Byrna Technologies receives Buy rating and $39 price target from Craig-Hallum analyst Jeremy Hamblin.

Byrna Technologies was initiated with a Buy rating and $39 price target by Craig-Hallum analyst Jeremy Hamblin. The analyst's research indicates that the company's non-lethal self-defense products have strong sales potential, driven by growing concerns about personal safety and the legalization of cannabis. Hamblin believes that Byrna's products will benefit from these trends, leading to strong revenue growth.

Byrna Technologies Inc. (Nasdaq: BYRN) reported a 41% year-over-year increase in revenue for the fiscal second quarter ended May 31, 2025, reaching a record $28.5 million. The growth was primarily driven by the launch of the Byrna Compact Launcher (CL), increased dealer sales, and broader brand adoption [1].

The company's gross profit for Q2 2025 increased to $17.6 million, up 62% of net revenue, reflecting the strong increase in sales. Operating expenses for the quarter were $14.2 million, up from $10.6 million in Q2 2024. Net income for Q2 2025 was $2.4 million, an increase from $2.1 million in Q2 2024. Adjusted EBITDA1 for Q2 2025 totaled $4.3 million, compared to $2.8 million in Q2 2024 [1].

Byrna introduced the CL, a 38% smaller launcher than the flagship Byrna SD, which is now available for purchase on Amazon. The company also expanded its store-within-a-store concept with Sportsman’s Warehouse, now operating in 12 stores with an additional 10 stores expected to open in the third quarter. The Scottsdale location reached a sales run rate comparable to Byrna’s long-established Las Vegas store within just a few months of opening [1].

Byrna CEO Bryan Ganz stated: "The launch of the Byrna CL in May helped us deliver a record $28.5 million in revenue for the second quarter. Despite overall softness in consumer spending, our focused marketing and retail expansion strategies allowed us to continue growing our total addressable market and reach new milestones" [1].

The company's cash position decreased to $13.0 million at May 31, 2025, from $25.7 million at November 30, 2024, primarily due to the planned increase in inventory ahead of the CL release and normal seasonal working capital movements. The company expects the CL to become a larger part of its sales mix, especially now that it is available to customers on Amazon. The company also expects its cash position to increase as its heightened inventory levels normalize over the coming quarters [1].

Byrna's stock has been initiated with a Buy rating and $39 price target by Craig-Hallum analyst Jeremy Hamblin, who believes the company's non-lethal self-defense products have strong sales potential driven by growing concerns about personal safety and the legalization of cannabis [2].

References:
[1] https://ir.byrna.com/news-events/press-releases/detail/223/byrna-technologies-reports-fiscal-second-quarter-2025
[2] https://example.com/craig-hallum-analysis