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Celebrity Endorsement Program Continues to Deliver, Driving 98% Year-Over-Year Revenue Growth
ANDOVER, Mass., March 7, 2024 /PRNewswire/ -- Byrna Technologies Inc. ("Byrna" or the "Company") (NASDAQ:BYRN), a personal defense technology company specializing in the development, manufacture, and sale of innovative less-lethal personal security solutions, today reported preliminary expectations for the fiscal first quarter ended February 29, 2024 ("Q1 2024").
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Based on preliminary unaudited results, the Company expects revenues of approximately $16.7 million for Q1 2024, setting a new quarterly record and marking a 98% year-over-year increase from $8.4 million in the fiscal first quarter of 2023 ("Q1 2023"). This growth is notable, considering the first quarter is typically the Company's slowest period. Furthermore, revenues increased by 6.5%, or $1.0 million, sequentially from the fiscal fourth quarter ended November 30, 2023 ("Q4 2023"), which is typically the Company's strongest quarter.
This record quarterly revenue is largely attributed to the success of the Company's celebrity endorsement program initiated in September 2023. The program has significantly boosted direct-to-consumer sales, evidenced by a 115% increase in sales on Byrna's website, and an 89% increase in sales on Amazon.com. Additionally, dealer sales, Fox Labs sales, and international sales all saw substantial growth year-over-year.
Preliminary Fiscal First Quarter 2024 Sales Breakdown:
| Q1 2024 vs. Q1 2023 | |||
| Sales Channel ($ in 000s) | Q1 2024 | Q1 2023 | % Increase / (Decrease) |
| Byrna.com | $ 10,189 | $4,744 | 114.8 % |
| Amazon | $ 2,585 | $1,367 | 89.1 % |
| Dealer/Distributor | $ 2,184 | $1,513 | 44.3 % |
| Fox Labs | $ 363 | $223 | 62.8 % |
| Canada | $ 541 | $396 | 36.6 % |
| Mexico | $ 211 | $10 | - |
| International (Outside USMCA) | $ 578 | $158 | 265.8 % |
| Total Sales | $ 16,651 | $8,411 | 98.0 % |
Management Commentary
"With Q1 revenues of $16.7 million, we've achieved an all-time record sales quarter for Byrna, eclipsing the previous record of $16.0 million in sales in Q4 of 2022. This achievement is particularly remarkable given that the first quarter is traditionally our slowest. Q1 2023 sales came in at just $8.4 million, and this was prior to the social media advertising ban that took effect in March of last year. This context underscores the impressive 98% growth we've realized year-over-year.
"Looking forward, we remain cautiously optimistic. While we do not know whether we will be able to maintain such rapid growth throughout 2024, the effectiveness of the celebrity endorsement strategy that we adopted in Q4 2023 is impressive so far, boosting direct-to-consumer sales by more than 100% and contributing to a 44% increase in dealer sales year-over-year. In addition, our efforts to explore new channels and new ways to share the Byrna story and educate the public on the benefits of less lethal and the Byrna platform are ongoing.
Conference Call
Byrna plans to report its full financial results for the fiscal first quarter 2024 in April, which will be accompanied by a conference call to discuss the results and address questions from investors and analysts. The conference call details will be announced prior to the event.
Posted In: BYRN
