Byrna Registers Slower Revenue Growth In Q1 Hit By Delay In Shipping Its Two New Flagship Products

Byrna Technologies Inc BYRN reported first-quarter FY23 revenue growth of 5.4% year-on-year to $8.41 million, missing the consensus of $11.54 million.
In the quarter, Byrna faced production and shipping delays for two highly anticipated new products - the Byrna LE and 12-gauge round.
Bryan Ganz, CEO of Byrna, commented, "While we are very pleased with the improvements we saw in Q1 in terms of expanding gross profit margins and lower operating expenses, we are disappointed with the fact that our sales growth in Q1 was only 5.4%. The shortfall in sales was directly attributable to the fact that we were unable to ship out either of our two new flagship products in Q1,"
Gross margin for the quarter expanded 460 basis points to 62.4%. Margin improved on the back of significant cost reductions in switching from air freight to ocean freight and to lower-cost suppliers for raw materials.
Operating expenses declined 9.8% to $7.2 million, compared to $8 million in last year's first quarter.
The company held $14.4 million in cash and equivalents as of Feb. 28, 2023.
Non-GAAP adjusted EBITDA was a loss of $(0.6) million, narrower than the $(1.84) million loss a year ago.
Adjusted EPS loss of $(0.03) topped the analyst consensus of $(0.04).
At the end of Q1, BYRN had over 800 units on backorder and another 5,000 customers on the Byrna LE "waitlist."
Byrna is now in production of this new product and is in the process of shipping more than 5,000 units.
Price Action: BYRN shares are trading lower by 5.29% at $6.98 on the last check Friday.

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