Byrna Technologies Inc. reported significant financial improvements in its latest 10-Q filing for the three and nine months ended August 31, 2024. The company achieved net revenue of $20.9 million for the third quarter, marking a substantial increase of $13.8 million, or 194%, compared to $7.1 million in the same period of 2023. For the nine months, net revenue reached $57.8 million, up $30.8 million, or 114%, from $27.0 million year-over-year. This growth was driven by a 216% increase in direct-to-customer sales, which rose to $16.1 million, and a 107% increase in sales to domestic dealers and retailers, totaling $3.4 million.
Gross profit for the third quarter was $13.0 million, representing 62.4% of net revenue, compared to approximately $3.2 million, or 44.6% of net revenue, in the prior year. For the nine-month period, gross profit was $35.2 million, or 60.9% of net revenue, compared to $14.6 million, or 54.1% in the previous year. However, operating expenses also increased, reaching $12.2 million in Q3 2024, up from $7.3 million in Q3 2023, primarily due to higher marketing and employee compensation costs.
The company reported net income of $1.0 million for the third quarter, a turnaround from a net loss of $4.1 million in the same quarter of 2023. For the nine months, Byrna recorded net income of $3.1 million, compared to a net loss of $7.4 million in the prior year. Adjusted EBITDA for Q3 2024 was $1.9 million, compared to a loss of $2.4 million in Q3 2023.
Byrna's total assets increased to $59.0 million as of August 31, 2024, up from $52.3 million at the end of November 2023. Total stockholders' equity also rose to $44.5 million from $42.3 million. The company maintained cash and cash equivalents of $20.1 million, a slight decrease from $20.5 million at the end of the previous fiscal year.
Strategically, Byrna Technologies acquired a 51% interest in Byrna LATAM in January 2023 but sold this interest for $1 in August 2024, entering into a licensing agreement for manufacturing in South America. The company also initiated a stock buyback program with a limit of $10 million, repurchasing 0.3 million shares for $3.0 million in Q3 2024.
Overall, Byrna Technologies has demonstrated a strong recovery in revenue and profitability, alongside strategic adjustments in its operations and capital management.
About Byrna Technologies Inc.
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