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what it is
Byrna sells less-lethal self-defense devices that fire.68 caliber rounds and the accessories around them.
how it gets paid
Last year Byrna Technologies made $118M in revenue. Device systems was the main engine at $67M, or 57% of sales.
why it's growing
Revenue grew 37.7% last year. Revenue surged 194% vs. prior year, and gross margin stayed at 60.8%.
what just happened
Revenue hit $83M, up 194%, while EPS reached $0.26.
At a glance
B balance sheet — gets the job done, barely
30/100 earnings predictability — expect surprises
20.5x trailing p/e — priced about right
23.5% return on capital — every dollar works hard here
$0.55 fy2024 eps est
xvary composite: 39/100 — weak
What they do
Byrna sells less-lethal self-defense devices that fire.68 caliber rounds and the accessories around them.
The Byrna SD fires.68 caliber rounds from up to 60 feet. That is a very specific kind of fear purchase. You buy one device, then the $24M projectile stream keeps billing the same customer base. With $67M tied to the device line and 167 employees, the company still lives or dies by one brand.
How they make money
$118M
annual revenue · their business grew +37.7% last year
Device systems
$67M
Projectiles
$24M
Accessories
$15M
Direct sales and other
$12M
The products that matter
direct-to-consumer sales channel
Direct web sales
$17.6M · 61% of Q1 prelim revenue
it's $17.6M of the pre-announced $29.0M quarter. this is the cleaner part of the model because the company owns the customer relationship instead of renting shelf space.
61% of quarter
retail and wholesale distribution
Wholesale & retail
$11.4M · 39% of Q1 prelim revenue
this channel brought in $11.4M of the same $29.0M quarter. it broadens reach, but retail partners also take a cut, which is why mix matters when you are protecting a 60.5% gross margin.
39% of quarter
less-lethal hardware + rounds
Byrna launcher model
60.5% gross margin
the snapshot data is thin on exact product revenue splits, so the cleanest number to watch is margin. at 60.5%, the unit economics are good enough to matter if demand keeps showing up.
margin story
Key numbers
$118M
trailing revenue
You are paying about 1.9x sales for a $118M business.
60.8%
gross margin
That means the company kept about 61 cents of each sales dollar before overhead.
20.5x
trailing p/e
You are paying 20.5 times earnings for a company with 37.7% annual revenue growth.
$2M
long-term debt
Only $2M of long-term debt is 1% of capital, so leverage is not the problem.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $2M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for BYRN right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $83M, up 194%, while EPS reached $0.26.
Revenue surged 194% vs. prior year, and gross margin stayed at 60.8%. That mix says the company is selling more without turning into a discount bin.
$30M
revenue
$0.26
eps
60.8%
gross margin
the number that mattered
The $83M quarter matters because it was 194% above last year.
source: company earnings report, 2026
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What could go wrong
the top risk is a $2.33M gap between Byrna's $29.0M Q1 preliminary revenue and the $31.33M consensus.
high
Revenue expectations are resetting
Management pre-announced $29.0M for Q1 2026. The street was looking for $31.33M. Growth from last year is still there, but the miss changes the multiple investors are willing to pay.
Impact: a 7% consensus miss is enough to move a stock with a 5 / 100 price stability score.
high
The CEO transition has no grace period
Bryan Ganz retired, and Conn Davis inherited the first quarter under a tougher spotlight than anyone wanted. Leadership changes are manageable when growth is clean. This one is happening as guidance gets questioned.
Impact: if execution slips again, the market stops treating this as a transition story and starts treating it as an operating problem.
med
Legal overhang clouds the narrative
Levi & Korsinsky is investigating potential securities law violations. The outcome is unknown. The headline alone can keep some buyers away until the picture is cleaner.
Impact: even a thin legal issue can matter more in a $219M company because liquidity and sentiment are already fragile.
med
The analyst target gap can work both ways
A $38.10 average target against a $13.74 stock looks dramatic. The catch is that wide target gaps in small caps often reflect conviction on paper and caution in actual trading.
Impact: if revenue momentum does not reaccelerate, the stock can ignore the target and keep trading on proof.
The near-term risk picture is simple: one quarter is $2.33M short of consensus, the stock already swung between $9 and $34 in the last year, and that combination usually produces more volatility than patience.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings on april 9, 2026
The company already gave you the $29.0M revenue headline. Now you need the rest of the quarter: margins, commentary, and what the new CEO says next.
margin
Gross margin staying above 60%
Management has pointed to a 63%–65% gross margin goal by the end of 2026. At 60.5% today, you want proof the mix is moving the right way.
product
The simplified portable device launch
Prior management commentary pointed to a new portable protection device in 2026. For a company this size, a single launch can change the quarter's tone fast.
risk
Whether the legal cloud grows or fades
The investigation may amount to little, or it may keep investors cautious. Until there is resolution, it sits on top of an already volatile setup.
Analyst rankings
earnings predictability
30 / 100
in human-speak, this is not a company where you assume smooth quarterly execution.
price stability
5 / 100
the stock price is far less stable than most. if you own it, expect sharp moves around updates.
risk rank
4
the rank says safer than 20% of stocks. translated: safety is not the reason to be here.
source: institutional data
Institutional activity
institutional ownership data for BYRN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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