Byrna Technologies Inc. (BYRN): Business Model Canvas [Dec-2025 Updated]

You're digging into Byrna Technologies Inc. (BYRN) right now, and honestly, it's the right time, because their business engine is clearly shifting gears as of late 2025. We're looking past just the initial hardware sale-though their Q3 net revenue hit $28.2 million with a solid 60% gross margin-to see how they are building a sticky, recurring revenue stream through services like ByrnaCare™, all while backing a massive push into big-box retail supported by $34.1 million in inventory. This canvas breaks down the core mechanics of how Byrna Technologies Inc. is balancing patented tech, massive dealer growth, and a strong cash position of $9.0 million to secure its place in the non-lethal defense market; check out the nine blocks below to see the full strategy.

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

You're looking at how Byrna Technologies Inc. is building out its sales and distribution muscle through strategic alliances as of late 2025. It's not just about selling online anymore; it's about physical presence and international reach. Here's the breakdown of the key partnerships driving that growth.

Big-Box Retailer Expansion

The push into physical retail is significant. At the end of fiscal year 2024, Byrna Technologies Inc.'s products were in 289 chain store locations. Management projects this footprint to expand substantially, expecting to be in more than 500 retail chain locations by the end of Q3 2025 (August 31, 2025). Based on retailer projections, the goal is to reach over 800 big-box locations by fiscal year-end 2025 (November 30, 2025), which would be a 177% increase in just twelve months. Some internal commentary suggests placement in over 1,000 stores nationwide is a near-term target.

The cost structure for this expansion is favorable compared to owned stores. For the 'store-within-a-store' model, Byrna Technologies Inc. contributes $7,500 per store buildout, which is much lower than the $200,000-$250,000 investment for a standalone location.

Sportsman's Warehouse 'Shop-in-Shop' Concept

The exclusive partnership with Sportsman's Warehouse is a major driver for the dealer channel. This shop-in-shop format, which includes live-fire demos using archery lanes, was operational in 13 stores with 41 point-of-sale displays as of Q2 2025. This channel saw dealer sales surge by 106% year-over-year in Q2 2025, hitting $7.5 million for that quarter alone. By the end of Q3 2025, Byrna Technologies Inc. planned to expand this to 38 locations, with year-end 2025 targets suggesting up to 50 locations. To be fair, as of Q3 2025, Sportsman's Warehouse already had live demos available in 116 of its 147 stores across the country, with Byrna being a key growth driver in the personal protection category there.

Here's a quick look at the impact:

Influencer Marketing and Brand Awareness

Brand awareness efforts are leaning heavily into proven channels. In Q4 2024, the success of the advertising strategy, which included celebrity endorsements, achieved a 5x return on advertising spend. Management is actively working to broaden the influencer base, including engaging Adam Roth, a former Nike executive. The broader market context shows the global influencer marketing industry is projected to reach $33 billion by the end of 2025.

Byrna LATAM for International Distribution

The Latin American subsidiary is a growing source of non-U.S. revenue and royalty income. Byrna LATAM planned to produce 3,000 launchers per month starting in Q1 2025. For the Córdoba Police order alone, which involved 10,000 units for 2025 delivery, Byrna Technologies Inc. projected approximately $1.5 million in royalty income. Looking at the Q2 2025 results, the company recognized about $800,000 in royalty revenue from Byrna LATAM. Management anticipates earning between $1.0 million and $2.0 million in total royalty income from Byrna LATAM for the full fiscal year 2025.

• Byrna LATAM monthly production target (starting Q1 2025): 3,000 launchers.
• Projected 2025 Royalty Income Range: $1.0 million to $2.0 million.
• Q2 2025 Royalty Income Recognized: $800,000.

Technology Partners for New SOS Alert Integration

While the focus on technology integration for enhanced safety features is clear, the most concrete partnerships mentioned relate to training and institutional adoption rather than a specific SOS alert technology integration partner. Byrna Technologies Inc. collaborates with leading security training organizations to develop responsible safety programs. These partners include Krisis, Inc. and the USCCA (U.S. Concealed Carry Association). Byrna is currently providing hands-on instruction in collaboration with Krisis NE at security conferences.

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

The Key Activities for Byrna Technologies Inc. center on scaling production efficiently, aggressively driving demand through digital channels, expanding physical distribution, and integrating service offerings.

Manufacturing and Assembly of Less-Lethal Launchers and Projectiles

Byrna Technologies Inc. focuses on ramping up domestic manufacturing capacity to meet escalating demand and improve supply chain control. This activity includes both launcher assembly and the production of payload ammunition rounds.

• Launcher production capacity was increased by 33% to 24,000 launchers per month as of Q1 2025.
• The company began producing payload ammo rounds at its new Fort Wayne, Indiana facility, which has a capacity of 8 million rounds per year.
• Domestic sourcing was strengthened, achieving 92% U.S.-made components for the flagship Byrna SD model.
• Total launchers sold since inception surpassed 500,000 as of February 2025.

AI-Enabled Digital Advertising to Drive Web Traffic

A major recent activity is the deployment of a proprietary AI-driven marketing campaign to efficiently acquire customers and boost brand visibility across digital platforms. This has significantly altered the cost structure of customer acquisition.

The AI marketing campaign drove average daily sessions on Byrna.com to 50,000+ in August 2025, climbing further to an average of 58,000 daily sessions in September 2025. This is up from a baseline of approximately 33,400 daily sessions for the first eight months of FY2025. The flagship commercial, 'We Don't Sell Bananas,' has been viewed more than 66 million times.

Here's a look at the efficiency gains from this activity:

Product Innovation, like the Compact Launcher (CL) Launch in Q2 2025

Product innovation is critical, exemplified by the launch of the Compact Launcher (CL) in Q2 2025, which was a primary revenue catalyst for that quarter. The CL launch required a significant ramp in manufacturing output.

• The CL launched on May 1, 2025, contributing to a record Q2 2025 revenue of $28.5 million, a 41% increase year-over-year.
• To support the CL launch and build inventory, Byrna Technologies Inc. produced 38,237 Compact Launchers in Q2 2025, out of a total of 63,835 launchers manufactured that quarter.
• Management signaled a transition to a steady-state production cadence of 15,000 launchers per month following the initial launch period.

Scaling the Domestic and International Dealer Network

Scaling distribution through dealers and retail partners is a core activity, shifting the revenue mix toward wholesale channels. This involves securing shelf space and managing increased accounts receivable associated with these partners.

By Q3 2025, the brick-and-mortar presence expanded to over 1,000 retail locations nationwide. This channel strength drove chain store and dealer revenue to surge 147% year-over-year, reaching $7.9 million in Q3 2025. Wholesale revenue represented 41% of total sales in Q3 2025. International sales also grew, increasing 33% to $3.2 million in Q3 2025.

Enhancing the Connected Safety Platform and Service Offerings

Byrna Technologies Inc. is moving to establish recurring revenue streams by enhancing its platform beyond just hardware sales. This involves introducing service contracts and developing future connected devices.

• The company introduced ByrnaCare™ in Q3 2025, a comprehensive protection plan designed to complement product sales with service-based offerings.
• There is a stated roadmap for future connected safety platform features, including SOS-enabled devices, targeted for 2026 and beyond.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Byrna Technologies Inc. relies on to execute its strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting current operations and near-term growth.

The most critical intangible asset is the patented less-lethal launcher technology and intellectual property. This forms the barrier to entry for competitors in their specific niche of personal security solutions.

On the physical side, the manufacturing footprint is key, especially with the recent transition to domestic production. Byrna Technologies Inc. operates its Fort Wayne, Indiana manufacturing facility for launchers, which ramped up capacity to 24,000 units per month starting in January 2025. Furthermore, the ammunition production facility, also in Fort Wayne, Indiana, is now operational, establishing a domestic capacity to produce 8 million rounds of proprietary less-lethal ammunition annually. This move away from South Africa and China sourcing is a major operational resource for supply chain control.

Financially, Byrna Technologies Inc. maintained a debt-free balance sheet, but working capital shifts impacted the cash balance leading into the crucial holiday period. Here's a look at the key financial and operational figures as of the end of the third quarter, August 31, 2025:

That significant inventory build of $34.1 million was a deliberate resource allocation, positioning Byrna Technologies Inc. to meet the anticipated demand surge from the holiday season and the rollout of the Compact Launcher.

The digital infrastructure is another essential resource, supporting direct-to-consumer sales and brand reach. Byrna Technologies Inc. relies heavily on its established e-commerce platform, Byrna.com, and its presence on Amazon. The effectiveness of this digital reach is quantifiable:

• Byrna.com averaged approximately 52,000 daily web sessions in August 2025.
• Average daily web sessions on Byrna.com climbed to approximately 58,000 in September 2025.
• Amazon sessions also rose sharply, supporting momentum for holiday promotions.

Also supporting the brand is a growing physical retail footprint, which exceeded 1,000 locations nationwide as of the third quarter of 2025. This physical presence acts as a resource for product demonstration and immediate availability.

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.

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).

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:

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:

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:

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:

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.