | -12.6 m | -3.3 m | -7.9 m | -8.2 m | 12.8 m | 9.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −24.3% |
| Diluted EPS | unavailable | unavailable | unavailable | -0.22 | -0.35 | -0.37 | 0.55 | 0.40 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −27.3% |
| net % | -860.6% | -477.0% | -75.8% | -7.8% | -16.4% | -19.2% | 14.9% | 8.2% |
| Free cash flow | -1.9 m | -4.0 m | 1.1 m | -6.3 m | -17.1 m | 3.0 m | 9.4 m | -9.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Nov 2025
- Cash
- 13.7 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 65.8 m USD
- Total assets
- 84.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.73x
- ROE
- 16.1%
- ROA
- 12.4%
- FCF margin
- -7.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 16.6 m | 42.2 m | 48.0 m | 42.6 m | 85.8 m | 118.1 m | SEC (XBRL)· 05 Feb 2026verified |
| Cost of revenue | 9.1 m | 19.3 m | 21.8 m | 19.0 m | 33.0 m | 46.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Gross profit | 7.5 m | 22.9 m | 26.3 m | 23.6 m | 52.8 m | 71.5 m | SEC (XBRL)· 05 Feb 2026verified |
| Research & development | 40.0 k | 300.0 k | 500.0 k | 600.0 k | 600.0 k | 300.0 k | SEC (XBRL)· 05 Feb 2026verified |
| Operating income | -4.3 m | -3.3 m | -7.7 m | -7.8 m | 6.7 m | 11.8 m | SEC (XBRL)· 05 Feb 2026verified |
| Depreciation & amortisation | 242.0 k | 487.0 k | 855.0 k | 1.3 m | 1.5 m | 2.1 m | SEC (XBRL)· 05 Feb 2026verified |
| EBITDA | -4.1 m ≈ | -2.8 m ≈ | -6.9 m ≈ | -6.5 m ≈ | 8.2 m ≈ | 14.0 m ≈ | SEC (XBRL)· 05 Feb 2026derived |
| Interest expense | 233.1 k | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Pre-tax income | -12.3 m | -3.4 m | -7.7 m | -8.0 m | 7.1 m | 11.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Income tax | 293.0 k | -160.0 k | 234.0 k | 165.0 k | -5.7 m | 2.1 m | SEC (XBRL)· 05 Feb 2026verified |
| Net income | -12.6 m | -3.3 m | -7.9 m | -8.2 m | 12.8 m | 9.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Diluted EPS | — | -0.22 | -0.35 | -0.37 | 0.55 | 0.40 | SEC (XBRL)· 05 Feb 2026verified |
| Weighted average diluted shares | 126.8 m | — | — | 21.9 m | 23.1 m | 24.1 m | SEC (XBRL)· 05 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.2 m | 56.3 m | 20.1 m | 20.5 m | 16.8 m | 13.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Receivables | 800.0 k | 1.7 m | 5.9 m | 2.9 m | 2.6 m | 10.8 m | SEC (XBRL)· 05 Feb 2026verified |
| Inventories | 4.8 m | 6.6 m | 15.5 m | 13.9 m | 20.0 m | 32.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Current assets | 16.6 m | 66.2 m | 42.6 m | 38.2 m | 51.0 m | 63.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Property, plant & equipment, net | 1.2 m | 2.0 m | 3.3 m | 3.8 m | 3.4 m | 7.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Goodwill | 651.0 k | 816.0 k | 2.3 m | 2.3 m | 2.3 m | 2.3 m | SEC (XBRL)· 05 Feb 2026verified |
| Intangibles (excl. goodwill) | 811.0 k | 3.9 m | 3.9 m | 3.6 m | 3.3 m | 3.1 m | SEC (XBRL)· 05 Feb 2026verified |
| Total assets | 21.2 m | 75.3 m | 57.0 m | 52.3 m | 71.9 m | 84.5 m | SEC (XBRL)· 05 Feb 2026verified |
| Accounts payable | 6.6 m | 7.0 m | 7.7 m | 13.1 m | 13.1 m | 15.9 m | SEC (XBRL)· 05 Feb 2026verified |
| Current liabilities | 11.8 m | 8.2 m | 8.9 m | 8.6 m | 15.4 m | 17.1 m | SEC (XBRL)· 05 Feb 2026verified |
| Total liabilities | 12.8 m | 9.2 m | 11.1 m | 10.0 m | 17.6 m | 18.7 m | SEC (XBRL)· 05 Feb 2026verified |
| Equity | 8.4 m † | 66.1 m † | 46.0 m † | 42.3 m † | 54.4 m † | 65.8 m † | SEC (XBRL)· 05 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.5 m | -4.4 m | -13.8 m | 3.9 m | 11.7 m | -1.6 m | SEC (XBRL)· 05 Feb 2026verified |
| Capex | 1.4 m | 1.8 m | 3.3 m | 903.0 k | 2.3 m | 7.6 m | SEC (XBRL)· 05 Feb 2026verified |
| Free cash flow | 1.1 m ≈ | -6.3 m ≈ | -17.1 m ≈ | 3.0 m ≈ | 9.4 m ≈ | -9.2 m ≈ | SEC (XBRL)· 05 Feb 2026derived |
| Investing cash flow | -2.0 m | -5.9 m | -5.1 m | -3.0 m | -11.2 m | -459.0 k | SEC (XBRL)· 05 Feb 2026verified |
| Financing cash flow | 7.8 m | 57.3 m | -17.0 m | -422.0 k | -4.6 m | -1.3 m | SEC (XBRL)· 05 Feb 2026verified |
| Share repurchases | — | 0 | 17.5 m | 0 | 3.8 m | 1.1 m | SEC (XBRL)· 05 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 97.4 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 54.6% | 36 (on a fixed band) | 14% |
| EBIT margin · Quality | -11.4% | 74 (vs peers) | 11% |
| FCF margin · Quality | 3.6% | 14 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 35.0% | 100 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 37.7% | 72 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.5x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.5% | 70 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 2.1% | 68 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth91/100 · 2/2 factors with a value
- Quality41/100 · 3/3 factors with a value
- Returns68/100 · 1/1 factors with a value
- Valuation· partial70/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Byrna Technologies Inc. (BYRN). Latest full fiscal year: 2025; data up to 2026-08-31.
Figures computed from the financial statements: revenue 118.1 m USD in 2025; YoY growth 37.7%; net margin -9.2%; ROE -14.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: -11.4%
- Revenue CAGR 3Y: 35.0%
- Revenue growth (YoY): 37.7%
- Current ratio: 5.5x
- FCF yield: 3.5%
What contradicts it
- FCF margin: 3.6%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −79% / −15% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for BYRN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Byrna Technologies Inc. (BYRN) designs and sells less-lethal self-defense solutions for consumers, law enforcement and private security, including the Byrna SD launcher and the newer Byrna CL. The company moved from strong revenue growth in fiscal 2025 to a sharp decline in the third quarter of fiscal 2026, making the current transition the central point of this analysis, with fiscal 2025 sales of 118.1 million USD as the reference.
SWOT
Strengths
- Byrna has a well-recognized position in the category it helped create, with a brand associated with personal safety and a television campaign that generated a large volume of organic views 1.
- The recurring consumption model, in which projectiles and accessories work only with Byrna products, provides repeatable revenue from its existing customer base 1.
- Integrated US production and the HERO Defense Systems acquisition broaden the portfolio and reduce reliance on external suppliers 13.
Weaknesses
- Sales fell sharply in the third quarter of fiscal 2026, and the company reported a net loss in the same quarter 3.
- The company has recorded operating losses in past periods and carries an accumulated deficit, and profitability is not assured in future periods 1.
- A shift toward lower-margin wholesale channels reduced consolidated gross margin in fiscal 2025 1.
Opportunities
- Expansion into international markets and into professional security and law enforcement could open new revenue sources 1.
- A plan to improve operating efficiency and inventory management could support cash generation in the coming periods 3.
- If the reformulation of Fox Labs products succeeds, reformulated sprays could return to the market and support revenue from existing channels 2.
Threats
- Advertising platform restrictions and regulation of self-defense products could limit visibility and sales 1.
- Publicized incidents involving the company's products could reduce demand and invite stricter regulatory scrutiny 1.
- Tariffs and trade restrictions could affect costs and revenue, particularly in relation to China, Canada and Mexico 1.
Risks
- Sales decline in the third quarter of fiscal 2026high
The drop in e-commerce sales and slower dealer reorders significantly reduced revenue, and a recovery depends on the holiday season and sell-through 3.
- Reformulation of Fox Labs productshigh
The company could not yet estimate the cost of reformulation or any penalties or claims linked to the use of a prohibited solvent, which could affect results 2.
- Liquidity and high inventorymedium
Cash and securities declined compared with the end of fiscal 2025 and inventory remains high, which could strain working capital if the sales season does not improve 3.
- Product liability and reputationmedium
Product defects or incidents during use could lead to damage claims and weaken the trust of customers, dealers and end users 1.
- Regulation and international tradelow
Regulatory changes, including those of the ATF, and tariffs could affect operations and revenue in several jurisdictions 12.
Investment thesis
What would need to be true (bull case)
- If the holiday season brings better sell-through and inventory normalizes, Byrna could return to firmer cash generation, supported by the high adjusted gross margin of the third quarter 3.
- The HERO Defense acquisition and expanded media partnerships could diversify the product range and target audience, which could support longer-term growth 3.
- If the recurring consumption model and international sales grow, the company could reduce its current dependence on the e-commerce channel 1.
What would break the thesis
- If the sales decline of the third quarter persists, losses and cash pressure could continue, especially if inventory stays high 3.
- The cost and outcome of reformulating Fox Labs products are unclear, and possible penalties could reduce profitability 2.
- Advertising restrictions and regulation in this sector could limit growth, and the company depends on a relatively concentrated set of sales channels 1.
What to watch
- Holiday season results and sell-through at dealers and in e-commerceQ4 2026
- Completion of the Fox Labs product reformulation and resumption of affected sales2027
- Effects of the HERO Defense Systems integration on revenue and margins2027
- Inventory and cash levels in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The business model has a recurring consumption element, since projectiles and accessories are usable only with Byrna launchers, creating repeat sales to existing owners 1. Core production is in Fort Wayne, Indiana, where ammunition manufacturing was consolidated after South African operations ceased in the third quarter of fiscal 2025 1. Product development is centered in Andover, Massachusetts 1.
In the third quarter of fiscal 2026 Byrna announced the acquisition of HERO Defense Systems, LLC, a complementary less-lethal self-defense company, and moved ammunition production to an outsourced model 3. The company also reported lower e-commerce sales and slower dealer reorders following substantial restocking in the first quarter 3.
Market context
The company says demand for less-lethal products is rising in the United States and globally and that this category will remain a growing part of the broader security market 12. However, long-term adoption of its personal security devices by the US consumer market, law enforcement and international markets remains unknown, as the company itself notes 1. International revenue was a small share at 10.0% of total revenue in fiscal 2025 1.
Regulation and advertising are decisive factors. Major social media platforms restrict advertising for personal-security products, and chemical regulation and other rules can directly affect the product range 12.
Trends
- Rising demand for non-lethal alternativestailwind
The company states that interest from law enforcement and consumers in alternatives to firearms is growing, which could support the category over the longer term 12.
- Advertising restrictions on social platformsheadwind
Limits set by advertising platforms can reduce product visibility and raise customer acquisition costs, which is why Byrna shifted toward television, radio and influencer partnerships 13.
- Chemical and environmental regulationheadwind
An EPA rule on a solvent used in formulations led to the suspension of certain Fox Labs sprays, and reformulation could reduce revenue until reformulated products are available 2.
- Production efficiency and supply chainmixed
Outsourcing ammunition production and concentrating manufacturing in the US have improved margins and reduced dependence on external suppliers, but component costs and tariffs could still weigh on results 13.
Competitive position
Byrna's products compete with makers of conductive energy devices such as Axon Enterprise, Inc., with launchers firing chemical irritant projectiles such as those of United Tactical Systems, LLC under the PepperBall brand, and with remote restraint devices such as those of Wrap Technologies, Inc. 1. The company presents itself as the market leader in the category it pioneered, but the security sector is described as highly competitive 13.
- Axon Enterprise, Inc.AXON
Maker of the TASER conductive energy device, a direct competitor in law enforcement.
- United Tactical Systems, LLC
Maker of CO2 launchers firing chemical irritant projectiles, sold under the PepperBall brand.
- Wrap Technologies, Inc.WRAP
Maker of remote restraint devices active in the same non-lethal security category.
- Fox Labs International (Byrna brand)
Company-owned line of defensive sprays, also used as a complement to its launchers in self-defense markets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report08 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report08 Oct 2026
- Current report29 Sept 2026Shareholder vote
- Current report03 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement02 Sept 2026
- Current report25 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 Aug 2026Departure or appointment of officers · Item 5.08 · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Aug 2026Acquisition or disposition of assets · Item 3.02 · Financial statements and exhibits
- Current report09 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report09 Jul 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-11-30 · SEC / Byrna Technologies Inc. · 05 Feb 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / Byrna Technologies Inc. · 08 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Byrna Technologies Inc. · 08 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.