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Byrna Technologies Inc. (BYRN-4.04%) has filed its annual report on Form 10-K for the fiscal year ended November 30, 2024 filing.
The filing reports a net income of $12.8 million, marking a significant turnaround from a net loss of $8.2 million the previous year. This improvement is attributed to an increase in revenue, which rose by 101.1% to $85.8 million.
The company's revenue growth was driven primarily by a 112.8% increase in e-commerce sales, which accounted for 76.8% of total revenue. Sales to domestic dealers and distributors also increased by 48.3%.
Byrna Technologies reported a gross profit of $52.8 million, with a gross margin of 61.5%, up from 55.5% in the prior year. The increase in gross margin is attributed to the higher proportion of direct-to-consumer sales.
Operating expenses increased to $46.1 million from $31.4 million, primarily due to higher marketing expenditures, personnel costs, and variable selling expenses.
The company reported a profit from operations of $6.7 million, compared to a loss from operations of $7.8 million in the previous year.
Interest income increased to $1.0 million, benefiting from higher interest rates on cash and cash equivalents.
Byrna Technologies continues to focus on expanding its product line and enhancing brand awareness to drive future growth. The company operates manufacturing facilities in Indiana and South Africa and has entered into an exclusive distribution agreement in South America.
The company has released its valuation allowance on deferred tax assets in the U.S., reflecting confidence in future profitability. However, a full valuation allowance remains on deferred tax assets in South Africa due to a cumulative loss position.
Byrna Technologies has implemented a stock buyback program, repurchasing 349,230 shares for $3.8 million during the fiscal year ended November 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Byrna Technologies Inc. annual 10-K report dated February 7, 2025. To report an error, please email earnings@qz.com.