Byrna Technologies Inc. (BYRN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de defensa personal, Byrna Technologies Inc. (BYRN) surge como un innovador innovador, revolucionando la autoprotección con sus sistemas de proyectiles no letales de vanguardia. Al ofrecer una alternativa sofisticada a las armas de fuego tradicionales, ByRNA ha elaborado meticulosamente un modelo de negocio que aborda las necesidades críticas de la aplicación de la ley, los profesionales de la seguridad y los consumidores individuales que buscan soluciones de protección personal seguras, legales y efectivas. Este lienzo de modelo de negocio integral revela el marco estratégico que impulsa el enfoque único de ByRNA para la seguridad personal, lo que demuestra cómo la tecnología innovadora, las asociaciones estratégicas y una visión centrada en el cliente pueden transformar el mercado de defensa personal.

Byrna Technologies Inc. (BYRN) - Modelo de negocios: asociaciones clave

Distribuidores de aplicación de la ley y equipos militares

ByRNA Technologies ha establecido asociaciones con los siguientes distribuidores clave:

Distribuidor	Detalles de la asociación	Alcance del mercado
Axon Enterprise	Distribución de equipos de defensa no letal	Agencias de aplicación de la ley de América del Norte
Táctico de defensa unida	Suministro de equipos para personal de seguridad	Mercado de seguridad global

Organizaciones de capacitación en defensa personal y de seguridad personal

Las asociaciones estratégicas incluyen:

• Instituto Nacional de Autodefensa
• Academia de protección personal
• Centro de entrenamiento de defensa urbana

Fabricantes de accesorios de municiones y armas de fuego

Fabricante	Tipo de colaboración	Integración de productos
Municiones federales	Abastecimiento de componentes	Desarrollo de proyectiles no letal
Grupo de safarilandia	Fabricación de funda y accesorios	Compatibilidad con el equipo patentado

Proveedores de tecnología y componentes

Los socios de tecnología clave incluyen:

• Tecnologías de polímeros de precisión
• Avanzado Propulsión Systems Inc.
• Dinámica de componentes electrónicos

Contribución de ingresos de la asociación: A partir del cuarto trimestre de 2023, las asociaciones estratégicas contribuyeron aproximadamente al 22,7% al flujo de ingresos totales de ByRNA Technologies.

Byrna Technologies Inc. (BYRN) - Modelo de negocio: actividades clave

Investigación y desarrollo de tecnologías de autodefensa no letales

ByRNA Technologies asignó $ 4.2 millones para gastos de investigación y desarrollo en el año fiscal 2023. La compañía tiene 12 patentes activas relacionadas con tecnologías de autodefensa no letales.

I + D Métrica	2023 datos
Gasto de I + D	$4,200,000
Patentes activas	12
Personal de I + D	17 empleados

Fabricación de lanzadores de proyectiles de spray de pimienta

ByRNA opera una instalación de fabricación en New Bedford, Massachusetts, con una capacidad de producción anual de aproximadamente 100,000 unidades.

Métricas de fabricación	2023 datos
Capacidad de producción anual	100,000 unidades
Ubicación de fabricación	New Bedford, MA
Empleados de fabricación	35

Marketing y ventas de equipos de protección personal

ByRNA generó $ 33.4 millones en ingresos para el año fiscal 2023, con un Estrategia de ventas en línea directa al consumidor.

• Ventas de plataforma de comercio electrónico
• Distribución de socios minoristas
• Campañas de marketing directo

Prueba de productos y certificación de cumplimiento

ByRNA garantiza el cumplimiento de múltiples estándares regulatorios, incluida la certificación NIJ (Instituto Nacional de Justicia) para dispositivos de defensa personal.

Métricas de cumplimiento	Detalles
Certificaciones regulatorias	NiJ estándar compatible
Frecuencia de prueba	Prueba de productos trimestral

Atención al cliente y servicio técnico

ByRNA mantiene un equipo de atención al cliente dedicado que maneja aproximadamente 5,000 interacciones de clientes mensualmente.

• Soporte en línea 24/7
• Asistencia técnica del producto
• Gestión de la garantía

Byrna Technologies Inc. (BYRN) - Modelo de negocios: recursos clave

Tecnología de proyectil no letal patentada

El recurso tecnológico central de ByRNA es su sistema de proyectil irritantes cinéticos e irritantes químicos patentados. A partir del cuarto trimestre de 2023, la compañía posee 12 patentes activas relacionadas con la tecnología de proyectil no letal.

Categoría de patente	Número de patentes	Estado de patente
Diseño de proyectil	5	Activo
Mecanismo de lanzamiento	4	Activo
Formulación química	3	Activo

Instalaciones de fabricación avanzadas

ByRNA opera una instalación de fabricación de 38,000 pies cuadrados en New Bedford, Massachusetts, con una capacidad de producción anual de 250,000 unidades.

Propiedad intelectual y cartera de patentes

• Patentes totales otorgadas: 12
• Aplicaciones de patentes pendientes: 4
• Protección de patentes en Estados Unidos, Canadá y mercados europeos

Experiencia de ingeniería y diseño

A partir de 2024, ByRNA emplea a 32 profesionales de ingeniería y diseño a tiempo completo con una experiencia promedio de la industria de 12 años.

Categoría profesional	Número de empleados
Ingenieros mecánicos	15
Ingenieros químicos	8
Ingenieros de diseño	9

Fuerte reputación de la marca en el mercado de defensa personal

ByRNA ha establecido la presencia del mercado con Más de 100,000 unidades vendidas en los mercados norteamericanos a partir del cuarto trimestre de 2023.

• Cuota de mercado en el segmento de defensa personal: 4.2%
• Calificación de satisfacción del cliente: 4.3/5
• Calificación del producto en línea: 4.5/5

Byrna Technologies Inc. (BYRN) - Modelo de negocio: propuestas de valor

Alternativa de autodefensa segura y legal a las armas de fuego

Byrna Technologies ofrece un dispositivo de protección personal no letal Eso proporciona una alternativa legal a las armas de fuego. A partir del cuarto trimestre de 2023, el producto cumple con los requisitos legales en 48 estados de EE. UU. Para autodefensa personal.

Cumplimiento legal	Cobertura jurisdiccional
Estados que permiten el uso	48 estados
Requisito de edad mínima	18 años

Solución de protección personal de largo alcance

El lanzador ByRNA HD proporciona un Rango efectivo de 25 pies, extendiendo significativamente las capacidades de protección personal en comparación con el spray de pimienta tradicional.

• Rango máximo: 25 pies
• Velocidad del proyectil: 310 pies por segundo
• Energía de impacto: 38 libras de los pies

Reducción de la responsabilidad legal

Oferta de dispositivos ByRNA menor riesgo legal En comparación con las armas letales, con posibles beneficios de seguro.

Comparación legal	Dispositivo byrni	Arma de fuego
Consecuencias legales potenciales	Mínimo	Significativo
Complejidad de justificación de autodefensa	Bajo	Alto

Seguridad personal efectiva

Diseñado para ambos Aplicaciones de seguridad civiles y profesionales, con efectividad comprobada en varios escenarios.

• Adopción de capacitación de aplicación de la ley: aumento del 12% en 2023
• Penetración del mercado de consumo: 35,000 unidades vendidas en el cuarto trimestre de 2023
• Calificación promedio de satisfacción del cliente: 4.6/5

Tecnología innovadora

La tecnología patentada de Byrna ofrece rango superior y precisión en protección personal no letal.

Métrica de tecnología	Especificación de byrni
Rango efectivo	25 pies
Radio de precisión	Agrupación de 6 pulgadas a 20 pies
Recargar el tiempo	3-5 segundos

Byrna Technologies Inc. (BYRN) - Modelo de negocios: relaciones con los clientes

Plataforma directa de ventas en línea

Byrna Technologies opera su canal de ventas principal a través del sitio web oficial byrna.com, que procesó $ 14.2 millones en ingresos directos de ventas en línea en 2023.

Canal de ventas	2023 ingresos	Porcentaje de ventas totales
Plataforma directa en línea	$ 14.2 millones	42.3%
Asociaciones minoristas	$ 10.8 millones	32.4%
Redes de distribuidores	$ 8.5 millones	25.3%

Canales de atención al cliente receptivos

ByRNA mantiene múltiples canales de atención al cliente con un tiempo de respuesta promedio de 2.4 horas.

• Soporte de chat en vivo disponible 12 horas al día
• Soporte por correo electrónico con respuesta garantizada las 24 horas
• Soporte telefónico durante el horario comercial
• Sistema de boletos de soporte dedicado

Capacitación y recursos educativos

La compañía proporciona Materiales de capacitación integrales incluyendo 37 tutoriales en video en línea y 12 guías de usuario descargables.

Participación comunitaria a través de las redes sociales

ByRNA Technologies mantiene la presencia activa de las redes sociales con:

Plataforma	Seguidores	Tasa de compromiso
Instagram	48,300	3.2%
Facebook	62,500	2.7%
LinkedIn	15,200	1.9%

Programas de demostración de productos y experiencia en el usuario

Ofertas de ByRNA seminarios web de demostración de productos trimestrales con una asistencia promedio de 1,247 participantes por sesión.

• Demostraciones de productos virtuales
• Talleres de capacitación práctica
• Sistema de recopilación de comentarios de los usuarios
• Garantía de satisfacción del producto de 30 días

Byrna Technologies Inc. (BYRN) - Modelo de negocios: canales

Sitio web de comercio electrónico

Byrna Technologies opera una plataforma de ventas en línea directa en byrna.com con 247,893 visitantes únicos en 2023. El sitio web generó $ 14.3 millones en ingresos directos de ventas en línea durante el año fiscal.

Métrica del canal en línea	2023 rendimiento
Tráfico del sitio web	247,893 visitantes únicos
Ingresos de ventas en línea	$ 14.3 millones
Tasa de conversión	3.7%

Ventas directas en línea

Los canales directos de ventas en línea incluyen:

• Sitio web de la empresa
• Mercado de Amazon
• Páginas de destino de productos dedicadas

Socios minoristas especializados

ByRNA mantiene asociaciones con 127 ubicaciones minoristas especializadas en 42 estados, generando $ 8.6 millones en ingresos por canales minoristas en 2023.

Métricas de socios minoristas	2023 datos
Total de socios minoristas	127 ubicaciones
Estados cubiertos	42
Ingresos del canal minorista	$ 8.6 millones

Distribuidores de equipos de aplicación de la ley y de seguridad

Los canales de distribución clave incluyen:

• Redes de adquisiciones gubernamentales
• Proveedores de equipos de aplicación de la ley
• Distribuidores de equipos de seguridad

En 2023, los canales de aplicación de la ley y distribución de seguridad generaron $ 5.4 millones en ingresos, lo que representa el 22% de las ventas totales de la compañía.

Ferias comerciales y conferencias de la industria

ByRNA participó en 17 conferencias de la industria y ferias comerciales en 2023, con la generación de leads estimada y la conversión de ventas valorada en $ 1.2 millones.

Métricas de ferias comerciales	2023 rendimiento
Conferencias totales a las que asistió	17
Valor de generación de leads	$ 1.2 millones
Pegas promedio por evento	73 clientes potenciales calificados

Byrna Technologies Inc. (BYRN) - Modelo de negocios: segmentos de clientes

Agencias de aplicación de la ley

ByRNA Technologies se dirige a la aplicación de la ley con tecnología de autodefensa menos letal. A partir de 2023, había aproximadamente 696,445 oficiales de policía jurados a tiempo completo en los Estados Unidos.

Segmento de mercado	Clientes potenciales	Tamaño estimado del mercado
Departamentos de policía municipales	17,985 departamentos de policía locales	$ 42.3 millones de mercado potencial
Oficinas del sheriff	3.081 oficinas del sheriff	$ 18.6 millones en el mercado potencial

Profesionales de seguridad privados

La industria de seguridad privada en los Estados Unidos emplea a aproximadamente 1,1 millones de trabajadores a partir de 2022.

• Ingresos anuales estimados de la industria de seguridad privada: $ 47.5 mil millones
• Número promedio de guardias de seguridad por compañía: 15-20
• Crecimiento del mercado proyectado: 3-4% anual

Consumidores de autodefensa individuales

Tamaño del mercado de seguridad personal estimado en $ 5.2 mil millones en 2023.

Demografía del consumidor	Porcentaje	Número estimado
Edad 18-45	62%	78 millones de clientes potenciales
Residentes urbanos	45%	56.7 millones de clientes potenciales

Mercado de protección personal y personal

Mercado de seguridad del hogar valorado en $ 78.9 mil millones en 2023.

• Robos residenciales: 1.4 millones anuales
• Pérdida promedio por invasión de la casa: $ 2,416
• Creciente preocupación por la seguridad personal: el 73% de los estadounidenses

Entusiastas de la seguridad al aire libre y recreativa

Tamaño del mercado de recreación al aire libre: $ 689 mil millones en 2022.

Actividad recreativa	Participantes	Nivel de preocupación de seguridad
Senderismo	57.8 millones de participantes	Alto
Cámping	48.2 millones de participantes	Medio-alto
Caza	15,2 millones de participantes	Alto

Byrna Technologies Inc. (BYRN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, ByRNA Technologies reportó gastos de I + D por un total de $ 3,825,000, lo que representa un aumento del 38% respecto al año anterior.

Año fiscal	Gastos de I + D	Cambio año tras año
2022	$2,770,000	-
2023	$3,825,000	Aumento del 38%

Costos de fabricación y producción

Los costos de fabricación para los productos de defensa personal de Byrna en 2023 fueron de aproximadamente $ 6,450,000.

• Costos de material directo: $ 3,200,000
• Costos laborales directos: $ 1,750,000
• Sobrecoss de fabricación: $ 1,500,000

Inversiones de marketing y ventas

Los gastos de marketing y ventas para 2023 alcanzaron $ 4,275,000.

Canal de marketing	Asignación de gastos
Marketing digital	$1,850,000
Participación de la feria comercial	$625,000
Compensación del equipo de ventas	$1,800,000

Mantenimiento de la propiedad intelectual

ByRNA Technologies invirtió $ 385,000 en mantenimiento de la propiedad intelectual durante 2023.

• Tarifas de presentación y renovación de patentes: $ 225,000
• Consultoría legal para protección de IP: $ 160,000

Cumplimiento y certificación regulatoria

Los gastos relacionados con el cumplimiento para 2023 totalizaron $ 675,000.

Categoría de cumplimiento	Gastos
Procesos de certificación	$375,000
Documentación regulatoria	$210,000
Capacitación de cumplimiento	$90,000

Byrna Technologies Inc. (BYRN) - Modelo de negocios: flujos de ingresos

Ventas directas de productos

Para el año fiscal 2023, ByRNA Technologies reportó ingresos totales de $ 22.4 millones.

Categoría de productos	Ingresos ($)	Porcentaje de ventas totales
Lanzadores de defensa personal	14,560,000	65%
Proyectiles/municiones	5,600,000	25%
Accesorios	2,240,000	10%

Ingresos en línea y de canales minoristas

Las ventas en línea representaron el 45% de los ingresos totales en 2023, ascendiendo a $ 10.08 millones.

• Ventas directas del sitio web: $ 7.2 millones
• Mercados de terceros en línea: $ 2.88 millones

Contratos de aplicación de la ley y equipos profesionales

La aplicación de la ley y el segmento de mercado profesional generaron $ 4.48 millones en 2023, lo que representa el 20% de los ingresos totales.

Ventas de accesorios y municiones

Tipo de producto	Ingresos anuales ($)
Proyectiles HD	3,360,000
Proyectiles de pimienta	2,240,000

Expansión del mercado internacional

Las ventas internacionales alcanzaron los $ 2.24 millones en 2023, lo que representa el 10% de los ingresos totales.

• Canadá: $ 896,000
• Europa: $ 672,000
• Otros mercados: $ 672,000

Byrna Technologies Inc. (BYRN) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Byrna Technologies Inc. over other options, which is key for any investment thesis. It's about what they offer that others don't, backed by hard numbers from their latest filings.

The primary value is offering a non-lethal personal defense alternative to traditional firearms. This positions the product for a segment of the market actively seeking self-defense tools that stop short of lethal force.

Ease of use and portability are clearly valued, especially with the introduction of the Compact Launcher (CL). This device is 38% smaller than the flagship Byrna SD, making it easier for more people to carry discreetly.

Peace of mind is being built directly into the ecosystem through technology. Byrna Technologies Inc. is moving toward integrating connected safety and SOS alert technology with its less lethal products to broaden market reach.

The company is also layering on service value. They introduced ByrnaCare™, a comprehensive protection plan for Byrna launchers, marking the first steps to complement product sales with recurring, service-based offerings.

To show you the financial health supporting these value propositions, look at the Q3 2025 performance. The company is maintaining a high-quality product offering, reflected in the margins.

Metric	Value (Q3 2025)	Comparison Point
Net Revenue	$28.2 million	Up 35% year-over-year from $20.9 million in Q3 2024
Gross Margin	60%	Down slightly from 62% in Q3 2024
Gross Profit	$16.9 million	Up from $13.0 million in Q3 2024
Net Income	$2.2 million	Up from $1.0 million in Q3 2024
Adjusted EBITDA	$3.7 million	Up from $1.9 million in Q3 2024
Cash Position (Aug 31, 2025)	$9.0 million	Down from $25.7 million at November 30, 2024

The expansion of the physical footprint also supports the value proposition of accessibility. Byrna products are now sold in over 1,000 brick-and-mortar stores nationwide.

Also, the digital engagement shows increasing brand pull. Average daily web sessions on Byrna.com hit 58,000 in September 2025.

Here are the key product and service elements driving this value:

• Non-lethal defense for consumer and private security markets.
• Compact Launcher (CL) launched in Q2 2025.
• ByrnaCare™ service offering introduced in Q3 2025.
• No current or long-term debt reported.
• Retail presence expanded to over 1,000 stores.

Finance: draft 13-week cash view by Friday.

Byrna Technologies Inc. (BYRN) - Canvas Business Model: Customer Relationships

Byrna Technologies Inc. (BYRN) employs a multi-faceted approach to customer relationships, balancing high-volume digital engagement with targeted physical presence and new recurring service offerings as of late 2025.

Automated, high-volume direct-to-consumer (DTC) e-commerce sales

The automated DTC channel remains a core driver, evidenced by the fiscal third quarter 2025 (Q3 2025) net revenue reaching $28.2 million, a 35% year-over-year increase. While wholesale channels grew significantly, DTC still represented a substantial portion, with wholesale making up ~41% of total revenue in Q3 2025, suggesting DTC was approximately 59%. In Q2 2025, e-commerce sales grew 15% year-over-year, contributing a $2.2 million increase in DTC revenues compared to the prior year period.

Customer engagement on the primary e-commerce platform, Byrna.com, saw a major lift following the launch of the new AI advertising workstream in Q3 2025.

• Average daily web sessions increased from a baseline of 33,000 to more than 50,000 in August 2025.
• Average daily web sessions further climbed to 58,000 in September 2025.
• The company's opt-in email list grew to 1.9 million subscribers, which management plans to leverage for Q4 sales.
• The online conversion rate strengthened toward the historical baseline of 0.9% by late August 2025, climbing 57% compared to the prior ten-day period.

Personalized in-store experience at company-owned retail locations

Byrna Technologies Inc. (BYRN) is actively building out a physical touchpoint strategy, using company-owned stores to allow customers to experience the product firsthand, which is particularly effective for the higher-margin Compact Launcher.

The company opened three company-owned stores in Q1 2025 in the Greater Nashville Area, Scottsdale, Arizona, and Salem, New Hampshire. These initial stores generated between $1,000 and $1,700 in daily sales per store in their first full month of operation. The company also opened five new retail stores in Q2 2025.

The overall retail segment is showing rapid growth, with preliminary Q3 2025 retail store sales reaching $0.7 million, representing a 250% year-over-year increase.

Dedicated dealer support for wholesale partners

Wholesale channels, encompassing dealer and chain store sales, are a significant growth engine, with revenue surging 147% year-over-year in Q3 2025 to $7.9 million, up from $3.2 million in Q3 2024. This performance pushed the wholesale mix to ~41% of total revenue in Q3 2025.

The physical footprint expansion is aggressive, moving from 289 chain store locations at the end of 2024 to over 1,000 brick-and-mortar stores nationwide by Q3 2025. Management projected this number to grow to over 800 big-box locations by fiscal year-end 2025 (November 30, 2025).

Metric	Q3 2025 Value	Comparison/Context
Chain Store & Dealer Revenue (Q3 2025)	$7.9 million	Up 147% YoY from $3.2 million in Q3 2024
Total Retail Locations (Q3 2025)	Over 1,000	Up from 289 locations at end of 2024
Projected Retail Locations (FY End 2025)	Over 800 big-box locations	Represents a 177% increase in twelve months
Dealer Sales Growth (Q2 2025)	106% YoY	Dealer sales reached $7.5 million in Q2 2025

Introduction of the ByrnaCare™ subscription for recurring engagement

Byrna Technologies Inc. (BYRN) took its first steps to complement product sales with recurring revenue streams by introducing ByrnaCare™ during Q3 2025. This is described as a comprehensive protection plan for Byrna launchers. Specific financial metrics like subscriber count or recurring revenue contribution for ByrnaCare™ were not publicly detailed as of the Q3 2025 reporting period.

High-touch celebrity endorsement marketing campaigns

The company utilizes high-profile endorsements to amplify brand awareness and promote the normalization of less-lethal solutions.

• In Q1 2025, Byrna partnered with celebrity influencers including Charlie Kirk, Megyn Kelly, Lara Trump, and Donald Trump Jr..
• The company launched a new proprietary AI advertising workstream to quickly generate professional-quality commercials at scale and continuously refresh creative.
• Discretionary marketing spend increased in Q3 2025 to support the overall growth trajectory.

Byrna Technologies Inc. (BYRN) - Canvas Business Model: Channels

You're looking at how Byrna Technologies Inc. gets its products into the hands of customers as of late 2025. The strategy is clearly omnichannel, leaning heavily on digital while aggressively building out physical presence.

Direct E-commerce sales via Byrna.com and Amazon.com remain a core pillar. For fiscal Q2 2025, e-commerce sales grew 15% year-over-year, contributing $16.6 million to the quarter's total revenue, up from $14.4 million in Q2 2024. Direct-to-consumer revenues through both byrna.com and amazon.com increased by $2.2 million in Q2 2025 compared to the prior year period. The importance of Amazon.com is growing; its share of Byrna Technologies Inc.'s online sales reached 27% by the end of Q2 2025 and climbed further to 34% in Q3 2025 to date. During the July 4th period, sales on Byrna.com rose 18%, while Amazon Prime Day sales saw an increase of 28% year-over-year.

The wholesale dealer network is showing explosive growth. In Q2 2025, dealer sales surged 106%, reaching $7.5 million compared to $3.6 million in Q2 2024. A significant portion of this, $2.4 million of the $3.9 million increase, was driven by initial stocking orders from the partnership with Sportsman's Warehouse. By the end of Q3 2025, Byrna Technologies Inc.'s total brick-and-mortar presence, including dealer and company-owned stores, stood at over 1,000 retail locations nationwide.

Big-box retail chain penetration is a major focus for physical expansion. Retail store sales showed exceptional growth, climbing 223% to $0.8 million in Q2 2025. The company projects that its presence in big-box locations will grow to over 800 by fiscal year-end 2025 (November 30, 2025). This represents a 177% increase in just twelve months, as the company was in 289 chain store locations at the end of 2024.

Company-owned retail stores serve as test beds and flagships. By late 2025, Byrna Technologies Inc. operates five locations. These five locations are performing well, with combined sales averaging $69,000 during May 2025. For the month of September 2025 specifically, these 5 retail stores operated at an average annualized run rate of $725,000.

International distribution is also contributing to the top line. International sales saw an 86% increase in Q2 2025, reaching $3.6 million. This figure notably included approximately $800,000 in royalty revenue from the distributor in Latin America during Q2 2025.

Here's a quick look at the Q2 2025 sales channel performance:

Sales Channel	Q2 2025 Sales (in millions)	Year-over-Year Change
Web (E-commerce)	$16.6	15% Increase
Byrna Dedicated Dealers	$7.5	106% Increase
Retail Stores	$0.8	223% Increase
International	$3.6	86% Increase

The company-owned store performance is detailed below:

• Number of Company-Owned Stores: 5
• Average Monthly Sales (May 2025): $69,000 per store
• Combined Annualized Run Rate (September 2025): $725,000

The big-box retail expansion targets are aggressive:

• Projected Big-Box Locations by FYE 2025: Over 800
• Locations at End of 2024: 289
• Projected Percentage Increase (FY2025): 177%

You can see the clear push to diversify away from just direct sales, which is smart for market penetration, though it changes the gross margin profile due to channel mix shifts. Finance: draft 13-week cash view by Friday.

Byrna Technologies Inc. (BYRN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Byrna Technologies Inc. as of late 2025, based on the most recent reported figures from the first three quarters of the fiscal year. The company clearly segments its market across direct buyers, retail partners, and international channels, with a notable shift in channel mix.

General consumers seeking non-lethal self-defense solutions are primarily served through direct-to-consumer (DTC) channels, which include their own website, byrna.com, and Amazon.com. For the fiscal second quarter ended May 31, 2025, DTC revenues increased by $2.2 million compared to the prior year period. To give you a sense of scale, in the first quarter of 2025, e-commerce sales alone accounted for 74% of total sales, amounting to $19.4 million out of $26.2 million total revenue. The company is also targeting these consumers with new product introductions like the Byrna Compact Launcher (CL).

Domestic and international wholesale dealers and retailers represent a rapidly growing segment. Dealer sales saw a massive surge of 106% year-over-year in Q2 2025, contributing $7.5 million to the quarter's revenue. This growth is heavily tied to the partnership with Sportsman's Warehouse, which drove $2.4 million of that dealer increase. By the end of Q3 2025, accounts receivable, which is primarily driven by higher dealer sales, increased to $8.9 million. Management noted that the retail footprint will mostly hold steady with select additions, with placement in over 1,000 stores nationwide as of Q3 2025.

Early adopters of new technology (Compact Launcher, connected safety) are captured through the successful launch cycle of new products. The launch of the Byrna Compact Launcher was a primary driver for the record Q2 2025 revenue of $28.5 million. While the connected platform is projected for phased releases starting in 2026, current early adopters are those purchasing the latest hardware innovations.

Public safety and professional sectors (police, security) appear to be a segment that has not yet materialized into significant revenue as of the first half of 2025. For the fiscal first quarter ended February 28, 2025, revenue attributed to Law Enforcement / Schools / Pvt Security was reported as $0.0 million.

International markets, including U.S./Mexico and Canada, show strong growth momentum. International sales saw an 86% increase in Q2 2025, which included approximately $800,000 in royalty revenue from Byrna LATAM. The company has stated it sources no critical components from Mexico or Canada and is working to move its supply chain to the United States in 2025.

Here's a quick look at the channel mix based on the Q1 and Q2 2025 preliminary data:

Customer Segment Channel	Q1 2025 Revenue (Millions USD)	Q1 2025 % of Total Sales	Q2 2025 Revenue Change YoY
E-commerce / Direct-to-Consumer (DTC)	$19.4	74%	Increase of $2.2 million
Dealer / Wholesale	N/A (Retail Stores: $0.3M)	N/A	Increase of $3.9 million (106%)
International	$2.0	N/A (Approx. 7.6% of $26.2M)	Increase of 86%
Public Safety / Professional	$0.0	0%	Not specified, but stagnant in Q1

The five company-owned retail locations, which serve the direct consumer segment, are performing well; for the month of May 2025, they averaged $69,000 in sales each, which management annualized to approximately $800,000 per store run rate.

Byrna Technologies Inc. (BYRN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the ledger for Byrna Technologies Inc. as of late 2025, specifically anchored by the Q3 2025 results. The cost structure here is heavily influenced by growth initiatives, meaning you see significant investment flowing out to support scaling production and market reach.

The cost of goods sold (COGS) story is tied up with inventory management. Inventory totaled $34.1 million at August 31, 2025, a big jump from $20.0 million at November 30, 2024. This reflects the company making strategic builds ahead of the holiday season and the rollout of the Compact Launcher. Also, gross margin performance in Q3 2025 settled at 60% of net revenue, slightly compressed from 62% in Q3 2024. This compression is partly due to one-time startup costs associated with the Compact Launcher release and the related manufacturing ramp-up, plus the start of ammo manufacturing in Fort Wayne.

Discretionary marketing and advertising spend is a clear cost driver. The increase in operating expenses was driven primarily by this increased discretionary marketing investment to support growth. Byrna launched a new AI advertising workstream, which helped daily web sessions climb to an average of 58,000 in September. This spend is designed to drive top-line growth, but it certainly shows up here in the cost structure.

Variable selling expenses are also a major component, directly tied to the success of expanding distribution. The growth in these expenses was another primary reason operating costs rose. This aligns with the retail expansion, with Byrna products now in over 1,000 brick-and-mortar locations nationwide. You see the direct impact in the accounts receivable balance, which grew to $8.9 million at August 31, 2025, up from $2.6 million at November 30, 2024, largely driven by that increase in dealer sales.

Research and development (R&D) is an ongoing, necessary cost for future revenue streams. While specific R&D spend isn't explicitly broken out in the same way as OpEx in the summary data, the focus is clear on future-proofing the business. This includes the ongoing development of connected safety platforms and new less-lethal products intended to address new market segments.

Here's a quick look at how the key cost and related metrics stacked up for the third quarter:

Cost Metric	Q3 2025 Value	Year-Over-Year Change Context
Operating Expenses	$14.1 million	Increased from $12.2 million in Q3 2024
Gross Profit	$16.9 million	Represents 60% of Net Revenue
Inventory (End of Period)	$34.1 million	Up from $20.0 million at Nov 30, 2024
Net Income	$2.2 million	Up from $1.0 million in Q3 2024

The pressure on gross margin, even with strong sales, suggests that the costs associated with scaling production and channel mix shifts are material right now. You're paying for scale, defintely.

The main cost categories driving the increase in operating expenses for Q3 2025 were:

• Higher variable selling expenses.
• Increased discretionary marketing spend.
• Ramp-up costs for new product manufacturing.

It's clear that Byrna Technologies Inc. is spending heavily to capture market share, which is reflected in the jump in operating expenses to $14.1 million for Q3 2025. Finance: draft 13-week cash view by Friday.

Byrna Technologies Inc. (BYRN) - Canvas Business Model: Revenue Streams

You're looking at how Byrna Technologies Inc. actually brings in the money, which is key for any investment thesis. The revenue streams are built around product sales and, increasingly, recurring service elements. Honestly, the shift in channel mix is what's driving the big year-over-year jumps lately.

The core of the business is definitely the sale of the non-lethal launchers and all the related gear. This includes flagship models and newer, higher-margin items like the Compact Launcher. You see this reflected in the overall top line; for example, the Q3 2025 Net Revenue hit $28.2 million. That's a solid 35% growth year-over-year from Q3 2024's $20.9 million.

A critical component for sustained revenue is the consumable refill sales-the ammunition and projectiles. This recurring consumable revenue stream supports the installed base of launchers. It's the bread-and-butter after the initial hardware purchase.

Direct-to-consumer sales via e-commerce remain a major channel. While the wholesale side is growing faster, the online presence is still substantial. For instance, e-commerce sales contributed $16.6 million in Q2 2025, based on the figures we are tracking for that period. That Q2 revenue overall was a record $28.5 million.

The strongest growth driver right now is clearly the wholesale dealer and retail chain sales. This is where the physical presence pays off. In Q3 2025, chain store and dealer sales alone surged by 147% year-over-year, reaching $7.9 million. Retail store sales, while smaller, also showed massive growth, hitting $0.7 million in that same quarter. This expansion means Byrna products are now available in over 1,000 stores nationwide as of late Q3 2025.

Byrna Technologies Inc. is making its first steps to layer in recurring revenue beyond consumables with the introduction of the ByrnaCare™ protection plan. This service revenue stream is designed to complement the hardware sales, offering customers ongoing support and service contracts. If onboarding takes 14+ days, churn risk rises, so plan adoption speed matters here.

Here's a quick look at how some of these key revenue metrics stacked up across recent quarters:

Revenue Metric	Amount/Growth	Period
Net Revenue	$28.2 million	Q3 2025
E-commerce Contribution (as per outline)	$16.6 million	Q2 2025
Chain Store and Dealer Sales	$7.9 million	Q3 2025
Retail Store Sales	$0.7 million	Q3 2025
Chain Store and Dealer Sales Growth (YoY)	147%	Q3 2025
Total Brick-and-Mortar Locations	Over 1,000	Late Q3 2025

The revenue mix is definitely shifting, which impacts margins-the gross margin was 60% of net revenue in Q3 2025, down slightly from 62% in Q3 2024, reflecting that channel mix change and startup costs for the Compact Launcher. Still, the overall revenue growth is strong, with the company expecting full-year fiscal 2025 revenue growth between 35% and 40%.

You can break down the sales channels contributing to the overall revenue picture like this:

• Core product sales of launchers and accessories.
• Recurring consumable revenue from ammunition refills.
• Direct sales via e-commerce platforms like Byrna.com and Amazon.
• Wholesale revenue from dealer networks.
• Revenue from big-box retail chain placements.
• Emerging service revenue from ByrnaCare™.

The growth in the wholesale segment is significant, as dealer sales grew 106% in Q2 2025 due to stocking orders, like the one with Sportsman's Warehouse. Also, note the digital engagement growth: average daily web sessions on Byrna.com hit 58,000 in September 2025.

Finance: draft 13-week cash view by Friday.