Less-lethal weapons maker Byrna reports 100-fold increase in net income, shares soar

Quotes on Byrna Technologies, a smaller company producing less-lethal weapons, jumped more than 9% yesterday, April 10, after the company reported 57% year-over-year growth in revenue and a staggering 100-fold increase in net income for the first quarter. The boost came from expanded U.S. manufacturing and the launch of new retail distribution channels.

Yesterday, Byrna stock jumped more than 9% on the Nasdaq to $18 per share before gaining almost 2% in after-hours trading.

For the company’s 2025 first quarter (ended February 28), it reported a 57% year-over-year increase in revenue to $26.2 million. Byrna attributed the strong performance to expanded manufacturing in the U.S. and new retail channels. Meanwhile, net income, driven by an overall increase in product sales, came in at $1.7 million, 100 times the amount in the previous-year period.

Byrna has increased weapons production by 33% to 24,000 units per month, opened three retail stores, and launched a store-within-a-store concept in partnership with sporting goods retailer Sportsman’s Warehouse, with 12 additional locations expected to open by May.

In physical retail, conversion rates (i.e., the percentage of visitors who make a purchase) reach up to 80%, versus about 1% for online retail, as Freedom Broker has previously noted. In late February, the financial firm raised its target price for Byrna shares by 42% to $34 apiece while reiterating its “buy” recommendation.

According to MarketWatch, all four analysts covering Byrna rate it a “buy.” Their average target price is $35.63 per share, nearly double the last closing price.

Byrna started over 20 years ago, making products for the military and law enforcement, but struggled to gain traction. Its breakthrough came when it shifted its focus to retail consumers, such as housewives, hunters, and weapons collectors.

Today, Byrna weapons are sold through its own online outlet, brick-and-mortar stores, and Amazon, with celebrity endorsements driving sales. In recent months, the list of brand ambassadors has grown to include radio host Charlie Kirk, TV host Megyn Kelly, and members of U.S. President Donald Trump’s family, namely his daughter-in-law Lara Trump and son Donald Trump Jr., as noted by the company.

Byrna CEO Bryan Ganz expects new retail channels, a growing Amazon presence, and awareness-building efforts to further support the company’s growth. However, he also warns that cash reserves may dip slightly as the company is transitioning to full taxpayer status and investing in the launch of a new product. As of the end of the 2024 fiscal year, Byrna had $25.7 million in cash and marketable securities and no debt.