Revenue growth has decelerated significantly to 10.9% in 2026Q1, even as the company maintains structural gross margins of 59.9%.
| Metric | TTM | Nov'25 | Nov'24 | Nov'23 | Nov'22 | Nov'21 | Nov'20 | Nov'19 | Nov'18 | Nov'17 | Nov'16 | Nov'15 | Nov'14 | Nov'13 | Nov'12 | Nov'11 | Nov'10 | Nov'09 | Nov'08 | Nov'07 | Nov'06 | Nov'05 |
|---|
| Sales/Revenue | 120.98M | 118.12M | 85.76M | 42.64M | 48.04M | 42.16M | 16.57M | 924.42K | 250.23K | 292.51K | 154.01K | 151K | 42.48K | 30.1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 26.96% | 37.74% | 101.1% | -11.22% | 13.94% | 154.49% | 1692.08% | 269.43% | -14.45% | 89.92% | 1.99% | 255.47% | 41.15% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 48.03M | 46.65M | 32.98M | 19M | 21.76M | 19.27M | 9.06M | 775.41K | 186.07K | 191.32K | 95.02K | 115.94K | 27.32K | 17.38K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 39.49% | 38.46% | 44.55% | 45.3% | 45.71% | 54.68% | 83.88% | 74.36% | 65.41% | 61.69% | 76.78% | 64.32% | 57.75% | - | - | - | - | - | - | - | - |
| Gross Profit | 72.95M | 71.47M | 52.77M | 23.65M | 26.28M | 22.89M | 7.51M | 149.01K | 64.16K | 101.19K | 59K | 35.06K | 15.16K | 12.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 60.3% | 60.51% | 61.54% | 55.45% | 54.7% | 54.29% | 45.32% | 16.12% | 25.64% | 34.59% | 38.31% | 23.22% | 35.68% | 42.25% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 35.43% | 123.17% | -10.01% | 14.8% | 204.87% | 4938.8% | 132.25% | -36.59% | 71.51% | 68.25% | 131.35% | 19.19% | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 61.54M | 59.63M | 46.1M | 31.44M | 34.01M | 26.18M | 11.82M | 3.44M | 2.15M | 1.97M | 1.77M | 2.35M | 2.67M | 1.74M | 1.86M | 831.28K | 2.32M | 2.98M | 4.48M | 5.02M | 1.66M | 188.7K |
| OpEx % of Revenue | - | 50.48% | 53.76% | 73.72% | 70.8% | 62.1% | 71.33% | 371.86% | 858.8% | 671.83% | 1149.13% | 1558.96% | 6285.48% | 5770.38% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 13.96M | 0 | 0 | 0 | 0 | 0 | 0 | 3.4M | 2.13M | 1.92M | 1.72M | 2.31M | 2.62M | 1.7M | 2.06M | 624.54K | 1.37M | 941.7K | 1.83M | 3.67M | 1.2M | 108.7K |
| SG&A % of Revenue | - | - | - | - | - | - | - | 367.82% | 849.59% | 656.32% | 1118.92% | 1527.72% | 6178.17% | 5643.68% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 215.14K | 195.95K | 946.7K | 2.03M | 2.63M | 1.34M | 458.3K | 80K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.1M | 59.63M | 46.1M | 31.44M | 34.01M | 26.18M | 11.82M | 37.39K | 23.06K | 45.38K | 46.52K | 47.16K | 45.59K | 38.13K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 11.4M | 11.84M | 6.67M | -7.79M | -7.73M | -3.29M | -4.31M | -3.29M | -2.04M | -1.92M | -1.69M | -2.14M | -2.65M | -1.72M | -1.86M | -831.28K | -2.32M | -2.98M | -4.48M | -5.02M | -1.66M | -188.7K |
| Operating Margin % | 9.43% | 10.02% | 7.78% | -18.27% | -16.09% | -7.81% | -26.01% | -355.74% | -814.74% | -656.05% | -1098.64% | -1416.84% | -6249.8% | -5728.12% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 77.45% | 185.64% | -0.76% | -134.91% | 23.63% | -31.03% | -61.31% | -6.24% | -13.41% | 20.91% | 19.41% | -54% | 7.44% | -124.04% | 64.18% | 22.17% | 33.36% | 10.83% | -202.21% | -780.13% | - |
| EBITDA | 13.71M | 13.96M | 8.16M | -6.53M | -6.88M | -2.8M | -4.07M | -3.23M | -2.02M | -1.87M | -1.65M | -2.09M | -2.61M | -1.69M | -1.84M | -820.49K | -2.31M | -2.97M | -4.47M | -5.02M | -1.66M | -188.7K |
| EBITDA Margin % | 11.34% | 11.81% | 9.52% | -15.31% | -14.31% | -6.65% | -24.55% | -349.88% | -805.53% | -640.53% | -1068.44% | -1385.61% | -6142.49% | -5601.43% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 35.46% | 70.98% | 225.03% | 5.06% | -145.22% | 31.05% | -25.74% | -60.46% | -7.58% | -13.86% | 21.35% | 19.81% | -54.78% | 8.47% | -124.48% | 64.51% | 22.23% | 33.44% | 10.96% | -202.05% | -780.13% | - |
| D&A (Non-Cash Add-back) | 2.31M | 2.12M | 1.49M | 1.26M | 855K | 487K | 242K | 54.18K | 23.06K | 45.38K | 46.52K | 47.16K | 45.59K | 38.13K | 20.59K | 10.79K | 8.98K | 9.35K | 8.65K | 2.6K | 0 | 0 |
| EBIT | 10.74M | 11.76M | 7.08M | -8.03M | -7.65M | -3.41M | -11.27M | -2.87M | -1.85M | -2.16M | -1.69M | -2.14M | -2.65M | -1.37M | -1.86M | -831.28K | -2.32M | -2.97M | -4.4M | -4.83M | -1.66M | -188.7K |
| Net Interest Income | 312K | 410K | 1.02M | 693K | 201K | -34K | -988K | -1.54M | -303.31K | -641.46K | -232.03K | -231.4K | -67.5K | -649.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 312K | 410K | 1.02M | 693K | 201K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.04K | 1.7K | 0 | 0 | 0 | 7.81K | 73.65K | 191.13K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 34K | 988K | 1.54M | 303.31K | 641.46K | 232.03K | 231.4K | 73.54K | 651.5K | 157.5K | 70.28K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -666K | -97K | 413K | -237K | 80K | -152K | -7.95M | -1.12M | -114.77K | -881.27K | -232.03K | -231.4K | -67.5K | -300.27K | -157.5K | -70.28K | 0 | 7.81K | 73.65K | 191.13K | 0 | 0 |
| Pretax Income | 10.74M | 11.74M | 7.08M | -8.03M | -7.65M | -3.44M | -12.26M | -4.41M | -2.15M | -2.8M | -1.92M | -2.37M | -2.72M | -2.02M | -2.02M | -901.56K | -2.32M | -2.97M | -4.4M | -4.83M | -1.66M | -188.7K |
| Pretax Margin % | 8.88% | 9.94% | 8.26% | -18.82% | -15.93% | -8.17% | -74.01% | -477.03% | -860.61% | -957.32% | -1249.3% | -1570.08% | -6408.69% | -6725.85% | - | - | - | - | - | - | - | - |
| Income Tax | 1.91M | 2.05M | -5.71M | 165K | 234K | -160K | 292.53K | 0 | -234.64K | 0 | 0 | 231.4K | 0 | 0 | 157.5K | 0 | 0 | -7.81K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 17.79% | 17.49% | -80.58% | -2.06% | -3.06% | 4.65% | -2.39% | 0% | 10.9% | 0% | 0% | -9.76% | 0% | 0% | -7.8% | 0% | 0% | 0.26% | 0% | 0% | 0% | 0% |
| Net Income | 8.83M | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M | -12.55M | -4.41M | -2.15M | -2.8M | -1.92M | -2.55M | -2.72M | -2.02M | -2.02M | -901.56K | -2.32M | -2.97M | -4.4M | -4.83M | -1.66M | -188.7K |
| Net Margin % | 7.3% | 8.2% | 14.92% | -19.21% | -16.41% | -7.79% | -75.78% | -477.03% | -860.61% | -957.32% | -1249.3% | -1688.98% | -6408.69% | -6725.85% | - | - | - | - | - | - | - | - |
| Net Income Growth % | -38.85% | -24.27% | 256.15% | -3.89% | -140.18% | 73.85% | -184.67% | -104.78% | 23.1% | -45.53% | 24.56% | 6.32% | -34.49% | -0.21% | -124.05% | 61.16% | 21.97% | 32.43% | 8.83% | -190.7% | -780.13% | - |
| Net Income (Continuing) | 8.83M | 9.69M | 12.79M | -8.19M | -7.88M | -3.28M | -12.55M | -4.41M | -2.15M | -2.8M | -1.92M | -2.37M | -2.72M | -2.02M | -2.02M | -901.56K | -2.32M | -2.97M | -4.4M | -4.83M | -1.66M | -188.7K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.37 | 0.40 | 0.55 | -0.37 | -0.35 | -0.22 | -0.99 | -0.57 | -0.23 | -0.49 | -0.35 | -0.51 | -0.58 | -0.55 | -0.72 | -0.35 | -1.25 | -2.03 | -3.07 | -3.54 | -1.93 | -0.28 |
| EPS Growth % | -40.57% | -27.27% | 248.65% | -5.71% | -59.09% | 77.78% | -73.68% | -147.83% | 53.06% | -40% | 31.37% | 12.07% | -5.45% | 23.61% | -105.71% | 72% | 38.42% | 33.88% | 13.28% | -83.42% | -589.29% | - |
| EPS (Basic) | - | 0.43 | 0.57 | -0.37 | -0.35 | -0.22 | -0.99 | -0.57 | -0.23 | -0.49 | -0.35 | -0.51 | -0.58 | -0.55 | -0.72 | -0.35 | -1.25 | -2.03 | -3.07 | -3.54 | -1.93 | -0.28 |
| Diluted Shares Outstanding | 23.83M | 24.15M | 23.14M | 21.92M | 22.36M | 19.61M | 12.68M | 10.35M | 9.44M | 5.77M | 5.47M | 5.04M | 4.69M | 3.66M | 2.8M | 2.61M | 1.86M | 1.47M | 1.43M | 1.36M | 862.33K | 680.84K |
| Basic Shares Outstanding | 22.67M | 22.67M | 22.5M | 21.92M | 22.36M | 19.61M | 12.68M | 10.35M | 9.44M | 5.77M | 5.47M | 5.04M | 4.69M | 3.66M | 2.8M | 2.61M | 1.86M | 1.47M | 1.43M | 1.36M | 862.33K | 680.84K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
D2C marketing channel dependency
According to reported financial statements, Byrna's year-over-year revenue growth has decelerated from a high of 194.3% in 2024Q3 to 10.9% in 2026Q1, suggesting that the initial surge in brand awareness and market penetration is transitioning toward a more sustainable, albeit slower, expansion phase for the company.
The sharp deceleration in top-line growth indicates that the company may be exhausting its early-adopter demographic or facing increased competition in the less-lethal space. Investors should monitor whether the current growth rate represents a new baseline or if the company requires further product innovation to re-accelerate demand.
Based on the provided income statement data, Byrna has maintained gross margins consistently near 60%, with the most recent 2026Q1 figure at 59.9%, reflecting a robust pricing power that significantly outperforms traditional firearm manufacturers like Smith & Wesson and Sturm, Ruger & Co. in this specific category.
This margin profile suggests that the company's proprietary CO2-powered launcher system commands a premium that consumers are willing to pay, likely due to its unique mechanical differentiation. Sustaining these levels will be critical as the company scales, as any compression could signal a loss of brand equity or rising input costs.
As reported in quarterly filings, operating margins have fluctuated significantly, ranging from a low of -5.6% in 2023Q4 to a peak of 14.6% in 2024Q4, indicating that the company has yet to achieve a consistent, scalable operating leverage model despite its strong gross margin performance.
The inconsistency in operating income suggests that marketing expenditures and customer acquisition costs are likely lumpy and tied to specific promotional campaigns rather than a steady-state operational rhythm. This volatility warrants caution, as it implies that bottom-line profitability remains highly sensitive to the efficiency of the company's discretionary spending.
Analysis of the income statement reveals that stock-based compensation remains a persistent expense, with quarterly figures frequently exceeding $700,000, which serves to dilute the quality of reported net income and suggests that management is utilizing equity-based incentives to preserve cash during this high-growth phase of operations.
While the use of equity compensation is common for growth-stage companies, investors should account for this ongoing dilution when evaluating the true economic earnings of the business. The recurring nature of these charges suggests that they are a structural component of the cost base rather than a one-time anomaly.
Based on the company's heavy reliance on direct-to-consumer channels, there is a significant risk that the current growth trajectory is vulnerable to shifts in social media advertising policies or changes in consumer sentiment regarding the promotion of self-defense products in a highly regulated industrial niche.
The lack of a diversified, institutional-heavy revenue base makes the company's income statement susceptible to sudden shocks if digital marketing channels become restricted or more expensive. A failure to successfully transition into broader law enforcement or retail partnerships could leave the company exposed to a plateau in its primary D2C sales engine.
Quick answers to the most common questions about buying BYRN stock.
For fiscal year 2025, Byrna Technologies Inc. (BYRN) reported total revenue of $118.1M.
Byrna Technologies Inc. (BYRN) is profitable, generating $9.7M in net income for the fiscal year ending 2025 with a net profit margin of 8.2%.
Byrna Technologies Inc. (BYRN) reported an operating income of $11.8M, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Byrna Technologies Inc. (BYRN) generated $71.5M in gross profit for the year, representing a gross profit margin of 60.5%. This demonstrates the company's core pricing power and production efficiency.