Byrna Technologies Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Byrna Technologies Inc. reported $24.17 million in revenue and $2.17 million in net income for fiscal year 2023.</b>

AI Summary

Byrna Technologies Inc. (BYRN) filed a Annual Report (10-K) with the SEC on February 14, 2024. Revenue for the fiscal year ended November 30, 2023, was $24,168,014. Net income for the fiscal year ended November 30, 2023, was $2,165,987. Earnings per share (EPS) for the fiscal year ended November 30, 2023, was $0.03. Total assets as of November 30, 2023, were $24,018,612. Total debt as of November 30, 2023, was $21,852,625.

Why It Matters

For investors and stakeholders tracking Byrna Technologies Inc., this filing contains several important signals. The company's financial performance in FY2023 shows a revenue of $24.17 million and a net income of $2.17 million, indicating profitability. The filing details the company's assets and debt as of November 30, 2023, providing a snapshot of its financial position.

Risk Assessment

Risk Level: medium — Byrna Technologies Inc. shows moderate risk based on this filing. The company has significant total debt of $21,852,625 against total assets of $24,018,612 as of November 30, 2023, indicating a high leverage ratio.

Analyst Insight

Investors should monitor Byrna Technologies' debt repayment strategies and revenue growth to assess its financial stability and future prospects.

Financial Highlights

revenue

24,168,014

total Assets

24,018,612

total Debt

21,852,625

net Income

2,165,987

eps

0.03

Key Numbers

• 24,168,014 — Revenue (Fiscal year ended November 30, 2023)
• 2,165,987 — Net Income (Fiscal year ended November 30, 2023)
• 0.03 — EPS (Fiscal year ended November 30, 2023)
• 24,018,612 — Total Assets (As of November 30, 2023)
• 21,852,625 — Total Debt (As of November 30, 2023)

Key Players & Entities

• Byrna Technologies Inc. (company) — Filer name
• Security Devices International Inc. (company) — Former company name
• Andover, MA (location) — Business and mailing address

FAQ

Risk Factors

• Debt Obligations [medium — financial]: The company has substantial debt obligations, which could impact its financial flexibility and ability to fund operations or pursue growth opportunities.
• Competition [medium — market]: The market for non-lethal defense devices is competitive, and the company faces challenges from existing and new market entrants.
• Supply Chain and Manufacturing [medium — operational]: Disruptions in the supply chain or manufacturing processes could adversely affect the company's ability to produce and deliver its products.

Key Dates

• 2023-11-30: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-14: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0 — ange on which registered Common stock, $0.001, par value per share BYRN The N
• $4.67 — 015,209 based upon a share valuation of $4.67 per share. As of February 1, 2024, the
• $0.001 — k" refer to our common stock, par value $0.001 per share. References in this Report t

Filing Documents

• byrn20231130_10k.htm (10-K) — 1388KB
• ex_576480.htm (EX-21.1) — 3KB
• ex_576481.htm (EX-23.1) — 2KB
• ex_576482.htm (EX-31.1) — 8KB
• ex_576483.htm (EX-31.2) — 8KB
• ex_576484.htm (EX-32.1) — 4KB
• ex_626203.htm (EX-97.1) — 39KB
• a011.jpg (GRAPHIC) — 18KB
• 0001437749-24-004158.txt (&nbsp;) — 8052KB
• byrn-20231130.xsd (EX-101.SCH) — 74KB
• byrn-20231130_cal.xml (EX-101.CAL) — 74KB
• byrn-20231130_def.xml (EX-101.DEF) — 550KB
• byrn-20231130_lab.xml (EX-101.LAB) — 439KB
• byrn-20231130_pre.xml (EX-101.PRE) — 596KB
• byrn20231130_10k_htm.xml (XML) — 1169KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 14 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 14 Item 3.

Legal Proceedings

Legal Proceedings 14 Item 4. Mine Safety Disclosures 14 PART II Item 5. Market Price for Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 6.

Selected Financial Data

Selected Financial Data 15 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 18 Item 8.

Financial Statements

Financial Statements 18 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 18 Item 9A.

Controls and Procedures

Controls and Procedures 19 Item 9B. Other Information 19 PART III Item 10. Directors, Executive Officers and Corporate Governance 20 Item 11.

Executive Compensation

Executive Compensation 20 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 20 Item 13. Certain Relationships and Related Transactions, and Director Independence 20 Item 14. Principal Accounting Fees and Services 20 PART IV Item 15. Exhibits 21 Item 16. Form 10-K Summary 43

Signatures

Signatures 44 2

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K (the "Report") and the documents we have filed with the Securities and Exchange Commission (the "SEC") that are incorporated by reference herein contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Exchange Act that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Annual Report including, without limitation, statements in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "goals," "sees," "estimates," "projects," "predicts," "intends," "think," "potential," "objectives," "optimistic," "strategy," and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Our actual results could differ materially from those anticipated in forward-looking statements as a result of certain factors, including matters described in the section titled "Risk Factors." Moreover, new risks regularly emerge and it is not possible for our management to predict all risks, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination of risks, may

BUSINESS

ITEM 1. BUSINESS Overview We are a less-lethal self-defense technology company, specializing in innovative, next generation solutions for security situations that do not require the use of lethal force. Our mantra is Live Safe , and our core mission is to empower people to safely embrace life. We seek to fulfill our mission by developing easy-to-use self-defense tools that are designed to allow people to live more safely. We are also focused on providing law enforcement and private security customers with less-lethal alternatives to firearms that are intended to reduce the use of firearms and facilitate trust within the communities they serve. Our product portfolio includes: handheld personal security devices and shoulder-fired launchers designed for use by consumers and professional security customers without the need for a background check or firearms license; a line of projectiles that are fired by Byrna devices, including chemical irritant, kinetic and inert rounds; a line of self-defense aerosol products, including Byrna Bad Guy Repellent; and accessories and related safety products, including the Byrna Banshee, Byrna Shield, compressed carbon dioxide (CO2) canisters, sighting systems, holsters and Byrna-branded apparel. Our Byrna personal security devices are powerful and effective less-lethal self-defense devices that are powered by CO2 and fire .68 caliber spherical kinetic and chemical irritant projectiles that are designed to disable a threat from a standoff distance of up to 60 feet. We have designed our Byrna devices to function as a platform that can be enhanced, upgraded and customized in a modular fashion with our accessory products. Only Byrna projectiles are approved for use with Byrna launchers, which creates the potential for reoccurring sales of consumable products. Our products are sold in both the consumer and security professional markets. In the consumer market, our solutions are designed to provide ordinary civilians with an eff