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- **Revenue Growth**: 35% YoY to $28.2M, driven by dealer expansion and ad campaigns
- **Gross Margin**: 60% (down 200bps) due to CL production inefficiencies
- **Operational Efficiency**: 15.6% OpEx growth vs. 35% revenue growth
- **Digital Momentum**: 76% QoQ web traffic increase to 58,000 daily sessions
- **Retail Success**: 5 stores at $725K annualized run rate, CL 3x more popular in retail
- **Pipeline Strength**: 61-caliber launcher, connected safety platform, and training rounds set for 2026 launches
- **FY25 Guidance**: 35-40% YoY revenue growth

**【CEO Opening Remarks】**
- Q3 2025 revenue grew 35% YoY to $28.2 million, driven by dealer sales (+$7.2M) and new advertising campaigns.
- Gross profit rose to $16.9M (60% of net revenue), despite margin pressure from Compact Launcher (CL) production ramp-up.
- Operating expenses increased 15.6% YoY to $14.1M, primarily due to marketing and sales costs.
- Net income climbed 120% YoY to $2.2M, with adjusted EBITDA up 94.7% to $3.7M.
- Cash reserves stood at $9M, down from $25.7M due to inventory builds ahead of holiday season.

**【CFO Financial Commentary】**
- Q3 2025 net revenue: $28.2M (35% YoY growth)
- Gross margin: 60% (down 200bps vs. Q3 2024)
- Operating expenses: $14.1M (15.6% YoY increase)
- Net income: $2.2M (120% YoY growth)
- Inventory: $34.1M (70% YoY increase) reflecting strategic builds for holiday season
- Accounts receivable: $8.9M (242% YoY growth)

**【CEO Operational Highlights】**
- Web traffic surged 76% QoQ to 58,000 daily sessions in September
- E-commerce conversion rate stabilized at 0.8% (vs. historical 1.0%)
- Retail store performance:
  - 5 company-owned stores achieved $725K annualized run rate
  - CL launchers outsold SD 3:2 in experiential retail settings
- New product pipeline:
  - 61-caliber value-focused launcher (2026 launch)
  - Connected safety platform with SOS alert integration (2026)
  - Affordable inert/kinetic training rounds
- FY25 revenue guidance: 35-40% YoY growth

**【Q&A Highlights】**
1. **Influencer Strategy**: Expanding beyond conservative media with Nike veteran Adam Roth leading brand ambassador efforts
2. **Product Mix**: SD launchers (50% of sales) outperform CL (30%) online, while CL dominates in retail
3. **Expense Leverage**: OpEx growth (15.6% YoY) outpaced revenue (35% YoY), with variable marketing driving incremental margin
4. **Channel Mix**: Dealer sales now >50% of total revenue, up from <40% in 2024
5. **SOS Platform**: Phase 1 launch in 2026 with existing SOS tech integration, targeting 2027 full commercialization

Byrna Technologies Inc. (BYRN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BYRN

BYRN fundamentals

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