Byrna Technologies Inc. (BYRN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia de defesa pessoal, a Byrna Technologies Inc. (BYRN) surge como inovador inovador, revolucionando a autoproteção com seus sistemas de projéteis não letais de ponta. Ao oferecer uma alternativa sofisticada às armas de fogo tradicionais, a Byrna criou meticulosamente um modelo de negócios que atende às necessidades críticas da aplicação da lei, profissionais de segurança e consumidores individuais que buscam soluções de proteção pessoal segura, legal e eficaz. Essa lona abrangente do modelo de negócios revela a estrutura estratégica que impulsiona a abordagem única da ByRNA para a segurança pessoal, demonstrando como a tecnologia inovadora, as parcerias estratégicas e uma visão centrada no cliente podem transformar o mercado de autodefesa.

Byrna Technologies Inc. (BYRN) - Modelo de negócios: Parcerias -chave

Distribuidores de aplicação da lei e de equipamentos militares

A ByRNA Technologies estabeleceu parcerias com os seguintes distribuidores -chave:

Distribuidor	Detalhes da parceria	Alcance do mercado
Axon Enterprise	Distribuição de equipamentos de defesa não letal	Agências policiais norte -americanas
Tactical de defesa unida	Fornecimento de equipamentos para pessoal de segurança	Mercado de Segurança Global

Organizações de treinamento pessoal e de segurança pessoal

Parcerias estratégicas incluem:

• Instituto Nacional de Autodefesa
• Academia de Proteção Pessoal
• Centro de Treinamento de Defesa Urbana

Fabricantes de Acessórios para munição e armas de fogo

Fabricante	Tipo de colaboração	Integração do produto
Munição federal	Fornecimento de componentes	Desenvolvimento de projétil não letal
Grupo Safariland	Coldre e acessórios fabricantes	Compatibilidade de equipamentos proprietários

Fornecedores de tecnologia e componentes

Os principais parceiros de tecnologia incluem:

• Tecnologias de polímero de precisão
• Sistemas de Propulsão Avançada Inc.
• Dinâmica de componentes eletrônicos

Contribuição da receita da parceria: A partir do quarto trimestre de 2023, as parcerias estratégicas contribuíram com aproximadamente 22,7% para o fluxo total de receita da Byrna Technologies.

Byrna Technologies Inc. (BYRN) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tecnologias não letais de autodefesa

A ByRNA Technologies alocou US $ 4,2 milhões para despesas de pesquisa e desenvolvimento no ano fiscal de 2023. A Companhia possui 12 patentes ativas relacionadas a tecnologias não letais de autodefesa.

Métrica de P&D	2023 dados
Despesas de P&D	$4,200,000
Patentes ativas	12
Pessoal de P&D	17 funcionários

Fabricação de lançadores de projéteis de spray de pimenta

A ByRNA opera uma instalação de fabricação em New Bedford, Massachusetts, com uma capacidade de produção anual de aproximadamente 100.000 unidades.

Métricas de fabricação	2023 dados
Capacidade de produção anual	100.000 unidades
Local de fabricação	New Bedford, MA
Funcionários de manufatura	35

Marketing e vendas de equipamentos de proteção pessoal

Byrna gerou US $ 33,4 milhões em receita para o ano fiscal de 2023, com um Estratégia de vendas on-line direta ao consumidor.

• Vendas da plataforma de comércio eletrônico
• Distribuição de parceiros de varejo
• Campanhas de marketing direto

Teste de produto e certificação de conformidade

O ByRNA garante a conformidade com vários padrões regulatórios, incluindo a certificação NIJ (Instituto Nacional de Justiça) para dispositivos de defesa pessoal.

Métricas de conformidade	Detalhes
Certificações regulatórias	NIJ Compatiante padrão
Frequência de teste	Teste trimestral de produtos

Suporte ao cliente e serviço técnico

O ByRNA mantém uma equipe de suporte ao cliente dedicada lidando com aproximadamente 5.000 interações com os clientes mensalmente.

• Suporte on -line 24/7
• Assistência técnica do produto
• Gerenciamento de garantia

Byrna Technologies Inc. (BYRN) - Modelo de negócios: Recursos -chave

Tecnologia de projétil não letal proprietária

O principal recurso tecnológico da Byrna é seu sistema de projétil cinético e químico proprietário. A partir do quarto trimestre 2023, a empresa possui 12 patentes ativas relacionadas à tecnologia não letal de projétil.

Categoria de patentes	Número de patentes	Status de patente
Design de projétil	5	Ativo
Mecanismo de lançamento	4	Ativo
Formulação química	3	Ativo

Instalações de fabricação avançadas

A ByRNA opera uma instalação de fabricação de 38.000 pés quadrados em New Bedford, Massachusetts, com uma capacidade de produção anual de 250.000 unidades.

Propriedade intelectual e portfólio de patentes

• Total de patentes concedidas: 12
• Aplicações de patentes pendentes: 4
• Proteção de patentes nos Estados Unidos, Canadá e mercados europeus

Experiência em engenharia e design

A partir de 2024, a Byrna emprega 32 profissionais de engenharia e design em período integral com uma experiência média do setor de 12 anos.

Categoria profissional	Número de funcionários
Engenheiros mecânicos	15
Engenheiros químicos	8
Engenheiros de design	9

Forte reputação da marca no mercado de defesa pessoal

Byrna estabeleceu a presença do mercado com Mais de 100.000 unidades vendidas nos mercados norte -americanos a partir do quarto trimestre 2023.

• Participação de mercado no segmento de defesa pessoal: 4,2%
• Classificação de satisfação do cliente: 4.3/5
• Classificação de produto on -line: 4.5/5

Byrna Technologies Inc. (BYRN) - Modelo de negócios: proposições de valor

Alternativa de autodefesa segura e legal para armas de fogo

Byrna Technologies oferece um dispositivo de proteção pessoal não letal Isso fornece uma alternativa legal às armas de fogo. A partir do quarto trimestre de 2023, o produto atende aos requisitos legais em 48 estados dos EUA para autodefesa pessoal.

Conformidade legal	Cobertura jurisdicional
Estados que permitem uso	48 estados
Requisito de idade mínima	18 anos

Solução de proteção pessoal de longo alcance

O Byrna HD Launcher fornece um Faixa efetiva de 25 pés, estendendo significativamente os recursos de proteção pessoal em comparação com o spray de pimenta tradicional.

• Faixa máxima: 25 pés
• Velocidade do projétil: 310 pés por segundo
• Energia de impacto: 38 libras-pé

Responsabilidade legal reduzida

Os dispositivos ByRNA oferecem menor risco legal Comparado às armas letais, com possíveis benefícios de seguro.

Comparação legal	Dispositivo byrna	Arma de fogo
Conseqüências legais potenciais	Mínimo	Significativo
Complexidade de justificação de autodefesa	Baixo	Alto

Segurança pessoal eficaz

Projetado para ambos Aplicativos de segurança civil e profissional, com eficácia comprovada em vários cenários.

• Adoção do treinamento da aplicação da lei: aumento de 12% em 2023
• Penetração do mercado do consumidor: 35.000 unidades vendidas no quarto trimestre 2023
• Classificação média de satisfação do cliente: 4.6/5

Tecnologia inovadora

A tecnologia proprietária da Byrna entrega alcance e precisão superiores em proteção pessoal não letal.

Métrica de tecnologia	Especificação ByRNA
Intervalo efetivo	25 pés
Raio de precisão	Agrupamento de 6 polegadas a 20 pés
Recarregar o tempo	3-5 segundos

Byrna Technologies Inc. (BYRN) - Modelo de negócios: Relacionamentos do cliente

Plataforma de vendas on -line direta

A ByRNA Technologies opera seu principal canal de vendas através do site oficial ByRNA.com, que processou US $ 14,2 milhões em receita direta de vendas on -line em 2023.

Canal de vendas	2023 Receita	Porcentagem de vendas totais
Plataforma online direta	US $ 14,2 milhões	42.3%
Parcerias de varejo	US $ 10,8 milhões	32.4%
Redes de distribuidores	US $ 8,5 milhões	25.3%

Canais de suporte ao cliente responsivos

O ByRNA mantém vários canais de suporte ao cliente com um tempo médio de resposta de 2,4 horas.

• Suporte de bate -papo ao vivo disponível 12 horas por dia
• Suporte por e-mail com resposta garantida de 24 horas
• Suporte telefônico durante o horário comercial
• Sistema de ticket de suporte dedicado

Recursos educacionais e de treinamento

A empresa fornece Materiais de treinamento abrangentes incluindo 37 tutoriais em vídeo on -line e 12 guias de usuário para download.

Engajamento da comunidade através da mídia social

A ByRNA Technologies mantém a presença ativa da mídia social com:

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

Demonstração de produtos e programas de experiência do usuário

Byrna oferece Quiliários de demonstração trimestral de produtos com uma participação média de 1.247 participantes por sessão.

• Demonstrações de produtos virtuais
• Workshops de treinamento prático
• Sistema de coleta de feedback de usuário
• Garantia de satisfação do produto de 30 dias

Byrna Technologies Inc. (BYRN) - Modelo de negócios: canais

Site de comércio eletrônico

A ByRNA Technologies opera uma plataforma de vendas on -line direta no ByRNA.com com 247.893 visitantes únicos em 2023. O site gerou US $ 14,3 milhões em receita direta de vendas on -line durante o ano fiscal.

Métrica de canal on -line	2023 desempenho
Tráfego do site	247.893 visitantes únicos
Receita de vendas on -line	US $ 14,3 milhões
Taxa de conversão	3.7%

Vendas on -line diretas

Os canais de vendas on -line diretos incluem:

• Site da empresa
• Amazon Marketplace
• Páginas de destino dedicadas ao produto

Parceiros de varejo especializados

A Byrna mantém parcerias com 127 locais especializados em varejo em 42 estados, gerando US $ 8,6 milhões em receita de canal de varejo em 2023.

Métricas de parceiro de varejo	2023 dados
Total de parceiros de varejo	127 locais
Estados cobertos	42
Receita de canal de varejo	US $ 8,6 milhões

Distribuidores de equipamentos de aplicação e segurança da lei

Os principais canais de distribuição incluem:

• Redes de compras governamentais
• Fornecedores de equipamentos de aplicação da lei
• Distribuidores de equipamentos de segurança

Em 2023, os canais de aplicação da lei e distribuição de segurança geraram US $ 5,4 milhões em receita, representando 22% do total de vendas da empresa.

Feiras e conferências do setor

Byrna participou de 17 conferências e feiras do setor em 2023, com geração estimada de leads e conversão de vendas no valor de US $ 1,2 milhão.

Métricas de feiras	2023 desempenho
As conferências totais compareceram	17
Valor de geração de lead	US $ 1,2 milhão
Leads médios por evento	73 leads qualificados

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

Agências de aplicação da lei

A ByRNA Technologies tem como alvo a aplicação da lei com a tecnologia de autodefesa menos letal. Em 2023, havia aproximadamente 696.445 policiais em tempo integral nos Estados Unidos.

Segmento de mercado	Clientes em potencial	Tamanho estimado do mercado
Departamentos de Polícia Municipal	17.985 departamentos de polícia locais	US $ 42,3 milhões em potencial mercado
Escritórios do xerife	3.081 escritórios do xerife	US $ 18,6 milhões em potencial mercado

Profissionais de segurança privada

O setor de segurança privado nos Estados Unidos emprega aproximadamente 1,1 milhão de trabalhadores a partir de 2022.

• Receita anual estimada do setor de segurança privada: US $ 47,5 bilhões
• Número médio de guardas de segurança por empresa: 15-20
• Crescimento do mercado projetado: 3-4% anualmente

Consumidores individuais de autodefesa

Tamanho do mercado de segurança pessoal estimado em US $ 5,2 bilhões em 2023.

Dados demográficos do consumidor	Percentagem	Número estimado
Idade 18-45	62%	78 milhões de clientes em potencial
Residentes urbanos	45%	56,7 milhões de clientes em potencial

Mercado de Proteção Home e Pessoal

Mercado de segurança doméstica avaliada em US $ 78,9 bilhões em 2023.

• Invasões residenciais: 1,4 milhão anualmente
• Perda média por invasão em casa: US $ 2.416
• Crescente preocupação com a segurança pessoal: 73% dos americanos

Entusiastas de segurança ao ar livre e recreativos

Tamanho do mercado de recreação ao ar livre: US $ 689 bilhões em 2022.

Atividade recreativa	Participantes	Nível de preocupação de segurança
Caminhada	57,8 milhões de participantes	Alto
Camping	48,2 milhões de participantes	Médio-alto
Caça	15,2 milhões de participantes	Alto

Byrna Technologies Inc. (BYRN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Byrna Technologies relatou despesas de P&D totalizando US $ 3.825.000, representando um aumento de 38% em relação ao ano anterior.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	$2,770,000	-
2023	$3,825,000	Aumento de 38%

Custos de fabricação e produção

Os custos de fabricação dos produtos de autodefesa da Byrna em 2023 foram de aproximadamente US $ 6.450.000.

• Custos de material direto: US $ 3.200.000
• Custos de mão -de -obra direta: US $ 1.750.000
• Mercancada de fabricação: US $ 1.500.000

Investimentos de marketing e vendas

As despesas de marketing e vendas para 2023 atingiram US $ 4.275.000.

Canal de marketing	Alocação de despesas
Marketing digital	$1,850,000
Participação na feira	$625,000
Compensação da equipe de vendas	$1,800,000

Manutenção da propriedade intelectual

A ByRNA Technologies investiu US $ 385.000 em manutenção da propriedade intelectual durante 2023.

• Taxas de arquivamento e renovação de patentes: US $ 225.000
• Consultoria legal para proteção de IP: US $ 160.000

Conformidade e certificação regulatória

As despesas relacionadas à conformidade em 2023 totalizaram US $ 675.000.

Categoria de conformidade	Despesa
Processos de certificação	$375,000
Documentação regulatória	$210,000
Treinamento de conformidade	$90,000

Byrna Technologies Inc. (BYRN) - Modelo de negócios: fluxos de receita

Vendas diretas de produtos

Para o ano fiscal de 2023, a Byrna Technologies relatou receita total de US $ 22,4 milhões.

Categoria de produto	Receita ($)	Porcentagem de vendas totais
Lançadores de autodefesa	14,560,000	65%
Projéteis/munição	5,600,000	25%
Acessórios	2,240,000	10%

Receitas online e de canal de varejo

As vendas on -line representaram 45% da receita total em 2023, totalizando US $ 10,08 milhões.

• Vendas diretas do site: US $ 7,2 milhões
• Mercados on-line de terceiros: US $ 2,88 milhões

Contratos de aplicação da lei e equipamentos profissionais

A aplicação da lei e o segmento de mercado profissional gerou US $ 4,48 milhões em 2023, representando 20% da receita total.

Vendas de acessórios e munições

Tipo de produto	Receita anual ($)
Projéteis HD	3,360,000
Projéteis de pimenta	2,240,000

Expansão do mercado internacional

As vendas internacionais atingiram US $ 2,24 milhões em 2023, representando 10% da receita total.

• Canadá: US $ 896.000
• Europa: US $ 672.000
• Outros mercados: US $ 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.